In the fourth quarter of 2024, over ******* battery-electric vehicles were sold in the United States. This was a year-over-year increase of around **** percent compared to the sales recorded in the fourth quarter of 2023. The fourth quarter of 2024 also recorded a hike in sales compared to the third quarter of that same year, making it the best quarter for BEV sales in the country across the past two years. Global EV Race - Where does the U.S. stand? Over the last few years, consumers have perceived Electric Vehicles (EVs) as a far more appealing option due to their increased range, battery life, variety of models, and affordability. Therefore, the EV market has grown fast in recent years and is forecast to expand to *** trillion U.S. dollars in 2029. Though the global demand for electric cars has been escalating, American sales lag behind Europe and the Asia-Pacific regions. In 2023, Chinese customers bought around *** million plug-in EVs, considerably more than American customers' purchases,around *** million that year. China is the leader of the global EV race, with a substantial ** percent growth in sales year-on-year in 2023. However, given the market share of electric vehicles in the global automotive industry, this still can be anyone's race. Outlook of the U.S. market There is still a lack of interest in electric vehicles among American buyers compared to European and Asian consumers. In the first quarter of 2021, the share of the battery electric vehicle was **** percentage points more in Norway than in the U.S.. One of the main reasons is that American consumers still anticipate that EVs are more expensive than gasoline vehicles and diesel internal combustion engine cars (ICE). This perception is partially true in the U.S. since the battery production market is highly concentrated in Asia, where the companies have logistical advantages, leading automotive makers to offer better prices. On the other hand, high licensing fees for electric vehicles are another factor affecting the consumption behaviors of automobile purchasers. In many states, the licensing fees for electric cars are considerably higher than their ICE counterparts. EV licensing fees were around *** U.S. dollars compared to ** U.S. dollars for standard vehicles in Georgia in 2021. Together, these factors significantly impact the individual perception of electric cars in the United States.

The number of battery electric vehicles sold in the United States came to about *** millions in 2024, with sales of Tesla models accounting for around **** percent of that figure. Second-ranked Ford accounted for only *** percent of U.S. battery electric vehicle sales. Tesla puts electric vehicle sales in the fast lane The Tesla Model Y was the best-selling all-electric car in the United States in 2024, with the Model 3 a strong runner-up. Tesla enjoyed a successful year in 2024, with sales in the United States generating revenues of around **** billion U.S. dollars. Tesla’s sales performance in 2024 not only strengthened its position as one of the market leaders in the EV market, but it also made an impression on the overall automotive market in the United States. Positive news regarding battery charge time One of the main talking points regarding battery electric vehicles is the time it takes to charge them. The number of publicly available fast chargers is increasing across the United States, and these are proving essential for vehicle users who wish to drive long distances. Vehicles equipped with a fast-charging socket can be charged much quicker because fast chargers provide power directly to the battery, without the need for an in-car inverter. A vehicle with a battery capacity of 75 kWh can, for example, be charged to a suitable level in around one hour using a quick charger delivering 50 kW of power.

Tesla’s share of the U.S. automotive market in 2024 peaked in January when the brand's market share reached roughly *** percent. If only the U.S. electric vehicle (EV) market is considered, however, Tesla is the market leader in battery-electric car sales for the United States. Tesla Model Y electrifies the market Tesla’s Model Y was the leading electric vehicle model in the United States in 2024. The Model 3, which came second in the ranking, was marketed as the way to bring electric vehicles to the mass market, with a more affordable price than Tesla’s higher-end offerings. The company delivered about ******* Model 3s to U.S. customers, compared to ******* Model Ys. Tesla's worldwide deliveries Tesla's key markets include the United States and China. Worldwide, Tesla delivered nearly *** million vehicles in 2024. The global market for electric vehicles is projected to increase to around ***** billion U.S. dollars by 2029.

