Electric Vehicle Market

The Electric Vehicle Market size is projected to reach US$ 1,448.87 billion by 2031 from US$ 410.34 billion in 2023. The market is expected to register a CAGR of 17.1% in 2023–2031. The growing concern for mitigating environmental pollution and lowering carbon emissions from the automotive sector is projected to drive the requirement for electric vehicles globally. The growing emphasis on rising fuel efficiency is anticipated to drive the application of electric vehicles at the global level.

Electric Vehicle Market Analysis

The global electric vehicle market has witnessed a remarkable transformation in the past few years, marking a substantial increase in the trade and adoption of eco-friendly vehicles. In 2022, the import dynamics of electric and hybrid cars underwent a striking evolution, reflecting a growing preference for sustainable mobility solutions. Notably, the substantial shift in the types of electric and hybrid cars being imported is driving the growth of the electric vehicles market globally.

Electric Vehicle Market Overview

The electric vehicles market has undergone a noteworthy shift as sales of fully electric vehicles have witnessed an upward trend. As consumers prefer environment-friendly alternatives and turn away from diesel-powered cars is anticipated to drive the evolution of the electric vehicle market over the forecast period. The automotive industry is implementing alternative solutions to meet the evolving emission regulations imposed by various lawmakers.

Strategic Insights

Electric Vehicle Market Drivers and Opportunities

Supporting Government Policies and Initiatives for Electric Vehicle Adoption is Expected to be the Prime Driver for the Electric Vehicle Market

The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of electric vehicles, which is anticipated to thrust the evolution of the electric vehicle market over the forecast period.

Growing Number of Fast Electric Vehicle Charging Infrastructure

The increasing number of electric vehicles charging stations are anticipated to boost the development of the electric vehicle market globally. Infrastructure development for charging is one of the major reasons behind the growing adoption of electric vehicles. The increasing government focus on expanding electric vehicle charging infrastructure in remote and distant locations is boosting the adoption of electric vehicles for long-haul journeys. For instance, in 2022, the total number of fast chargers surpassed 70,000, marking a noteworthy ~55% increase from the previous year. Germany leads the charge with over 12,000 fast chargers installed, followed by Norway with 9,000 and France with 9,700 systems. The rising investment in fast charging aligns seamlessly with the various government's ambitious goals of integrating electric vehicles globally.

Electric Vehicle Market Report Segmentation Analysis

Key segments that contributed to the derivation of the electric vehicle market analysis are component, vehicle type, propulsion type, and drive type.

• Based on the components, the electric vehicle market has been divided into battery pack & high voltage components, motor, brake, wheel & suspension, body & chassis, low voltage electric, and others. The battery pack & high voltage components segment held a larger market share in 2023.
• In terms of vehicle type, the market has been segmented into passenger cars and commercial vehicles. The passenger cars segment dominated the market in 2023.
• In terms of propulsion type, the market has been segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicles. The battery electric vehicles segments dominated the market in 2023.
• In terms of drive type, the market has been segmented into all-wheel drive, front wheel drive, and rear wheel drive. The front wheel drive segments dominated the market in 2023.

Electric Vehicle Market Share Analysis by Geography

The geographic scope of the Electric Vehicle Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific led the electric vehicle market in 2023. The Asia Pacific region includes China, India, Australia, Japan, and South Korea, among others. High investment in advanced technologies and a growing focus on lowering carbon footprint from the automotive sector are acting as a major driver for the electric vehicle market. China is leading the market for electric vehicles in the Asia Pacific. The high presence of electric vehicle manufacturers, growing advancement, and availability of lithium-ion battery technology are also steering the evolution of the electric vehicle market in Asia Pacific.

Electric Vehicle Market Report Scope

Electric Vehicle Market News and Recent Developments

The Electric Vehicle Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Electric Vehicle Markets market and strategies:

• On November 2023, BYD announced the inauguration of its first European car factory in Hungary. (Source: BYD, Press Release/Company Website/Newsletter)
• On February 2024, Volkswagen AG announced it to supply electric vehicle components and battery cells to Mahindra & Mahindra Ltd. as the company is focusing on strengthening its foothold in India’s developing clean transport market. (Source: Volkswagen AG, Press Release/Company Website/Newsletter)

Electric Vehicle Market Report Coverage and Deliverables

The “Electric Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis

REGIONAL FRAMEWORK

Electric Vehicle Market Report Analysis

MARKET PLAYERS

Electric Vehicle Market Report Scope

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• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.