New York, United States, March 06, 2025 (GLOBE NEWSWIRE) — The global electric vehicle market size was valued at USD 328.73 billion in 2024 and is estimated to reach from USD 437.54 billion in 2025 to USD 4,309.65 billion by 2033, growing at a CAGR of 33.1% during the forecast period (2025-2033). This rapid expansion is driven by the urgent need to curb air pollution caused by fossil fuel-powered vehicles, prompting governments to enforce strict emission regulations. Battery electric vehicles (BEVs), with their fuel-free operation, have gained significant traction as a cleaner alternative. Advances in battery technology, expanding charging infrastructure, and government incentives are further accelerating EV adoption, positioning the market for substantial growth and a more sustainable future.
Battery technology’s maturity: Market Trend
Battery technology, accounting for nearly one-third of an EV’s cost, has been a key barrier to affordability, but advancements have significantly reduced prices over the past decade. Companies are heavily investing in R&D to further cut costs, with Tesla’s CEO stating in 2020 that in-house manufacturing could lower EV prices by 50%. According to the IEA, battery demand is set to surge from 170 GWh today to 1.5 TWh by 2030. As battery technology matures, the EV market is primed for rapid expansion, making electric vehicles more accessible and driving industry growth.
Policy Shifts and Their Impact on EV Adoption
Advancements in battery technology have significantly reduced costs, making electric vehicles (EVs) more accessible. However, recent policy shifts under President Donald Trump may impact this progress. …
Full story available on Benzinga.com
New York, United States, March 06, 2025 (GLOBE NEWSWIRE) — The global electric vehicle market size was valued at USD 328.73 billion in 2024 and is estimated to reach from USD 437.54 billion in 2025 to USD 4,309.65 billion by 2033, growing at a CAGR of 33.1% during the forecast period (2025-2033). This rapid expansion is driven by the urgent need to curb air pollution caused by fossil fuel-powered vehicles, prompting governments to enforce strict emission regulations. Battery electric vehicles (BEVs), with their fuel-free operation, have gained significant traction as a cleaner alternative. Advances in battery technology, expanding charging infrastructure, and government incentives are further accelerating EV adoption, positioning the market for substantial growth and a more sustainable future.
Battery technology’s maturity: Market Trend
Battery technology, accounting for nearly one-third of an EV’s cost, has been a key barrier to affordability, but advancements have significantly reduced prices over the past decade. Companies are heavily investing in R&D to further cut costs, with Tesla’s CEO stating in 2020 that in-house manufacturing could lower EV prices by 50%. According to the IEA, battery demand is set to surge from 170 GWh today to 1.5 TWh by 2030. As battery technology matures, the EV market is primed for rapid expansion, making electric vehicles more accessible and driving industry growth.
Policy Shifts and Their Impact on EV Adoption
Advancements in battery technology have significantly reduced costs, making electric vehicles (EVs) more accessible. However, recent policy shifts under President Donald Trump may impact this progress. …
Full story available on Benzinga.com
New York, United States, March 06, 2025 (GLOBE NEWSWIRE) — The global electric vehicle market size was valued at USD 328.73 billion in 2024 and is estimated to reach from USD 437.54 billion in 2025 to USD 4,309.65 billion by 2033, growing at a CAGR of 33.1% during the forecast period (2025-2033). This rapid expansion is driven by the urgent need to curb air pollution caused by fossil fuel-powered vehicles, prompting governments to enforce strict emission regulations. Battery electric vehicles (BEVs), with their fuel-free operation, have gained significant traction as a cleaner alternative. Advances in battery technology, expanding charging infrastructure, and government incentives are further accelerating EV adoption, positioning the market for substantial growth and a more sustainable future.
Battery technology’s maturity: Market Trend
Battery technology, accounting for nearly one-third of an EV’s cost, has been a key barrier to affordability, but advancements have significantly reduced prices over the past decade. Companies are heavily investing in R&D to further cut costs, with Tesla’s CEO stating in 2020 that in-house manufacturing could lower EV prices by 50%. According to the IEA, battery demand is set to surge from 170 GWh today to 1.5 TWh by 2030. As battery technology matures, the EV market is primed for rapid expansion, making electric vehicles more accessible and driving industry growth.
Policy Shifts and Their Impact on EV Adoption
Advancements in battery technology have significantly reduced costs, making electric vehicles (EVs) more accessible. However, recent policy shifts under President Donald Trump may impact this progress. …Full story available on Benzinga.com Read MoreNews, Retail Sales, Economics, Analyst Ratings, Press Releases News
