The global electric vehicle market was valued at $909 billion in 2024 and is expected to exceed $2.49 trillion by 2031, growing at a compound annual growth rate of 15.5%. There is a shift in consumer behavior as demand increases for fully electric cars while sales of plug-in hybrid vehicles decline, driven by stricter emissions standards and sustainability efforts. New EV registrations rose by 25% in 2024, supported by government initiatives including $1.3 billion in funding from India to boost adoption and expanded charging infrastructure projections in regions like the UK and US.
The global electric vehicle market was valued at $909 billion in 2024 and is projected to grow to $2.49 trillion by 2031, with a compound annual growth rate of 15.5% from 2025 to 2031.
Sales of plug-in hybrid vehicles are declining while demand for fully electric cars is surging, particularly in Europe due to tighter emissions standards and public sustainability awareness.
New registrations of electric vehicles rose 25% in 2024, adding nearly 4 million vehicles globally, with total EV sales reaching 17 million, up from 10 million in 2022.
Government incentives play a critical role in enhancing EV adoption as seen with India approving $1.3 billion for EV initiatives and many European countries offering tax breaks.
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