The Europe lithium-ion battery recycling market was valued at $775.6 million in 2023, and it is expected to grow at a CAGR of 18.73% and reach $4,316.5 million by 2033.
The acoustic electric vehicle alerting systems market would be evaluated at a valuation of $1.22 billion in 2024 and is projected to expand at a CAGR of 6.73% to reach $2.34 billion by 2034 during the forecast period of 2024-2034.
In an optimistic scenario, the market is expected to be valued at $4.56 billion in 2024 and is projected to expand at a CAGR of 16.13% to reach $20.35 billion by 2034.
In an optimistic scenario, the market is evaluated at a valuation of $49.67 billion in 2024 and is projected to expand at a CAGR of 7.73% to reach $104.58 billion by 2034.
In an optimistic forecast, the market, valued at $15.90 billion in 2024, is projected to grow at a CAGR of 15.14%, reaching $65.10 billion by 2034.
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The Europe EV fleet management system market is projected to reach $1,875.1 million by 2033 from $731.8 million in 2023, growing at a CAGR of 9.82% during the forecast period 2024-2033.
The global electric vehicle (EV) bearings market is projected to reach $32,402.0 million by 2034 from $6,907.0 million in 2023, growing at a CAGR of 13.71% during the forecast period 2024-2034.
The Asia-Pacific lithium-ion battery recycling market was valued at $2,304.7 million in 2023, and it is expected to grow at a CAGR of 21.85% and reach $16,629.5 million by 2033.
The Europe electric vehicle battery formation and testing market (excluding U.K.) was valued at $227.6 million in 2023, and it is expected to grow at a CAGR of 16.76% and reach $917.7 million by 2032.
The Europe additives market for EV adhesives and sealants (excluding U.K.) was valued at $15.83 million in 2023, and it is expected to grow at a CAGR of 24.41% and reach $113.07 million by 2032.
The global electric vehicle sensors market was valued at $4.55 billion in 2023, and it is expected to grow at a CAGR of 15.14% and reach $18.64 billion by 2033.
Considering the optimistic scenario, the market was valued at $89.95 billion in 2024 and is expected to grow at a CAGR of 20.13% to reach $563.13 billion by 2034.
The Europe electric vehicle aftermarket (excluding U.K) is projected to reach $50.66 billion by 2032 from $8.87 billion in 2023, growing at a CAGR of 21.36% during the forecast period 2023-2032.
The Europe electric ATV, UTV, and golf cart market (excluding U.K.) is projected to reach $1,298.5 million by 2032 from $212.3 million in 2023, growing at a CAGR of 22.29% during the forecast period 2023-2032.
The EV fast-charging system market was valued at $8.39 billion in 2023 and is expected to reach $33.15 billion by 2033, with a CAGR of 14.73% from 2023 to 2033.
The Asia-Pacific bidirectional electric vehicle charger market (excluding China) was valued at $83.7 million in 2022 and is anticipated to reach $699.0 million by 2031, witnessing a CAGR of 26.60% during the forecast period 2022-2031.
The Asia-Pacific electric vehicle battery housing market (excluding China) is projected to reach $1,888.2 million by 2032 from $530.5 million in 2023, growing at a CAGR of 15.15% during the forecast period 2023-2032.
The EV battery pack cooling system market was valued at $2.93 billion in 2023, and it is expected to grow at a CAGR of 15.39% and reach $12.28 billion by 2033.
The lithium-ion battery recycling market was valued at $3.54 billion in 2023, and it is expected to grow at a CAGR of 21.08% and reach $23.96 billion by 2033.
The Asia-Pacific electric vehicle insulation market (excluding China) is projected to reach $3,367.7 million by 2032 from $417.1 million in 2022, growing at a CAGR of 24.40% during the forecast period 2023-2032.
The global hypercharger market is witnessing significant growth, fuelled by a convergence of factors and key driving forces within the electric vehicle (EV) ecosystem.
The electric vehicle battery formation and testing market was valued at $1.42 billion in 2022, and it is expected to grow at a CAGR of 16.59% and reach $6.46 billion by 2032.
The global "charging as a service" market is experiencing significant growth as electric vehicles (EVs) become increasingly popular worldwide.
The Asia-Pacific immersion cooling fluids market for EVs (Excluding China) is projected to reach $65.1 million by 2032 from $3.0 million in 2022, growing at a CAGR of 36.0% during the forecast period 2022-2032.
