Report Description Report Description and Highlights

Global Electric Vehicles Market Trends :

Escalating consumer concerns about the detrimental environmental effects of greenhouse gas (GHG) emissions is primarily driving the electric vehicles market growth. Besides this, the implementation of favorable government initiatives supporting the adoption of EVs through subsidies, tax credits, and investments in charging infrastructure are favoring the market growth. Moreover, shifting preference for EVs over conventional cars due to their relatively cheaper operating costs since they do not require oil changes, spark plug replacements, or other regular maintenance is creating a positive outlook for the market. In addition to this, innovative technological advancements in terms of power, efficiency, and cost of EVs and the integration of global positioning systems (GPS) navigation, remote sensors, and anti-theft locking systems are aiding in market expansion. Furthermore, continuous breakthroughs in battery technology enabling EVs to travel long distances on a single charge, the adoption of lithium-ion and graphene-based batteries, and the advent of magnetic resonance for wireless charging are contributing to the market growth. Other factors, such as rapid urbanization, inflating per capita incomes, the thriving automotive industry, and extensive investments in EV technology by leading market players, are strengthening the market growth. Looking forward, the market value is projected to reach 148.4 Million Units by 2028, expanding at a CAGR of 41.2% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).