Electric Vehicle Growth Projections And Forecast

Even after all these challenges and a surge in production costs due to a rise in the price of raw materials, electric vehicles are increasing. If this speed of growth continues, the electric car market is all set to exceed the sales of traditionally propelled cars. If we compare the sales of 2020 with 2021’s, the new electric vehicle sales will more than double. It doubled with an increase of 108%. Electric vehicle sales rose to about 5% of international passenger vehicle sales 2021.  

There is tremendous growth in the electric car market, but it is limited to some parts of the world. For instance, parts of the world, like China, Europe, and the US, account for about 95% of full electrification, while the rest of the world needs help to catch up. This article will discuss electric vehicle growth projections and forecasts further.

Electric Vehicle Growth Projections And Forecast 

Electric vehicles are taking over the car market as the growth and development of the electric vehicles market has been crucial even after the COVID-19 pandemic and the resulting supply chain blockages. Below, we will discuss the projections and forecast for electric vehicle growth. Also, we will talk about electric vehicle growth statistics USA. If you are interested in the automotive market and its latest trends, please keep readin

1- Market Definition 

Toxic emissions have a profound impact on the environment and climate. It fuels the greenhouse effect and contributes considerably to global climate change. Electric vehicles have become a reliable solution; they act as a carbon-neutral alternative when charged by renewable power sources. This solution has resulted in an increased electric car adoption rates US. This highlights the pivotal role of electric vehicles in mitigating the influence of conventional engine vehicles on the climate and the environment. 

The electric vehicles market includes details about the electric cars in those countries where electric car charging infrastructure is already functional. The vehicle can be called electric if it is self-trained with a battery categorized as a plug-in hybrid. The International and American EV market outlook is mainly classified into two specific markets: Plug-in Hybrid Vehicle (PHEV) and Battery Electric Vehicles (BEV). 

This classification allows a nuanced understanding of the market dynamics by evaluating electric car types’ particular details and market penetration. The emphasis on brand-new electric car sales and their basic configuration ensures clarity. On the other side, excluding old or used cars and customization emphasizes the changing landscape of electric cars. Furthermore, we will talk about electric vehicle growth projections.

2- Electric market growth projections 

Let’s talk about EV growth projections 2024 USA first. In 2024, Electric Vehicle growth projections reached a staggering US$ 623.3bhn internationally. 

3- Electric Vehicle Market Forecast

Now, if we look at the US electric vehicle sales forecast, it is anticipated that the car market will show a continuous yearly growth rate ( CAGR 2024-2028) of 9.92%. This growth rate will eventually result in a projected market volume of around $906.7 billion by 2028. Furthermore, the EV market share projection US is expected to be 17.7 vehicle units by 2028. 

Now, you know the anticipation of electric vehicle penetration US 2028. Below is a tabular representation of electric market growth projects and forecasts for the coming years. 

Year	Electric Vehicle Sales (millions)	Market Share (%)	Key Factors Driving Growth
2022	0.75	3.5	Expanded charging infrastructure, developments in battery technology, and government incentives.
2023	1.25	5.8	Increasing customer awareness, expanding model offerings, and regulatory support.
2024	2.00	9.3	Continued technological developments, reducing EV costs, and increasing fuel prices.
2025	3.00	14.0	Growing environmental issues, stricter emissions rules, improving performance, and EV range.
2026	4.50	21.0	Maturing the electric vehicle market, there is a common adoption of electric vehicles across multiple segments.

Latest EV Industry Growth Trends

he latest EV industry growth trends in the USA are anticipated to be powered by increased investment in electric mobility. Giant automobile players like AD, Ford Motor Company, BYD, and Daimler AG are investing plenty of money in their plans to make electric vehicles. Also, extensive operations are investing extensively in the manufacturing of EVs. As an outcome, the car market is anticipated to record notable growth during the forecast duration.

In-scope and Out-of-Scope 

Below, we will tell you about the scope of different products in the car market.

1- In-Scope 

Plug-in hybrid electric vehicles (PHEV)

Battery electric vehicle (BEV)

Passenger cars

Road electric cars

2- Out-of-Scope

Rail electric vehicles 

Electric vehicles that are not self-contained and also can not be called BEV or PHEV

Underwater and surface vessels

Electric spacecraft or aircraft

Scooters, motorcycles, buses, vans, mopeds, and trucks

Key industry players

Here, we will talk about the highly competitive and fragmented with the presence of leading players. For instance, General Motors Company, Tesla Inc, Toyota Motor Corporation, BYD Company LTD, Ford Motor Company, etc. These are the best electric car manufacturers in the automotive industry. They are the leading manufacturers; their products have all the advanced tech features and are sleek and classy-looking cars. Also, in the hands of leading electric car manufacturers in America, there is a bright future of EV market in America. 

Conclusion

There is a rise in the demand for electric cars, and people are switching from combustion engine vehicles. There are many reasons behind this; one of the primary reasons is the ease, comfort, and affordability of electric cars. In this article, we have talked about the EV market growth projections. We have also discussed the electric vehicle market forecast in the USA. 

However, we can not say that the electric car market is booming all over the world because plenty of countries still need to catch up in terms of the electric vehicle market. The parts of the world leading the car market are China, the USA, and Europe. With the increasing trends and popularity, electric cars will rule the auto industry worldwide in the future.

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