USD 603.45 billion
Electric Vehicle (EV) Market Size, Share, Growth Analysis, By Type(Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), By Vehicle Type(Two-Wheelers, Passenger Cars and Commercial Vehicles), By Vehicle Drive Type(Front Wheel Drive, ear Wheel Drive and All Wheel Drive), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2046 |
Region:
Global |
Published Date: July, 2024
Pages:
211
|Tables:
143
|Figures:
83
Electric Vehicle (EV) Market Insights
Global Electric Vehicle (EV) Market size was valued at USD 603.45 Billion in 2022 poised to grow from USD 661.87 Billion in 2023 to USD 1386.08 Billion by 2031, growing at a CAGR of 9.68% in the forecast period (2024-2031).
The market of electric cars is on the rise due to increasing demand for high performance, fuel efficient and low emissions automobiles, stringent government laws and regulations regarding automobile emissions, declining costs of batteries for electric vehicles as well as increasing prices of gasoline. Better than old-fashioned motor vehicles, these have always had external zero-emission power sources like batteries instead of traditional fuel propulsion systems. In addition, various types of batteries are used in these vehicles. These consist of different nickel-based designs, molten salt, zinc-air, and lithium ion.
Since conventional forms of transportation pollute the environment, electric vehicles were largely created to replace them. Many technological developments have contributed to its rise in popularity. It is superior to traditional cars in that it uses less gasoline, requires less upkeep and carbon emissions, is easier to charge at home, has a smoother ride, and produces less engine noise. Electric vehicles come in three varieties: plug-in hybrids, hybrids, and batteries. Moreover, electric cars are marginally more expensive than their gasoline-powered counterparts but don't need to have their engine oil changed. Additionally, it is anticipated that the major players in the electric vehicle market would have plenty of chances due to factors including the development of self-driving electric car technology, government programs that are proactive, and technological breakthroughs.
US Electric Vehicle (EV) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Battery Electric Vehicle
Fastest Growth
Plug-in Hybrid Electric Vehicle
Growth Rate
9.68% CAGR
Global Electric Vehicle Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Electric Vehicle (EV) Market Segmental Analysis
The global electric vehicle (EV) market is segmented based on Type, Vehicle Type and Vehicle Drive Type. In terms of Type, the market is trifurcated into Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle. Based on the Vehicle Type, the market is grouped into Two-Wheelers, Passenger Cars and Commercial Vehicles. In terms of Vehicle Drive Type, the market is segmented into Front Wheel Drive, Rear Wheel Drive and All Wheel Drive. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Type
As per categorization by type, the market is classified as battery electric vehicle, plug-in hybrid electric vehicle and fuel cell electric vehicle. Among these, battery electric vehicles earned the largest share and continue to dominate the market. Presently, BEVs are at the forefront of the global electric vehicle (EV) market as they do not emit any gases, have improved battery technologies and possess an expanding charging infrastructure. With a combination of superior range, efficiency and affordability, BEVs continue gaining traction among environmentally conscious consumers cementing themselves as the most preferred choice for sustainable city transport thus driving growth in this sector.
PHEVs will develop at the quickest rate in the global electric vehicle (EV) market due to their versatility that combines electric efficiency with combustion engines increased range. This dual capability meets consumers’ demands who are looking for lower emissions together with decreased concerns about driving range hence causing rapid uptake and market expansion.
Analysis by Vehicle Type
Passenger vehicles rule the world EV field due to their automatic high consumption demand and enhancements made in pricing, distance covered per charge and performance. Consequently, electric vehicles gain prominence in an industry where carmakers are increasingly placing more importance on developing such cars with greater varieties ranging from luxury to small models.
The affordability of twawk-wheeled vehicles, their ability to solve urban mobility challenges, and increasing demand in crowded regions are making them the fastest-growth segment in global electric vehicle (EV) market. The growth of this market can be attributed to the rising popularization of these devices, which are inexpensive, easy to handle and appropriate for short trips.
Global Electric Vehicle Market By End Use (%)
To get detailed analysis on other segments, Request For Free Sample Report
Electric Vehicle (EV) Market Regional Insights
Asia Pacific has a huge population, is rapidly urbanising, and has significant government backing for electric mobility, which has led to it dominating the global electric vehicle (EV) market. Stringent emission rules, substantial investments in charging infrastructure, and incentives for manufacturers and customers have propelled countries such as China, Japan, and South Korea to the forefront of electric vehicle production and adoption. Among other things, the dominance of this region can be attributed to China’s well-developed electric vehicle (EV) system that embraces manufacturing batteries and has a robust supply chain. The growing middle-class population and increasing concern for the environment in the region have also contributed to its position as a key player in the global electric vehicle (EV) market.
North America is the fastest-growing region in the global electric vehicle (EV) market owing to strong consumer demand, favorable government regulations and considerable investment in EV infrastructure. For instance, electric vehicles programs like tax breaks, grants and regulations at state level are being advocated for by United States. The existence of significant EV producers, together with developments in battery science and an expanding network of charging stations, contributes to the market's rapid expansion. Further driving the region's quick rise in the EV industry is the growing environmental consciousness and corporate sustainability pledges in North America, which are pushing both consumers and corporations towards electric vehicles.
