- The electric vehicle market is experiencing rapid expansion as consumer preferences shift toward environmentally sustainable and fuel-efficient mobility options
- Companies are focusing on technological enhancements and extended product portfolios to cater to evolving customer demands and stay competitive in the growing market
- Asia-Pacific dominated the electric vehicle market in 2024, supported by government incentives, robust manufacturing capabilities, and the rapid expansion of charging infrastructure
- The North America region is expected to witness the highest growth rate in the global electric vehicle market, driven by increasing government incentives, rising environmental awareness, expanding EV infrastructure, and growing investments by major automakers in electrification.
- The lithium-ion batteries segment dominated the market with the largest revenue share of 67.4 % in 2024, attributed to their high energy density, long life cycle, and decreasing production costs. These batteries are widely used in electric vehicles due to their reliability and improved safety features, especially in passenger and commercial vehicles
