Electric car market is anticipated to grow at a significant CAGR of 19.0% during the forecast period (2024-2031). The market growth is attributed to the growing demand for fuel-efficient, advancements in features including increased range, decreased charging time and supportive government policies globally driving the growth of the market. The developing countries are investing heavily in electric vehicles (EVs) and EV charging infrastructure in addition to conducting research and development for more rapid and effective charging techniques, longer-range EVs, and more affordable batteries. For instance, in February 2023, BP p.l.c. announced a $1 billion investment in EV charging across the US by 2030. The company enhance its ability to offer lower carbon transport solutions for customers by expanding EV charging and strategic convenience sites.
Browse the full report description of “Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan and SUV), by Propulsion Technology (Battery Electric Car, Plug-in Hybrid Electric Car and Fuel Cell Electric Car) and by End-Users (NiMH, Li-ion and Other) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/electric-car-market
Electric SUVs gain a lot of fascination from manufacturers and customers equally owing to their eco-friendly performance, large interior, and versatility. For instance, in January 2024, Tata Passenger Electric Mobility introduced a pure EV – the Punch. Ev transcends the ordinary with its innovative technology, eco-consciousness and cost-effective offering. The Punch. ev embodying the transformative shift in the needs and lifestyle of the contemporary customer. It combines the reliability of the Punch brand with the latest advancements in electric vehicle technology, offering an exceptional driving experience with zero emissions.
The expansion of electric vehicle production in combination with a local battery cell factory resulted in the development of new supply chains, new networks for sub-suppliers, and overall improvement in battery format for electric vehicles. For instance, in October 2022, BMW Group announced $1.7 billion investment to build electric vehicles in the US and signs agreement with Envision AESC for the supply of battery cells to plant Spartanburg. The new battery format will increase energy density by more than 20.0%, improve charging speed by up to 30.0% and enhance range by up to 30.0%.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Vehicle Type
o By Propulsion Technology
o By Battery Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- AB Volvo, Audi AG, Honda Motor Co., Ltd., Hyundai Motor Co., Tesla, Inc., among others.
Key questions addressed by the report.
Global Electric Car Market Report Segment
By Vehicle Type
By Propulsion Technology
By Battery Type
Global Electric Car Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/electric-car-market