Luxury Electric Vehicle Market size was over USD 175.5 Billion in 2023 and is set to reach USD 550.65 Billion by the end of 2036, witnessing around 18.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of luxury electric vehicle is estimated at USD 210.7Billion.
The luxury electric vehicle market is experiencing significant growth due to the increasing demand for environmentally favorable, economically efficient, and technologically advanced electric vehicles. There is a swift global process of reducing carbon emissions taking place in vehicle transportation.
The use of electric vehicles (EVs) is growing, and technological advancements are continuously being made with the increasing consumer demand thus driving the market growth. In the year 2012, there were 125,000 electric cars sold all around the world. By the year 2036, it is anticipated that more than 2, 00,000 electric cars will be sold every week.
Author Credits: Saima Khursheed
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