Electric Vehicle Market Size 2024-2032
Electric Vehicle Market Analysis 2024-2032: Market size report by IMARC Group
Explore the expansive scope of the global electric vehicle (EV) market with IMARC Group's market size report. This crucial resource includes forecasts extending to 2032 and provides a historical overview, giving stakeholders a clear view of the market's growth trajectory and future potential.
Electric Vehicle Market Size:
The global electric vehicle market size reached US$ 618.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,918.7 Billion by 2032, exhibiting a growth rate (CAGR) of 22.1% during 2024-2032. The increasing concerns over environmental sustainability, the need to reduce emissions, advancements in battery technology, supportive government policies and incentives, growing public awareness, and investments in renewable energy sources are few of the factors accelerating the market growth.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 618.9 Billion |
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Market Forecast in 2032
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US$ 4,918.7 Billion |
| Market Growth Rate (2024-2032) | 22.1% |
Recent Developments:
- In May 2023, Honda revealed its second fully electric vehicle, the e:Ny1, at its European Media Event in Germany.
- In 2023, General Motors Open and EVgo launched a 1,000th DC fast charging stall as part of metropolitan charging collaboration.
- In 2021, BMW announced the concept of BMW i Vision Circular, which is a compact BMW for the year 2040 that is focused squarely on sustainability and luxury. The four-seater vehicle is fully electrically powered and has been designed according to circular economy principles.
Electric Vehicle Market Report Snapshots :
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