The global additives market for EV adhesives and sealants was valued at $91.4 million in 2022, and it is expected to grow at a CAGR of 21.32% and reach $627.6 million by 2032.
The global EV charging communication unit market was valued at $124.9 million in 2022, which is expected to grow at a CAGR of 28.63% and reach 1,536.1 million by 2032.
The global next-generation anode materials market was valued at $2,650.6 million in 2022, and it is expected to grow at a CAGR of 16.29% and reach $11,554.6 million by 2032.
The global silicon carbide (SiC) market for electric vehicles is projected to reach $9,031.2 million by 2032 from $513.0 million in 2022, growing at a CAGR of 33.02% during the forecast period 2023-2032.
The global electric vehicle aftermarket is projected to reach $286.26 billion by 2032 from $44.52 billion in 2022, growing at a CAGR of 20.73% during the forecast period 2023-2032.
The global electric ATV, UTV, and golf cart market is projected to reach $6.81 billion by 2032 from $1.23 billion in 2022, growing at a CAGR of 18.65% during the forecast period 2023-2032.
The global electric vehicle insulation market is projected to reach $30.90 billion by 2032 from $2.96 billion in 2022, growing at a CAGR of 27.83% during the forecast period 2023-2032.
The global electric vehicle battery housing market is projected to reach $13.54 billion by 2032 from $4.01 billion in 2022, growing at a CAGR of 13.14% during the forecast period 2023-2032.
The global bidirectional electric vehicle charger market was valued at $933.2 million in 2022 and is anticipated to reach $4,820.6 million by 2031, witnessing a CAGR of 20.02% during the forecast period 2022-2031.
The global immersion cooling fluids market for EVs is projected to reach $3,837.0 million by 2032 from $205.8 million in 2021, growing at a CAGR of 30.78% during the forecast period 2022-2032.
The electric vehicle testing, inspection, and certification market is projected to reach $4,038.2 million by 2031 from $1,104.7 million in 2022, growing at a CAGR of 15.49% during the forecast period 2022-2031.
The APAC fluids and lubricants market for electric vehicles is projected to reach $2,363.8 million by 2031 from $182.8 million in 2022, growing at a CAGR of 32.89% during the forecast period 2022-2031.
The global sulfur-based battery market was valued at $517.4 million in 2021, which is expected to grow with a CAGR of 17.69% and reach $2,669.9 million by 2031.
The global electric vehicle battery housing market is projected to reach $11,749.9 million by 2031 from $3,678.2 million in 2021, growing at a CAGR of 12.43% during the forecast period 2022-2031.
The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031.
The EV charging management software platform market is projected to reach $25,922.4 million by 2031 from $980.0 million in 2021, growing at a CAGR of 36.7% during the forecast period 2022-2031.
The global on-board charger market is expected to reach $43.94 billion by 2032 from $2.16 billion in 2021, growing with a CAGR of 29.54% during the forecast period 2022-2032.
The global electric ATV and UTV market accounted for $680.4 million in 2021 and is expected to reach $4,746.4 million by 2031.
Fluids and Lubricants Market for Electric Vehicles accounted for $1,387.7 million in 2021 and is expected to reach $17,412.9 million by 2031.
The global EV fast-charging system market is expected to reach $10.82 billion by 2031, growing with a CAGR of 16.56% during the forecast period 2022-2031.
The global structural adhesives and sealants market for EV batteries is expected to reach $305.5 million by 2031 from $53.1 million in 2021, growing with a CAGR of 18.5% during the forecast period 2022-2031.
The global electric vehicle virtual prototyping market generated revenue of $407.6 million in 2021 and is expected to reach $5,613.2 million by 2030 at a CAGR of 33.83%.
The global wiring harnesses and connectors for electric vehicle market is expected to reach $22.87 billion by 2031, with a CAGR of 23.37% during the forecast period 2021-2031.
The global acoustic and thermal insulation market for electric vehicles was valued at $134.4 million in 2020 and is projected to reach $1,108.4 million by 2031, registering a CAGR of 20.45% during the period 2021-2031.
The global electric vehicle brake pads market is expected to reach $289.2 million by 2026, with a CAGR of 17.75% during the forecast period 2021-2026.
The global electric vehicle testing, inspection, and certification market is expected to witness a CAGR of 14.26% during the forecast period 2021-2026.
The global EV battery housing market generated revenue of $873.4 million in 2020 and is expected to reach $4,478.0 million by 2025 at a CAGR of 36.9%.
