Electric Car Market Set for 24.6% CAGR Surge, Reaching USD 2258.12 Billion by 2031 | SkyQuest Technology

Westford, July 01, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global electric car market will attain a value of USD 2258.12 billion by 2031, with a CAGR of 24.6% during the forecast period (2024-2031). The market for electric cars has been growing rather fast due to progress in technology, augmented concern for the environment, and actively stimulating policies. The growing concerns related to the increasing carbon footprint, greenhouse gas emission through the usage of conventional cars and growing awareness for the sustainable lifestyle among the consumers as well as the business that has fueled the market expansion. Various governmental support and policies have further accelerated the market’s growth.

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Browse in-depth TOC on “Electric Car Market” 

  • Pages – 165
  • Tables – 91
  • Figures – 74

Electric Car Market Overview:

Report Coverage Details
Market Revenue in 2023 $ 388.69 Billion
Estimated Value by 2031 $ 2258.12 Billion
Growth Rate Poised to grow at a CAGR of 24.6%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Vehicle Class, and Components
Geographies Covered North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Accessibility of Charging Infrastructure
Key Market Drivers Environmental Issue and Governments Regulations  

Easy Affordability of Mid-Priced Electric Cars Drives the Maket Growth

The mid-priced segment rules the electric car market today. It is simply because this category is widely accepted by all those consumers who want a perfect balance between affordability and equipment’s. As battery technology advances, ranges are increasing and costs are decreasing and, increasingly consumers are widely perceiving mid-priced EVs to be a reasonable alternative to the traditional internal combustion engine automobiles. Manufacturers also target this segment as a future growth avenue with new models and marketing strategies that further fuel its growth.

Low-Cost Electric Cars to be the Fastest Growing Segment Due to Growing Demand for Economical Value

The fastest growth in the low-price segment of the electric car market is fueled by the higher demand for low-cost electric cars since more consumers are looking to make a switch from traditional vehicles to electric vehicles at a more economical cost. Government policies for both manufacturers and users help drive down the high financial barriers. Thus, the low-cost end is thriving, and several new players, along with established incumbents, are attacking the market with low-cost offerings to exploit this nascent demand.

Asia-Pacific Leads the Electric Car Market Due to Growing Economic Power in the Region

The Asia-Pacific region is likely to be the single largest as well as the WVP growing market for EVs during the forecast period. The reason is that this growth is borne by growth in economic power of countries such as China and India attributed to the rise in purchasing power as well as urbanization. Similarly, population in this region are also shifting towards sustainable lifestyle to reduce their dependency on traditional cars and energy resources.

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Electric Car Market Insights:


  • Environmental Issue and Governments Regulations  
  • Advancements in Battery Technologies 
  • Declining Prices of Batteries


  • High manufacturing cost for EVs and Batteries likely to stymie the market growth
  • Limited Charging Infrastructure may hinder the demand for EVs
  • Challenges in Battery Recycling and Disposal, Leading to Environmental Concerns

Prominent Players in Electric Car Market  

The following are the Top Electric Car Companies

  • BMW AG 
  • BYD Company Limited 
  • Daimler AG 
  • Energica Motor Company 
  • Ford Motor 
  • General Motors 
  • Hyundai Motor Company 
  • Karma Automotive 
  • Kia Corporation
  • Lucid Group Inc.

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Key Questions Answered in Electric Car Market Report

  • What are drivers of the electric car market?
  • What strategies are used by the key players in the electric car market?
  • Which region is the leading in the electric car market?

This report provides the following insights:

  • Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of electric car market.
  • Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
  • Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the electric car market. 
  • Market Development: Detailed analysis of potential regions where the market has potential to grow. 
  • Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets. 
  • Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

Related Reports:

Electric Vehicle Market

Electric Vehicle Charging Infrastructure Market

Electric Bus Market

Electric Commercial Vehicle Market

Electric Truck Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.


Mr. Jagraj Singh

Skyquest Technology

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