Electric Vehicles (EV) Market Size, Share, Trends, Growth Outlook

Electric Vehicles (EV) Market is estimated to increase at a growth rate of 15.2% CAGR over the forecast period from 2024 to 2030.

The global Electric Vehicles (EV) Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Component (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, Humidifier), By Vehicle (Passenger Cars, Commercial Vehicles), By Class (Low-priced, Mid-priced, Luxury), By Top Speed, Below 125 MPH, Above 125 MPH), By Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), By EV Charging Point (Normal Charging, Super Charging), By Vehicle Connectivity (V2B or V2H, V2G, V2V, V2X), By Propulsion (BEV, PHEV, FCEV), By End-User (Private, Commercial Fleets).

An Introduction to Global Electric Vehicles (EV) Market, 2024

The Electric Vehicles (EV) Market is experiencing unprecedented growth and transformation in 2024, driven by technological advancements, regulatory incentives, and shifting consumer preferences towards sustainable transportation solutions. Electric vehicles, powered by rechargeable batteries or fuel cells, offer zero-emission alternatives to conventional gasoline and diesel-powered vehicles, reducing greenhouse gas emissions, air pollution, and dependence on fossil fuels. With advancements in battery technology, electric drivetrains, and vehicle design, EV manufacturers are introducing a diverse lineup of electric cars, buses, trucks, and two-wheelers tailored to meet the needs of different market segments and driving preferences. Moreover, the expansion of charging infrastructure, government subsidies, and incentives for EV purchases, and the commitment of automotive manufacturers to electrification initiatives are driving market adoption and accelerating the transition towards electric mobility. Additionally, advancements in autonomous driving technology, connectivity features, and shared mobility services further reshape the future of transportation, promoting the widespread adoption of electric vehicles as integral components of smart, sustainable, and connected cities. As stakeholders across the automotive industry collaborate to address climate change and urbanization challenges, the Electric Vehicles Market emerges as a transformative force for shaping the future of mobility towards cleaner, greener, and more inclusive transportation solutions.

Electric Vehicles (EV) Competitive Landscape

The global Electric Vehicles (EV) market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Electric Vehicles (EV) Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Electric Vehicles (EV) Market Industry include- Automotive Energy Supply Corp (AESC), BMW AG, Continental AG, Daimler AG, Delphi Technologies PLC, Ford Motor Company, Honda Motor Company, Hyundai Motor Company, LG Chem Ltd, Mahindra & Mahindra Ltd, Nissan Motor Co. Ltd, Panasonic Corp, Samsung SDI Co. Ltd, Tata Motors Ltd, Tesla Inc, Toyota Motor Corp, Volkswagen AG, ZF Friedrichshafen AG.

Electric Vehicles (EV) Market Trend: Increasing Adoption of Electric Vehicles

A significant trend in the Electric Vehicles (EV) Market is the continuous increase in the adoption of electric vehicles worldwide. This trend is driven by various factors, including growing environmental awareness, government regulations favoring zero-emission vehicles, advancements in battery technology, and increasing consumer preference for sustainable transportation options. As a result, automakers are expanding their electric vehicle offerings, and consumers are showing more interest in electric vehicles as viable alternatives to traditional internal combustion engine vehicles. This trend is expected to continue as the EV market matures and becomes more accessible to a wider range of consumers.

Electric Vehicles (EV) Market Driver: Government Support and Incentives

A key driver in the Electric Vehicles (EV) Market is the strong support and incentives provided by governments worldwide to promote the adoption of electric vehicles. Governments are implementing policies such as tax incentives, purchase subsidies, zero-emission vehicle mandates, and infrastructure investments to encourage consumers and businesses to switch to electric vehicles. These measures aim to reduce greenhouse gas emissions, improve air quality, and enhance energy security. Government support plays a crucial role in driving the growth of the EV market by reducing the upfront costs of electric vehicles, incentivizing infrastructure development, and creating a supportive regulatory environment conducive to electric vehicle adoption.

