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Global Electric and Fuel Cell Vehicles Market to Reach $1.8 Trillion by 2029

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“Electric Vehicles (EVs) and Fuel Cell Vehicles (FCVs) are transforming the global automotive market. EVs run on electricity stored in batteries, while FCVs use hydrogen to generate electricity through fuel cells. Both types of vehicles are seen as key solutions to reduce carbon emissions and dependence on fossil fuels. BCC Research Study Projects 18.6% CAGR, with Market Growth from $758.0 Billion in 2024 to $1.8 Trillion by 2029″

BOSTON, Sept. 19, 2024 /PRNewswire/ — “According to the latest BCC research study, the demand for Electric Vehicles and Fuel Cell Vehicles: Global Markets was valued at $655.9 billion in 2023 and is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.”

This report covers key aspects of electric and fuel cell vehicles, including propulsion type, vehicle type, and power source. It discusses technology, regulations, and top player rankings, and analyzes market trends and dynamics. The report includes patent analysis, ESG developments, emerging technologies, and the impact of the RussiaUkraine war. It also features profiles of leading manufacturers.

Excluding industrial and low-speed electric vehicles, the global vehicle volume data is sourced from the IEA EV Outlook 2024 report.

Geographic analysis covers North America, Europe, Asia-Pacific, and the Rest of the World (South America, the Middle East, and Africa).

The base year is 2023, with 2024 as an estimate, and forecasts extend to 2029. Market values are presented in nominal dollars ($) billion.

Some Interesting Facts about Electric Vehicles and Fuel Cell Vehicles: Global Markets

According to the International Energy Agency (IEA), the average cost of lithium-ion batteries dropped to $139 per kWh in 2023, a 14% decrease from $161 per kWh in 2022. This price drop is mainly due to technological improvements.In 2023, the IEA reported that nearly 14 million electric cars were sold worldwide, making up 18% of all vehicle sales, up from 14% in 2022. This represents a 35% increase, with 3.5 million more electric cars sold than in 2022.The U.S., China, and Europe are the largest markets for electric and fuel-cell vehicles, together accounting for over 90% of the global market.

to discover more insights and information about Electric Vehicles and Fuel Cell Vehicles: Global Markets, click here for further exploration.

Factors contributing to this growth include:

Increasing sales of electric cars globally: Electric car sales are rising worldwide due to lower costs, environmental awareness, government incentives, better technology, and more charging stations. More people are choosing electric vehicles, making them a larger part of the car market each year.Decreasing battery costs are supporting EV adoption globally: Falling battery costs are helping more people afford electric vehicles (EVs) worldwide. As batteries become cheaper, EV prices drop, making them more accessible and attractive to consumers. This is a key factor driving the global increase in EV adoption.Rising petroleum prices drive the shift of consumers toward EVs: Higher petroleum prices are pushing consumers to switch to electric vehicles (EVs). As gas becomes more expensive, EVs become a more cost-effective and appealing option, accelerating the shift towards electric transportation.

Request a Sample Copy of the Electric Vehicles and Fuel Cell Vehicles: Global Markets.

Report Synopsis 

Report Metrics

Details

Base year considered

2023

Forecast Period considered

2024-2029

Base year market size

$655.9 Billion

Market Size Forecast

$1.8 Trillion

Growth Rate

CAGR of 18.6% from 2024 to 2029

Segment Covered

By Propulsion Type, Vehicle Type, Power Source, and Region

Regions covered

North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa)

Countries covered

The U.S., Canada, Mexico, Germany, U.K., France, The Netherlands, Belgium, Italy, Spain, China, India, Japan, South Korea and Australia

Key Market Drivers

Increasing sales of electric cars globallyDecreasing battery costs are supporting EV adoption globallyRising petroleum prices drive the shift of consumers toward EVs

 

Market Segmentation

The Global Market for Electric Vehicles and Fuel Cell Vehicles can be categorized into various segments:

1. By Propulsion type

Electric vehicles come in several types based on their propulsion systems. Battery Electric Vehicles (BEVs) run solely on electricity stored in batteries. Hybrid Electric Vehicles (HEVs) use a combination of a gasoline engine and an electric motor to improve fuel efficiency. Plug-in Hybrid Electric Vehicles (PHEVs) have both a gasoline engine and a battery that can be charged from an external source, offering a longer electric-only range. Fuel Cell Electric Vehicles (FCEVs) generate electricity using hydrogen fuel cells, producing only water vapor as exhaust.