In December 2023, plug-in electric vehicles held over ****** percent of the United States' light vehicle market. This market share was boosted by the sale of battery-electric vehicles in the country, which recorded some *** percent of sales share. The BEV sales share has rapidly grown in the past years, while PHEV sales trailed behind.

In the fourth quarter of 2024, the Tesla Model Y was the best-selling battery-electric vehicle in the United States, soaring in sales since the fourth quarter of 2020. Tesla dominated the market, with ***** of the **** leading BEV models being from the brand that quarter. The Model Y was also among the best-selling cars in the United States in 2024, all powertrains included.

The result of a merger between Fiat Chrysler Automobiles and Peugeot S.A., Stellantis sold around 347,700 vehicles in the fourth quarter of 2022. This volume was down by around 15.5 percent compared with the same period last year. The largest drops in annual sales belong to Fiat and Alfa Romeo. While Stellantis's other subsidiaries fared better, all brands recorded a drop in sales as a result of the global automotive semiconductor shortage.

Stellantis and the future of vehicle sales

Drops in sales in the U.S. market was not a problem faced exclusively by Stellantis. Light vehicle retail sales in the United States have slumped in 2020, as a result of the global COVID-19 pandemic which put car manufacturing at a standstill and decreased overall demand. Stellantis further faced issues with the global chip shortage of 2021, which impacted its vehicle production and 2022 sales. Further market developments towards alternative fuels present a challenge for automakers. New energy light trucks and cars are gaining in popularity. The industry sold an estimated 607,600 plug-in electric vehicles in the United States in 2021. Entering the electric market is cited as one of the principal reasons why Fiat Chrysler originally approached major European manufacturing group, Renault, for a merger in 2019. Renault already worked in collaboration with Nissan and Mitsubishi, and the alliance saw plug-in electric vehicle sales increase 67 percent from 2017 to 2018. Nissan also has one of the best-selling car brands in the U.S. On the global scale, it was expected that for all parties, the merger will allow the manufacturers to stay influential in an increasingly competitive global market.

Talks with Renault led nowhere significant. The Alliance of Renault, Nissan and Mitsubishi faced trouble between 2017 and 2020 as their lead figure came under criminal investigations. Fiat Chrysler then went on to announce a merger with Group PSA which was approved by shareholders in January 2021, with the deal completed that same month.

Last week, President Biden signed the $280 billion CHIPs and Science Act. American companies such as Intel and Micron Technology have announced substantial investments in chip manufacturing in an effort to lobby for these subsidies but now announce that they are pulling back as demand for hips used in electronics such as laptops and cell phones is weakening. Semiconductor stocks are struggling, as Micron became the latest chipmaker this week to fret over a slowdown in demand. Still, Micron announced that it will use “anticipated” government grants and credits to help it invest $40 billion by the end of the decade to build out US semiconductor manufacturing capacity. Most of Micron’s production (chip fabrication) is now done in Japan, Singapore and Taiwan. Based on information from the best investing websites, investors have been shunning the sector on concerns that chipmakers are heading into what could be a lengthy sales slump after pandemic years of strong demand. This is also impacting high margin semiconductor chip designers like Nvidia and AMD and even the stocks of makers of the equipment critical to the production of chips such as Lam Research have been hit hard. Summing up, of the ten worst performing stocks in the Nasdaq 100 this month, at least seven are chip stocks and the semiconductor index has fallen about 27% this year. All this just goes to show one why timing is so important to investing in volatile, complex sectors like semiconductors and why government efforts to help them thrive need to be carefully executed, if at all. The same goes for electric vehicles (EV), which is an ecosystem of its own with a lot of moving parts from batteries to rare earths to charger infrastructure. Here China is eating the lunch of America with Europe not all that far behind. My favorite EV pick Ford (F) is raising the price of the F-150 Lightning electric pickup due to higher input prices by about $6,000-$8,500, depending on the model, to a starting price of about $47,000–$97,000. Tesla, GM, and Rivian are also boosting prices so that the median regular car is still about 50% cheaper than a comparable EV. In China, the price gap between a regular car and EV is only about 10%, according to the best stock research websites. EV raw material costs are more than double the average internal combustion engine vehicle costs according to AlixPartners. Again, this is a big advantage to China due to its domestic production of tech metals and lower labor costs. The below chart captures the amazing growth of EVs in the last decade, especially for BRK.B Intrinsic Value: In 2011, only around 55,000 electric vehicles (EVs) were sold around the world and by 2021, that figure had grown to about 7 million vehicles. Until 2014, the U.S. was the EV leader with a strong BRK.B DCF and then in 2015, China’s EV sales grew by 238% and it grabbed the leading position. China now accounts for about half of global EV sales. China has more than a 100 EV automakers and nearly 300 EV models available for purchase, more than any other country, and it’s also home to four of the world’s ten largest battery manufacturers. America and Germany are next with sales each of around 700,000 EVs in 2021, with Tesla accounting for about half of American sales and an increasing BRK.B WACC. Germany hosts some of the biggest EV factories in Europe, with Tesla, Volkswagen, and Chinese battery giant CATL either planning or operating ‘gigafactories’ there. Strategic Wealth’s stock EV recommendations such as Chargepoint (CHPT) are in a strong uptrend. Become a member today to get all our ideas to help you build wealth.

