Electric Vehicle Market is Expected To Reach a Value of US$ 1,639.84 Billion by 2034 | Fact.MR Report
Fuel Resource Scarcity and Environmental Concerns Making More People Switch to Electric Vehicles around the World
Rockville, MD, Aug. 12, 2024 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, states in its new report that the global
Electric Vehicle Industry News
- A contract for 1,000 electric buses was reached in March 2023 between Moscow and KAMAZ. Additionally, 200 more electric buses will be purchased from GAZ Group. Currently, 1,055 electric buses are run on 79 routes in Moscow. Moscow plans to construct over 200 ultra-fast charging stations, add 29 more electric bus lines, and establish a second electric bus park in the Mitino neighborhood northwest of the city.
- BYD added two new businesses to its dealer network in the European Union in February 2023. Motor Distributors Ltd. (MDL) will offer BYD models for sale in Cork and Dublin, among other locations in Ireland. BYD already works with RSA as a dealer in Norway, and it will provide Chinese-made EVs in Finland and Iceland.
- Feintool signed an OEM agreement with a reputable European manufacturer in November 2022. In accordance with the contract, the company provided rotors and stator assemblies to be used in electric car drives. Furthermore, creative and ingenious adhesive packaging connectors will be essential to the production process.
- Gehring Technologies GmbH and Daimler Truck AG signed a strategic cooperation agreement in October 2022 with the purpose of focusing on gaining experience in the process development and prototype building of electric motors intended for commercial vehicles.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electric vehicle market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (hybrid, plug-in, battery), power source (stored electricity, on-board electric generators), vehicle type (passenger cars, commercial vehicles, two wheelers), and power train (series, parallel, combined), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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Electric Vehicle (EV) Battery Market: Size is projected to expand at a prolific CAGR of 18.5% and reach a valuation of US$ 347 billion by the end of 2033, up from US$ 63.55 billion in 2023.
Electric Vehicle Components Market: Size is valued at USD 148.32 Billion in 2022. The market is further expected to gain size of USD 1001.95 Billion by the year 2032. The market is expected to grow with a CAGR of 21.05% in the forecast period.
Electric Two Wheeler Market: Size is poised to reach US$ 70,880.2 million in 2024. The global market is forecasted to increase at an 11.1% CAGR and reach a market value of US$ 203,078.7 million by 2034.
EV Traction Motor Market: Size is predicted to swell at a CAGR of 25%, rising from its current value of US$ 10.06 billion to US$ 93.72 billion by the end of 2033.
Automotive LED Light Market: Sales are expected to reach US$ 8.35 billion in 2024. The global automotive LED light market has been projected to expand at 8.6% CAGR and reach a value of US$ 19.05 billion by the end of 2034.
Automotive Fuel Filter Market: Size at a value of US$ 2.77 billion in 2024. Worldwide sales of automotive fuel filters are projected to increase to US$ 5.09 billion by the end of 2034, rising at 6.3% CAGR between 2024 and 2034.
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