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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.

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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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HUAWEI CONNECT 2024 | Huawei Unveils the Brand-New Xinghe Intelligent Fabric Solution, Powering the AI Era

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SHANGHAI, Sept. 21, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, over 300 industry leaders, experts, and scholars gathered for the data center network session themed “Xinghe Intelligent Fabric, Powering the AI Era.” The event featured discussions on the evolution and technological advancements of data center networks. During the session, Arthur Wang, President of Data Center Network Domain at Huawei’s Data Communication Product Line, introduced the newly upgraded Xinghe Intelligent Fabric solution. This cutting-edge solution aims to establish a data center network characterized by one map for intelligent operations and maintenance (O&M), one network for diverse computing, and one platform for simplified deployment, providing a robust network infrastructure to support enterprises’ digital and intelligent transformations.

In his keynote speech, Arthur Wang outlined the emerging trends in data center network development. He emphasized that in the AI era, data center networks require both a “brilliant brain” and “resilient bones.” The newly launched Xinghe Intelligent Fabric solution is designed to deliver a powerful network infrastructure tailored for the AI era, featuring:

One Map for Intelligent O&M: Zero Management Concerns

Huawei’s exclusive network digital map enables rapid cross-data center and cross-vendor fault identification within minutes. Additionally, the NetMaster network large model facilitates AI-driven O&M, eliminating manual intervention and ensuring zero management concerns.

One Network for Diverse Computing: Zero Service Interruptions

The Xinghe Intelligent Fabric supports various application scenarios, including intelligent computing, general-purpose computing, and storage. The innovative Network Scale Load Balancing (NSLB) algorithm increases network throughput to 95% and boosts AI training efficiency by over 10%. With the exclusive iReliable three-level fast switchover capability, it achieves sub-millisecond switchover, guaranteeing zero service interruptions.

One Platform for Simplified Deployment: Zero Configuration Errors

By employing digital twins to simulate networks in advance and verify configurations post-deployment, the solution ensures 100% accuracy in network changes. By harnessing network-security convergence capabilities, AI creates an intelligent security matrix to analyze millions of security policies, achieving zero configuration errors.

Looking ahead, Huawei will continue to collaborate with industry partners to enhance research and innovation in data center networks, promote intelligent upgrades, and create greater value for the industry.

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SOURCE Huawei

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Cultivating a Culture of Peace: International Day of Peace Statement by Education Cannot Wait Executive Director Yasmine Sherif

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NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.

On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.

As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace  a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”

Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.

Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt. 

Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.

“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.

We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.

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SOURCE Education Cannot Wait

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Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

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BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

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SOURCE Niutech

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