2. By Vehicle Type

Vehicles can be categorized by type. Passenger cars are the typical cars people use for personal transportation. Two-wheelers include motorcycles and scooters. Trucks and vans are used for carrying goods and deliveries. Buses are designed to transport larger groups of people. Three-wheelers, like auto-rickshaws, are small vehicles with three wheels, often used for short trips and in busy urban areas.

3. By Power Source

Vehicles use different power sources for their energy. Lead-acid batteries are older and cheaper but less efficient. Nickel metal hydride batteries are more efficient than lead-acid and are commonly used in hybrid vehicles. Lithium-ion batteries are the most popular in electric vehicles today because they are lighter, more efficient, and have a longer range. Fuel cells generate electricity by combining hydrogen with oxygen, producing only water as a byproduct and offering a different approach to powering vehicles.

This report on global market for electric vehicles and fuel cell vehicles provides comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the market?
The global electric vehicle and fuel cell electric vehicle market was valued at $655.9 billion in 2023 and will reach $1.8 trillion by the end of 2029 with a CAGR of 18.6%.What are the key factors driving the growth of the market?
– Increasing sales of electric cars globally.
– Decreasing battery costs are supporting EV adoption globally.
– Rising petroleum prices drive the shift of consumers toward EVs.What segments are covered in the market?
The electric vehicles and fuel cell vehicles market is segmented based on propulsion type, vehicle type, power source, and region.Which segment will dominate the market by the end of 2029 by power source?
The lithium-ion battery segment will dominate the market by 2029.Which region has the highest market share in the market?
Asia-Pacific holds the highest share of the global market.

Some of the Key Market Players Are:

BMW AGBYD CO. LTD.CHONGQING CHANGAN AUTOMOBILE CO. LTD.GAC INTERNATIONAL CO. LTD.GENERAL MOTORSGREAT WALL MOTORHYUNDAI MOTOR CO.LI AUTO INC.MERCEDES-BENZ GROUP AGSAIC MOTOR CORP. LTD.STELLANTIS N.V. TESLATOYOTA MOTOR CORP.VOLKSWAGEN GROUPVOLVO CAR CORP.ZHEJIANG GEELY HOLDING GROUP

Browse for more related reports:

Hydrogen Storage: Materials, Technologies and Global Markets: looks at how hydrogen is stored and the market for these storage solutions. It covers different methods like compressing hydrogen gas, turning it into a liquid, using metal or chemical compounds to hold it, and the materials and technologies involved. It also explores how these storage options are developing and their demand around the world.

Green Hydrogen: Global Market Outlook: examines the future of hydrogen produced using renewable energy sources. It looks at the growing market for this environmentally friendly hydrogen, trends in its production and use, and how it might develop worldwide. The focus is on the potential for green hydrogen to reduce carbon emissions and its role in the global energy transition.

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.

About BCC Research 

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

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Email: info@bccresearch.com
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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SOURCE BCC Research LLC

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Neusoft Education officially renamed as ” Neutech Group Limited “, accelerating the advancement of the “education-healthcare-wellness and mind tour” strategy in a new stage

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HONG KONG, Jan. 11, 2025 /PRNewswire/ — On 9 January, Neusoft Education (09616.HK) announced that the Company’s English name will change from “Neusoft Education Technology Co. Limited” to “Neutech Group Limited”. The name change will take effect on the same day.

According to the announcement, the Company’s renaming to “Neutech Group Limited” better reflects its strategic transformation and upgrade, and more accurately demonstrates its five-in-one industry layout of “education-healthcare-wellness and mind tour”. This will establish a new corporate brand image and highlight the Company’s comprehensive strength in technological innovation and integrated development. Starting with the name change, the Company will focus on education and adapt to the aging economy, promoting the parallel development of academic education, continuing education, senior education, and resource output. This will create a business model of “education-assisted healthcare, education-assisted wellness, medical-care conversion, medical-education assistance, care-supported medicine, and care-education assistance”. Driven by technology and platform research and development, the company will achieve integrated development of education, medicine, care, health, and tourism, as well as efficient use of human, financial, and material resources. This will build a harmonious and inclusive “education + technology + medical care + health + tourism” prosperous ecosystem. It is expected to further enhance the Company’s brand reputation and industry influence, and support its sustainable development.

Neutech Group, as a pioneer in the “education-healthcare-wellness and mind tour” ecosystem in China, successfully listed on the Main Board of the Hong Kong Stock Exchange on 29 September 2020, becoming the “first stock of IT higher education” (stock code: 9616.HK). With the broad market opportunities brought by the aging population and the positive support of policies for the development of the elderly care industry, the Company leverages its innovative research and development capabilities in “education + technology + medical care” to build a new ecosystem of integrated development of ” education-healthcare-wellness and mind tour”.

