Electric Vehicle Market

Global Electric Vehicle Market Size, Share, Growth Analysis, By Type(Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Vehicle Type(Two-Wheelers, Passenger Cars), By Vehicle Class(Low to Mid-Priced, Premium-Priced), By Top Speed(Less Than 100 MPH, 100 to 125 MPH), By Vehicle Drive Type(Front Wheel Drive, Rear Wheel Drive) - Industry Forecast 2023-2030


Report ID: SQMIG25C2046 | Region: Global | Published Date: February, 2024
Pages: 211 | Tables: 143 | Figures: 83

Global Electric Vehicle Market Insights

Global Electric Vehicle Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 656.31 billion in 2023 to reach a value of USD 1198.29 Billion by 2031, at a CAGR of 9.68% over the forecast period (2024-2031).

The market is specifically driven by the initiatives taken by governments around the globe to encourage the production of electric cars. For instance, in February 2023, the Biden-Harris Administration announced new measures aimed at creating a charging network consisting of fast, convenient, and domestically produced electric vehicles. These initiatives, however, are characterized as a means through which the U.S. can reach its aggressive climate agenda of establishing 500,000 EV chargers across highways and towns. By 2030, the government targets to witness EVs to be at least 50% of all newly sold cars. This would be the battle against the climate crisis and pave the way for the development of the domestic EV charging network and EVs themselves in in line with the overall industrial framework for growth. 

Based on SkyQuest in-depth study, we found that the demand for safe, green, and smart vehicles is becoming the major driving factor for the global EV industry during the forecast period. Either fully electric or hybrid electric vehicles are designed to substitute fossil fuels and thus to lessen a carbon footprint. There is the proliferation of the development of highly precise electric vehicles that are not impacted by different types of road/terrain or extreme weather conditions such as climate fluctuations. Our study also reveals that innovative electric vehicle companies like BYD, Baic Motor, Ford Motor Company, and General Motors are working on boosting the performance of electric fuel automobiles. The OEMs are going after niche segments in the market, too, to make the e-vehicles future-strong. Furthermore, Strict vehicle emission standards have boosted the incidence of electric vehicles. For instance, European Union has announced its intention to achieve net-zero greenhouse gas emissions by 2050. Electric vehicles generate low emissions compared to the traditional ones. It resulted in the governments of almost all countries starting to improve the awareness and encouragement of promotion of EVs to cut the oil consumption, air pollution, and emissions.

US Electric Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 603.45 billion

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 Europe Region (%)
Global Electric Vehicle Market Size by Type, ($ Bn)
Global Electric Vehicle Market Size by, Type (%)

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Global Electric Vehicle Market Segmental Analysis

The global electric vehicle market is segmented on the basis of type, vehicle type, vehicle class, top speed, vehicle drive type, and region. By type, it is divided into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). By vehicle type, it is classified into two-wheelers, passenger cars, and commercial vehicles. By vehicle class, it is classified into mid-priced and luxury class. On the basis of top speed, it is segmented into less than 100 MPH, 100 to 125 MPH, and more than 125 MPH. By vehicle drive type, it is segmented into front wheel drive, rear wheel drive, and all-wheel drive. By region, the market is analyzed across North, Europe, Asia-Pacific and LAMEA.

Electric Vehicle Market Analysis by Type

Based on our analysis, type segment in global electric vehicle market is sub segmented three categories: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle. In 2023, vehicles equipped with BEVs has dominated the Global Electric Vehicle Market with a market share of 63.36%. in terms of sales value and are also poised to grow significantly at the rate of CAGR to 22.4% over the forecast year. The primary contributor to this fact was the growing ecological consciousness across globe and benefits of BEV among the various customers. 
On the other hand, a FCEV segment could be seen with the highest CAGR of 24.2% over the projection period. The FCEV sector encountered exceptionally high growth in the recent EV developments, mostly because of factors such as zero tailpipe emissions, longer driving range, great hydrogen infrastructure, very wide applications, and as well as continuous research & development process. Varying conditions such as distance, refuel infrastructure, and range provide a strong motive for FCEV drivers as an important alternative of emission-free transportation.

Global Electric Vehicle Market By Type (%), 2022 (%)

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Global Electric Vehicle Market Regional Insights

Based on SkyQuest in-depth study, we found that Europe held the largest share of revenues in 2023 which was around 46.76%, chiefly due to factors like development of infrastructure, environmental concerns, regulatory incentives, technological advancements, and consumers changing preferences. Thereby is perennity of highly reputable and well-known electric vehicle producers in the region the main factor expanding the regional market.

In 2023, North America region has registered as one of the major contributors in the global revenue. This is due to the growth of e-vehicle sales in regional economies like the United States with other initiatives such as the automotive manufacturers, policymakers, non-profit organizations, and charging network companies focussing on doing things like the launch of a new non-profit organization named "Veloz". By so doing, the group is behind the creation of a place where investments, innovations, marketing, and growing electric.