Most of the new and used car dealerships which sold over ***** vehicles per month in the United States had electric vehicles on offer. In contrast, smaller dealerships were not as likely to sell electric vehicles. In particular, under *** in ** used car dealers selling between ** and ** vehicles per month sold EVs. This is in part due to the still-emerging nature of the used EV market.

Since the launch of the iZEV Program on May 1, 2019, Transport Canada has been producing statistics on consumer uptake under the program for the following variables: - Province/territory or all of Canada - Province/territory and postal code of the dealership each vehicle was purchased/leased from - Make and/or model (including model year) - Engine type (i.e., 100% battery electric versus plug-in hybrids - both over and under 50 km of electric range.) - Recipient type (i.e., individual or organization and purchase or lease) - A time period, including: * A specific month * Ranges of months (e.g., June 2020 to January 2021) * Calendar year (January 1 to December 31) * The Government of Canada’s fiscal year (April 1 to March 31) The current data provides iZEV monthly statistics. Revisions of archived data will be updated quarterly, these revisions are generally minor and are mainly due to approval of incentive requests that were incomplete when first submitted to Transport Canada. Most revisions are typically from the most recent three-month period. If you have any questions, please contact us at iZEV-iVZE@tc.gc.ca

The Ford Motor Company reported revenue streams of nearly 185 billion U.S. dollars in 2024. This figure represents a growth in revenue of nearly five percent year-on-year. Vehicle wholesales grew from around 4.4 million units in 2023 to approximately 4.5 million units in 2024. The fiscal year end of the company is December, 31st. A challenging year for the automotive industry Though Ford's revenue appeared to trend upward from 2014 to 2018, the following years' results represented a sharp decline. In 2020, the COVID-19 pandemic severely impacted the automotive industry worldwide, and Ford was no exception: its revenue decreased 22 percent year-on-year, displaying the lowest result since the Great Recession. Despite an increase in the manufacturer's performance in 2021, the effects of the pandemic are still felt throughout its recovery. While vehicle sales started trending upwards again in the third quarter of 2020, the automotive industry was hit by different challenges in 2021: namely, the global chip shortage. The 2023 fiscal year brought its own share of hurdles for Ford, especially as strikes at its U.S. assembly plants impacted its output. Ford and the future In May 2021, Ford announced plans to expand into emerging markets, such as connected vehicles and subscription services. Moreover, the company intended to invest more than 30 billion U.S. dollars in electric vehicles through 2025 and it forecasted 40 to 50 percent of the sales volume will come from electric vehicle sales by 2030. That same month, the American automaker revealed the new electric model of its most popular F-Series pickup, the F-150. However, Ford is planning to scale back its F-150 Lightning truck production in 2024, to match up with a slowing demand for electric vehicles. In March 2023, the company established Latitude AI, to develop new automated driving technology.

