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EV Market to Grow by USD 446.4 Billion from 2025-2029, Driven by Rising Demand for Low-Emission Vehicles, Report on How AI is Driving Market Transformation – Technavio

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NEW YORK, Feb. 10, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global Electric vehicle (EV) market  size is estimated to grow by USD 446.4 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  16.4%  during the forecast period. Growing demand for low-emission vehicles is driving market growth, with a trend towards charging stations powered through renewable energy. However, insufficient charging infrastructure  poses a challenge. Key market players include Bayerische Motoren Werke AG, BYD Co. Ltd., Chery Automobile Co. Ltd., China Dong Feng Motor Industry Imp. And Exp. Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Guangzhou Automobile Group Co. Ltd, Honda Motor Co. Ltd., Hyundai Motor Co., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Tesla Inc., Toyota Motor Corp., and Volkswagen AG.

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Forecast period

2025-2029

Base Year

2024

Historic Data

2019 – 2023

Segment Covered

Type (BEV and PHEV), Charging (Normal charging and Super charging), Geography (APAC, Europe, North America, South America, and Middle East and Africa), and Drive Type (FWD, RWD, and AWD)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

Bayerische Motoren Werke AG, BYD Co. Ltd., Chery Automobile Co. Ltd., China Dong Feng Motor Industry Imp. And Exp. Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Guangzhou Automobile Group Co. Ltd, Honda Motor Co. Ltd., Hyundai Motor Co., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Tesla Inc., Toyota Motor Corp., and Volkswagen AG

 

Key Market Trends Fueling Growth

The Electric Vehicle (EV) market is experiencing significant growth with increasing sales of electric cars, buses, trucks, two-wheelers, and off-highway vehicles. OEMs are investing heavily in EV technology, focusing on lower battery costs and improving Top Speed and Range. Solid State Batteries are a trending innovation, offering higher energy density and faster charging capabilities. FCEVs using hydrogen fuel cells are also gaining traction. 5G rollouts and advanced charging infrastructure are essential for faster charging. Crude oil and gasoline/diesel prices impact traditional vehicles, pushing more towards PEVs, including Battery Electric Vehicles (BEVs) for light and heavy-duty applications. Commercial Fleets are transitioning to EVs for cost savings. Machine Learning, AI, and advanced sensors are enhancing EV performance and efficiency. BSVI vehicles and Hybrid Electric Vehicles (HEVs) are also part of the PEV landscape. EVs come in various configurations: Front wheel drive, Rear wheel drive, and All wheel drive. The Traction battery pack, Motor, Brake, Wheel and suspension, Body and chassis are key components. Software, Hardware, and Internet penetration are essential for seamless integration and connectivity. 

The electric vehicle (EV) market is experiencing significant growth as more fleet operators and consumers adopt this sustainable transportation solution. This trend is driving up the demand for electricity, which utility companies must address. Renewable energy sources, such as solar and wind power, offer a cost-effective and practical response to meet this increased electricity demand. By transitioning to renewable energy, utility companies can reduce carbon emissions from vehicles, decrease air and noise pollution, and contribute to a more eco-friendly automotive industry. 

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Market Challenges

The Electric Vehicle (EV) market is growing rapidly, with sales of electric cars, buses, trucks, two-wheelers, and off-highway vehicles on the rise. However, challenges persist. High battery costs, especially for EVs with long ranges or heavy-duty applications, remain a concern. Solid State Batteries hold promise, but commercialization is years away. Fast charging infrastructure needs expansion, especially in developing markets. OEMs face pressure to produce FCEVs with affordable fuel cells and competitive range. Crude oil and gasoline prices impact traditional vehicles, but EVs offer lower operating costs. 5G rollouts and advanced technologies like Machine Learning, AI, and IoT will enhance EV performance and charging. Battery electric transporters, including passenger cars, buses, and commercial fleets, need to improve top speed and range. BSVI vehicles, PEVs, and Hybrid Electric Vehicles require advancements in motor, brake, wheel and suspension, body and chassis, and traction battery pack design. Sensors, software, and hardware innovations will drive progress.The electric vehicle (EV) market faces a significant challenge due to the insufficient charging infrastructure. This issue is a concern for both consumers and governments as the demand for EVs is projected to rise. In the US, for instance, the number of charging stations per EV is significantly lower than the number of gas or diesel pump stations. Moreover, with the upcoming launch of long-range EVs, there is a need for larger and more powerful charging systems. Collaboration between governments and vendors is crucial to address this infrastructure gap and meet the increasing demand for EVs.

