USD 603.45 billion
Report ID:
SQMIG25C2046 |
Region:
Global |
Published Date: July, 2024
Pages:
211
|Tables:
143
|Figures:
83
Electric Vehicle (EV) Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 661.87 billion in 2023 to reach a value of USD 1386.08 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 electric cars accounted for around 18% of all cars sold in 2023, up from 14% in 2022. The year 2023 accounted nearly 14 million units EVs have been sold, 95% of which were in China, Europe and the United States. 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 (EV) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 603.45 billion
Largest Segment
Battery Electric Vehicle
Fastest Growth
Plug-in Hybrid Electric Vehicle
Growth Rate
9.68% CAGR
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The global electric vehicle (EV) market is segmented based on component, propulsion, vehicle type, vehicle drive type, vehicle class, charging type, vehicle connectivity, top speed, end use, and region. Based on component, the market is segmented into onboard chargers, motors, power control units, battery management systems, fuel cell stacks, fuel processors, power conditioners, air compressors, and humidifiers. Based on propulsion, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. Based on vehicle type, the market is segment into two-wheelers (scooters, motorcycles), three-wheelers, passenger cars (SUV, Sedan, Hatchbacks, Coupe & Sports Car), commercial vehicles (buses, trucks). Based on vehicle drive type, the market is segmented into front wheel drive, rear wheel drive, all-wheel drive. Based on vehicle class, the market is segmented into low priced, and mid-priced, luxury. Based on charging type, the market is segmented into AC (Normal Charging), DC (Super Charging), inductive charging. Based on vehicle connectivity, the market is segmented into V2B OR V2I, V2G, V2V, V2X. Based on top speed, the market is segmented into Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH. Based on end use, the market is segmented into Private, Commercial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Analysis by Propulsion
Based on our analysis, in 2023, vehicles equipped with BEVs dominated the global electric vehicle (EV) 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. Promotion of BEVs through government policies such as incentives and regulating lenient CO2 emission standards have also aided the growth of BEVs. The primary contributor to this fact was the growing ecological consciousness across globe and benefits of BEV among the various customers. Additionally, the increase in charging stations and the availability of more BEV models from leading manufacturers also reflect the increased attractiveness of these vehicles, making this segment the largest one.
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.
Analysis by End Use
In 2023, the private end use segment is the dominating segment within the electric vehicle market and held around 71% of the total revenue. The dominance of this segment is attributed to the shift towards green technologies by citizens through enhanced sensitization of environmental conservation and incentives such as tax incentives for the use electric cars. Also, the development of charging stations, improvements in the battery capacity, and the decline of the cost of electric cars have made the ownership of EVs for private individuals more viable and popular among people. Electric vehicle manufacturers are bringing more and more models to the market from the affordable to luxury segment and from sedans to sports utility vehicles hence bringing more consumers to the private segment as many consumers want to leave their small carbon footprint and also in the long run save on fuel and maintenance costs
On the other hand, the commercial segment is the fastest-growing segment in terms of the electric vehicle market. This rapid growth is driven by the use of electric vehicles in logistics and transportation, in addition to the popularity of ride-hailing apps. Some of the drivers that have led to this trend are increasing concern over the quality of air in cities and Global warming from burning of fossil fuels while the government set policies and rebates that favouring electrification of fleets. It has become common for industries to consider the procurement of EVs for improving their performance and to support sustainability initiatives.
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Asia pacific held the largest share of revenues in 2023 which was around 46.76%, due to the growth of e-vehicle sales in regional economies like the China, Japan, South Korea and India with initiatives such as the government initiatives, automotive manufacturers, policymakers, non-profit organizations, and charging network companies focussing on doing things like the launch of a new non-profit organization. Urbanization, environmental regulations, and recent advances in EV technology such as improved battery efficiency and expanded charging infrastructure all serve to further consolidate the Asia Pacific’s dominance in the market.
On the other hands, the Europe region is experiencing rapid growth with the fastest growing CAGR at 12%. In 2023, the region held around 33.1% within the global electric vehicle market (EV). The increasing dominance of this region due to the rising consciousness of buyers about preservation as well as a wider variety of models available have served to push up the desire for electric cars all over Europe. European Union's Green Deal and plans for widespread charging networks are essential in accelerating market growth. Based on SkyQuest’s in-depth study, we found that In Europe, new electric car registrations have reached nearly 3.2 million in 2023, increasing by almost 20% relative to 2022. This surge shows the increasing demand in the region is going to dominate the market in coming years.
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Electric Vehicle (EV) Market Driver
Growing government subsidies, favourable policies and decreasing reliance on fossil fuels to drive market:
Advancement of technologies associated with electric vehicles will further propel the market:
Growing demand for EVs due to increasing environmental awareness among consumers:
Restraint
High manufacturing cost for EVs to stymie the market growth:
Limited Charging Infrastructure may hinder the demand for EVs:
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Global Electric Vehicle market is competitive and characterized by the presence of several key players. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. The market is driven by continuous research and development (R&D) efforts aimed at introducing innovative techniques and enhancing efficiency. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge.
Additionally, they invest heavily in research and development of new EV solutions. The market also witnesses intense competition in terms of pricing, as players strive to offer cost-effective solutions without compromising on quality. Moreover, companies operating in the global managed mobility services market are actively engaged in improving their manufacturing processes to increase production efficiency and meet the growing demand for sustainable solutions.
Electric Vehicle Market Top Players Company Profiles
Electric Vehicle Market Recent Developments
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.
Based on SkyQuest’s in-depth analysis, the electric vehicle (EV) market expansion on a global scale persists at elevated levels resulted from several major factors such as the environmental impact issues, technologic innovation, 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. 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 1386.08 Billion |
Growth Rate | 9.68% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Electric Vehicle (EV) 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 Electric Vehicle (EV) 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Vehicle (EV) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25C2046