Toyota faces a 10-month decline in global production as of November, despite an upturn in sales driven by U.S. and China demand.

Around 550,100 battery electric vehicles were sold in the Americas in 2021, according to data provided by EV-Volumes. This was a year-on-year rise of almost 86 percent. The battery electric vehicle sales in the region made up just over eight percent of the total plug-in electric vehicle sales worldwide.

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Vehicle To Grid Chargers Market Size 2024-2028

The vehicle to grid chargers market size is forecast to increase by USD 5.41 billion at a CAGR of 24.07% between 2023 and 2028. In the US market, the driver, trends, and challenges of the Vehicle-to-Grid (V2G) Chargers are shaped by several macroeconomic factors. The increasing adoption of electric vehicles (EVs) in society, driven by environmental concerns and government incentives, is a significant growth factor. The ability of V2G chargers to meet the growing demand for electricity by feeding excess power back into the grid is a key trend.

However, the high infrastructure cost is a major challenge. Employment rates in the US are expected to increase due to the growing demand for skilled labor in the installation and maintenance of V2G charging infrastructure. Smart cities, which prioritize energy efficiency and sustainability, are also expected to drive the market growth. Overall, the V2G chargers market in the US is poised for significant growth, driven by these trends and challenges.

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The vehicle to grid (V2G) chargers market is experiencing significant growth, driven by the increasing adoption of electric vehicles (EVs), including electric cars, plug-in electric vehicles (PHEVs), and plug-in hybrids (PHEVs). These chargers enable EVs to not only consume energy from the power grid but also supply surplus energy back to the grid. V2G chargers use advanced components such as bi-directional power converters, communication systems, and battery management systems. The technology allows electric automobiles to act as active participants in the electric power system, contributing to grid stability and energy balance.

Further, charging types include on-the-go and depot charging. On-the-go charging enables vehicles to sell energy back to the grid while they are being charged at public charging stations. Depot charging occurs at charging stations or garages, where EVs can store excess energy in their batteries and sell it back to the grid when needed. Urbanization and industrialization are key factors driving the growth of the V2G chargers market. Infrastructure development and standardization are crucial to ensuring the seamless integration of V2G technology into the power grid. As the EV market continues to expand, V2G chargers will play a vital role in optimizing energy usage and enhancing grid resilience.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Residential chargers
  Commercial chargers


Geography

  North America

    Canada
    US


  Europe

    UK


  APAC

    China
    Japan


  South America



  Middle East and Africa

By End-user Insights

The residential chargers segment is estimated to witness significant growth during the forecast period. Vehicle-to-Grid (V2G) chargers, also known as bi-directional home charging stations, enable Electric Vehicles (EVs) to transfer energy from their batteries to both homes and the power grid. Nissan, in collaboration with Eaton, introduced the xStorage bi-directional charging unit, which can power homes or be sent back to the grid. This innovative product achieved sales of over 1000 units within three months of its launch, underscoring its strong market acceptance. Nissan aims to sell more than 100,000 units in Europe. The proliferation of V2G chargers is contingent on various factors, including the expansion of commercial V2G infrastructure and the development of wireless charging technology for EVs.

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The residential chargers segment accounted for USD 1.58 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The United States is currently leading the global market for vehicle to grid (V2G) chargers due to the wave in electric vehicle (EV) sales and the expansion of charging infrastructure. In Mexico, the Federal Electricity Commission (CRE) has recently introduced new regulations, enabling individuals to sell excess electricity generated by solar panels or other renewable sources back to the power grid. This net metering policy is a significant step towards developing a more powerful distributed generation infrastructure. The growing popularity of EVs and the expanding charging infrastructure in the US, along with Mexico's net metering regulations, are major

EV Specific Tires Market Outlook

The global EV Specific Tires market size was valued at USD 2.5 billion in 2023 and is projected to reach USD 12.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 19.5% from 2024 to 2032. This remarkable growth is driven by several factors, including the increasing adoption of electric vehicles (EVs) worldwide, advancements in tire technology, and the need for specialized tires to optimize EV performance and efficiency.

