What is the Current State of the Global Electric Vehicle Market?

There’s a global resurgence in demand and preference for electronic vehicles (EV), driven by several emerging realities on the global technology scene. Given the constantly changing times today, both politically and economically, EVs have become favorites for a number of reasons.

Current Statistical Shape of the Global and Indian Electrical Vehicle Market.

According to the latest global electric vehicle market size statistics, the global market was valued at over USD 246.70 billion in 2020. In 2021, it rose to USD 287.36 billion, with similar marginal growth in 2022. However, the EV market is expected to cross USD 1,318.22 billion by 2028. This represents a CAGR of 24.3% in the 2021–2028 forecast period.

In India, the EV market share was reported at USD 1.45 billion in 2021. This figure grew to USD 3.21 billion in 2022. However, with a resurgent demand and expanding market, it is expected to cross USD 113.99 billion in 2029. This shows growth at a CAGR of 66.52% for the 2022–2029 forecast period.

What Drives the Resurgent Interest in the Electric Vehicle Market?

There are many reasons for the increase in electric vehicle adoption and usage globally. Some are technological, environmental, economic, etc. It is obvious that for many economies and vehicle markets, electric is the future. Here are some of the reasons.

Better cost competitiveness with ICE vehicles: Comparatively, buying, running, and maintaining are far more cost-competitive than internal combustion engine vehicles. With only charge and ride, the EVs provide low ownership and maintenance costs in the short and long-term period. It has become cheaper to own an EV than an ICE vehicle.

Increased availability of better car charging facilities: The easy availability of fast charging is another reason to account for the fast growth of EVs. Today, just as ICEs can drive into any gas station and fill up, EVs too can drive-in and enjoy fast charging at nominal costs. It enhances convenience in case your batteries are low and increases your driving range.

Introduction of new EV brands and models: There are choices and options in the market across price ranges, which affects access and affordability. EVs have been adapted to several uses like ICEs and are proving versatile and affordable.

Better safety features and enhanced driving range: The concerns of initial car buyers were safety and short driving range. However, as the technology gained popularity due to market reception and interest, these issues have been worked on by several manufacturers. The results are phenomenal and clearly evident for all to see.

Tax rebates, subsidies, grants, and other benefits in EV car registrations: Most governments, in a bid to curb pollution, global warming, climate change, and other existential hazards, extend several benefits to EV car registrations.