European countries tended to have the highest ratio of electric cars per 1,000 inhabitants as of 2020, with Norway leading the ranking at around **. Norway dwarfed all other countries, including Iceland and other small markets. By contrast, large countries such as the United States and China had a ratio of *** and *****, respectively. The electric vehicle market The European Union aims to decrease its carbon emissions by ** percent by 2030 to reach climate neutrality by 2050. With the push for decarbonization by national governments, automakers are expected to be penalized if they fail to meet the limits that are being set out. Electric passenger cars are projected to represent more than ** percent of car sales worldwide in 2050. In 2019, around **** million battery-electric cars were sold worldwide. One of the barriers to the sale of electric cars, however, remains limited accessibility to charging infrastructure. As of 2020, China recorded the largest amount of fast charging points, dwarfing all other countries. Leading manufacturers In 2020, Tesla was the leading electric vehicle automaker, recording sales of just under ******* plug-in electric vehicles, the majority of which were Model 3 units. Strong demand for Model 3 cars helped the company record over **** billion U.S. dollars in revenue that same year. Tesla also offers the vehicle with the longest range as of 2021, the Tesla Model S Long Range, which offers *** miles of autonomy. Its main competitor, Ford’s Mustang Mach-E, recorded a maximum range of *** miles.

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.

The GCC electric vehicle (EV) market is experiencing rapid growth, fueled by supportive government policies, increasing environmental awareness, and falling battery costs. With a current market size of approximately $4.36 billion (2025 estimated), and a projected Compound Annual Growth Rate (CAGR) of 19.03%, the market is poised for significant expansion throughout the forecast period (2025-2033). Key drivers include government initiatives promoting EV adoption through subsidies, tax breaks, and charging infrastructure development. The rising cost of gasoline and concerns about air quality further incentivize consumers to switch to cleaner transportation alternatives. Market segmentation reveals strong growth potential in both passenger cars and commercial vehicles, with battery electric vehicles (BEVs) leading the propulsion type segment. While the initial investment in EVs remains a restraint for some consumers, the long-term cost savings and environmental benefits are increasingly outweighing this concern. Leading automotive companies like Tesla, Nissan, Hyundai, Volkswagen, and General Motors are actively expanding their EV offerings in the region, fostering healthy competition and driving innovation. The specific growth within the GCC region will likely mirror broader global trends. Considering the region's high per capita income and focus on infrastructure development, we can anticipate accelerated EV adoption compared to other global markets. The increasing availability of charging stations within the GCC region is further bolstering the growth of the EV market. However, challenges remain such as addressing the range anxiety of consumers, ensuring a reliable supply chain for EV components, and overcoming challenges to widespread adoption in less urbanized areas. This robust growth trajectory is expected to continue, driven by further governmental support and enhanced charging infrastructure, potentially surpassing the projected CAGR if technological advancements further reduce EV costs and enhance performance. The diversification of vehicle types available to consumers, including increased offerings within the commercial vehicle segment and the potential for fuel-cell vehicle adoption are also likely to accelerate growth. While challenges remain, the long-term outlook for the GCC EV market remains exceptionally positive, making it an attractive investment opportunity for both manufacturers and supporting infrastructure providers. Recent developments include: In September 2021, L-Charge, a manufacturer of charging infrastructure for electric vehicles, announced that it would be launching its EV charging solutions in the United Arab Emirates., In June 2021, Qatar General Electricity and Water Corporation (Kahramaa) unveiled the 19th charging station for electric cars at Katara. It is the fastest charger for electric vehicles in Qatar, with a capacity of 180 KW. It has a direct current system that can fully charge a car in less than 10 minutes., In April 2021, Qatar General Electricity and Water Corporation announced that it would be installing 100 charging stations for electric cars by the end of 2022 to reduce harmful carbon emissions by at least 7% of total emissions., In October 2020, Schneider Electric announced that it would be installing three new electric vehicles DC fast-charging stations at Prince Mohammad Bin Fahd University (PMU).. Notable trends are: Heavy Investments by Automakers for Electric Vehicles.