One of the primary growth factors contributing to the expansion of the EV specific tires market is the rapid increase in electric vehicle adoption. Governments and environmental bodies are pushing for a switch from conventional internal combustion engine (ICE) vehicles to EVs to reduce carbon emissions and combat climate change. This transition necessitates the development of tires specifically tailored for EVs, which often have different performance requirements such as lower rolling resistance, higher load-bearing capacity, and enhanced durability. Consequently, the demand for EV specific tires is surging, fueling market growth.

Furthermore, advancements in tire technology are playing a pivotal role in propelling the market forward. Innovations such as advanced tread patterns, improved rubber compounds, and smart tire technologies are being developed to meet the unique demands of EVs. These advancements help in improving the overall efficiency, safety, and longevity of tires. For instance, low rolling resistance tires are becoming increasingly popular as they contribute to extending the driving range of EVs by reducing energy consumption. Such technological innovations are expected to continue driving the market over the forecast period.

Another significant growth driver is the rising consumer awareness about the benefits of using specialized tires for electric vehicles. As more consumers become informed about how EV specific tires can enhance vehicle performance and safety, there is a growing willingness to invest in these premium products. Additionally, the increasing disposable income of consumers in emerging markets is contributing to higher sales of EVs and, consequently, EV specific tires. This trend is particularly noticeable in regions like Asia Pacific and North America, where the EV market is experiencing robust growth.

From a regional perspective, Asia Pacific is poised to be the fastest-growing market for EV specific tires. Countries such as China, Japan, and South Korea are leading the charge in EV adoption, supported by favorable government policies and substantial investments in EV infrastructure. These factors are driving the demand for EV specific tires in the region. North America and Europe are also significant markets, with substantial investments in EV technology and infrastructure. The presence of major automobile manufacturers and tire companies in these regions further bolsters market growth.

Tire Type Analysis

The EV specific tires market can be segmented by tire type into Summer Tires, Winter Tires, All-Season Tires, and Performance Tires. Summer tires are designed for optimal performance in warm weather conditions. They offer excellent grip and handling on both dry and wet roads, making them ideal for regions with hot climates. The demand for summer tires is high in markets like the southern United States, parts of Europe, and Asia Pacific, where warm weather prevails for most of the year. These tires are crafted with unique tread patterns and rubber compounds to provide high performance, making them popular among EV owners who seek enhanced driving experiences.

Winter tires, on the other hand, are specifically designed to perform in cold weather conditions, including snow and ice. These tires are made with special rubber compounds that remain flexible at low temperatures, providing better traction and safety. The demand for winter tires is particularly high in countries with harsh winter climates, such as Canada, the northern United States, and Northern Europe. As EV adoption grows in these regions, the market for winter tires is expected to expand significantly, driven by the need for safety and performance during winter months.

All-Season Tires are gaining traction among EV owners due to their versatility and convenience. These tires are designed to provide satisfactory performance in a wide range of weather conditions, including rain, light snow, and dry roads. They eliminate the need for seasonal tire changes, making them a cost-effective and convenient option for many consumers. The demand for all-season tires is particul

According to Cognitive Market Research, the Global Automotive Drivetrain Market Size will be USD XX Billion in 2024 and is set to achieve a market size of USD XX Billion by the end of 2033 growing at a CAGR of XX% from 2025 to 2033.

