Electric and Fuel Cell Vehicle Market to See 14.1% Annual Growth Through 2024
Market Growth Due to Growing Environmental Concerns
WELLESLEY, Mass., November 13, 2019 (Newswire.com) - With the growing environmental concern, people are changing their perspective and investing in eco-friendly vehicles. This has initiated the rise of hybrid electric vehicles, plug in hybrid electric vehicles and now finally the pure electric vehicles that have become commercially available, according to a report by BCC Research, “Electric Vehicles and Fuel Cell Vehicles: A BCC Research Overview.”
The market expects to see a compound annual growth rate (CAGR) of 14.1% through 2024, when it could be worth $183.7 billion.
Major players in the market include: Bentley Motors Inc., Tesla Motors and Toyota.
· The North America market for electric vehicles is anticipated to reach $22,291 million by 2024, growing at a CAGR of 15.8%.
· The electric vehicle market is anticipated to reach $100 billion by 2024.
· The fuel cell electric vehicle market is estimated to grow from 11,200 car units in 2018 to 28,800 vehicle units by 2024.
“Thanks to plug-in-hybrid electric vehicles, pure Electric vehicles have now become commercially available. This has helped many new companies enter the electric vehicle market, "writes BCC analyst, Donald Saxman. “With the rise in the market, the existing companies are investing in research and development activities and manufacturing better vehicles.”
The Electric Vehicle Industry is Booming
The electric vehicles market is expanding rapidly across the globe in major countries, especially in China, United States, India and in European countries. It is estimated that an increase of 5.1 million electric vehicles were added in 2018. Out of them, the passenger cars have the significant increase compared to the previous years and is expected to remain so in the forecasted duration.
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Source: BCC Research