Electric Vehicle Market, By Type (Battery Electric Vehicles, Hybrid Electric Vehicles and plug-In Hybrid Electric Vehicles), By Vehicle Top Speed (<125 mph >125 mph), By Vehicle Type (Front Wheel Drive, Rear Wheel Drive and All Wheel Drive), By Vehicle Class (Mid-Priced and Luxury) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Report Code: PMI475921 | Publish Date: May 2023 | No. of Pages: 168

Global Electric Vehicle Market Overview

An electric vehicle (EV) is a vehicle that is propelled by one or more electric motors. It can be powered by a collector system that uses electricity from outside the vehicle, or it can be self-powered by a battery (sometimes charged by solar panels or by converting fuel to electricity using fuel cells or a generator). Road and rail vehicles, surface and underwater watercraft, electric airplanes, and electric spacecraft are all examples of electric vehicles. Electric vehicles (EVs) originally appeared in the mid-19th century, when electricity was one of the favored ways for motor vehicle propulsion, offering comfort and ease of operation that the gasoline car could of time. For nearly a century, internal combustion engines were the primary propulsion system for cars and trucks. However, electric power was still widely used in other vehicle types, such as railroads and smaller vehicles. EVs have witnessed a comeback in the twenty-first century due to technological advancements, a greater focus on renewable energy, and the possibility of reducing transportation's influence on climate change and other environmental challenges. According to Project Drawdown, electric vehicles are one of the 100 best current ideas for combating climate change. The Global Electric Vehicle Market accounted for US$ 162.34 billion in 2020 and is estimated to be US$ 973.49 billion by 2030 and is anticipated to register a CAGR of 19.8%.

Global Electric Vehicle Market Dynamics

Growing Adoption of Electric Buses during the Forecast Period

Electric vehicles are propelled by one or more electric motors or traction motors. Electric cars are charged via self-charging technologies such as regenerative braking systems, turbochargers, or a collector system using electricity from setting station deployments. The expansion of the electric vehicle market is aided by factors such as rising demand for fuel-efficient, high-performance, and low-emission vehicles and strict government emission restrictions and regulations. Furthermore, high production costs, low fuel economy, and serviceability are predicted to hamper the electric vehicle market. However, factors such as technological advancements and proactive government initiatives drive the growth of the electric vehicle market during the forecast period.

Reducing the cost of EV batteries

Over the last decade, the cost of EV batteries has decreased due to technological improvements and large-scale production of EV batteries in massive quantities. As EV batteries are one of the more expensive aspects of an electric car, this has reduced their cost. An electric vehicle battery cost roughly USD 1,100 per kWh in 2010. However, by 2020, its cost had dropped to around USD 137 per kWh, while in China, it was as low as USD 100 per kWh. This is due to lower battery manufacturing costs, lower cathode material prices, and higher production volumes, among other factors. By 2030, EV battery prices are predicted to drop to roughly USD 60 per kWh, significantly lowering the cost of EVs and making them more affordable than traditional ICE vehicles.

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Global Electric Vehicle Market Segmentation

                             

The Global Electric Vehicle Market is segmented based on type, vehicle type, vehicle top speed, vehicle class, and region.

Based on type, the Global Electric Vehicle Market is segmented into Battery Electric Vehicles, Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles. Based on the vehicle's top speed, the target market is segmented into <125 mph >125 mph. The target market is segmented based on vehicle type: Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive. The target market is segmented into Mid-Priced and Luxury based on vehicle class.

 Regional Insights:

                            

In the region, the Global Electric Vehicle Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to hold the largest share of the Global Electric Vehicle Market. China, Japan, and South Korea lead the Asia Pacific electric vehicle market. China the world's top EV producer, and user have a stranglehold on the region's EV market. Their government has taken steps such as providing subsidies to EV buyers, enacting mandatory laws requiring all vehicle manufacturers to produce EVs in proportion to the number of vehicles produced, providing substantial support for installing EV charging stations throughout major cities, and enacting regulations against polluting vehicles. Japan and South Korea have seen rapid electric vehicle market growth. Their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, and establishing deadlines for switching from ICE vehicles to full or hybrid EVs, among other things. India is also attempting to increase demand for electric cars in the industry. The country's new vehicle policy, which allows old vehicles to be scrapped in exchange for low-emission vehicles and other planned rules, will help it become the region's fastest-growing EV market in the following years.

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Report Scope:

Attribute

Details

Base year for estimation

2020

Forecast period

2020 – 2030

Market representation

Revenue in USD Million & CAGR from 2020 – 2029

Market Segmentation

By Type- Battery Electric Vehicles, Hybrid Electric Vehicles and Plug-In Hybrid Electric Vehicles

By Vehicle Top Speed– <125 mph >125 mph

By Vehicle Type– Front Wheel Drive, Rear Wheel Drive and All Wheel Drive

By Vehicle Class– Mid-Priced and Luxury

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Electric Vehicle Market report based on type, vehicle top class, vehicle type, vehicle class and region.

 

 

Global Electric Vehicle Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa

Global Electric Vehicle Market Key Players

Some of the key players in the Electric Vehicle Market, such as Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany), and Nissan Motors (Japan), lead the electric vehicle market. These corporations have extensive global distribution networks and invest extensively in R&D to generate new products. These businesses also provide a wide range of products and services to the automotive sector. A fixed percentage of the segmental revenue for each company mentioned above was used to calculate the market ranking.

Global Electric Vehicle Market Company Profile

  • Tesla
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BYD
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Volkswagen AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BMW Group
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Nissan Motors
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies

Global Electric Vehicle Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for Electric Vehicle Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Type
      • Market Snippet, By Vehicle Top Speed
      • Market Snippet, By Vehicle Type
      • Market Snippet, By Vehicle Class
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Global Electric Vehicle Market, By Type, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Battery Electric Vehicle
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Hybrid Electric Vehicle
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Plug-In Hybrid Electric Vehicle
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  6. Global Electric Vehicle Market, By Vehicle Top Speed, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • >125 mph
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • <125 mph
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  7. Global Electric Vehicle Market, By Vehicle Type, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Front Wheel Driver
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Rear Wheel Driver
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • All Wheel Driver
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  8. Global Electric Vehicle Market, By Vehicle Class, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Mid-Priced
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Luxury
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  9. Global Electric Vehicle Market, By Region, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Top Speed, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Class, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Top Speed, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Class, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Top Speed, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Class, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Top Speed, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Class, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Top Speed, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Class, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  10. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  11. Company Profiles
  • Tesla
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BYD
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Volkswagen AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BMW Group
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Nissan Motors
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Global Electric Vehicle Market is segmented based on type, vehicle type, vehicle top speed, vehicle class and region.

Reducing the cost of EV batteries is the major factor driving growth of the global market

The market in Asia Pacific is expected to hold the largest share in the Global Electric Vehicle Market.

Some of the key player of Electric Vehicle Market such as Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany), and Nissan Motors (Japan) lead the electric vehicle market.