The solar panel market for electric vehicles and chargers is expected to create an annual revenue opportunity of $1.57 billion by 2030.
The global refrigeration components market for electric vehicles is expected to create an annual revenue opportunity of $8.50 billion by 2025.
The global next-generation anode materials market was valued at $1.32 billion in 2019 and is projected to reach $5.41 billion by 2030, registering a CAGR of 16.81% during the period 2020-2030.
The global electric vehicle fast-charging system market accounted for 133,992 fast-charging systems installed in 2019 and is expected to reach 226,857 by 2025.
The global lightweight materials for EV market is expected to witness a CAGR of 26.97% during the forecast period.
The global electric ATV and UTV market accounted for $468.9 million in 2019 and is expected to reach $4.30 billion by 2030.
The global sensor market for electric vehicles (EVs) is expected to create an annual revenue opportunity of $353.5 million by 2025.
The global fluids market for electric vehicles accounted for $850.9 million in 2018 and is expected to reach $5.74 billion by 2029.
The global structural adhesives, sealants, and thermal materials market for EV batteries is expected to account for a market volume of 14,593.4 tons by the end of 2025.
Fluids and Lubricants for Electric Vehicles accounted for $850.9 million in 2018 and is expected to reach $5.74 billion by 2029.
The global electric vehicle market accounted for $5.05 billion in 2018 and is expected to reach $17.77 billion by 2024. The market is anticipated to grow at a CAGR of 22.49% during the forecast period 2019 to 2024.
The global lithium-ion battery recycling market by volume valued at 97.0 kilotons in 2018 and is projected to reach 359.6 kiloton by 2025, registering a CAGR of 20.89% during the period 2019-2025.
The India EV market ecosystem analyzed by BIS Research is anticipated to grow at a robust CAGR of 43.13% on the basis of value during the forecast period from 2019 to 2030.
In terms of value, the global acoustic and thermal insulation market for electric vehicles is expected to grow at a CAGR of 17.07% during the forecast period 2019-2029.
The global on-board charger market generated $1.11 billion in 2018 and is expected to witness a CAGR of 16.31%, during the forecast period from 2019 to 2029.
The BIS Research report “Global Automotive Inverter Market” projects the market to grow at a significant CAGR of 17.00% during the forecast period from 2019 to 2029.
In terms of value, the global next generation anode materials market for is expected to grow at a CAGR of 16.96% during the forecast period 2019-2029.
The electric vehicle fast charging system market to grow at a significant CAGR of 21.90% during the forecast period from 2019 to 2029.
The SSB is a futuristic and high-potential technology within the EV battery ecosystem. The technology is in a development phase and has attracted a major share from the battery R&D investment basket.
The global automotive thermoelectric generator market in terms of value is expected to be $30.42 million in 2022.
As per the supercapacitor technology market system, it is expected that post 2030, supercapacitor modules will be present in over 65% of new vehicle sales as an additional electric energy system to reduce the main battery pack and enhance the power delivery efficiency.
In 2017, the spherical graphite market was valued $1.29 billion which is expected to reach $4.95 billion by 2023.
The global cathode materials market is expected to grow at a CAGR of 14.0% from 2018 to 2023.
The global battery market for electric vehicles was $14.99 billion in 2016, and is expected to reach $93.94 billion by 2026, registering a CAGR of 20.1% from 2016 to 2026.
The global electric vehicles volume is estimated to reach 10.8 million units by 2026. The market is driven by a number of factors such as stringent governmental regulations in terms of emissions and fuel economy, growing demand for fuel efficient vehicles, and governmental initiatives such as tax benefits and subsidies to promote the sales of electric vehicles.
The global advance energy storage market was worth $28 billion in the FY2015 and is expected to grow at a standard rate during the forecast period of 2016-2022. Some of the major technologies in the advance energy storage market are growing rapidly in regions such as North America and APAC while many others are still at a nascent stage and expected to develop in upcoming years.
The Fuel Cell market is estimated to grow by a healthy CAGR of 43% from 2016 to 2022, owing to large scale power projects, CHP applications, rising production of fuel cell cars with hydrogen tanks, development projects for fuel cell powered light commuter trains, replacement of combustion engine public bus fleet with fuel cell powered buses and trams.