In 2022, the electric vehicle market in the United Arab Emirates was largely dominated by Tesla, which accounted for almost ** percent of the country’s sales. In comparison, Porsche sales were at about ** percent of the total electric vehicle sales in the country that year. E-mobility and electric vehicles in the UAE The United Arab Emirates (UAE) is among the world’s biggest polluters in terms of per capita carbon dioxide emissions, emitting more than ** metric tons of carbon dioxide (CO₂) per person in 2023. Nonetheless, the country has put forward ambitious sustainability plans. As part of its e-mobility strategy, the UAE aims for ** percent of all vehicles on its roads to be electric or hybrid by 2050. As of June 2024, a global survey found that about ** percent of car owners in the country had a hybrid or electric car. However, as in many other countries, the limited availability of charging stations has slowed the wider adoption of electric vehicles, acting as a bottleneck in reaching the 2050 e-mobility goals. Sustainability concerns in MENA The Middle East and North Africa (MENA) region is among the regions expected to face the most extreme effects of climate change. For instance, the water stress level was projected to be extremely high in the region by 2050. However, public awareness of sustainability topics in MENA remains relatively low, with about **** percent of people being concerned about saving water. While in resource-strained countries, sustainability issues do not easily make it into the list of priorities. Consumer concerns surrounding climate change as a threat to their families in the region were high, despite skepticism over the severity of climate change observed in some countries.

The global electric vehicle (EV) air suspension systems market is experiencing robust growth, driven by the burgeoning electric vehicle industry and increasing demand for enhanced ride comfort and handling. The rising adoption of passenger electric vehicles (PEVs) and plug-in hybrid electric vehicles (PHEVs) is a primary catalyst, as air suspension offers superior ride quality compared to conventional spring-based systems, especially crucial for the heavier battery packs in EVs. Furthermore, advancements in electronic air suspension technology, offering features like adaptive damping and height adjustment, are significantly boosting market appeal. While manual air suspension systems maintain a presence, the shift towards electronically controlled systems is undeniable due to their superior adjustability and integration with advanced driver-assistance systems (ADAS). Key players like SAF-Holland, Continental, and ZF are actively investing in R&D and strategic partnerships to strengthen their market positions, further fueling innovation and competition. The market is geographically diverse, with North America and Europe currently holding significant shares due to established EV infrastructure and higher per capita income. However, rapid growth is anticipated in Asia-Pacific regions like China and India, driven by government incentives and burgeoning EV manufacturing. Challenges remain, including the relatively higher cost of air suspension systems compared to conventional options and the need for robust after-sales service networks. Despite these challenges, the long-term outlook for the EV air suspension systems market remains positive. The continued expansion of the EV market, coupled with increasing consumer preference for premium features and improved safety, will drive substantial growth over the forecast period (2025-2033). The market is segmented by application (PEV, PHEV) and type (manual, electronic), allowing manufacturers to tailor their offerings to specific vehicle segments and customer needs. Further segmentation by region will provide a granular understanding of market dynamics and growth potential in specific geographical areas. The competitive landscape is characterized by both established automotive component suppliers and specialized air suspension manufacturers, resulting in a dynamic market with continuous technological advancements and innovation. The focus on enhancing fuel efficiency, improving vehicle dynamics, and offering superior ride comfort will drive further adoption of EV air suspension systems in the coming years.

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Passenger Car Market Size 2024-2028

The passenger car market size is forecast to increase by USD 873.26 billion at a CAGR of 7.96% between 2023 and 2028.

The market is experiencing significant shifts, driven by the increasing acceptance of electric vehicles (EVs) and the integration of advanced technologies such as 3D printing. The growing preference for sustainable transportation solutions is propelling the adoption of EVs, with governments and consumers alike recognizing their environmental benefits. This trend is expected to continue, as advancements in battery technology and charging infrastructure make EVs increasingly practical and convenient for everyday use. However, the market's growth potential is not without challenges. Regulatory hurdles, including stringent emissions standards and safety regulations, impact adoption and increase production costs. Furthermore, the semiconductor shortage is causing supply chain inconsistencies, leading to production delays and higher prices for automakers.
To capitalize on market opportunities and navigate these challenges effectively, companies must stay informed of regulatory developments and invest in diversifying their semiconductor suppliers. Additionally, exploring collaborations with 3D printing technology providers can help streamline production processes and improve overall competitiveness in the market.

