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Report Overview
The global electric vehicle market reached a volume of nearly 35161.28 Thousand Units in 2025. The market is projected to grow at a CAGR of 13.20% between 2026 and 2035 and reach around 121486.76 Thousand Units by 2035.
2025
Base Year
2019-2025
Historical Period
2026-2035
Forecast Period
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As of 2024, China leads the global competition in EV battery production, holding approximately 66% of the world's capacity for Li-ion battery manufacturing.
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BYD Co. Ltd., Tesla Inc., and Volkswagen AG are some major companies in the market.
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In 2022, globally, 55% more EV chargers were installed compared to 2021, taking the total number of public charging points to 2.7 million.
Electric Vehicle Market Leaders
Major players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge
BYD Co. Ltd.
Headquartered in China and founded in 1995, BYD Co. Ltd. is committed to delivering zero-emission energy solutions, encompassing energy generation, storage, and applications. The company offers various electric vehicles, including passenger and commercial electric vehicles.
Tesla Inc.
Headquartered in the United States and founded in 2003, Tesla Inc. is a leading American electric vehicle and clean energy company. Tesla designs, develops, produces, and markets advanced electric vehicles. The company offers various electric vehicles, including sedans, SUVs and Cybertrucks.
Toyota Motor Corp.
Headquartered in Japan and founded in 1937, Toyota Motor Corp. offers various electric vehicles, which include BEVs such as RZ 300e and mini-commercial vans; HEVs including Crown, Alphard, Vellfire, NXh, and others; and PHEVs like Prius, RAV4, NXh+, and other models.
Dongfeng Motor Group Company Limited
Headquartered in China and founded in 1969, Dongfeng Motor Group Company Limited provides various electric vehicles under passenger vehicle and commercial vehicle segments. Passenger electric vehicles include M HERO 917, VOYAH FREE, VOYAH DREAM, VOYAH PASSION; Dongfeng Aeolus SKY EV01, Dongfeng E70; and others. Commercial electric vehicles include Dongfeng Kinland, Dongfeng Kingrun, Dongfeng Vasol, and other models.
Other key players in the electric vehicle market include Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, CHERY Automobile Co., Ltd., General Motors Co., Volkswagen AG, Volvo AB, Nissan Motor Corporation, Mercedes-Benz Group AG, BMW AG, and SAIC Motor Corporation Limited.
Electric Vehicle Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2025, the market volume was around 35161.28 Thousand Units.
The market is assessed to grow at a CAGR of 13.20% between 2026 and 2035.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035 to reach nearly 121486.76 Thousand Units by 2035.
The major drivers include favourable government policies promoting EV adoption and rising government investments in EV charging infrastructure.
The key trends aiding the market include innovation in EV technology and the introduction of low-cost lithium-iron-phosphate (LFP) batteries.
The different types of electric vehicle include battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.
The major vehicle types considered in the market report include passenger car, two-wheeler, light and medium commercial vehicles, and heavy commercial vehicles (HCVs).
The major players in the market include BYD Co. Ltd., Tesla Inc., Toyota Motor Corp., Dongfeng Motor Group Company Limited, Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, CHERY Automobile Co., Ltd., General Motors Co., Volkswagen AG, Volvo AB, Nissan Motor Corporation, Mercedes-Benz Group AG, BMW AG, and SAIC Motor Corporation Limited.
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