Ferrari is “fully on track” with its electric supercar set to be unveiled in the fourth quarter of 2025
According to a news report published on the launch of Ferrari’s electric supercar, the luxury car industry is trying to reduce emissions. This move toward cleaner models was made even trickier by China’s hold on battery cell production.
Luxury Electric Vehicles Market Size
According to Precedence Research’s Report on the global luxury electric vehicles market size accounted for USD 223.05 billion in 2024 and is projected to surpass around USD 839.57 billion by 2032, expanding at a double-digit CAGR of 18.02% from 2024 to 2032.
The International Energy Agency has estimated that in the year 2023, 13.9 million new electric cars will be sold globally. In 2023, 60 % of new electric car registrations were in the People’s Republic of China, 25 % in Europe, and 10% in the United States which accounts for nearly 95% of total electric car sales globally. This has a very positive impact on the development of the electric vehicle market.
Programmes, Campaigns and Declarations
| Program | Purpose |
| EV30@30 | It goal of accelerating the deployment of electric vehicles with a target of at least 30 percent new electric vehicle sales by 2030. |
| Call to Action to Closing the Gap | It is a call to close the gap between projected levels of EV sales in 2030 based on existing policies and the global sales |
| Go Electric Campaign | The objective of this campaign is to create awareness among masses about benefits of switching over to Electric Vehicles (EVs) |
| Zero-Emission Government Fleet Declaration | The Zero-Emission Government Fleet Declaration is a commitment to reduce carbon and air pollutant emissions from government vehicles and transition to clean transportation. |
As stated by the International Trade Administration in the year 2023, China endured the largest vehicle market of both sales and production with domestic production anticipated to hit 35 million by 2025.
As per the Faster Adoption and Manufacturing of Electric Vehicles II (FAME II) scheme of the Government of India, the country has set a goal for the sales penetration of EVs at 30% of private cars, 70% of commercial cars, 40% of Bus, and 80% of two and three-wheelers by 2030.
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