• North America held largest share of XX% in the year 2024 • Europe held share of XX% in the year 2024 • Asia-Pacific held significant share of XX% in the year 2024 • South America held significant share of XX% in the year 2024 • Middle East and Africa held significant share of XX% in the year 2024 Market Dynamics of the Automotive Drivetrain Market

Key Drivers of the Automotive Drivetrain Market

Global sales of electric and hybrid cars are rising

Globalization is causing fast changes in the automotive industry. Emissions have been somewhat decreased by using electric vehicles, and this is anticipated to be the main driver of the increase in the market share of automotive drivetrain. Furthermore, the government's incentives for electric vehicles, which include tax breaks, free parking, and various subsidies, are driving up demand for them at a rapid pace. Furthermore, the majority of rising nations, like China, India, and Brazil, have made significant investments in the development of their infrastructure, which has increased sales of hybrid and electric cars.

.• For Instance: On Nov 19, 2020 – According to the World Economic Forum, the Government of the UK announced that they would be discontinuing the production of new petrol and diesel cars from the year 2035.

https://www.autocarindia.com/car-news/uk-government-to-ban-sales-of-new-petrol-and-diesel-cars-from-2030-419233#:~:text=Prime%20Minister%20Boris%20Johnson%20has,will%20be%20allowed%20until%202035.

This will not only help the market for electric cars to grow, but it will also increase demand for parts connected to electric vehicles, like e-axles and in-wheel motors. A positive impact is projected over the projection period since the market for electric drivetrain systems is directly impacted by the demand for hybrid and electric automobiles.

Future car development will incorporate all-wheel drive, and technical advancements will spur market expansion

The industry is expanding because of the increasing advancements in all-wheel drive (AWD) for future passenger cars and SUVs. Original equipment manufacturers' (OEMs) driveline industry will soon be impacted by the significant shift in consumer demand. There have been notable increases in volume for the all-wheel drive variants in North America, China, and Europe.

• For Instance: On Apr 7, 2020 – Audi officials stated that every second, the Audi Quattro model is driven by all-wheel drive.

https://www.audi-mediacenter.com/en/press-releases/audi-quattro-sets-standards-in-the-age-of-electric-mobility-13054

Furthermore, the fourth-generation Toyota Prius, which is anticipated to hit the market in the upcoming years, along with potential AWD EVs from Land Rover, Chevrolet (Volt), and other manufacturers would open up chances for the EV drivetrain market.

The new integrated drivetrain system utilized in cutting-edge automobiles is another project on which the corporations are collaborating. The reduction in engine size, with an emphasis on fuel efficiency, has encouraged several manufacturers to create technologically advanced products. The market is anticipated to be driven throughout the forecast period by research and development product launches from industry players for electric and fuel cell commercial vehicles that combine high torque with improved acceleration, traction, and towing capabilities.

Rise in the adoption of electric vehicles boosts the Automotive Drivetrain market 

The transformation to electric vehicles (EVs) is the primary driver revamping the automobile drivetrain industry, driven by strict emission rules, government subsidy, and increased consumer interest in eco-friendly means of transportation. As nations around the globe enact ambitious greenhouse gas emission reduction plans, there is a unified movement away from conventional internal combustion engine (ICE) vehicles towards EVs. For instance, the U.S. EV sales share was only 4% in 2021 and 7% in the first 6 months of 202...