What will be the Size of the Passenger Car Market during the forecast period?

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The passenger vehicles industry in the US is experiencing dynamic shifts, with electric propulsion gaining traction among consumers. Middle-income groups are increasingly opting for sustainable mobility solutions, such as electric hatchbacks and compact SUVs, as lifestyle changes and environmental concerns become more prominent. The shift towards electric vehicles (EVs) is driven by various factors, including advancements in technology, charging infrastructure, and applicable taxes. Fuel prices and regulations continue to influence vehicle choices, with the European Union (EU) leading the way in implementing stringent emission norms. Raw material prices for Internal Combustion Engine (ICE) vehicles and the availability of affordable EV batteries further impact market trends.
Sedans remain a popular choice, but their market share is dwindling as SUVs gain popularity. Technological developments, such as the Internet of Things (IoT) and EV charging stations, are transforming the industry. General Motors, Chrysler, Hyundai Kona Electric, and other companies are investing in R&D to cater to evolving consumer preferences. The US passenger vehicles industry is witnessing significant growth, particularly in the EV segment. Per capita income plays a crucial role in determining the affordability of various vehicle types. As sustainable practices become increasingly important, the industry is expected to continue adapting to meet the demands of the urban population.

How is this Passenger Car Industry segmented?

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

Type

  SUV
  Hatchback
  Sedan
  MPV


Fuel Type

  ICE Vehicles
  Hybrid
  Electric


Geography

  North America

    US


  Europe

    Germany


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Type Insights

The SUV segment is estimated to witness significant growth during the forecast period.

The market in the US is experiencing dynamic interplay between various entities, shaping its evolution. Combustion engines continue to dominate, offering power and flexibility, while fuel-efficient alternatives, including hybrid and electric vehicles, gain traction due to fuel price volatility and growing environmental concerns. Chrysler and General Motors, among others, innovate with personalized transportation solutions and enhanced features, catering to diverse consumer preferences. Emerging nations' increasing per capita income fuels overall market expansion, with compact SUVs and sedans popular choices for middle-income groups. Technological developments, such as the Internet of Things and advanced safety measures, add value, while regulations and economic challenges pose hurdles.

Electric vehicles (EVs) and electric vehicle batteries are at the forefront of innovation, with Hyundai Kona electric and Volvo's EV leading the charge. Alternative-fuel options, including diesel engines, face competition from EVs and hybrid vehicles. Urban population growth drives sales, with SUVs, hatchbacks, and sedans catering to various lifestyle changes and sustainable practices. Raw material prices and charging infrastructure development are crucial factors influencing the market landscape. The upward trend in sustai

The global electric vehicle (EV) safety helmet market is experiencing robust growth, driven by the burgeoning adoption of electric two-wheelers and increasing consumer awareness of safety regulations. While precise market size figures for 2025 were not provided, considering the substantial growth of the EV sector and a projected Compound Annual Growth Rate (CAGR) of, let's assume, 15% (a reasonable estimate given the industry’s current trajectory), we can infer a significant market value. If we posit a 2024 market size of $2 billion (a plausible figure based on industry reports and the overall growth of related markets), a 15% CAGR would result in a 2025 market value of approximately $2.3 billion. This growth is fueled by several key trends including the rising popularity of electric scooters and motorcycles, stringent government regulations mandating helmet use for EV riders, and increasing consumer demand for technologically advanced helmets with features like enhanced visibility and impact protection. Market segmentation reveals a strong preference for full-face helmets, offering superior protection, and a growing online sales channel reflecting evolving consumer behavior. Leading brands like Bell, Schuberth, and Shoei are capitalizing on this growth, while competitive pressures and fluctuating raw material costs represent key restraints. Looking ahead to 2033, the projected continued growth of the EV market, combined with technological advancements in helmet design and materials, promises further expansion for the EV safety helmet market. While challenges such as price sensitivity in certain regions and the need for consistent safety standards across global markets persist, the long-term outlook remains positive. The market is poised to benefit from the increasing focus on sustainable transportation, further driving demand for both electric vehicles and the associated safety equipment. Regional analysis reveals strong growth in Asia Pacific, driven by the expanding EV market in countries like China and India, while North America and Europe maintain significant market shares due to higher per capita income and established safety regulations.

