Published on June 3rd, 2014 | by Christopher DeMorro1
Report: EV Market Worth $178 Billion By 2024
June 3rd, 2014 by Christopher DeMorro
The first mass market EV hit dealerships less than four years ago, and we’re already seeing faster adoption rates than that of the first hybrids. Where will the EV market be in a decade? IDTechEx predicts that by 2024, the worldwide market for electric vehicles will be worth more than 178 billion dollars.
That’s a mighty specific number, though not one we’re ready to disagree with. With Tesla Motors leading the way, electric vehicles are quickly becoming the car to have among many influential circles. But it’s about more than just the EVs themselves.
There is an immense amount of resources being dumped into research and development of EVs, batteries, motors, charging, and other supporting parts and infrastructure. Advances like in-wheel electric motors and batteries built into the body panels of EVs are projects already underway, and with the ability to revolutionize the industry, and make combustion engines obsolete almost overnight.
All told, in the next decade EVs could become a major part of each automaker’s portfolio, and those getting a head start today will be patting themselves on the back for it.
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