The Asia-Pacific EV Charging Communication Unit Market (excluding China) was valued at $8.0 million in 2023, which is expected to grow at a CAGR of 38.70% and reach $151.6 million by 2032 during the forecast period of 2023-2032.
The global electric vehicle battery housing market is projected to reach $11,749.9 million by 2031 from $3,678.2 million in 2021, growing at a CAGR of 12.43% during the forecast period 2022-2031.
The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031.
The global electric ATV and UTV market accounted for $680.4 million in 2021 and is expected to reach $4,746.4 million by 2031.
The global EV fast-charging system market is expected to reach $10.82 billion by 2031, growing with a CAGR of 16.56% during the forecast period 2022-2031.
The global acoustic and thermal insulation market for electric vehicles was valued at $134.4 million in 2020 and is projected to reach $1,108.4 million by 2031, registering a CAGR of 20.45% during the period 2021-2031.
The global electric vehicle testing, inspection, and certification market is expected to witness a CAGR of 14.26% during the forecast period 2021-2026.
The global EV battery housing market generated revenue of $873.4 million in 2020 and is expected to reach $4,478.0 million by 2025 at a CAGR of 36.9%.
The global next-generation anode materials market was valued at $1.32 billion in 2019 and is projected to reach $5.41 billion by 2030, registering a CAGR of 16.81% during the period 2020-2030.
The global electric vehicle fast-charging system market accounted for 133,992 fast-charging systems installed in 2019 and is expected to reach 226,857 by 2025.
The global electric ATV and UTV market accounted for $468.9 million in 2019 and is expected to reach $4.30 billion by 2030.
The global next-generation anode materials market was valued at $1.32 billion in 2019 and is projected to reach $5.41 billion by 2030, registering a CAGR of 16.81% during the period 2020-2030.
The global EV battery housing market generated revenue of $873.4 million in 2020 and is expected to reach $4,478.0 million by 2025 at a CAGR of 36.9%.
The global electric vehicle testing, inspection, and certification market is expected to witness a CAGR of 14.26% during the forecast period 2021-2026.
The global acoustic and thermal insulation market for electric vehicles was valued at $134.4 million in 2020 and is projected to reach $1,108.4 million by 2031, registering a CAGR of 20.45% during the period 2021-2031.
The global EV fast-charging system market is expected to reach $10.82 billion by 2031, growing with a CAGR of 16.56% during the forecast period 2022-2031.
The global electric ATV and UTV market accounted for $680.4 million in 2021 and is expected to reach $4,746.4 million by 2031.
The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031.
The global electric vehicle battery housing market is projected to reach $11,749.9 million by 2031 from $3,678.2 million in 2021, growing at a CAGR of 12.43% during the forecast period 2022-2031.
Electric Vehicle Market
EV Market Overview
The electric vehicle (EV) market is a rapidly expanding sector within the automotive industry, focused on designing, producing, and selling vehicles powered by electricity. EVs utilize electric motors and rechargeable batteries as their primary propulsion systems, eliminating the need for traditional internal combustion engines and fossil fuels.
The demand for electric vehicles has been growing steadily in recent years, driven by several factors. Firstly, there is increasing awareness and concern about the environmental impact of traditional vehicles, such as greenhouse gas emissions and air pollution. EVs offer a cleaner and more sustainable alternative, emitting zero tailpipe emissions.
Secondly, advancements in battery technology have improved the performance and range of electric vehicles, addressing one of the main concerns for potential buyers. With longer driving ranges and faster charging capabilities, EVs are becoming more practical and convenient for everyday use.
Additionally, government policies and incentives, such as tax credits, subsidies, and stricter emission standards, have encouraged the adoption of electric vehicles. Many countries and regions have set targets to reduce carbon emissions and promote the transition to electric mobility.
Major automakers are heavily investing in electric vehicle technology and expanding their EV product offerings. This has led to a broader range of options for consumers, with more affordable and diverse electric vehicle models available in the market.
BIS Research aims to help you do exactly that by providing you with all the information you need to make informed decisions.
Over the years, BIS Research has been tracking the pulse of several components that are part of the electric vehicle market, including battery housing, refrigeration components, fast-charging systems, sensors, fluids and lubricants, and insulation, among others.
Use BIS reports to learn everything about the electric vehicle market and make profitable calls. Our Deep Dive M-A-P research approach ensures we cover all aspects of the segment or product that we are researching. From providing a bird's eye view of the entire market, paired with predictions and trend analyses, to giving detailed insights about their applications and viability.
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