In February 2023, the Secretary of Energy for the U.S. government announced a consideration of a substantial amount to be allocated to the research and development (R&D) of electric vehicles. It includes setting up USD 10 billion funding conundrum, USD 7.5 billion direction towards charging infrastructure, and over USD 7 billion towards EV-critical minerals, battery components, and materials. These major funding programs will work hand in hand with the Inflation Reduction Act that has presented much needed support for the advanced battery technology and now allows for a broader range of tax credits for buying electric cars and installation of charging infrastructures.

Asia Pacific is expected to outpace all other regions to emerge as a major growth driver during forecasted years. This is facilitated by the visibly growing demand to electric cars in China, Japan and India. In August 2022, the ESCAP launched the the Asia-Pacific Initiative on Electric Mobility, which aimed to speed up the transformation of the electric mobility in public transport. A move is proposed in order to decrease the transport sector’s emission of greenhouse gas and help with related Paris Agreement implementation.  Japan and South Korea have been expanding their EV markets as well. Their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, establishing deadlines for switching from ICE cars to full or hybrid EVs, and so on. 

India is likewise aiming to increase its EV market demand. The new car scrappage policy, which allows old vehicles to be scrapped in exchange for low-emission vehicles, as well as other planned laws, will help the country become the region's fastest-growing market for EVs in the next years.

Global Electric Vehicle Market By Geography, 2024-2031
  • Largest
  • Fastest

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Global Electric Vehicle Market Dynamics

Electric Vehicle Market Driver

Growing Government Subsidies, Favourable Policies and decreasing reliance on fossil fuels are expected to drive the Market

  • The growing demand for EVs will drive the market during the projected period. The government offers many incentives and policies to drive the sales of EVs. Such incentives include a lower sales price, zero or lower registration price, free charging of EVs through several charging stations, among many governments worldwide excluding import taxes, purchase tax, and road tax, with specific subsidies. As a result, these subsidies increased the production of EVs for the auto industry. Moreover, the government has made enormous infrastructure investment and supportable policies. For instance, in the next 5 years, the U.S. government plans to spend over USD 287 billions on newly highway construction. The price increase is due to the rising demand for petrol, which is a non-renewable energy supply that is predicted to be depleted over the next several decades. Price increases are caused by fluctuations in the demand and supply of gasoline. Despite the fact that several accords have been established to restrict the price of gasoline on the worldwide market, prices have risen throughout the years. Because the majority of nations are needed to buy petrol, its use adds to the economy's trade balance. Because of finite petroleum supplies and growing gasoline prices, manufacturers are considering alternate fuel sources for their automobiles.

Electric Vehicle Market Restraint

High manufacturing cost for EVs and Batteries likely to stymie the market growth

  • While EVs have proven to be superior to Fossil fuel cars, the EVs’ costs are still higher speculate of the Fossil fuel cars. Thus, EVs are still at a lower scale of production since their economies of scale are not yet achieved. The absence of the EV charging network hindered the market due to some of the factors of hindrance’s growth. Furthermore, manufactures need a lot of investment and assets which may reduce or hinder the market’s growth. Nevertheless, the cost of batteries is expected to decline due to large EV batteries produced, and the level of technology used in manufacturing due to large-scale production.  Additionally, When compared to petrol, CNG, or LPG fuel stations, the initial cost in establishing a rapid charging system is substantially more. This has been a key impediment to governments all around the world adopting EVs on a larger scale during the last decade. Technological advancements are predicted to eliminate this constraint, resulting in lower prices. Because of the increased equipment costs and the demand for an extra fast charger to construct a transformer to link the grid and charging system, the cost of EV fast charging is significant. This has slowed the development of charging networks throughout the world, which have gained pace in recent years due to worries about automobile emissions.

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Global Electric Vehicle Market Competitive Landscape

Due to the low cost and readily accessible workforce, the EV industry is relatively concentrated, with the participation of large competitors. Startups are also increasing their footprint by raising funding from investors and moving into new and undiscovered cities. The competitive and fragmented nature of the market is attributed to the presence of leading players, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc. , Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, Ltd . Tesla, Inc. , the California-based EV manufacturing company and its cars are renowned for incorporated autopilot mode and semi-autonomous adjuncts . The car stake has a core enterprise of innovative product design, technological augmentation, and quality conviction. To meet the biggest charging station gap in North America, Tesla was functioning its network of charging stations across the U.S. and Canada . Tesla initiated solar power production plants to make green energy accessible for these charging stations.  

Additionally, Companies are investing much in R&D and developing new models in order to establish their market position. However, established market companies are developing new models to obtain a competitive advantage over other firms.

