The global electric vehicle market size was USD 384 billion in 2022 and is expected to register a CAGR of 18% during the forecast period. This growth can be significantly driven by rising global awareness of environmental issues such as pollution and climate change, rapid advancements in EV battery technology, and government incentives like tax credits and subsidies to promote the adoption of EVs.
An Electric Vehicle (EV) is a type of vehicle that uses one or more electric motors or traction motors for propulsion instead of relying solely on internal combustion engines. There are several types of electric vehicles including Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric Vehicles (FCEVs) available in passenger cars, trucks, buses, scooters, buggies, bicycles, and tricycles.
Electric vehicles are rapidly gaining traction globally due to various factors like environmental benefits, energy efficiency, reduced operating costs, better performance and acceleration, quitter and comfortable operations, energy security and independence, and innovative features and technologies such as regenerative braking, autonomous driving capabilities, and advanced battery management systems.