In the education technology business sector, the Company will retain the main body of ” Neusoft Education Group” and continue to operate academic education, continuing education, and resource output businesses. Based on IT innovation education, the Company will further develop the “digital media” and “medical care” fields, build an integrated ecosystem of “education-healthcare-wellness”, and consolidate the core competitiveness of education technology in the future. The Company will also establish a characteristic product and service system based on the 4S model, providing first-class platforms, resources, models, and management services to governments, universities, hospitals, and health care institutions, continuously empowering partners’ reform and development.

In the elderly education and elderly care technology business sector, following the concept of “Elderly care starts with prevention, education drives elderly care, and technology empowers elderly care”, the Company has deeply developed elderly education through Neuedu Phoenix Academy and created a unique “LIFECARES” model of integrated elderly education with “leisure, care, medical services, education, and integration”. Using top-notch medical and care services and platform services to empower the elderly to live a happy life, the Company is building a dream university for active seniors. In addition, the Company will strengthen the training of elderly care service personnel by creating a one-stop industry chain of “university training + training + intern + human resource services”. On the other hand, the Company will build a medical and care technology operation service model, create an elderly care solution industrial ecosystem through the output of overall smart elderly care solutions and elderly care technology products and services, and achieve mutually beneficial cooperation with ecological partners.

In the medical and health care service sector, the Company integrates customer management service systems to provide intelligent medical and elderly care information solutions, and create a “medical care and elderly care” integrated development system with treatment-based medical institutions, rehabilitation-based nursing institutions, and care-based elderly care institutions. Its subsidiaries, Ruikang Cardiovascular Hospital, Dalian Ruikang Zhuomei Stomatology Hospital Co., Ltd., and Wecare Family Nursing Home, have been put into operation.

In the wellness tourism sector, targeting energetic seniors, the Company integrates tourism, education, and elderly care into one, with a focus on “leisure learning, slow travel, and peaceful living”. Through the concept of “study-travel-care”, seniors can experience a variety of dimensions of “learning-travel-care” in their travel and learning process, creating a comprehensive elderly education model that provides opportunities for art experiences, promotes physical and mental relaxation, enhances cultural literacy, and expands social interaction.

In addition, the Company expands its industrial management and service sector, with the vision of building a better life and using technology to empower intelligent logistics. It explores diverse, characteristic, and value-added service models to meet the diverse needs of internal and external customers, continuously expanding its brand reputation and social influence.

With its keen market insight and deep accumulation of industry and education resources, Neutech Group Limited actively embraces the development of the silver-haired economy, timely enters new tracks, and improves its position in the industrial ecosystem. Now, the Group’s new layout of “education-healthcare-wellness and mind tour ” has been formed, which not only helps to create a new growth curve but also continuously expands new development margins, moving towards becoming a leader in the development of the “education-healthcare-wellness and mind tour” ecosystem.

CONTACT: Lin Wei, weilin@neuedu.com

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SOURCE Neutech Group Limited

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RoboSense and Coco Robotics Forge Strategic Partnership to Revolutionize Autonomous Last-Mile Delivery

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LAS VEGAS, Jan. 12, 2025 /PRNewswire/ — RoboSense (2498.HK), a global leader in AI-driven robotics technology, and Coco Robotics, an innovator in delivery robots, have announced a strategic partnership to transform last-mile logistics. By combining RoboSense’s advanced sensor technology with Coco Robotics’s delivery solutions, the collaboration aims to enhance safety, efficiency, and sustainability in urban networks.

Coco Robotics bridges the gap between local businesses and customers through advanced navigation and real-time tracking, prioritizing sustainability by reducing carbon emissions and delivery costs. Since its launch in 2020, the company has expanded operations to major U.S. and European cities, forming partnerships with food delivery leaders like Uber Eats and DoorDash to meet the growing demands of modern logistics and support a greener future.

This partnership addresses key challenges in autonomous last-mile delivery by integrating RoboSense’s perception solutions into Coco Robotics’s fleet to enhance navigation and obstacle detection. Together, the companies are accelerating the deployment of delivery robots to optimize efficiency and scale operations.

“We’re thrilled to collaborate with RoboSense to push the boundaries of what’s possible in last-mile delivery,” said Zach Rash, Co-founder and CEO of Coco Robotics. “This partnership strengthens our ability to provide safe, reliable, and sustainable delivery solutions at scale, helping us better serve businesses and communities.”