New car dealers in the US have seen dramatic shifts in recent months, shaped by global supply chain woes, shifting consumer preferences and a rush to beat impending tariffs. March 2025 stood out as a particularly robust period, with new car sales hitting their highest monthly pace in nearly four years. However, this surge is likely to prove short-lived, with much of it attributed to customers moving up planned purchases. Revenue has climbed at a CAGR of 2.7% to an estimated $1.3 trillion through 2025, including a 0.1% dip in 2025. Over the past few years, the new car dealers have wrestled with both opportunities and headwinds. A persistent semiconductor shortage, triggered by global events and rising demand from other tech sectors, has plagued automakers and kept dealer inventories tight. As a result, car prices have crept upward, even as total units sold contracted, boosting profit. As dealerships leaned into higher per-unit revenue to offset lower volumes, many consumers have instead sought value in the used vehicle market. Meanwhile, digital transformation accelerated as nearly three-quarters of dealer ad budgets shifted to online channels, reflecting the rise of savvy, web-based shoppers, but also introducing new risks. New tariffs on imported vehicles and parts—25.0% base rate on most automobile and automobile part imports, with even higher rates for products from China, Canada and Mexico—are expected to ratchet up costs for dealers and consumers. Climbing interest rates will further constrain affordability, with higher monthly payments pricing out lower-income buyers and pushing others towards used or lower-cost models. Although electric and hybrid vehicles present opportunities, especially as government incentives ramp up and more used EVs qualify for tax credits, tepid consumer enthusiasm and rapid depreciation levels could keep buyers on the sidelines. Dealers must double down on transparency, invest in cybersecurity, navigate skill shortages in technical roles, and rethink their inventories and financing options to weather a volatile economic landscape. Revenue will expand at an expected CAGR of 2.4% to $1.4 trillion through 2030.

The size of the United States Car Loan Market was valued at USD 175.86 Million in 2023 and is projected to reach USD 240.28 Million by 2032, with an expected CAGR of 4.56% during the forecast period. The car loan market plays a vital role in facilitating vehicle ownership, providing individuals and businesses with the necessary financial means to purchase automobiles. This market encompasses a range of financing options, including traditional bank loans, credit unions, online lenders, and dealership financing, each offering varying terms, interest rates, and repayment structures. Car loans typically involve a borrower receiving a lump sum to buy a vehicle, which is then repaid in monthly installments over a predetermined period, usually ranging from three to seven years. The interest rates on car loans can vary significantly based on factors such as the borrower's creditworthiness, the type of vehicle, and market conditions. In recent years, the car loan market has experienced notable changes driven by technological advancements and shifting consumer preferences. The rise of digital platforms has made the loan application process more convenient, allowing borrowers to compare rates, apply for financing, and receive approval quickly and easily. Additionally, the growing popularity of electric and hybrid vehicles has prompted lenders to develop specialized financing options tailored to eco-friendly vehicles, further diversifying the market. Recent developments include: August 2023: Toyota Financial Services (TFS) announced it is offering payment relief options to its customers affected by the recent wildfires in Hawaii. This broad outreach includes any Toyota Financial Services (TFS) or Lexus Financial Services (LFS) customers in the designated disaster areas., January 2023: AutoFi Inc., the leading provider of digital commerce technology that powers the sales and finance experiences across the automotive industry, extended its partnership with Santander Consumer USA Inc.. Key drivers for this market are: Government Incentives for Electric Vehicles. Potential restraints include: Higher Interest Rates for Car Loans are the Restraints for the Market. Notable trends are: Share of New Vehicle Financing is High in United States.

Industry revenue is forecast to grow at a compound annual rate of 3.4% to £20.2 billion over the five years through 2025-26, including revenue growth of 4% in 2025-26, where profit will be 8.6%. The pandemic led to a steep drop in revenue as car makers halted production and export orders fell off a cliff. Jaguar Land Rover reported that revenue fell in 2020-21 due to disruptions caused by the pandemic. Manufacturers have had to contend with supply chain issues and semiconductor shortages, raising costs and damaging profitability. The industry has fared better because of the growing popularity of SUVs and CUVs in UK and foreign markets. Easing supply chain issues was the main reason cited by Nissan when it reported a sharp jump in production to meet rising UK downstream orders for the Nissan Qashqai and Nissan Juke. Along with the Kia Sportage, SUVs and CUVs accounted for most registrations in the first three months of 2025, as shown by the SMMT, as UK motorists’ interest in larger vehicles has grown. Exports of luxury SUVs have been a success story for UK car makers, but the US government's introduction of 25% tariffs for British-made exports in March 2025 could derail orders. Jaguar Land Rover is the most exposed to tariffs, with the company pausing shipments for a month in April 2025. Exports to the US are critical to the industry’s success because luxury models like the Rolls-Royce Cullinan are popular with wealthy US customers. Revenue is forecast to rise at a compound annual rate of 3.9% to £24.5 billion over the five years through 2030-31, but profitability is set to drop due to rising steel and input costs. Business and consumer confidence will likely expand, and rising disposable income will boost domestic demand for SUVs and CUVs. Export demand will remain significant as luxury SUVs remain popular in the US and China. Nissan and Jaguar Land Rover will expand production of electric SUVs and CUVs. Nissan announced a £1 billion investment and committed to the production of an electric model at its Sunderland plant starting in 2025. The ban on the sale of diesel and petrol vehicles from 2035 will accelerate investment in electric drivetrains. However, the Zero Emission Vehicle mandate will raise compliance costs for car makers that fail to meet targets set to achieve 100% of electric vehicle sales by 2030.