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Segment Overview 

This electric vehicle (ev) market report extensively covers market segmentation by

TypeBEVPHEVChargingNormal ChargingSuper ChargingGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And AfricaDrive TypeFWDRWDAWD

1.1 BEV-  Electric Vehicles (EVs), specifically Battery Electric Vehicles (BEVs), have gained significant traction in the market due to their benefits over traditional Internal Combustion Engine (ICE) vehicles. From a manufacturing perspective, BEVs are easier and less capital-intensive to produce as they only contain a battery and an electric motor, unlike Plug-in Hybrid Electric Vehicles (PHEVs) that require both an ICE and an electric motor. BEVs offer simplicity in design, with fewer components and simpler maintenance requirements. The lower number of parts translates to reduced maintenance and repair costs. Additionally, BEVs produce zero emissions, making them an attractive option for environmentally-conscious consumers. BEVs also offer greater interior space due to the placement of the battery under the floor. However, the dependency on charging infrastructure and limited range compared to other types are major drawbacks. With advancements in battery technology on the horizon, the range of BEVs is expected to increase, making them a more viable option for long-distance travel. Major BEV manufacturers, such as Tesla and General Motors, are driving the growth of the BEV market. Furthermore, the establishment of production facilities by EV battery manufacturers, such as LG Chem and SK Innovation, will bring down the cost of BEVs, making them more accessible to consumers. The presence of a secure and stable EV supply chain will continue to support the growth of BEVs in the global electric vehicle market. With these advantages, BEVs are poised to become the preferred choice for consumers in the true emission-free vehicle category.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2025-2029) and historic data (2019 – 2023) 

Research Analysis

The Electric Vehicle (EV) market is experiencing rapid growth as the world shifts towards sustainable transportation. EVs, including battery electric cars, buses, trucks, two wheelers, and off-highway vehicles, are gaining popularity due to their environmental benefits and lower operating costs. EV batteries are a critical component, with solid-state batteries promising increased energy density and faster charging times. OEMs are investing heavily in EV research and development, leading to advancements in top speed, range, and affordability. Fuel cell electric vehicles (FCEVs) using hydrogen fuel cells are also gaining traction. The rollout of 5G networks is expected to accelerate EV charging infrastructure growth. The rise of EVs is disrupting the traditional automotive industry, with sales of gasoline and diesel-powered vehicles declining. Crude oil and gasoline prices influence the competitiveness of EVs, but their lower total cost of ownership over time makes them an attractive alternative. Commercial fleets and passenger cars are adopting EVs for their environmental and economic benefits. The market for heavy-duty and light-duty EVs, as well as electric two wheelers, is expanding rapidly.

Market Research Overview

The Electric Vehicle (EV) market is experiencing rapid growth as the world transitions towards sustainable transportation. EVs, including battery electric cars, buses, trucks, two wheelers, and off-highway vehicles, are gaining popularity due to their environmental benefits and lower operating costs. EV batteries are a critical component, with solid-state batteries promising higher energy density and faster charging times. OEMs are investing heavily in EV technology, with some focusing on FCEVs using fuel cells. EV sales are on the rise, with passenger cars and commercial fleets leading the charge. The market is influenced by factors such as lower battery costs, 5G rollouts, and the availability of EV charging infrastructure. The price of crude oil and gasoline/diesel also plays a role, with EVs becoming increasingly competitive. The EV industry is also leveraging advanced technologies like machine learning, artificial intelligence, sensors, software, and hardware to improve performance, range, and top speed. The market is segmented into heavy-duty and light-duty vehicles, with traction battery packs, motors, brakes, wheel and suspension, body and chassis, and other components playing crucial roles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeBEVPHEVChargingNormal ChargingSuper ChargingGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And AfricaDrive TypeFWDRWDAWD

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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