Electric Vehicles (EV) Market Opportunity: Expansion of Charging Infrastructure

An opportunity within the Electric Vehicles (EV) Market lies in the expansion of charging infrastructure to meet the growing demand for electric vehicle charging. With the increasing adoption of electric vehicles, there is a corresponding need for a reliable and accessible charging network to support the charging needs of EV owners. Companies involved in the EV market, including automakers, utilities, charging station operators, and technology providers, have the opportunity to invest in the development and deployment of charging infrastructure. This includes fast-charging stations along highways, workplace charging stations, residential charging solutions, and innovative charging technologies to enhance the convenience and accessibility of electric vehicle charging. By expanding the charging infrastructure, stakeholders can address range anxiety concerns, accelerate EV adoption, and contribute to the overall growth and sustainability of the electric vehicle market.

Electric Vehicles (EV) Market Segmentation

By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial FleetsGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Electric Vehicles (EV) Companies

Automotive Energy Supply Corp (AESC)
BMW AG
Continental AG
Daimler AG
Delphi Technologies PLC
Ford Motor Company
Honda Motor Company
Hyundai Motor Company
LG Chem Ltd
Mahindra & Mahindra Ltd
Nissan Motor Co. Ltd
Panasonic Corp
Samsung SDI Co. Ltd
Tata Motors Ltd
Tesla Inc
Toyota Motor Corp
Volkswagen AG
ZF Friedrichshafen AG
*- List not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Electric Vehicles (EV) Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Electric Vehicles (EV) Market Size Outlook, $ Million, 2021 to 2030
3.2 Electric Vehicles (EV) Market Outlook by Type, $ Million, 2021 to 2030
3.3 Electric Vehicles (EV) Market Outlook by Product, $ Million, 2021 to 2030
3.4 Electric Vehicles (EV) Market Outlook by Application, $ Million, 2021 to 2030
3.5 Electric Vehicles (EV) Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Electric Vehicles (EV) Industry
4.2 Key Market Trends in Electric Vehicles (EV) Industry
4.3 Potential Opportunities in Electric Vehicles (EV) Industry
4.4 Key Challenges in Electric Vehicles (EV) Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Electric Vehicles (EV) Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Electric Vehicles (EV) Market Outlook by Segments
7.1 Electric Vehicles (EV) Market Outlook by Segments, $ Million, 2021- 2030
By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets

8 North America Electric Vehicles (EV) Market Analysis and Outlook To 2030
8.1 Introduction to North America Electric Vehicles (EV) Markets in 2024
8.2 North America Electric Vehicles (EV) Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Electric Vehicles (EV) Market size Outlook by Segments, 2021-2030
By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets

9 Europe Electric Vehicles (EV) Market Analysis and Outlook To 2030
9.1 Introduction to Europe Electric Vehicles (EV) Markets in 2024
9.2 Europe Electric Vehicles (EV) Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Electric Vehicles (EV) Market Size Outlook by Segments, 2021-2030
By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets

10 Asia Pacific Electric Vehicles (EV) Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Electric Vehicles (EV) Markets in 2024
10.2 Asia Pacific Electric Vehicles (EV) Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Electric Vehicles (EV) Market size Outlook by Segments, 2021-2030
By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets

11 South America Electric Vehicles (EV) Market Analysis and Outlook To 2030
11.1 Introduction to South America Electric Vehicles (EV) Markets in 2024
11.2 South America Electric Vehicles (EV) Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Electric Vehicles (EV) Market size Outlook by Segments, 2021-2030
By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets

12 Middle East and Africa Electric Vehicles (EV) Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Electric Vehicles (EV) Markets in 2024
12.2 Middle East and Africa Electric Vehicles (EV) Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Electric Vehicles (EV) Market size Outlook by Segments, 2021-2030
By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
Automotive Energy Supply Corp (AESC)
BMW AG
Continental AG
Daimler AG
Delphi Technologies PLC
Ford Motor Company
Honda Motor Company
Hyundai Motor Company
LG Chem Ltd
Mahindra & Mahindra Ltd
Nissan Motor Co. Ltd
Panasonic Corp
Samsung SDI Co. Ltd
Tata Motors Ltd
Tesla Inc
Toyota Motor Corp
Volkswagen AG
ZF Friedrichshafen AG

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Component
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Vehicle
Passenger Cars
Commercial Vehicles
By Class
Low-priced
Mid-priced
Luxury
By Top Speed
Below 125 MPH
Above 125 MPH
By Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By EV Charging Point
Normal Charging
Super Charging
By Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
By Propulsion
BEV
PHEV
FCEV
By End-User
Private
Commercial Fleets