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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.

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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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ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

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ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

 

 

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SOURCE Abu Dhabi Securities Exchange (ADX)

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Geotab integrates Polestar vehicles into its OEM telematics network

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Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

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IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

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New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX  

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

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