Electric Vehicle (EV) Market Size, Share, Growth Analysis, By Component(Onboard Charger, Motors, PCU, BMS, Others), Propulsion(BEV, PHEV, Fuel Cell EV), Vehicle Type, Top Speed, Vehicle Drive Type, Vehicle Class, Charging Type, Vehicle Connectivity, End Use, and Region - Industry Forecast 2024-2031


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

Electric Vehicle (EV) Market Insights

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.

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 Asia Pacific Region (%)

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Electric Vehicle (EV) Market Segmental Analysis

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.

Global Electric Vehicle Market By End Use (%)

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Electric Vehicle (EV) Market Regional Insights

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.

Global Electric Vehicle Market By Geography
  • Largest
  • Fastest

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Electric Vehicle (EV) Market Dynamics

Electric Vehicle (EV) Market Driver

Growing government subsidies, favourable policies and decreasing reliance on fossil fuels  to drive 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. These are things like subsidies that reduce the cost of EVs or tax credit that lower the price of a car due to rebates. For instance, the US federal tax credit allows buyers to reclaim up to $7,500 if they purchase an electric car, with many states offering further incentive. Likewise, countries in Europe such as Norway and Germany boast of subsidy policies as well as tax incentives that have catalysed growth in the sales of EVs. 

Advancement of technologies associated with electric vehicles will further propel the market: 

  • Our analysis reveals that the technological advancement is one of the prominent drivers that deals with the growth of EVs market. Technology advancement such as battery technology, where new types of batteries like the lithium-ion battery has expanded the range and reduced the cost of electric vehicles, and increased efficiency. The efficiency of these vehicles has also risen from roughly 100 ‘miles on a charge’ to over 250 in the recent past, which takes care of one of the primary issues that a potential purchaser of an EV may have. In addition, fast-charging technology have reduced charging times which makes the EVs convenient for long distances. Tesla being a pioneer of the electric car market with its Supercharger network and new players like Electrify America investing in high-power charging points that are making EVs more practical solutions for daily use. 

Growing demand for EVs due to increasing environmental awareness among consumers: 

  • Growing awareness of environment safety and towards green initiatives is also a key factor that is responsible for the growth of the market. People are adapting an environment friendly culture and are demanding for products and services that will help them to adopt an environmentally friendly lifestyle. Self-driving vehicles, using no fuel and thus exhibiting zero emissions, can be considered as one of the eco-friendliest means of transportation. 

Restraint  

High manufacturing cost for EVs  to stymie the market growth: 

  • Our analysis reveals that the amount of money required upfront to own an electric vehicle is still considered by many as a major constraint. However, the costs of batteries, which create the largest portion of EV cost, have been gradually declining, the total cost of ownership for electric cars is still much higher compared to ICE cars. Our analysis also found that currently, electric vehicles’ price averages around $55,000 while conventional vehicles average to about $35, 000. This difference in cost is due to the fact that, to manufacture an EV, one needs to use high technology and materials such as lithium-ion batteries, electronic driven trains, and advanced electronics.  

Limited Charging Infrastructure may hinder the demand for EVs: 

  • One of the barriers to the market is the less availability of charging stations that may hinder the growth of the electric vehicle market. While governments and automotive manufacturers continue to invest funds and time in expanding the number of charging stations, many places remain inadequately equipped to sustain the great influx of EVs. The number of charging stations is important for providing credible solutions to one of the main concerns of potential buyers of electric cars, namely, the lack of charging infrastructure. Based on SkyQuest’s analysis, we found that currently, the statistics reveal that by 2023, the global EV charging infrastructure stands at about 2 million Stations, Public Charging Points in particular, but this number is still not sufficient when put against the backdrop of the required growth rate of the market demand for EVs.

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Electric Vehicle (EV) Market Competitive Landscape

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

  • Tesla (United States) 
  • BYD Company Limited (China) 
  • NIO Inc. (China) 
  • General Motors (GM) (United States) 
  • Volkswagen AG (Germany) 
  • BMW Group (Germany) 
  • Hyundai Motor Company (South Korea) 
  • Kia Corporation (South Korea) 
  • Ford Motor Company (United States) 
  • SAIC Motor Corporation Limited (China) 
  • Renault Group (France) 
  • Nissan Motors (Japan) 
  • Honda Motor Co., Ltd. (Japan) 
  • Stellantis N.V. (Netherlands) 
  • Mercedes-Benz AG (Germany) 
  • Xpeng Inc. (China) 
  • Li Auto Inc. (China) 
  • Lucid Motors (United States) 
  • Rivian Automotive, Inc. (United States) 
  • Geely Auto Group (China)

Electric Vehicle Market Recent Developments

  • In April 2024, Tata Passenger Electric Mobility Ltd. (TPEM) signed a non-binding Memorandum of Understanding with Shell India Markets Private Limited (SIMPL) to collaborate in establishing public charging stations across India. Shell EV Recharge locations provide reliable and ultra-fast charging, with a 98%-99% charger uptime.   
  • In March 2024, Mercedes-Benz unveiled its new electric vehicle EQA electric SUV in India that is set to be launched in July 2024. The EQA is an electrified version of the ICE-powered A-Class. Inside, the new Mercedes-Benz EQA will come equipped with dual 10.25-inch screens, three-spoke multi-function steering wheel, turbine-style AC vents, automatic climate control, latest MBUX system, and a Burmester-sourced music system. 
  • In February 2023, bp took another step toward delivering on its transformation to an integrated energy company by announcing plans to invest $1 billion by 2030 into electric vehicle (EV) charge points across the United States. The investment includes Hertz and bp announcing an intention to bring fast charging infrastructure to Hertz locations in major cities, such as Atlanta, Austin, Boston, Chicago, Denver, Houston, Miami, New York City, Orlando, Phoenix, San Francisco and Washington, DC.

