Report Details

Automobile and Transportation

Electric Vehicle Market Size, Share & Analysis By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Vehicle Drive Type (All Wheel Drive, Rear Wheel Drive, Front Wheel Drive), By Component (Motor, Reducer, On-Board Charge, Fuel Stack, Battery Management System, Fuel Processor, Power Conditioner, Air, Compressor, Humidifier, Battery Cells and Packs), By Propulsion (BEV, PHEV, FCEV), By End-Use (Private Use, Commercial Use), By Regional Outlook, Competitive Landscape And Forecast, 2032

By Type : Passenger Vehicles, Commercial Vehicles

By Application : Private Use, Commercial Use

ID: XI593965

Published: Sep 2023

Pages: 210

Format: Electronic (PDF)

Industry: Automobile and Transportation

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Electric Vehicle Market Overview 2023:

The global Electric Vehicle market size was USD 384 billion in 2022 and is expected to register a CAGR of 18% during the forecast period. Key factors such as rapid adoption of electric technology in automobiles, rising pollution and carbon footprint, increasing environmental awareness, growing consumer interest in sustainable transportation, and government support are expected to drive global electric vehicle market growth during the forecast period.

An Electric Vehicle (EV) is a means of transportation that runs on an electric motor, powered by a rechargeable battery. Unlike conventional ICE vehicles that run on gasoline or diesel, these electric vehicles use electricity stored in batteries or other energy storage devices to power the electric motors. These vehicles consist of different components including battery, charge port, DC/DC converter, electric traction motor, power electronic controller, onboard charger, and traction battery pack.

There are several types of electric vehicles including all-electric vehicles, plug-in hybrid electric vehicles, and electric vehicles with fuel cells that are currently available in the form of passenger cars, buses, trucks, and personal transporters such as buggies, tricycles, bicycles, and motorcycles/scooters.

Electric vehicles have been gaining popularity in recent years due to their numerous advantages over conventional internal combustion engine (ICE) vehicles. These vehicles offer a silent and more responsive driving experience, due to its superior energy conversion efficiency. Moreover, electric vehicles have low operating costs as fewer moving parts are easy to repair and produce no exhaust emissions, making them a more environmentally friendly option.

Electric vehicles have a large interior space as the electric motor is smaller in size as compared to an internal combustion.  Various additional features are found in many electric cars such as a touchscreen, high-resolution intelligent display, automatic wipers and lights, and park assist cameras.

Key Takeaways:

Technological Advancements:

Features such as increased battery range, faster charging, integration of artificial intelligence, and advanced driver assistance systems have resulted in increasing sales of electric vehicles recently. This has resulted in driving the global market growth. Moreover, manufacturers in the market are focused on developing electric vehicles with more features and enhanced user convenience to cater to rising consumer demand.

Higher Cost:

Regardless of its superiority to fossil fuel-based vehicles, electric vehicles cost more. As the production of electric vehicles needs huge investments and assets, it is not yet mass-produced. In addition, limited driving range of EVs and inadequate charging infrastructure in many countries is expected to hamper the global market growth going ahead.

Market Opportunities:

The growing adoption and demand for electric vehicles have captured the attention of various leading companies, resulting in significant investments in electric vehicles and their charging infrastructure. Moreover, there is a considerable emphasis on research and development, aiming to cater to the evolving needs and demands of customers in the market. Consequently, businesses are also collaborating to introduce innovative electric vehicle technologies. These factors have provided an opportunity for businesses to expand their presence in the market.

Vehicle Type Outlook:

Based on vehicle types, the global electric vehicle market is segmented into passenger and commercial vehicles. Among these, the passenger vehicle segment is expected to account for the largest revenue share during the forecast period. This can be attributed to factors such as increasing demand and sales of passenger vehicles in developed countries and many developing economies, rising environmental awareness, and favorable government incentives, subsidies, and rebates to promote the adoption of EVs.

Propulsion Outlook:

Among the propulsion segments, the battery electric vehicle (BEV) segment is expected to register a rapid revenue CAGR between 2023 and 2032, attributable to factors including rising production of battery electric vehicles by manufacturers and different benefits provided by the BEVs. Additionally, there is also an increase in advancements in battery technology making it more feasible for consumers.

Regional Outlook:

North America is expected to account for the largest revenue share during the forecast period owing to factors such as the presence of adequate resources, availability of funds, favorable government support, higher demand for electric vehicles, and the presence of advanced facilities and well-established infrastructure.

Asia Pacific market revenue is expected to expand at a significant CAGR over the forecast period owing to factors such as growing awareness about pollution and importance of electric vehicles, government initiatives and subsidies to support EV adoption, and high investments in developing advanced EVs and components.

