According to a recent research report titled “Electric Cars Market Size, Growth, Share, Statistics, by Type, by Battery Type, by Drive Type, by Region and Segment Forecasts, 2023-2032” by DataHorizon Research, the electric cars market is projected to reach $1.381.5 billion by 2032, with a compound annual growth rate (CAGR) of 20.8%.
Electric vehicles (EVs) are gaining popularity as the world moves towards a new global energy economy. These vehicles offer numerous technological advancements, including higher fuel efficiency, low carbon emissions, convenient home charging, and smoother and quieter driving. As air pollution becomes a growing concern, countries are exploring options to reduce emissions, and EVs are seen as a viable solution.
The rising oil prices and gaps in the global petroleum market supply have further accelerated the demand for electric vehicles. Governments worldwide have implemented strict regulations to reduce vehicle emissions, driving the growth of the electric vehicles market. Additionally, as electric vehicle batteries become more cost-effective and fuel prices continue to rise, consumers are increasingly opting for electric vehicles.
The report also highlights the significant market share of lithium-ion batteries, which are considered environmentally friendly due to their energy efficiency and recyclability. These batteries are the preferred choice for electric cars and plug-in hybrids due to their performance in high temperatures and absence of harmful substances.
Asia Pacific leads the increase in electric car demand, with China accounting for 60% of global car sales. Other countries like Thailand and Indonesia are also seeing a rise in demand driven by government subsidies, pollution reduction initiatives, and increasing gasoline prices.
The electric cars market is witnessing key developments, with companies like Mitra Chem and General Motors collaborating to develop affordable EV batteries. Hyundai Motor Group is also introducing its electric models to support Busan’s bid for the 2030 World Expo.
The growing popularity of electric cars and the transformation of the automotive industry signal a shift towards sustainable transportation and a cleaner future. As the market continues to expand, there are opportunities for technological advancements and collaborations that meet the changing needs of consumers and contribute to a greener planet.
Sources: DataHorizon Research, Globe Newswire