Electric Vehicle Market Top Players Company Profiles

  • Tesla (US)
  • Volkswagen AG (Germany)
  • Nissan Motors (Japan)
  • Ampere Vehicles 
  • Benling India Energy and Technology Pvt Ltd
  • BMW AG
  • BYD Company Limited 
  • Chevrolet Motor Company 
  • Daimler AG 
  • Energica Motor Company S.p.A. 
  • Ford Motor Company 
  • General Motors 
  • Hero Electric 
  • Hyundai Motor Company 
  • Karma Automotive 
  • Kia Corporation 
  • Lucid Group, Inc. 
  • Mahindra Electric Mobility Limited 
  • NIO 
  • Okinawa Autotech Pvt. Ltd. 
  • Rivain 
  • Tata Motors 
  • Toyota Motor Corporation 
  • WM Motor
  • Xiaopeng Motors

Electric Vehicle Market Recent Developments

  • In March 2024, The SAIC Motor Corp. and the JSW Group are joining hands to accelerate the roll-out of an electric car intended to be positioned as a sports car aimed at the top end of the market in India. There, only one other rapidly growing market for electric vehicles, and hence a perfect target for the joint venture. Firstly, JSW MGMotor India Pvt. Ltd will invest in bringing Cyberster to India. During the event in Mumbai, Sajjan Jindal who leads the JSW Group stated this publicly. He did not talk about critical aspects of the plan such as the time frame of the mission and the price. Cyberster will be making an appearance in Europe, also during this year.

  • In March 2024, Citroen and Blu Smart collaborate with an ambitious plan for 4,000 e-C3 units on the Indian roads which will boost EV sales and save a clime. While concentrating on one city at a time, BluSmart initially placed 125 eC3 SUVs from its Bengaluru superhub. Then, it offers modern features, such as 320 km range, immediate charging, and energy recovery from braking.

  • In March 2024, JSW Group unveiled an audacious electric vehicles initiative, they are now accelerating into the tightly crowded lane of Tata Motor’s limited electric trucks and Ashok Leyland’s electric commercial vehicles. The narrow strips of races they are running is known as the ‘new energy’ commercial vehicles. The steel behemoth is in the final negotiations with a potential partner to manufacture electric buses imperatively and further premium electric trucks in Odisha, India where it has invested ₹40,000 crore to set up a complete EV manufacturing complex.

Global Electric Vehicle Key Market Trends

  • Indian government’s electrical vehicle policy which is initiated represents a notable transition for the India’s automobile industry by putting rooms for import duty for electric cars and promotion of local production. The falling number of tariffs rate from 70-100% to 15% on import duties over 5 years motivates automakers to bring local manufacturing; hence, the slow growth of EVs in India in the electric vehicle segment. The eligibility condition for availing of the lower import duty is that the automaker must do an investment of no less than 4150 crore Rs (which is equivalent to US$500 million) within period of three years and this confirms the commitment of these automakers to local production and it also a huge contribution to local development of the manufacturing capacity base.

  • This is one part of strategy which displays the wider process of the world searching for electrical vehicles as a mode to combat with the ecological issues and minimize the consumption of traditional fuels. The Indian government aligning with similar initiatives globally taking an immediate road to the adoption of electric vehicles and then moving towards a more sustainable transport system might be the ultimate way out. In the same vein, the projections by the United States Environmental Protection Agency (EPA) show envisages a considerable increment of electric vehicles in the upcoming years with expected visa from electric cars being between 30 and 56 percent in the year 2032. Although decreased estimates flexible to justify changes in consumer behavelor oblivious about electric vehicles technology are suggested as a possibility, the underlying theme appears to be about the increasing recognition and recognition of these technologies and hence they remain as general trends global automotive market.

Global Electric Vehicle Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

The electric vehicle (EV) market expansion on a global scale persists at elevated levels resulted from two major factors - the environmental impact issues, and technologic innovations - and government efforts. Electric vehicles are getting more widespread through countries’ target to bring down the greenhouse gas in the atmosphere and get the least amount possible dependence on fossil fuels. The governments giving subsidies, tax breaks and investment on infrastructure to encourage more and more adoption of electric vehicles. Such aspiration has led to the growth in the supply and selection of electric vehicles from the standard city cars to the luxurious powered SUVs and commercial trucks. As the technology of batteries evolves and the number of public charging stations increases, this upsurge in peoples’ confidence to invest in electric vehicles is a result of the market expansion. Nevertheless, the global electric vehicle market also faces what the promising growth pattern undoubtedly hides some global problems, notwithstanding. Range anxiety, high upfront costs and some remote areas still hesitate about available infrastructure, are still in a way barriers to widespread electric cars expansion. Alongside this switch to electric vehicles come the effects for car makers and supply networks as well as power sector in the broader sense of the term. However, innovation, engagement with all market players, and government supportive policies will result in the growing EV market on which all the value chain from a stakeholder will entertain the good market expansion over the forecast year.  