The Flat Style EDLC Revenue (USD Million) is estimated to reach at USD 38.68 Million in 2028

The Consumer Electronics Revenue (USD Million) in Electric Double Layer Capacitor is anticipated to reach USD 64.47 Million in 2028.

The <35 dia Revenue (USD Million) in Electric Double Layer Capacitor is projected to reach USD 25.87 Million in 2028.

The India Electric Double Layer Capacitor Market is expected to reach USD 222.94 Million by the end of 2028, growing at a CAGR of 12.13% between 2021 and 2028. Market Drivers For Electric Double layer Capacitor - EDLC

Rising demand for electric vehicles in India

The automotive industry includes a wide scope of organizations and associations engaged with the structure, improvement, assembling, showcasing, and selling of engine vehicles. It is one of the world's biggest financial segments by income. Regardless of issues with overcapacity and low benefit, the automotive industry holds solid influence and significance. The automotive industry is a significant modern and monetary power around the world.

Consumer requests are changing the business with the digitization of innovation. The car business is offering answers for greener vehicles, public transportation, driving help and self-sufficient driving, savvy framework, and numerous imaginative approaches to fulfill the requests of clients. The vehicle and car parts producing segment specifically is popular for new representatives. Indeed, producing drives the remainder of the car business as far as hours worked and compensation.

Rising per capita income is relied upon to drive income development for the of automotive sector in countries like India. Moreover, government of many developed and developing countries supports and encourage the automotive industry. According to data available, electric vehicle demands in India has grown significantly, double to be precise, in the last three years. India had 69,012 units of electric vehicles on road in 2017-18. The number increased to 143,358 units in 2018-19 and then to 167,041 units in 2019-20. Rise in the fuel prices is one of the major factors responsible for the rising demand for electric vehicles. For instance, the Centre has reduced GST rate on electric vehicles from 12 per cent to 5 per cent and GST on setting up EV infrastructure like charging stations from 18 per cent to 5 per cent.

Many automotive companies use double-layer capacitors to shield certain electrical engine parts from voltage fluctuations. The supercapacitors rapid charging rate also makes it effective in mass transit braking mechanisms and portable fuel cells for electric/hybrid vehicles. Hence, rise in the demand of electric vehicles in India boost the market of EDLC.

Restraints for Electric Double Layer Capacitor Market High discharge rate

Opportunities for Electric Double Layer Capacitor Market Increasing Industrialization in developing countries like India Electric Double Layer Capacitor is also known as supercapacitors or ultra-capacitors which is an energy storage device that has high capacitance, long life cycle, it has quick recharging or discharging capacity. The supercapacitors ensure reduced carbon emissions that saves energy and it is used in varied applications in the market.

Ultra or super capacitors use din industrial applications such as for provide backup power for actuators in wind turbine pitch system, supercapacitors store solar energy in LED street lights and supply 2LED lamps providing 15W power consumption. They are used in consumer electronics that is used for quickly discharge, charges cycles for efficient energy storage and also used in memory backup, EDLC capacitors used for powering static random access memory chip for data backup. Supercapacitors provide backup or emergency shutdown power to low-power equipment such as RAM, SRAM, micro-controllers and PC Cards.

Supercapacitors are used in hybrid buses for increasing acceralation and reducing CO2 emissions in vehicles Supercapacitors are used in hybrid buses for increasing acceralation and reducing CO2 emissions in vehicles. The supercapacitors used in buses or trams helps in quick recharge.

The demand for Electric Double Layer Capacitors market is increasing rapidly due to rising concern towards lowering carbon dioxide emission level and implementation of electric double layer capacitor among various industry verticals drives the growth of mar...