Mark Qiu, CEO of RoboSense, said, “The successful collaboration with Coco Robotics is one of the key milestones in RoboSense’s global strategy. By combining our visual sensor technology with Coco Robotics’ innovative robotics solutions, we aim to redefine what’s possible in autonomous last-mile delivery. RoboSense will continue to innovate, providing superior incremental components and solutions to our global robotics customers. Partnering with Coco Robotics, we will create safer, smarter robotic delivery services and expand into global markets.”  

About RoboSense

RoboSense (2498.HK), founded in 2014, is an AI-driven robotics technology company that supplies industry-leading incremental components and solutions for the robotics market. The company is committed to “Become the global leader in robotics technology platforms”, and its mission is “Safer world, Smarter life”. For more information about RoboSense, visit https://www.robosense.ai 

About Coco Robotics

Coco Robotics is the world’s largest urban robot delivery platform. Founded in 2020, Coco has completed over 500,000 zero-emission deliveries, serving customers in the US and Europe. Coco’s mission is to create a more sustainable, reliable, and affordable last-mile logistics solution in cities around the world. For more information about Coco, visit cocodelivery.com  

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SOURCE RoboSense Technology Co., Ltd.

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AI Wellness Launches SoCal Fire Relief Initiative to Support Families and First Responders in Southern California

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LOS ANGELES, Jan. 11, 2025 /PRNewswire/ — Demonstrating a commitment to both innovation and compassion, AI Wellness has officially launched the SoCal Fire Relief Initiative to provide aid to families and first responders affected by the devastating fires in Southern California. Unveiled during CES 2025, this initiative aims to deliver critical resources and long-term recovery solutions to the communities hardest hit by this tragedy.

 

Southern California is more than just where we operate—it’s our home,” said Dr. Gideon Kwok, Co-Founder of AI Wellness. “The fires have left countless families without homes, belongings, and hope. This initiative is our way of giving back and rebuilding the lives of our neighbors and the first responders who have worked tirelessly to protect them.”

Let’s Take Action Together

The SoCal Fire Relief Initiative brings together individuals, brands, and organizations to address the urgent and long-term needs of affected communities. In partnership with the Mission Community Hospital Foundation and the Santo Niño Health Center, AI Wellness is leading efforts to:

Provide essential supplies such as food, water, clothing, and medical care to displaced families.Deliver hydration and wellness resources to first responders working on the frontlines.Support long-term community recovery through wellness programs and innovative solutions.

“It is during a crisis that the best of humanity comes out,” said Bernard Hiller. “It’s important for those affected to know they are not alone. This is a huge undertaking that we cannot do without you. These are our friends, neighbors, and family. Please help us.”

How You Can Help

The initiative provides several ways to make a difference:

Donate to Relief Efforts:
Contributions directly fund essential resources for families and first responders.Send Water to Evacuation Centers:
Every purchase of AI Wellness Water helps ensure first responders and displaced families stay hydrated, while also funding continued production and donation efforts.Spread Awareness:
Share the SoCal Fire Relief Initiative with your networks to amplify its reach and inspire collective action.Wellness Bundles:
Wellness bundle purchases such as the Powersuit, Smart Ring, and Mindbody Matrix Water, help support relief efforts with proceeds contributing to recovery initiatives.

DONATE HERE

Real Impact in Action

Since the fires began, AI Wellness and its partners have made a significant impact:

Delivered over 10,000 water packs to evacuation centers and first responders.Distributed 500 wellness bundles to displaced families.Donated proceeds from the first 1,000 AI Wellness Powersuits and 5,000 Smart Rings to relief efforts.Raised $250,000 to support critical aid and recovery.

“This initiative is about more than providing relief,” said Abby Aboitiz Founder of AI Wellness. “It’s about restoring hope and rebuilding our community, together.”

Uniting Brands and Innovators

During CES 2025, AI Wellness called on brands and innovators to collaborate on this critical mission. Companies can contribute by donating resources, partnering on curated wellness bundles, or amplifying awareness for the initiative.

“We’re inspired by the innovation and generosity of the brands we’ve met here at CES,” said Dr. TK Huynh, Medical Innovator at AI Wellness. “Together, we can transform this tragedy into an opportunity to rebuild lives and strengthen our community.”

Join the SoCal Fire Relief Initiative

Support the SoCal Fire Relief Initiative by visiting aiwellness.ai or contacting AI Wellness directly:

Email: info@aiwellness.aiInstagram: @aiwellnesstv

About AI Wellness

AI Wellness is a pioneer in health, wellness, and philanthropy, combining cutting-edge AI technology with innovative solutions to address the most pressing challenges facing communities today. From digital avatars to precision education and curated wellness bundles, AI Wellness empowers individuals and brands to make a meaningful impact.

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SOURCE Assisted Intelligence Wellness, Inc.

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