Report Coverage:  

Report Details  Outcome
 Base Year for Estimation  2022
 Historical Data  2018-2021
 Forecast Period  2023-2032
 Segments Covered:  Vehicle Type, Vehicle Drive Type, Component, Propulsion, End-Use and Region
 By Vehicle Type  Passenger Vehicles, Commercial Vehicles  
 By Vehicle Drive Type  All Wheel Drive, Rear Wheel Drive, Front Wheel Drive
 By Component  Motor, Reducer, On-Board Charge, Fuel Stack, Battery Management System, Fuel Processor, Power Conditioner, Air, Compressor, Humidifier, Battery Cells and Packs
 By Propulsion  BEV, PHEV, FCEV
 By End-use  Private Use, Commercial Use
 Regional Scope  North America, Europe, Asia Pacific, Latin America, Middle East and Africa
 Country Scope United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey
 Qualitative Info  •Value Chain Analysis
 •Pricing Analysis
 •Regional Outlook
 •Market Trends
 •Market Share Analysis
 •Competition Analysis
 •Technological Advancements
 Key Players  Tesla, Volkswagen, SAIC Motors, BYD, Ford Motor Company, Daimler AG, General Motors Company, Mitsubishi Motor Corporation, Groupe Renault, Nissan Motor Corporation, Toyota Motor Corporation, and Tata Motors.
 Customization Scope  10 Hours of Free Customization and Expert Consultation


Competitive Landscape:

The global electric vehicle market is extremely competitive, comprising several key regional and global players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.

Some Leading Market Companies Listed in the Report:

  • Tesla
  • Volkswagen
  • SAIC Motors
  • BYD
  • Ford Motor Company
  • Daimler AG
  • General Motors Company
  • Mitsubishi Motor Corporation
  • Groupe Renault
  • Nissan Motor Corporation
  • Toyota Motor Corporation
  • TATA Motors

Electric Vehicle Industry Recent Developments:

  • In December 2023, Tata Motors launched its second generation of Nexon Electric Vehicle. This car has a lighter motor allowing a longer range with the same battery size. It also cuts down on the usage of rare earth elements.
  • In June 2023, PowerCo, a subsidiary of the Volkswagen Group, announced a partnership with Koenig & Bauer to develop a technology for the production of battery cells. The objective of the collaboration is to create a roller press that can be used for powder coating electrodes on a large industrial scale, thereby replacing the traditional wet-coating and subsequent drying processes.

The global electric vehicle market has been segmented based on vehicle type, vehicle drive type, component, propulsion, end use and region:

By Vehicle Type:

  • Passenger Vehicles
  • Commercial Vehicles

By Vehicle Drive Type:

  • All Wheel Drive
  • Rear Wheel Drive
  • Front Wheel Drive

By Component:

  • Motor
  • Reducer
  • On-Board Charge
  • Fuel Stack
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier
  • Battery Cells and Packs

By Propulsion:

  • BEV
  • PHEV
  • FCEV

By End-Use:

  • Private Use
  • Commercial Use

By Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Nordic Countries
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Southeast Asia
    • India
    • Australia
    • Rest of Asia
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • UAE
    • Rest of MEA

FAQ

The Electric Vehicle market research report includes specific segments by region (country), i.e. North America, Europe, Asia Pacific, South America, Middle East and Africa

The Electric Vehicle market report provides global companies with an opportunity to enter new markets, invest in new sectors, analyze consumer reactions, investigate global competition, and ultimately make smart investments.

Electric Vehicle report covers the latest market developments in terms of acquisitions, growth strategies, joint ventures and collaborations, new product launches, and more on industry.

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Chapter 1. Methodology and Scope

1.1. Methodology Segmentation & Scope
1.2. Information Procurement
1.2.1. Purchased database
1.2.2. Secondary Sources
1.2.3. Third-party Perspectives
1.2.4. Primary research
1.3. Information Analysis
1.3.1. Data Analysis Models
1.4. Market Formulation & Data Visualization
1.5. Research Scope & Assumptions

Chapter 2. Executive Summary

2.1. Electric Vehicle Market- Industry Snapshot, 2018 - 2032

Chapter 3. Electric Vehicle Market Variables, Trends & Scope

3.1. Market Size and Growth Prospects, 2023-2032
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Penetration & Growth Prospect Mapping
3.5. Business Environment Analysis Tools
3.5.1. Industry Analysis - Porter's Five Forces Analysis
3.5.2. PEST Analysis
3.5.3. COVID-19 Impact Analysis

Chapter 4. Electric Vehicle Market Type Outlook 2023-2032 (USD Million)

Chapter 5. Electric Vehicle Market Application Outlook 2023-2032(USD Million)

Chapter 6: Coronavirus Diseases (COVID-19) Impact:

6.1. Introduction
6.2 Current and Future Impact Analysis
6.3 Economic Impact Analysis
6.4 Investment Scenario

Chapter 7. North America Electric Vehicle Market Share by Region, 2023 & 2032 (USD Million)

7.1. Market Estimates and Forecast 2023 - 2032 (USD Million)
7.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
7.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
7.4.1. U.S.
7.4.1.1. Market Estimates and Forecast 2023-2032 (USD Million)
7.4.1.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
7.4.1.3 Market Estimates and Forecast by Application, 2023-2032 (USD Million)