Automotive Head Lamp Market Outlook

The global automotive head lamp market size was valued at approximately $15 billion in 2023 and is anticipated to reach around $25 billion by 2032, reflecting a robust Compound Annual Growth Rate (CAGR) of 6.1% over the forecast period. The growth is predominantly driven by advancements in automotive lighting technologies, increasing automotive production worldwide, and the rising adoption of modern headlamp systems in vehicles for enhanced safety and aesthetics. As regulatory bodies across the globe continue to tighten safety norms and efficiency standards, automotive manufacturers are increasingly focusing on integrating advanced head lamp systems, which is a significant contributing factor to market expansion. Furthermore, the burgeoning electric vehicle landscape and consumer preference for energy-efficient lighting solutions further propel this market's growth dynamics.

One of the primary growth factors in the automotive head lamp market is the technological evolution from traditional lighting systems to more advanced and efficient solutions such as LED, Xenon/HID, and Laser technologies. These modern lighting systems offer better illumination, lower power consumption, and longer lifespans compared to their halogen counterparts, making them highly attractive to both manufacturers and consumers. Moreover, the aesthetic appeal and the ability to provide adaptive lighting solutions enhance the overall driving experience, which is becoming increasingly appealing to tech-savvy consumers. The integration of smart technologies, such as adaptive front lighting systems and automatic high beam control, further accentuates the market's growth potential by offering enhanced safety and convenience.

The burgeoning electric vehicle (EV) market presents another pivotal growth factor for the automotive head lamp industry. With the global shift towards sustainable and clean energy sources, the production and adoption of electric vehicles have surged significantly. This transition necessitates the incorporation of energy-efficient components, including automotive head lamps, to maximize battery life and overall vehicle efficiency. As EV manufacturers prioritize efficient lighting solutions, the demand for LED and other advanced lighting technologies is expected to rise, thereby propelling the market forward. Furthermore, government incentives and policies supporting electric vehicle adoption further catalyze the demand for high-performance head lamps, aligning with the industry's sustainability goals.

In addition, the increasing emphasis on vehicle safety and regulatory compliance is a substantial growth driver for the automotive head lamp market. Regulatory bodies across various regions have mandated the use of advanced lighting technologies to improve road safety and reduce accidents. This regulatory pressure compels automotive manufacturers to incorporate high-quality lighting solutions in their vehicles, thereby driving market demand. As manufacturers strive to meet stringent safety standards and enhance vehicle performance, the adoption of cutting-edge head lamp technologies becomes essential. This trend is particularly evident in developed regions where consumer awareness regarding road safety and vehicle performance is high, thus bolstering market growth.

The regional outlook of the automotive head lamp market highlights significant growth prospects across different geographical segments. The Asia Pacific region dominates the market, driven by the surge in automotive production and sales in countries like China and India, which account for a substantial share of global vehicle manufacturing. Meanwhile, North America and Europe are witnessing steady growth, propelled by technological advancements and the increasing adoption of electric vehicles. These regions are characterized by a high demand for advanced automotive lighting systems due to stringent safety regulations and consumer preference for high-performance vehicles. The Middle East & Africa and Latin America regions, though smaller in market share, are anticipated to register notable growth due to the improving economic conditions and rising automotive sales.

Product Type Analysis

The product type segment of the automotive head lamp market encompasses various lighting technologies, including halogen, LED, Xenon/HID, and laser lighting solutions. Halogen lamps, being the traditional choice, continue to maintain a significant market share due to their cost-effectiveness and widespread availability. However, their dominance is gradually waning as more energy-efficient and durable alternatives gain tractio

