Global Electric Vehicle Market Size, Share, Growth: By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle; By Vehicle Type: Passenger Car, Two-Wheeler, Light and Medium Commercial Vehicles, Heavy Commercial Vehicles (HCVs); Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Global Electric Vehicle Market Size

The global electric vehicle market reached a volume of nearly 31,061.20 thousand units in 2023. The market is projected to grow at a CAGR of 13.2% between 2024 and 2032 and reach around 1,01,177.60 thousand units by 2032.

Global Electric Vehicle Market Outlook

• 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.

• BYD Co. Ltd., Tesla Inc., and Volkswagen AG are some major companies in the market.

• In 2022, globally, 55% more EV chargers were installed compared to 2021, taking the total number of public charging points to 2.7 million.

Global Electric Vehicle Market Growth

Government policies such as the Inflation Reduction Act (IRA) launched by the US government in August 2022 and China’s 14th Five-Year Plan released in December 2021, aid the manufacturing and rapid adoption of EVs. Prominent automotive manufacturers such as Ford, General Motors, and Honda are focusing on the production of electric vehicles and increasing the number and variety of electrified models offered.

Some of the factors driving the electric vehicle market growth are the development of EV charging infrastructure and the decreasing cost of lithium-ion batteries. Publicly accessible chargers are increasingly being installed by governments to provide convenience and accessibility for vehicle owners. EV chargers, especially those located along motorways, enable longer journeys and can help address range anxiety, a barrier to EV adoption.

Figure: Global Charging Points (in Thousands), 2018-2023

Key Trends and Developments

Favourable government initiatives; advancements in EV technology; public charging infrastructure expansion; and innovations in battery technology are favouring the global electric vehicle market expansion

May 2024

Dongfeng 's mainstream technology electric brand, Yipai, launched a new racing car for the world's top event ETCR (World Electric Touring Car Championship) in Shanghai. Dongfeng E-Pai eπ007 electric racing car is the world's first standardised racing car for ETCR.

May 2024

Chevrolet introduced the Chevrolet Blazer EV in Brazil. The company also declared that it will upgrade its product lineup, which includes this electric SUV type, with a significant investment of R$ 7 billion between 2024 and 2028. The Blazer EV will be imported straight from Mexico and is scheduled to arrive in August.

April 2024

Six years after the first Model 3 Performance was delivered, Tesla unveiled the new Model 3 Performance. This distinct performance trim utilises Tesla's latest manufacturing and engineering innovations to create what they deem the perfect high-performance daily driver.

April 2024

BYD launched its new pure electric vehicle, the BYD SEAGULL, in Colombia. The vehicle, which made its debut at the Colombia Auto Show last year, has been highly anticipated among local consumers.

Favourable government policies promoting EV adoption

Governments globally are promoting the adoption of EVs to meet their emissions reduction targets. Government policies such as the Inflation Reduction Act (IRA) launched by the US government, Alternative Fuels Infrastructure Regulation (AFIR) in Europe, China’s 14th 5-Year Plan and Production Linked Incentive (PLI) scheme by the Indian Government aid the adoption of EVs.

Advancement in EV technology

The incorporation of AI with self-driving features have increased the functionality of EVs. Vehicle control software enhances vehicle performance and safety features. Automakers are also advancing battery technology, and developing solid-state batteries that have higher energy density than lithium-ion batteries.

Expansion of the public charging infrastructure

Governments are strengthening the public charging infrastructure to enable widespread adoption of EVs. In 2023, the global public charging stock increased by over 40% compared to the previous year. At the end of 2023, fast chargers represented over 35% of public charging stock.

Innovation in battery technology

Solid-state batteries, sodium-ion (Na-ion) batteries, and lithium-sulphur batteries with higher energy storage are enhancing the range of EVs. The popularity of LFP batteries among Chinese manufacturers due to their low cost is further aiding the market growth.