Electric Vehicle (EV) Key Market Trends

  • Integration of Autonomous Driving Features: Our study reveals that the incorporation of self-driving technologies is a prominent shift influencing the advancement of the EV market. The evolution of artificial intelligence and the integration of sensor systems in cars are allowing car makers to offer better and more advanced autonomous driving systems in their EVs. Tesla, Waymo, and General Motors’ Cruise division are some of the leading firms that have advanced this innovation, and it is already possible to see their ongoing efforts bearing fruit.
  • These features start from partial automation such as the ADAS which include lane-keeping assist, and adaptive cruise control up to conditional automation on specific scenarios. The combination of the two paradigms, EVs and autonomous technology, is highly synergistic since both require identical components for optimal system implementation, including computing platforms and efficient power management. Furthermore, the deployment of autonomous features in EVs is said to improve the efficiency and safety of the car, since AI can determine the most efficient way to drive to avoid wasting energy and also to avoid incidences of an accident.

Electric Vehicle (EV) 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. 

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
  • Component
    • Onboard Chargers, Motors, Power Control Units, Battery Management Systems, Fuel Cell Stacks, Fuel Processors, Power Conditioners, Air Compressors, Humidifiers
  • Propulsion
    • Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
  • Vehicle Type
    • Two-Wheelers (Scooters, Motorcycles), Three-Wheelers, Passenger Cars (SUV, Sedan, Hatchbacks, Coupe & Sports Car), Commercial Vehicles (Buses, Trucks)
  • 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
  • Vehicle Class
    • Low Priced, Mid-Priced, Luxury
  • Charging Type
    • AC (Normal Charging), DC (Super Charging), Inductive Charging
  • Vehicle Connectivity
    • V2B OR V2I, V2G, V2V, V2X
  • End Use
    • Private, Commercial
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 (United States) 
  • BYD Company Limited (China) 
  • NIO Inc. (China) 
  • General Motors (GM) (United States) 
  • Volkswagen AG (Germany) 
  • BMW Group (Germany) 
  • Hyundai Motor Company (South Korea) 
  • Kia Corporation (South Korea) 
  • Ford Motor Company (United States) 
  • SAIC Motor Corporation Limited (China) 
  • Renault Group (France) 
  • Nissan Motors (Japan) 
  • Honda Motor Co., Ltd. (Japan) 
  • Stellantis N.V. (Netherlands) 
  • Mercedes-Benz AG (Germany) 
  • Xpeng Inc. (China) 
  • Li Auto Inc. (China) 
  • Lucid Motors (United States) 
  • Rivian Automotive, Inc. (United States) 
  • Geely Auto Group (China)
Customization scope

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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 Electric Vehicle (EV) 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 Electric Vehicle (EV) 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 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.

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 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.

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.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

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).

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.   'Tesla (United States) ', 'BYD Company Limited (China) ', 'NIO Inc. (China) ', 'General Motors (GM) (United States) ', 'Volkswagen AG (Germany) ', 'BMW Group (Germany) ', 'Hyundai Motor Company (South Korea) ', 'Kia Corporation (South Korea) ', 'Ford Motor Company (United States) ', 'SAIC Motor Corporation Limited (China) ', 'Renault Group (France) ', 'Nissan Motors (Japan) ', 'Honda Motor Co., Ltd. (Japan) ', 'Stellantis N.V. (Netherlands) ', 'Mercedes-Benz AG (Germany) ', 'Xpeng Inc. (China) ', 'Li Auto Inc. (China) ', 'Lucid Motors (United States) ', 'Rivian Automotive, Inc. (United States) ', 'Geely Auto Group (China)'

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. These are things like subsidies that reduce the cost of EVs or tax credit that lower the price of a car due to rebates. For instance, the US federal tax credit allows buyers to reclaim up to $7,500 if they purchase an electric car, with many states offering further incentive. Likewise, countries in Europe such as Norway and Germany boast of subsidy policies as well as tax incentives that have catalysed growth in the sales of EVs. 

Integration of Autonomous Driving Features: Our study reveals that the incorporation of self-driving technologies is a prominent shift influencing the advancement of the EV market. The evolution of artificial intelligence and the integration of sensor systems in cars are allowing car makers to offer better and more advanced autonomous driving systems in their EVs. Tesla, Waymo, and General Motors’ Cruise division are some of the leading firms that have advanced this innovation, and it is already possible to see their ongoing efforts bearing fruit.

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. 

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