Electric Car Market to Witness Substantial Growth at a Stunning 13.7% CAGR through 2031

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Electric Car Market to Witness Substantial Growth at a Stunning 13.7% CAGR through 2031

Electric Car Market to Witness Substantial Growth at a Stunning 13.7% CAGR through 2031
Skyquest Technology
Electric Car Market Size, Share, Growth Analysis, By Component(Battery Cells & Packs, On-board Charge, Motor, Reducer, PCU, BMS, Others), Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type, Connectivity, Propulsion, EV Charging Point Type, End User, and Region – Industry Forecast 2024-2031

Electric Car Market size was valued at USD 341.34 billion in 2022 and is poised to grow from USD 388.10 billion in 2023 to USD 1084 billion by 2031, growing at a CAGR of 13.7% during the forecast period (2024-2031). 

Electric car market is accelerating expressively on the back of the automotive industry’s transition to electric vehicles. The present year as well as the upcoming years are expected to witness tipping point for increased adoption of electric cars that will propel automotive electrification trends in the near future.

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The sales of electric cars are projected to keep rising in 2024 owing to increasing preference for greener vehicles. Though more electric cars that are battery-operated are still unsold at the dealers, the actual sales of EV numbers are comparatively stronger, thereby encouraging the manufacturers and dealers. There is a wide range of electric vehicles available at budget-friendly rates like under USD 40000 in the current year, which is also impacting the sales of e-cars positively, especially after adding the federal electric vehicle tax credit. Despite some shoppers being priced out of the electric car market, the cost of electric passenger vehicles will continue to lessen for a few models due to innovations. This enhancement enables both reduced costs and extended battery ranges. Since the battery takes overnearly 40 of the overall cost, the future is expected towitness decreasing battery prices, which will significantly increase the sales of electric cars.

Growing Number of Businesses and Public Places Deploying Charging Points to Support the Market

The emergence of electric cars has transformed the way of fuelingcars, car owners can charge their cars at home or the charging stations. Most businesses having parking space are not planning to deploy the charging points and make the best use of the potential of the market. For instance, people can leave their cars anywhere like shopping malls, restaurants, convenience stores, or office buildings, and let them charge for a long time. While charging the cars, people can spend nearly half an hour at the location in comparison with just five minutes at the petrol stations. The oil and gas companies are also another case of deep-pocketed establishments, and they are also augmenting EV charging, leveraging their already existing gas stations. One such example is Shell, a company that is utilizing the Energy Management platform and Driivz EV Charging to increase its placing of charging locations in Europe.

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  • In June 2024, Hyundai, a leading automobile manufacturing company, is charging ahead in the competition. Regardless of talk of an EV slowdown, the company is launching two novel Electric Cars in Europe, comprising a low-priced EV and a fresh IONIQ model, to drive its market share in Europe.
  • In February 2024, Lucid Motors, an American manufacturer of electric vehicle components and electric vehicles, said that it will launch the ‘Gravity SUV’ soon. The vehicle is expected to be available by the end of 2024. The Gravity SUV is dependent on a novel SUV features and platform Lucid’s prize-winning dual engine, sufficient space for luggage and seven adults, and a floating 34-inch screen having 6K display.
  • In May 2024, Rivian’s new mid-size electric SUV will be amazing with a few smart tricks and a comfortable interior. After the R1S SUV, Rivian R1T pickup, in 2026 Rivian R2 assures to be a little funky, the adventurous SUV that’s a skosh minor than its bigger siblings but still packaged with possibilities.
  • In June 2024, Mahindra Group plans for association for cell production of local battery to satisfy the future EV demand in India by 2030. Anish Shah, the CEO, confirms private equity and global technology interests for finance backing, focusing on indigenous invention.

 

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The development of electric car’s future will depend on control technology and network communication, which communicate with energy internet and transportation network and rely on big data computing and IoT. The future developments should emphasize on incorporating smart charging as well as discharging platform with the renewable energy and making the electric car owners familiar with the environmental and economical charging strategy via smart car applications.

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Electric Vehicle (EV) Market

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