Report Metric Details
Market size value in 2022 USD 603.45 billion
Market size value in 2031 USD 1198.29 Billion
Growth Rate 9.68%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
  • Vehicle Type
    • Two-Wheelers, Passenger Cars, Commercial Vehicles
  • Vehicle Class
    • Low to Mid-Priced, Premium-Priced
  • Top Speed
    • Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH
  • Vehicle Drive Type
    • Front Wheel Drive, Rear Wheel Drive, All Wheel Drive
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
  • Tesla (US)
  • Volkswagen AG (Germany)
  • Nissan Motors (Japan)
  • Ampere Vehicles 
  • Benling India Energy and Technology Pvt Ltd
  • BMW AG
  • BYD Company Limited 
  • Chevrolet Motor Company 
  • Daimler AG 
  • Energica Motor Company S.p.A. 
  • Ford Motor Company 
  • General Motors 
  • Hero Electric 
  • Hyundai Motor Company 
  • Karma Automotive 
  • Kia Corporation 
  • Lucid Group, Inc. 
  • Mahindra Electric Mobility Limited 
  • NIO 
  • Okinawa Autotech Pvt. Ltd. 
  • Rivain 
  • Tata Motors 
  • Toyota Motor Corporation 
  • WM Motor
  • Xiaopeng Motors
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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 Global Electric Vehicle 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
  • 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 Global Electric Vehicle 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
  • 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
  • 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(%)

Methodology

For the Global Electric Vehicle 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 Global Electric Vehicle 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 Global Electric Vehicle Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Electric Vehicle 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.

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FAQs

Global Electric Vehicle Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 656.31 billion in 2023 to reach a value of USD 1198.29 Billion by 2031, at a CAGR of 9.68% over the forecast period (2024-2031).

Due to the low cost and readily accessible workforce, the EV industry is relatively concentrated, with the participation of large competitors. Startups are also increasing their footprint by raising funding from investors and moving into new and undiscovered cities. The competitive and fragmented nature of the market is attributed to the presence of leading players, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc. , Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, Ltd . Tesla, Inc. , the California-based EV manufacturing company and its cars are renowned for incorporated autopilot mode and semi-autonomous adjuncts . The car stake has a core enterprise of innovative product design, technological augmentation, and quality conviction. To meet the biggest charging station gap in North America, Tesla was functioning its network of charging stations across the U.S. and Canada . Tesla initiated solar power production plants to make green energy accessible for these charging stations.   'Tesla (US)', 'Volkswagen AG (Germany)', 'Nissan Motors (Japan)', 'Ampere Vehicles ', 'Benling India Energy and Technology Pvt Ltd', 'BMW AG', 'BYD Company Limited ', 'Chevrolet Motor Company ', 'Daimler AG ', 'Energica Motor Company S.p.A. ', 'Ford Motor Company ', 'General Motors ', 'Hero Electric ', 'Hyundai Motor Company ', 'Karma Automotive ', 'Kia Corporation ', 'Lucid Group, Inc. ', 'Mahindra Electric Mobility Limited ', 'NIO ', 'Okinawa Autotech Pvt. Ltd. ', 'Rivain ', 'Tata Motors ', 'Toyota Motor Corporation ', 'WM Motor', 'Xiaopeng Motors'

The growing demand for EVs will drive the market during the projected period. The government offers many incentives and policies to drive the sales of EVs. Such incentives include a lower sales price, zero or lower registration price, free charging of EVs through several charging stations, among many governments worldwide excluding import taxes, purchase tax, and road tax, with specific subsidies. As a result, these subsidies increased the production of EVs for the auto industry. Moreover, the government has made enormous infrastructure investment and supportable policies. For instance, in the next 5 years, the U.S. government plans to spend over USD 287 billions on newly highway construction. The price increase is due to the rising demand for petrol, which is a non-renewable energy supply that is predicted to be depleted over the next several decades. Price increases are caused by fluctuations in the demand and supply of gasoline. Despite the fact that several accords have been established to restrict the price of gasoline on the worldwide market, prices have risen throughout the years. Because the majority of nations are needed to buy petrol, its use adds to the economy's trade balance. Because of finite petroleum supplies and growing gasoline prices, manufacturers are considering alternate fuel sources for their automobiles.

Based on SkyQuest in-depth study, we found that Europe held the largest share of revenues in 2023 which was around 46.76%, chiefly due to factors like development of infrastructure, environmental concerns, regulatory incentives, technological advancements, and consumers changing preferences. Thereby is perennity of highly reputable and well-known electric vehicle producers in the region the main factor expanding the regional market.

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