7. 4.2. Canada
7. 4.2.1. Market Estimates and Forecast 2023-2032 (USD Million)
7. 4.2.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
7. 4.2.3 Market Estimates and Forecast by Application, 2023-2032 (USD Million)

Chapter 8. Europe Electric Vehicle Market Share by Region, 2023 & 2032 (USD Million)

8.1. Market Estimates and Forecast 2023 - 2032 (USD Million)
8.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
8.4.1. Germany
8.4.1.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.1.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.4.1.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
8.4.2. France
8.4.2.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.2.3. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.4.2.3. Market Estimates and Forecast by Application 2023-2032 (USD Million)
8.4.3. UK
8.4.3.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.3.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.2.3.3. Market Estimates and Forecast by Application 2023-2032 (USD Million)
8.4.4. Italy
8.4.4.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.4.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.4.4.3. Market Estimates and Forecast by Application 2023-2032 (USD Million)
8.4.5. Russia
8.4.5.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.5.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.4.5.3. Market Estimates and Forecast by Application 2023-2032 (USD Million)
8.4.6. Nordic Countries
8.4.6.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.6.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.4.6.3. Market Estimates and Forecast by Application 2023-2032 (USD Million)
8.4.7. Rest of Europe
8.4.7.1. Market Estimates and Forecast 2023-2032 (USD Million)
8.4.7.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
8.4.7.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)

Chapter 9. Asia Pacific Electric Vehicle Market Share by Region, 2023 & 2032 (USD Million)

9.1. Market Estimates and Forecast 2023 - 2032 (USD Million)
9.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
9.4.1. China
9.4.1.1. Market Estimates and Forecast 2023-2032 (USD Million)
9.4.1.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.4.1.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
9.4.2. Japan
9.4.2.1. Market Estimates and Forecast 2023-2032 (USD Million)
9.4.2.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.4.2.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
9.4.3. South Korea
9.4.3.1. Market Estimates and Forecast 2023-2032 (USD Million)
9.4.3.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.4.3.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
9.4.4. India
9.4.4.1. Market Estimates and Forecast 2023-2032 (USD Million)
9.4.4.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.4.4.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
9.4.5. Australia
9.4.5.1. Market Estimates and Forecast 2023-2032 (USD Million)
9.4.5.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.4.5.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
9.4.6. Rest of Asia Pacific
9.4.6.1. Market Estimates and Forecast 2023-2032 (USD Million)
9.4.6.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
9.4.6.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)

Chapter 10. Latin America Electric Vehicle Market Share by Region, 2023 & 2032 (USD Million)

10.1. Market Estimates and Forecast 2023 - 2032 (USD Million)
10.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
10.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
10.4.1. Mexico
10.4.1.1. Market Estimates and Forecast 2023-2032 (USD Million)
10.4.1.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
10.4.1.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
10.4.2. Brazil
10.4.2.1. Market Estimates and Forecast 2023-2032 (USD Million)
10.4.2.2 Market Estimates and Forecast by Type, 2023-2032 (USD Million)
10.4.2.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
10.4.3 Rest of Latin America
10.4.3.1 Market Estimates and Forecast 2023-2032 (USD Million)
10.4.3.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
10.4.3.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)

Chapter 11. Middle East and Africa Electric Vehicle Market Share by Region, 2023 & 2032 (USD Million)

11.1. Market Estimates and Forecast 2023 - 2032 (USD Million)
11.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
11.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million
11.4.1 Turkey
11.4.1.1 Market Estimates and Forecast 2023-2032 (USD Million)
11.4.4.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
11.4.4.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
11.4.2. Saudi Arabia
11.4.2.1. Market Estimates and Forecast 2023-2032 (USD Million)
11.4.2.2 Market Estimates and Forecast by Type, 2023-2032 (USD Million)
11.4.2.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
11.4.3 UAE
11.4.3.1. Market Estimates and Forecast 2023-2032 (USD Million)
11.4.3.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
11.4.4.1. Market Estimates and Forecast by Application, 2023-2032 (USD Million)
11.4.5. Rest of MEA
11.4.5.1. Market Estimates and Forecast 2023-2032 (USD Million)
11.4.5.2. Market Estimates and Forecast by Type, 2023-2032 (USD Million)
11.4.5.3. Market Estimates and Forecast by Application, 2023-2032 (USD Million)

Chapter 12 Electric Vehicle Market Competitive Landscape

  • Tesla
  • Volkswagen
  • SAIC Motors
  • BYD
  • Ford Motor Company
  • Daimler AG
  • General Motors Company
  • Mitsubishi Motor Corporation
  • Groupe Renault
  • Nissan Motor Corporation
  • Toyota Motor Corporation
  • TATA Motors

Table & Figure

  • Tesla
  • Volkswagen
  • SAIC Motors
  • BYD
  • Ford Motor Company
  • Daimler AG
  • General Motors Company
  • Mitsubishi Motor Corporation
  • Groupe Renault
  • Nissan Motor Corporation
  • Toyota Motor Corporation
  • TATA Motors

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