E-Rickshaw Market Outlook 2032

The global e-rickshaw market size was USD 1.6 Billion in 2023 and is projected to reach USD 5.6 Billion by 2032, expanding at a CAGR of 15% during 2024–2032. The market is fueled by the growing demand for cost-effective and environmentally friendly transportation solutions, coupled with supportive government policies and subsidies promoting electric vehicles.



Rising environmental consciousness among consumers and policymakers alike propels the market. Governments worldwide are implementing stricter emissions regulations, pushing for greener transportation alternatives. Manufacturers are responding by innovating with energy-efficient and less polluting E-Rickshaws, incorporating advanced battery technologies and lightweight materials to enhance performance and range.

Various government initiatives across the world are set to benefit the market. In March 2024, the Indian government unveiled the Electric Mobility Promotion Scheme (EMPS) 2024, dedicating INR 500 crore to boost electric two and three-wheeler sales over the next four months, starting April 1.



This initiative revises the previous incentives, offering INR 10,000 for electric two-wheelers and INR 25,000 to INR 50,000 for electric three-wheelers, depending on battery capacity, adjusting from the earlier FAME II scheme that disbursed over INR 5,829 crore in subsidies across various electric vehicle categories since 2019.



Surging advancements in battery technology influence the market dynamics. Modern lithium-ion batteries offer longer life spans, shorter charging times, and extended ranges, addressing one of the primary concerns of electric vehicle adoption. This trend encourages manufacturers to invest in R&D, leading to rapid improvements in E-Rickshaw efficiency and operational capabilities.



Increasing integration of smart connectivity features into E-Rickshaws marks a notable trend, enhancing user experience and operational efficiency. Features such as GPS tracking, remote diagnostics

Electric vehicles amounted to around 16.7 percent of global passenger car sales in 2023, which was a rise of around 3.1 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020. Many consumers started looking for more sustainable transportation methods amid the COVID-19 pandemic due to increased environmental consciousness. This contributed to the EV market expansion worldwide. A market driven by innovation Various factors contribute to the rapid growth of the electric vehicle market, including consumer perception, governmental targets, and investments in technological innovation. Regional institutions and national governments are committing to policies supporting electric vehicle adoption worldwide, with around 97 percent of the light-duty vehicle market comprising countries with these policies. Governmental spending on electric cars reached around 45 billion current U.S. dollars in 2022, the steepest increase recorded in the past five years, and global automakers are also allocating part of their revenue toward research and development expenses. Challenges and opportunities for EV charging Electric vehicle charging was the second technology type receiving the most early and growth-stage venture capital investments in 2023, above electric vars and electric two-wheelers. In 2023, there were around 11 electric vehicles per charging point worldwide, and access to this infrastructure was unequal, with China boasting the largest electric vehicle supply equipment network. Slow chargers, typically alternating current, were also the most common charging type, creating opportunities for the development of fast charging across the globe.