USD 195.56 Billion
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(Mid-Priced, Luxury), 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: October, 2022 | Pages: 211 | Tables: 143 | Figures: 69
Global Electric Vehicle Market Insights
Electric Vehicle Market was valued at USD 195.56 Billion in 2021, and it is expected to reach a value of USD 664.76 Billion by 2028, at a CAGR of 19.10 % over the forecast period (2022-2028).
An electric car, as opposed to a gasoline-powered vehicle, runs on electricity. Instead of an internal combustion engine, these cars are powered by an electric motor that requires a continual supply of energy from batteries to function. These vehicles make use of a variety of batteries. Lithium ion, molten salt, zinc-air, and other nickel-based designs are among them.
The electric car was created largely to replace traditional modes of transportation, which pollute the environment. It has grown in prominence because of several technical breakthroughs. It surpasses traditional automobiles by offering better fuel efficiency, lower carbon emissions and maintenance, the ease of charging at home, a smoother driving, and lower engine noise.
Factors such as increased demand for fuel-efficient, high-performance, and low-emission vehicles, stringent government rules and regulations regarding vehicle emissions, as well as lower costs of electric vehicle batteries and rising fuel prices, all contribute to the growth of the electric vehicle market. Furthermore, obstacles such as a lack of charging infrastructure, high production costs, range anxiety, and serviceability are projected to stymie the EV market's growth. Furthermore, technical developments, aggressive government efforts, and the development of self-driving electric vehicle technology are likely to generate several possibilities for major players in the electric vehicle market.
US Electric Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot
Global Market Size
Largest Segment
Battery Electric Vehicle
Fastest Growth
Battery Electric Vehicle
Growth Rate
19.10% CAGR
Global Electric Vehicle Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Electric Vehicle Market Size by TYpe, 2021-2028 ($ Bn)
Global Electric Vehicle Market Size by, Type 2021-2028 (%)
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Global Electric Vehicle Market Segmental Analysis
Electric Vehicle Market is segmented on the basis of type, vehicle type, vehicle class, top speed, vehicle drive type, and region. By type, Electric Vehicle Market is divided into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). By vehicle type, Electric Vehicle Market is classified into two-wheelers, passenger cars, and commercial vehicles. By vehicle class, Electric Vehicle Market is classified into mid-priced and luxury class. On the basis of top speed, Electric Vehicle Market is segmented into less than 100 MPH, 100 to 125 MPH, and more than 125 MPH. By vehicle drive type, Electric Vehicle Market is segmented into front wheel drive, rear wheel drive, and all-wheel drive. By region, the Electric Vehicle Market is analyzed across North, Europe, Asia-Pacific and LAMEA.
Electric Vehicle Market Analysis by Type
As nations throughout the world become more concerned about reducing emissions, the market for BEVs grows. BEVs were previously in short supply due to a lack of charging stations and the expensive cost of EV batteries. However, since the cost of EV batteries continues to fall at a rapid and consistent rate, along with expanding EV range and a developing EV charging network throughout the world, demand for BEVs has increased dramatically. The bulk of the top-selling EVs in the market in 2021 will be BEVs. The Asia Pacific area has the largest BEV market, with China, Japan, and South Korea leading in BEV sales. The rapid expansion of BEVs is mostly due to strong government backing and favourable policies.
Global Electric Vehicle Market By Type, 2021 (%)
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Global Electric Vehicle Market Regional Insights
China, Japan, and South Korea dominate the Asia Pacific EV market. China, being the world's top EV manufacturer and consumer, has a stranglehold over the region's EV business. Their government has taken steps such as providing subsidies to EV buyers, requiring all vehicle manufacturers to produce EVs based on the number of vehicles produced, providing significant support for the installation of EV charging stations in major cities, and enacting regulations against excessively polluting vehicles.
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 few years.
Global Electric Vehicle Market By Geography, 2021 - 2028
- Largest
- Fastest
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Global Electric Vehicle Market Dynamics
Electric Vehicle Market Driver
- 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
- 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. 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)
- BYD (China)
- Volkswagen AG (Germany)
- BMW Group (Germany)
- Nissan Motors (Japan)
- Daimler AG(Germany)
- Energica Motor Company S.p.A. (Italy)
- Ford Motor Company (US)
- General Motors (US)
- Hero Electric (India)
- Hyundai Motor Company (South Korea)
Electric Vehicle Market Recent Developments
- In May 2022, Tata Nexon launched Ev Max. Tata Motors delivered 3,454 electric vehicles, including both the Nexon EV and Tigor EV, in May 2022. This is the highest number of electric cars ever sold by the brand. Meanwhile, the firm recently launched the long-range Nexon EV Max in the country.
- In February 2022, Mini Cooper SE Electric was launched. It offers a claimed driving range of 270 kilometres on a single charge. MINI Cooper SE is a three-door electric hatchback car.
- In February 2022, AMO Jaunty Plus, High-speed Electric Scooter was launched. It is claimed to offer a range of 120 km on a single charge and takes four hours for a full charge.
- In February 2022, Crayon Motors Snow+, Low-speed Electric Scooter was launched.
Global Electric Vehicle Key Market Trends
- The Indian government has granted tax breaks and subsidies to EV makers and users in order to boost the indigenous electric car sector. The government has levied a 15% customs tariff on parts needed to produce electric cars and a 10% duty on imported lithium-ion cells under the phased manufacturing proposal. The updated PMP duty has been suggested to begin in April 2021.
- Electric motorcycles and scooters are prominent options in the electric two-wheeler industry. They, like traditional two-wheelers, are simpler to manoeuvre on busy highways. Low-speed (up to 25 km/hr.) and medium-speed (up to 40 kmph) electric two-wheelers using traditional lead-acid batteries are expected to dominate the market during the projection period.
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.
As per SQ analysis, because gasoline is a fossil fuel, it is not a renewable source of energy and is expected to be depleted in the future. It is critical to discover and deploy alternative fuel sources to promote sustainable development. This entails the usage of electric cars, which do not require gasoline and are more cost effective than traditional automobiles.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 195.56 Billion |
| Market size value in 2028 | USD 664.76 Billion |
| Growth Rate | 19.10% |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
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.
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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