Decreasing battery costs are supporting EV adoption

Research and Markets recently released its anticipated Electric Vehicles and Fuel Cell Vehicles Market 2024-2029 report.

The EV and fuel-cell vehicles market was valued at US $758 billion in 2024 and is expected to reach $1.77 trillion by 2029, rising at a CAGR of 18.6%.

Although e-scooters have the largest share in unit sales in the overall EV market, the passenger EV segment holds the highest share in revenue among all the EV segments. The EV market’s significant growth in revenue stems from the growing number of passenger vehicles caused by increased unit sales and higher unit sale costs.

By region, Asia-Pacific leads the global EV market. China leads the Asia-Pacific region and the world market in unit sales of electric cars/passenger cars. Europe and North America follow Asia-Pacific in terms of passenger car unit sales. China also leads the world in e-scooter unit sales and revenue.

A rising number of nations have promised to eliminate internal combustion engines or have aggressive car electrification goals for the coming decades. Meanwhile, many automakers have plans to electrify fleets that exceed legislative goals. In 2021, there were five times as many new EV models as in 2015, increasing their appeal to consumers.

Access to public charging will need to extend as EV markets grow. Most EV charging now occurs at people’s homes and offices. Consumers will increasingly demand EVs provide the same services, simplicity, and autonomy as conventional automobiles.

The report includes:

A total of 84 data tables and 52 additional tables
Industry analysis of the global markets for EVs and fuel cell battery vehicles (FCEVs)
Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
Estimates of the current market size in value and volumetric terms and revenue prospects, along with a market share analysis based on vehicle type, propulsion type, power source, and region
Facts and figures pertaining to the market dynamics, current and emerging technologies, regulatory scenarios, and the expected impact of macroeconomic factors
Assessment of unit sales and shipments of EVs and a review of their power sources
Insights into the market based on Porter’s Five Forces model and a value chain analysis
Overview of ESG and sustainability trends with a focus on consumer attitudes, companies’ ESG score rankings, and their ESG practices
Analysis of patents related to EVs’ power sources and components
Insight into the industry structure, including company revenue share analysis, mergers and acquisitions, and venture funding
Company profiles of leading players, including BYD, Tesla, Hyundai Motor, Volkswagen, and Zhejiang Geely Holding Group