Global Electric Vehicle Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Electric Vehicle (EV) Market Dynamics
Drivers
EV Batteries becoming more Affordable
- The cost of EV batteries has been declining over the past ten years due to technological breakthroughs and the mass production of EV batteries in enormous quantities. Since EV batteries are among the most expensive parts of an electric car, this has resulted in a drop in the price of electric automobiles. By the end of this decade, we can anticipate further decrease in price (per kWh) as Solid-State Batteries become available for use in electric vehicles.
Increasing Demand in Transportation and Automotive Industries for Electric Vehicles
- The necessity to create the market for electric vehicles and the infrastructure for charging them has been highlighted by the rise in the acceptance and demand for these vehicles. The major electric vehicle (EV) markets such as China, the USA, and Germany are not only investing heavily in electric vehicles (EVs) and their respective charging facilities but also making key advancements for developing longer range electric vehicles that use relatively cheaper batteries and whose charging process is faster and more efficient.
Restraints
Battery Performance and Longevity Concerns
- Notwithstanding advancements in battery technology, the widespread adoption of EVs remains hindered by range anxiety, charging duration and battery life concerns. Consumers worry about how gradual battery degradation affects vehicle range and resale value. Therefore, these issues call for continuous advancements in battery technologies that will address the fears of buyers thus facilitating general acceptance of electric vehicles (EVs).
Supply Chain Constraints and Resource Availability
- Significant obstacles to the global electric vehicle (EV) market include supply chain limitations and the availability of vital elements like lithium, cobalt, and nickel that are required for battery development. Competition over these fundamental assets is intensifying with the increasing need for Electric Vehicles (EVs), which may lead to price fluctuations and scarcity.
Request Free Customization of this report to help us to meet your business objectives.
Electric Vehicle (EV) Market Competitive Landscape
The fierce competition between well-established manufacturers and up-and-coming entrepreneurs is a defining feature of the global electric vehicle (EV) market. Renowned automakers like Ford, General Motors, and Volkswagen are expanding their electric vehicle (EV) lineup, while Tesla leads the industry in terms of innovation and market share. Companies like BMW and Nissan are also diversifying their electric product lines, and newcomers like Rivian and Lucid Motors are upending established names with their innovative designs and state-of-the-art technologies.
Top Player’s Company Profiles
- Ampere Vehicles (India)
- Benling India Energy and Technology Pvt Ltd (India)
- BMW AG (Germany)
- BYD Company Limited (China)
- Chevrolet Motor Company (USA)
- Daimler AG (Germany)
- Energica Motor Company S.p.A. (Italy)
- Ford Motor Company (USA)
- General Motors (USA)
- Hero Electric (India)
- Hyundai Motor Company (South Korea)
- Karma Automotive (USA)
- Kia Corporation (South Korea)
- Lucid Group, Inc. (USA)
- Mahindra Electric Mobility Limited (India)
Recent Developments
- In July 2024, Tesla’s latest process including state-of-the-art battery technology allowing over 400 miles on one charge aspirants bestows with due credit electric vehicles yet again saving up their face because they should be synonymous always with advancement in electric vehicles.
- In June 2024, Ford revealed its new electrified model of the F-150 Lightning with improved towing capacity and performance. The redesigned model boasts modern features like faster charging ports and advanced driver assist systems that align with Ford’s objective of electrifying its top-selling truck range to meet increasing customer appetite for electric vehicles.
- In August 2024, In August 2024, iX3, an electric SUV made from re-cycled atoms and featuring the most advanced entertainment system, has been launched by BMW in many well-known areas. It hopes to capture additional parts of the ever-growing electric SUV market while still aligning with the brand’s sustainability goals.
Electric Vehicle (EV) Key Market Trends
- Transformative Trends in EV Market Amid Rising Environmental Consciousness: Our market trends for electric vehicles (EVs) are changing significantly. This indicates that multiple variables influence a dynamic environment. One of the most noticeable trends is the rising public interest and acceptance of electric cars propelled by heightened environmental consciousness. Consequently, demand for environmentally friendly and sustainable transport systems has been rising over time, as clients have come to realize the impact that conventional automobiles have on their surroundings.
- Government Policies and Incentives Are Shaping the Future of EV: The market trends for electric vehicles are mostly being shaped by government laws and policies. In various countries, stringent emission regulations and incentives have been introduced to promote the utilization of electric vehicles (EVs). Therefore, tax credits, subsidies, rebates etc., have been designed to reduce the prices of electric vehicles making them more attractive to larger audiences.
Electric Vehicle (EV) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, due to rising demand for environmentally friendly transportation, electrification-promoting government regulations, and breakthroughs in battery technology, the global electric vehicles (EV) market is expanding rapidly. Recognizing these developments, major firms are launching new models that cater to consumer demands.
Nonetheless, problems such as bottlenecks in supply chains and concerns about battery performance may curb acceptance. If car manufacturers can overcome these challenges and make their electric vehicles (EVs) more attractive, the automobile industry is likely to gain from this and enhance its green profile while at the same time hastening the worldwide embrace of electric cars.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 603.45 Billion |
| Market size value in 2031 | USD 1386.08 Billion |
| Growth Rate | 9.68% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Vehicle (EV) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Vehicle (EV) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Vehicle (EV) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle (EV) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Vehicle (EV) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