The global car gear knob market is experiencing robust growth, driven by the increasing demand for passenger cars and the rising adoption of advanced features enhancing driving experience. The market, valued at approximately $1.5 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033, reaching an estimated market value of $2.5 billion by 2033. Several factors contribute to this expansion. The proliferation of technologically advanced vehicles, featuring sophisticated gear knobs with integrated functionalities like shift-by-wire systems and improved ergonomics, fuels market demand. Consumer preference for aesthetically pleasing and high-quality interior components, particularly in luxury and premium vehicle segments, is another key driver. Further segmentation within the market reveals that leather and carbon fiber gear knobs represent premium segments, commanding higher prices and driving revenue growth. The increasing adoption of electric vehicles (EVs) also presents a significant opportunity, as manufacturers integrate innovative gear selection mechanisms suited to EV powertrains. Regional variations exist, with North America and Europe representing mature markets characterized by high per-capita vehicle ownership and established automotive industries, while Asia-Pacific showcases strong growth potential due to rising vehicle sales and increasing disposable incomes. However, the market faces certain restraints. Fluctuations in raw material prices, particularly for premium materials like leather and carbon fiber, can impact profitability. The economic downturn in certain regions might also affect consumer spending on automobiles and associated accessories. Additionally, technological advancements in automated driving systems could potentially reduce the importance of traditional gear knobs in the long term. Competitive intensity amongst established automotive component suppliers like Magna, GKN, BorgWarner, and others remains high, necessitating continuous innovation and cost optimization strategies to maintain market share. Nevertheless, the overall outlook for the car gear knob market remains positive, driven by sustained vehicle production, technological advancements, and increasing consumer demand for enhanced vehicle aesthetics and functionality.

The electric food truck market is experiencing robust growth, driven by increasing consumer demand for sustainable and eco-friendly food options, coupled with stringent emission regulations in many urban areas. The market is segmented by application (scenic spots, streets, and others) and by capacity (2-person, 3-person, and 3+-person trucks). While precise market size figures for 2025 are unavailable, based on industry reports showing strong growth in the overall food truck market and the rising adoption of electric vehicles, a reasonable estimate for the global electric food truck market size in 2025 is $500 million. This figure is supported by the emergence of several key players like Prime Design Food Trucks, Food Cart USA, and Apex Specialty Vehicle, indicating significant investment and market traction. Growth is further fueled by trends such as the rise of gourmet food trucks, mobile catering services, and the increasing popularity of food festivals and events. However, restraints include the higher initial cost of electric food trucks compared to gasoline-powered models, and the limited range and charging infrastructure in some regions. The North American market, particularly the United States, is expected to hold a significant market share due to strong demand and established food truck culture. Asia Pacific, particularly China and India, is also poised for substantial growth, driven by a burgeoning middle class and increasing urbanization. The forecast period (2025-2033) suggests a continued upward trend, with a projected CAGR (Compound Annual Growth Rate) of approximately 15%, potentially reaching a market value exceeding $2 billion by 2033. This growth will be primarily driven by technological advancements in battery technology leading to improved range and reduced charging times, and government incentives promoting the adoption of electric vehicles. The segment with 3+ person capacity electric food trucks is likely to dominate the market owing to its higher operational efficiency and potential to cater to larger customer volumes at events. The scenic spot application is projected to experience significant growth due to increasing tourism and the aesthetic appeal of electric food trucks in these locations. Furthermore, strategic partnerships between food truck manufacturers and electric vehicle component suppliers are likely to accelerate the growth of this market. The expansion of charging infrastructure, specifically designed for commercial vehicles like food trucks, will also play a pivotal role in overcoming range anxieties and fostering wider adoption. Competition among established players and new entrants is expected to intensify, leading to innovations in design, technology, and service offerings.

Lithium-ion battery pack price dropped to *** U.S. dollars per kilowatt-hour in 2024, down from over *** dollars per kilowatt-hour a year earlier. Lithium-ion batteries are one of the most efficient energy storage devices worldwide. Over recent years, high-scale production and capital investment into the battery production process made lithium-ion battery packs cheaper and more efficient. This demonstrates a staggering demand for energy storage worldwide and could be attributed to the fact that the world is moving towards a renewable energy-based economy where electric vehicles play an increasingly large role. Electric vehicle sales Individuals, organizations, and governments aim to reduce their environmental footprint, as the awareness about the consequences of climate change becomes more widespread. To contribute to a greener society, they promote the growth of the electric vehicle market to make transportation more sustainable and less polluting. When it comes to the sales volume of electric vehicles, the trend is staggeringly positive. For instance, global plug-in electric light vehicle (PEV) sales have progressively increased since 2015, surpassing **** million units sold in 2023. Environmental impact Incorrect disposal of Li-ion batteries can have a devastating environmental impact on the environment, sparking the need for recycling. The global market for lithium-ion battery recycling is expected to reach **** billion U.S. dollars by 2030. This figure compares to around *** billion U.S. dollars in 2023.

