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Global Electric Vehicle Market Size, Share, Growth: By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle; By Vehicle Type: Two-Wheeler, Passenger Car, Commercial Vehicles, Heavy Commercial Vehicles; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Electric Vehicle Market Outlook
The global electric vehicle market volume in 2023 was estimated to be 5.73 million units. The electric vehicle market is projected to reach 31.37 million units by 2032, growing at a CAGR of 20.8% between 2023 and 2032.
Electric vehicles are either operated by a collector system by electricity from the deployment of charging stations or can be powered by self-charging tools such as regenerative braking systems, turbochargers, and others.
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Pure electric vehicles and hybrid cars in Norway accounted for 53% of all new car sales in 2018 as compared to 42% in 2017, according to the Norwegian Road Federation, a public road transportation agency in Norway. Norway’s parliament has set a resolution target of zero emissions for all cars sold by 2024, which is expected to boost the growth of the electric vehicle market.
Market Segmentation
An electric vehicle requires one or more electric motors for propulsion. It is also referred to as an electric drive vehicle. Electricity can be used to drive electric battery vehicles as a transportation fuel. The market for electric vehicles can be categorised by segments such as type and vehicle type.
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The industry can be broadly categorised on the basis of its type into:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
The industry can be divided based on its vehicle type as:
- Two-Wheeler
- Passenger Car
- Commercial Vehicles
- Heavy Commercial Vehicles (HCVs)
- Buses
- Trucks
The EMR report looks into the regional electric vehicle markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
The demand for electric vehicles is powered by the increased demand for vehicles that are fuel-efficient and have high-performance and low emission. The rising trend of vehicle emission reduction due to strict rules and regulations in several countries and the development of public charging infrastructure in China, France, Norway, and other developed countries is accelerating the electric vehicle market growth. In addition, technological advances in electric vehicles and aggressive government initiatives are expected in the future to unfold multiple prospects for the growth of the electric vehicle industry participants, such as system integrators, vehicle manufacturers, engine manufacturers, and component suppliers. High electric vehicle manufacturing costs and low fuel efficiency and serviceability, however, may hinder the growth of the electric vehicle market.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global electric vehicle market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Tesla, Inc.,
- Toyota Motor Corporation
- BYD Motors Inc.
- General Motors
- Volkswagen Group
- SAIC Motor Corporation Limited
- BMW AG
- Mercedes-Benz Group AG
- Nissan Motor Corporation
- AB Volvo
- Hyundai Motor Company
- Ford Motor Company
- Great Wall Motor Company Limited
- Chery Automobile CoLtd
- Dongfeng Motor Company
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Vehicle Type |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| , OthersReport Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Historical Market (2018-2023)
8.3 Global Electric Vehicle Market Forecast (2024-2032)
8.4 Global Electric Vehicle Market by Type
8.4.1 Battery Electric Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hybrid Electric Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Plug-in Hybrid Electric Vehicle
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle Market by Vehicle Type
8.5.1 Two-Wheeler
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Passenger Car
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Commercial Vehicles
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Heavy Commercial Vehicles (HCVs)
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.4.3 Breakup by Type
8.5.4.3.1 Buses
8.5.4.3.2 Trucks
8.6 Global Electric Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Tesla, Inc. (NASDAQ: TSLA)
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Toyota Motor Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 BYD Motors Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 General Motors
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Volkswagen Group
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 SAIC Motor Corporation Limited
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 BMW AG
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Mercedes-Benz Group AG
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Nissan Motor Corporation
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 AB Volvo
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Hyundai Motor Company
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Ford Motor Company
16.2.12.1 Company Overview
16.2.12.2 Product Portfolio
16.2.12.3 Demographic Reach and Achievements
16.2.12.4 Certifications
16.2.13 Great Wall Motor Company Limited
16.2.13.1 Company Overview
16.2.13.2 Product Portfolio
16.2.13.3 Demographic Reach and Achievements
16.2.13.4 Certifications
16.2.14 Chery Automobile Co. Ltd
16.2.14.1 Company Overview
16.2.14.2 Product Portfolio
16.2.14.3 Demographic Reach and Achievements
16.2.14.4 Certifications
16.2.15 Dongfeng Motor Company
16.2.15.1 Company Overview
16.2.15.2 Product Portfolio
16.2.15.3 Demographic Reach and Achievements
16.2.15.4 Certifications
16.2.16 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle Historical Market: Breakup by Type (Million Units), 2018-2023
3. Global Electric Vehicle Market Forecast: Breakup by Type (Million Units), 2024-2032
4. Global Electric Vehicle Historical Market: Breakup by Vehicle Type (Million Units), 2018-2023
5. Global Electric Vehicle Market Forecast: Breakup by Vehicle Type (Million Units), 2024-2032
6. Global Electric Vehicle Historical Market: Breakup by Region (Million Units), 2018-2023
7. Global Electric Vehicle Market Forecast: Breakup by Region (Million Units), 2024-2032
8. North America Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
9. North America Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
10. Europe Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
11. Europe Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
12. Asia Pacific Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
13. Asia Pacific Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
14. Latin America Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
15. Latin America Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
16. Middle East and Africa Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
17. Middle East and Africa Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
18. Global Electric Vehicle Market Structure
Key Questions Answered in the Report
In 2023, the global electric vehicle market attained a volume of nearly 5.73 million units.
The market is projected to grow at a CAGR of 20.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about 31.37 million units by 2032.
The major drivers expected to aid market growth are the increasing environmental concerns, growing urbanisation, stringent regulations regarding vehicular emissions, and growing technological advancements.
The key trends guiding the growth of the market include the rising demand from developing regions and growing research and development activities by key players to develop more efficient and affordable electric vehicles.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicles are the leading types of electric vehicles in the market.
The significant vehicle types in the market include two-wheeler, passenger car, commercial vehicles, and heavy commercial vehicles (HCVs).
The major players in the market are Tesla, Inc., Toyota Motor Corporation, BYD Motors Inc., General Motors, Volkswagen Group, SAIC Motor Corporation Limited, BMW AG, Mercedes-Benz Group AG, Nissan Motor Corporation, AB Volvo, Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, Chery Automobile Co. Ltd, and Dongfeng Motor Company, among others.
Analyst Review
The global electric vehicle market attained a volume of 5.73 million units in 2023, driven by the growing awareness regarding environment and favourable government initiatives. Aided by the growing research and development activities, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 20.8%. The market is projected to reach 31.37 million units by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the industry can be segmented into battery, hybrid, and plug-in hybrid electric vehicles. On the basis of vehicle type, the industry is divided into two-wheeler, passenger car, commercial vehicles, and heavy commercial vehicles (HCVs). The major regional markets for electric vehicle are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Tesla, Inc., Toyota Motor Corporation, BYD Motors Inc., General Motors, Volkswagen Group, SAIC Motor Corporation Limited, BMW AG, Mercedes-Benz Group AG, Nissan Motor Corporation, AB Volvo, Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, Chery Automobile CoLtd, and Dongfeng Motor Company, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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