Electric Vehicle (EV) Market: Price Reductions and Sales Boost to Propel 9.68% CAGR by 2031| SkyQuest Technology

WESTFORD, Mass., July 25, 2024 /PRNewswire/ -- According to SkyQuest, the global Electric Vehicle (EV) Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 661.87 billion in 2023 to reach a value of USD 1386.08 Billion by 2031, at a CAGR of 9.68% over the forecast period (2024–2031).

The global electric vehicle (EV) market is witnessing constant changes every year with remarkable progress made in investment patterns, regulations, improved technologies, and consumer choices. Therefore, the sales of electric vehicles will continue to surge, and the numbers are projected to grow notably shortly. In addition, several e-vehicles in 2024 will be priced under USD 40000, mainly after the application of federal electric vehicle tax credit. Though most vehicle buyers are estimated out of the market, the cost of electric cars will go down for a few models owing to advancements.

Yet, rising demand for fuel-efficient, safe, and environment friendly vehicles is anticipated to support the electric vehicle (EV) market expansion. Also, emergence of hybrid cars that significantly reduce reliance on fossil fuels and lower carbon footprint is another key driver observed in the market.

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Electric Vehicle (EV) Market Overview:

Segments covered in Electric Vehicle (EV) Market are as follows:

• Component
• Onboard Chargers, Motors, Power Control Units, Battery Management Systems, Fuel Cell Stacks, Fuel Processors, Power Conditioners, Air Compressors, Humidifiers
• Propulsion
• Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
• Vehicle Type
• Two-Wheelers (Scooters, Motorcycles), Three-Wheelers, Passenger Cars (SUV, Sedan, Hatchbacks, Coupe & Sports Car), Commercial Vehicles (Buses, Trucks)
• Top Speed
• Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH
• Vehicle Drive Type
• Front Wheel Drive, Rear Wheel Drive, All Wheel Drive
• Vehicle Class
• Low Priced, Mid-Priced, Luxury
• Charging Type
• AC (Normal Charging), DC (Super Charging), Inductive Charging
• Vehicle Connectivity
• V2B OR V2I, V2G, V2V, V2X
• End Use
• Private, Commercial

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Battery Electric Vehicle Domain to Lead Owing to Increasing Sales of BEVs

By propulsion vehicle type, the BEVs (Battery Electric Vehicle) domain registered a majority share of the market due to rising sales and is projected to grow considerably over the estimated period. The amplified sales are attributed to the active promotion of these vehicles by government guidelines like non-strict CO2 emission standards and incentives. The key contributor to this is the rising awareness of ecology on a global scale and the advantages of battery electric vehicles.

Fuel Cell Electric Vehicles are the fastest-growing segment witnessed in the market. These vehicles are fully emission-free since they only emit heat or water. Moreover, the re-fueling time is comparatively less, needing just 3-5 minutes, which makes them best for transport on fixed roads.

Private Segment to Continue Dominating Due to Growing Consumer Preference Towards Green Technologies

The private segment is leading the market due to consumers' increased inclination towards green technologies. Also, tax incentives relating to the use of green vehicles or electric vehicles are propelling the market growth. Moreover, the growing number of charging points or charging stations, reducing prices of EVs, and advancements in the battery are shifting consumer buying interest towards these vehicles, impacting the market growth.

The commercial segment is projected to grow at the fastest growth supported by the increased use in transportation and logistics purposes. Moreover, the growth of ride-hailing applications is also driving the growth of the commercial segment. The reason for this trend is global warming and rising concern for air quality caused due to fossil fuels.

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Mid-Priced Segment to Lead Due to Less Focus on Infotainment and Other Features

The mid-priced segment held a major share of the market owing to less focus on the expensive features including instrument cluster, infotainment, and others. Consumers do not demand these expensive features, which ultimately reduces the price of electric vehicles, thereby boosting the segment growth.

Besides, the luxury segment is projected to be the fastest growing since luxury vehicles improve the brand image of consumers. The wealthy increasingly prefer branded vehicles that hold social status. High-performing electric vehicles set the group different from other market segments and gain traction for environment-concerned consumers, who are ready to pay for superior technology.

Manufacturers' Focus on Sustainability to Favour the EVs Demand

The electric vehicle market has witnessed remarkable growth ever since the inclination towards green technology and reducing prices of electric vehicles. The rising sustainability is motivated several factors comprising emphasis on reducing emissions, favorable policies for electric vehicles' adoption, supportive government initiatives, mounting concerns for the environment, and constant advances in battery technology, leading to reducing cost of electric vehicles and long driving range.

Related Report:

Electric Car Market

Electric Vehicle Charging Infrastructure Market

Electric Bus Market

Electric Commercial Vehicle Market

Electric Truck Market

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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