Market Size of global electric cars Industry
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 0.52 Trillion |
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Market Size (2029) | USD 1.12 Trillion |
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CAGR (2024 - 2029) | 16.59 % |
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Largest Share by Sub Body Type | Sports Utility Vehicle |
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Largest Share by Region | Europe |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Electric Cars Market Analysis
The Global Electric Cars Market size is estimated at USD 0.52 trillion in 2024, and is expected to reach USD 1.12 trillion by 2029, growing at a CAGR of 16.59% during the forecast period (2024-2029).
- Largest Segment by Fuel Type - BEV : Increase in global electrification, new product launches, awareness of battery vehicles, Government offerings, such as incentives, and electric infrastructure development are fueling demand for BEV.
- Fastest-growing Segment by Fuel Type - FCEV : increasing fuel cost is shifting consumers to electric vehicles, due to Better fuel efficiency, and no range anxiety issues PHEV is the fastest-growing segment in electric vehicle market in globally.
- Largest Country Market - Germany : China is the largest country in the global electric car market, as the country is the major producer of electric vehicles, government norms and incentives are aided to the growth of market.
- Fastest Growing Country Market - Mexico : The United States is the fastest-growing country in the global electric cars market. Government plans to ban ICE vehicles and incentives offered by the government is shifting consumer to e-mobility.
