Listen to this article- Revenue Projection: In 2023, the electric vehicle market is projected to generate US$292.1 billion. The figure shows the growing global interest in electric mobility as a cleaner and more sustainable alternative to traditional internal combustion engine vehicles.
- Expected Growth Rate: From 2023 to 2028, the market is predicted to develop at a compound annual growth rate (CAGR) of 6.38%. This development indicates that the global usage of EVs is continuously expanding, owing to causes such as environmental concerns, government incentives, and technical improvements.
- Projected Market Size: The market for electric vehicles is expected to reach US$398.0 billion by 2028. This forecast highlights EVs’ long-term potential to acquire a sizable portion of the automobile market.
- Unit sales outlook: In 2028e electric vehicle market unit sales are estimated to reach 8.77 million cars. This data demonstrates a huge growth in electric car use, owing to factors such as improved battery technology and charging infrastructure.
- Average Price: In 2023, the volume-weighted average price of electric cars is estimated to reach around $46,900. This implies that electric vehicles are accessible at a variety of pricing points, ranging from less expensive alternatives to luxury ones.
- Global Revenue Leader: China is predicted to dominate in terms of revenue created by the electric vehicle market, with an estimated US$292.1 billion in revenue in 2023. This emphasizes China’s status as a significant participant in the global EV business.
- Environmental Impact: The data stresses the environmental benefits of electric automobiles. When driven by renewable energy, EVs have the potential to be carbon-neutral, which can help reduce climate change by cutting CO2 emissions from the transportation sector.
- Charging Infrastructure: The division focuses on nations with public electric car charging facilities. This infrastructure is critical for the mainstream adoption of EVs since it allows EV owners easy access to charging.
Overall, the data reveals a favorable picture for the electric vehicle industry, with rising revenue, unit sales, and market size. The emphasis on environmental advantages and the role of EVs in decreasing CO2 emissions accords with worldwide initiatives to combat climate change and promote sustainable mobility. China’s market dominance demonstrates the country’s commitment to electric mobility and its capacity to shape the global EV landscape.
Sources:- Sciencedirect, McKinsey & Company, deloitte, timesofindia