EV Market Analysis: Trends, Technologies, and Consumer Sentiment

The global Electric Vehicle (EV) market has transitioned from an early adoption phase to a rapid expansion stage, fueled by policy incentives, technological advancements in battery systems, growing consumer awareness regarding sustainability, and the decreasing total cost of ownership. As of Q4 2024, the global EV market has moved beyond the niche domain it occupied a decade ago, now representing a significant share of new passenger vehicle sales in key regions. The convergence of favorable regulations, infrastructure development, and evolving consumer sentiment toward environmental responsibility has bolstered both demand and supply.