“Electric Vehicles (EVs) and Fuel Cell Vehicles (FCVs) are transforming the global automotive market. EVs run on electricity stored in batteries, while FCVs use hydrogen to generate electricity through fuel cells. Both types of vehicles are seen as key solutions to reduce carbon emissions and dependence on fossil fuels. BCC Research Study Projects 18.6% CAGR, with Market Growth from $758.0 Billion in 2024 to $1.8 Trillion by 2029“

BOSTON, Sept. 19, 2024 /PRNewswire/ — “According to the latest BCC research study, the demand for Electric Vehicles and Fuel Cell Vehicles: Global Markets was valued at $655.9 billion in 2023 and is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.”

This report covers key aspects of electric and fuel cell vehicles, including propulsion type, vehicle type, and power source. It discusses technology, regulations, and top player rankings, and analyzes market trends and dynamics. The report includes patent analysis, ESG developments, emerging technologies, and the impact of the Russia–Ukraine war. It also features profiles of leading manufacturers.

Excluding industrial and low-speed electric vehicles, the global vehicle volume data is sourced from the IEA EV Outlook 2024 report.

Geographic analysis covers North America, Europe, Asia-Pacific, and the Rest of the World (South America, the Middle East, and Africa).

The base year is 2023, with 2024 as an estimate, and forecasts extend to 2029. Market values are presented in nominal dollars ($) billion.

Some Interesting Facts about Electric Vehicles and Fuel Cell Vehicles: Global Markets

• According to the International Energy Agency (IEA), the average cost of lithium-ion batteries dropped to $139 per kWh in 2023, a 14% decrease from $161 per kWh in 2022. This price drop is mainly due to technological improvements.
• In 2023, the IEA reported that nearly 14 million electric cars were sold worldwide, making up 18% of all vehicle sales, up from 14% in 2022. This represents a 35% increase, with 3.5 million more electric cars sold than in 2022.
• The U.S., China, and Europe are the largest markets for electric and fuel-cell vehicles, together accounting for over 90% of the global market.

to discover more insights and information about Electric Vehicles and Fuel Cell Vehicles: Global Markets, click here for further exploration.

Factors contributing to this growth include:

1. Increasing sales of electric cars globally: Electric car sales are rising worldwide due to lower costs, environmental awareness, government incentives, better technology, and more charging stations. More people are choosing electric vehicles, making them a larger part of the car market each year.
2. Decreasing battery costs are supporting EV adoption globally: Falling battery costs are helping more people afford electric vehicles (EVs) worldwide. As batteries become cheaper, EV prices drop, making them more accessible and attractive to consumers. This is a key factor driving the global increase in EV adoption.
3. Rising petroleum prices drive the shift of consumers toward EVs: Higher petroleum prices are pushing consumers to switch to electric vehicles (EVs). As gas becomes more expensive, EVs become a more cost-effective and appealing option, accelerating the shift towards electric transportation.

Request a Sample Copy of the Electric Vehicles and Fuel Cell Vehicles: Global Markets.

Report Synopsis 

Market Segmentation

The Global Market for Electric Vehicles and Fuel Cell Vehicles can be categorized into various segments:

1. By Propulsion type

Electric vehicles come in several types based on their propulsion systems. Battery Electric Vehicles (BEVs) run solely on electricity stored in batteries. Hybrid Electric Vehicles (HEVs) use a combination of a gasoline engine and an electric motor to improve fuel efficiency. Plug-in Hybrid Electric Vehicles (PHEVs) have both a gasoline engine and a battery that can be charged from an external source, offering a longer electric-only range. Fuel Cell Electric Vehicles (FCEVs) generate electricity using hydrogen fuel cells, producing only water vapor as exhaust.

2. By Vehicle Type

Vehicles can be categorized by type. Passenger cars are the typical cars people use for personal transportation. Two-wheelers include motorcycles and scooters. Trucks and vans are used for carrying goods and deliveries. Buses are designed to transport larger groups of people. Three-wheelers, like auto-rickshaws, are small vehicles with three wheels, often used for short trips and in busy urban areas.

3. By Power Source

Vehicles use different power sources for their energy. Lead-acid batteries are older and cheaper but less efficient. Nickel metal hydride batteries are more efficient than lead-acid and are commonly used in hybrid vehicles. Lithium-ion batteries are the most popular in electric vehicles today because they are lighter, more efficient, and have a longer range. Fuel cells generate electricity by combining hydrogen with oxygen, producing only water as a byproduct and offering a different approach to powering vehicles.

This report on global market for electric vehicles and fuel cell vehicles provides comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the market?
   The global electric vehicle and fuel cell electric vehicle market was valued at $655.9 billion in 2023 and will reach $1.8 trillion by the end of 2029 with a CAGR of 18.6%.
2. What are the key factors driving the growth of the market?
   – Increasing sales of electric cars globally.
   – Decreasing battery costs are supporting EV adoption globally.
   – Rising petroleum prices drive the shift of consumers toward EVs.
3. What segments are covered in the market?
   The electric vehicles and fuel cell vehicles market is segmented based on propulsion type, vehicle type, power source, and region.
4. Which segment will dominate the market by the end of 2029 by power source?
   The lithium-ion battery segment will dominate the market by 2029.
5. Which region has the highest market share in the market?
   Asia-Pacific holds the highest share of the global market.

Some of the Key Market Players Are:

• BMW AG
• BYD CO. LTD.
• CHONGQING CHANGAN AUTOMOBILE CO. LTD.
• GAC INTERNATIONAL CO. LTD.
• GENERAL MOTORS
• GREAT WALL MOTOR
• HYUNDAI MOTOR CO.
• LI AUTO INC.
• MERCEDES-BENZ GROUP AG
• SAIC MOTOR CORP. LTD.
• STELLANTIS N.V. 
• TESLA
• TOYOTA MOTOR CORP.
• VOLKSWAGEN GROUP
• VOLVO CAR CORP.
• ZHEJIANG GEELY HOLDING GROUP

Browse for more related reports:

Hydrogen Storage: Materials, Technologies and Global Markets: looks at how hydrogen is stored and the market for these storage solutions. It covers different methods like compressing hydrogen gas, turning it into a liquid, using metal or chemical compounds to hold it, and the materials and technologies involved. It also explores how these storage options are developing and their demand around the world.

Green Hydrogen: Global Market Outlook: examines the future of hydrogen produced using renewable energy sources. It looks at the growing market for this environmentally friendly hydrogen, trends in its production and use, and how it might develop worldwide. The focus is on the potential for green hydrogen to reduce carbon emissions and its role in the global energy transition.

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with [email protected].

About BCC Research 

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Logo: https://mma.prnewswire.com/media/2183242/BCC_Research_Logo.jpg

Contact Us
Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA
Email: [email protected]
Phone: +1 781-489-7301
For media inquiries, email [email protected] or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

SOURCE BCC Research LLC