In 2020, Brunei had the highest vehicle to population ratio among Southeast Asian countries, with around ***** vehicles per 1,000 population. In contrast, there were approximately **** vehicles per 1,000 population in Cambodia that year. Main motor vehicles markets in Southeast Asia Indonesia leads the motor vehicle sales in Southeast Asia with more than *********** vehicles sold in a year, closely followed by Thailand. However, in terms of production the opposite is true. Thailand leads the motor vehicle production in the region with under *********** vehicles. And Indonesia follows with almost ********************** vehicles produced in a year. In 2022, Southeast Asian countries were characterized by significant growth in annual motor vehicle sales, led by Malaysia, Vietnam, and the Philippines, with over ** percent increase each. What purchase aspects do Southeast Asian vehicle buyers value? Almost half of the consumers in Southeast Asia believe that striking a good deal is an important aspect of the vehicle purchasing experience. When it comes to choosing a car brand, consumers in Southeast Asia appreciate quality, with ** percent of the consumers treasuring product quality as an important factor driving brand choice. Nevertheless, a shift towards more sustainable preferences is present among the consumers in the region. Even though there are many concerns regarding battery electric vehicles in the region, consumers think that there are several reasons to switch to electric cars as the number of charging stations increases and EV performance equals or surpasses that of combustible-engine or hybrid cars.

In 2020, Hyundai Elantra reigned as the best-selling car models in the Kingdom of Saudi Arabia, with approximately **** thousand units sold. Japanese manufacturer Toyota’s models Camry and Hilux closely followed, registering sales of respectively ***** thousand and ***** thousand units in that same year. Toyota and Hyundai have long been dominating the Saudi Arabian automotive industry, accounting for the highest combined share of vehicles on the market. Saudi Arabia’s automotive market As of 2020, Saudi Arabia was the automotive market leader in the entire Gulf Cooperation Council region, holding the largest share of the regional vehicle sales volume. That year, passenger vehicle sales in Saudi Arabia dropped, reflecting the impact of the coronavirus outbreak on the global economy, but was forecast to exceed pre-COVID level by 2022. As an import-driven automotive market, Saudi Arabia has yet to unleash its full potential. The country’s first ever locally manufactured car, a SUV named “Ghazal 1”, unveiled back in 2010, marked a turning point for its domestic automotive production industry. Sustainable alternatives In Saudi Arabia, road transportation remains one of the prime contributors to the high carbon dioxide emissions, as the country relies heavily on natural gas, crude oil, as well as other petroleum products to fuel its energy consumption. Ranked among the world’s highest CO2 emission from transportation per capita, Saudi Arabia appears to still have a lot of room for action. In order to pursue its Vision 2030 goals towards a more sustainable economy diversifying away from oil, the Saudi government decided to push electric vehicles (EV) consumption by sealing a deal with Lucid Motors, an EV manufacturer headquartered in California. This includes an initial purchase of ** thousand vehicles and optional purchases of up to another ** thousand vehicles over a ten-year period.

The number of registered vehicles across the financial capital of India was over ************* at the end of fiscal year 2020. Mumbai was the most car-congested city in the country in 2020. In recent years, the density of privately-owned vehicles increased by ** percent in the city. Despite the private car population being ********* of the nation’s capital Delhi, the lack of infrastructure has proved to be a significant shortcoming.

Automotive in India

India ranked ****** in the passenger car production sector worldwide in 2020, with over ************* units of passenger vehicles produced in fiscal year 2021. Although, in contrast, the domestic market has been dominated by the two-wheeler segment. This was probably due to the latter’s ability to navigate the narrow Indian roads. Sales volume for two-wheelers continued to increase over the past few years.

An e-future

The number of electric vehicle sales in the dominating two-wheeler segment across the country quintupled between 2016 and 2020, with help from government initiatives to enhance e-mobility. The number of electric two-wheelers was estimated to cross the ********** mark by 2030. With strict emission laws and reduced taxes on electric vehicles, the Indian government has been making efforts to make a radical yet streamlined switch to e-mobility.