The newly added report, “Global Electric Vehicle and Charging Infrastructure Market Databook – Q2 2024 Update,” is now available on ResearchAndMarkets.com. This comprehensive analysis covers over 75 KPIs related to the electric vehicle (EV) market, including market size by value and volume, vehicle types, price points, propulsion methods, components, and locations.
Electric vehicle adoption is forecasted to grow significantly, with a compound annual growth rate (CAGR) of 29.4% from 2024 to 2028. The global EV market is projected to expand from $413.8 billion in 2023 to $2,049.6 billion by 2028.
This growth is driven by increased investment from governments and businesses, particularly as the shift towards clean vehicles continues. In 2024, numerous global firms are expected to enter the Middle East EV market. Notable moves include:
- Nio, a Chinese EV firm, planning expansion into the Middle East.
- Lucid Group, a US-based manufacturer, opening its second retail space in the UAE.
- BYD, which is significantly increasing its presence in Southeast Asia, including a new showroom in Dubai Festival City.
- Planet Electric, an Indian startup focusing on commercial EVs in the Middle East.
In Southeast Asia, where demand for electric vehicles has surged, Chinese companies like BYD are setting up factories and offering substantial discounts to gain market share.
Meanwhile, in Europe, Stellantis and Mercedes have paused their joint EV battery factory projects due to a slowdown in demand and increased competition from Chinese firms using cheaper battery technology. Stellantis is also adjusting its EV investment plans to align with the market’s slower growth in Europe.
The report provides detailed data and forecasts on both the EV market and charging infrastructure, including metrics on vehicle types, market segments, and charging station details. For more information, visit ResearchAndMarkets.com.
