Imagine commuting to work in a silent, zero-emission electric car. This is the future that India and the world are rapidly embracing. The electric vehicle (EV) industry is witnessing a surge in interest and investment, promising a cleaner and greener tomorrow. Technological innovations, government initiatives, and increased consumer awareness are driving the shift toward sustainable transportation. As India and the world accelerates its journey toward electrification, the ongoing advancements in EV technology are reshaping the future of mobility, promoting greener cities, and creating new economic opportunities across sectors.
This week’s edition of “The People Weekly,” an endeavour by PeopleLogic, one of the top recruiting firms in India, delves into the exciting world of electric vehicles. We’ll explore the industry’s growth, economic impact, job creation and hiring trends.
EV Industry Growth
Global Market
In 2024, global revenue in the electric vehicle (EV) market is expected to soar to an impressive USD 786.2 billion. Over the next five years, the market will grow at a compound annual growth rate (CAGR) of 6.63%, reaching a total market volume of USD1,084.0 billion by 2029. Unit sales are forecasted to rise significantly, with an estimated 18.84 million EVs expected to be sold by 2029. In 2024, the average price per vehicle in the EV market is predicted to be USD 57.5k.
The Asia-Pacific region leads the EV market, with China being the largest consumer and producer of electric vehicles globally. China is set to lead the EV market, generating an estimated revenue of USD 376.4 billion in 2024, highlighting its dominant role in the sector.