The global electric vehicle (EV) market, valued at around USD 603.45 billion in 2022, is now expected to grow from 661.87 billion in 2023 to 1386.08 billion by 2031, according to SkyQuest.
The IP-focused research and investment bank said this would happen at a compound annual growth rate or CAGR of 9.68% over the period of 2024–2031. They noted that the EV market is experiencing constant changes, with progress made in investment patterns, regulations, improved technologies, and consumer choices. As a result, EV sales are expected to surge.
“The numbers,” said SkyQuest in a news release, “are projected to grow notably shortly. In addition, several e-vehicles in 2024 will be priced under USD 40,000, mainly after the application of (the) federal electric vehicle tax credit. Though most vehicle buyers are estimated out of the market, the cost of electric cars will go down for a few models owing to advancements.”
However, as the federal government in the United States is pushing for EV tax credits/incentives, provincial governments in Canada — particularly Québec and British Columbia, who offer EV incentives at this level, are looking to phase them out. And consumers here have yet to see what happens to the incentives at the federal level.
Globally, SkyQuest said demand for fuel-efficient, safe, and environment-friendly vehicles should support EV market expansion, while hybrid cars will be another key driver.