Global Electric Vehicle Market Trends

EV manufacturers are using lightweight materials, including carbon fibre composites and aluminium alloys, to lower energy consumption and prolong battery life. A 10% decrease in vehicle weight can increase the power efficiency of the vehicle by 6-8%.

Furthermore, by 2050, the European Union aims to achieve net-zero emissions. This is expected to increase the adoption of EVs over ICE vehicles. The European Commission aims to install 3.5 million charging points by 2030. Additionally, by 2026, the U.S. government aims to deploy 500,000 EV public chargers. By 2030, 64% of all lightweight vehicles in the USA are expected to be powered by lithium-ion batteries. The introduction of such favourable government initiatives is anticipated to aid the electric vehicle market development in the coming years.

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Global Electric Vehicle Industry Segmentation

Global Electric Vehicle Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type:

• Battery Electric Vehicle 

• Hybrid Electric Vehicle 

• Plug-in Hybrid Electric Vehicle

Market Breakup by Vehicle Type:

• Passenger Car

• Two-Wheeler 

• Light and Medium Commercial Vehicles

• Heavy Commercial Vehicles (HCVs) 

Market Breakup by Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa  

Global Electric Vehicle Market Share

Battery electric vehicles are expected to hold a significant market share due to their increasing average range

The average range of battery electric vehicles increased from 79 miles (127 km) to 217 miles (350 km) between 2010 and 2021, increasing their adoption substantially. Such vehicles offer high efficiency as they are run entirely on a battery-powered electric drivetrain. As of February 2024, the United States boasted more than 61,000 publicly accessible electric vehicle charging stations with Level 2 fast chargers, increasing from 29,000 in 2020. In May 2024, Jeep announced the launch of Jeep® Wagoneer S, the brand's first global battery-electric vehicle (BEV) in the U.S. and Canada.

Hybrid electric vehicles (HEVs) are gaining popularity in short-range trips due to their exceptional fuel efficiency and MPG. In 2022, non-plug-in hybrid cars accounted for 21% of total car imports and 13% of car exports in the EU. Governments across the globe are providing tax credits and incentives for HEV buyers, which is expected to further increase their adoption in the forecast period.

The average range of plug-in hybrid vehicles is from 10 to 30 miles per charge, with some models of vehicles reaching nearly 50 miles using all-electric power. Governments across the globe are providing incentives to support clean mobility. In the United States, the federal government offers up to USD 7,500 tax credits for consumers who purchase electric plug-in vehicles. Additionally, in Germany, plug-in hybrid electric vehicles are funded with a maximum of EUR 6,750.

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.

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Global Electric Vehicle Market Analysis by Region

The Asia Pacific is a prominent region in the market due to the presence of leading automotive manufacturers in countries such as China, India, and Japan

In January 2024, BYD, a global leader in the electric vehicle market, launched three new electric passenger cars in Indonesia to further expand its presence in the Southeast Asia region. As per the China Electric Vehicle Charging Infrastructure Promotion Alliance, 716,000 charging piles were added from January 2024 to March 2024, which marked an increase of 13.2% as compared to January 2023 to March 2023.

In Europe, in 2023, the EU passed a new law, which mandates a major expansion of fast-charging stations for heavy-duty electric vehicles. By 2025, powerful stations delivering at least 600 kW, with at least one 150 kW charger included, must be installed every 60 kilometres on core TEN-T routes and every 100 kilometres on the broader network.

In North America, OEMs with over 170 battery-electric models, focus on medium-duty trucks, where electric options compete favourably with diesel in total ownership cost. The increasing expansion of public charging infrastructure in the region is further fuelling the electric vehicle market growth.

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Electric Vehicle Market Report Snapshots

Electric Vehicle Market Size

Electric Vehicle Market Analysis

Electric Vehicle Market Growth

Electric Vehicle Market Trends

Electric Vehicle Market Share

Electric Vehicle Companies

Electric Vehicle Market Regional Analysis

*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.