Electric Vehicle Market by Vehicle Type (Two-wheelers, Passenger Cars, and Commercial Vehicles), Vehicle Class (Mid-Priced and Luxury), Type, and Region - Global Industry Analysis, Opportunities and Forecast up to 2029

Electric Vehicle Market Size

The global Electric Vehicle market size was valued at $371.57 billion in 2023 and is projected to reach $1,286.70 billion by 2029, growing at a CAGR of 23.0% during the forecast period. 

Electric Vehicle Market Dynamics

• Reduction in the cost of EV batteries and increase in demand for fuel-efficient vehicles are contributing to the market's growth. 

• Additionally, proactive government initiatives are creating ample opportunities for the market.

• However, the low presence of EV charging stations and hydrogen fuel stations is restraining the market.

Electric Vehicle Market Overview

An electric vehicle operates on electricity unlike its counterpart, which runs on fuel. Instead of internal combustion engines, these vehicles run on an electric motor that requires a constant supply of energy from batteries. There are a variety of batteries used in these vehicles. These include lithium ion, molten salt, zinc-air, and various nickel-based designs. Electric vehicles were primarily designed to replace conventional ways of travel as they lead to environmental pollution. Electric vehicles have gained popularity owing to numerous technological advancements. The electric vehicle outperforms the conventional vehicle providing higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother drive, and reduced sound from the engine. There are three types of electric vehicles-battery, hybrid, and plug-in hybrid electric vehicles. In addition, electric vehicles require no engine oil changes but are slightly more expensive than their gasoline equivalents.

By Vehicle Drive Type, the Rear Wheel Drive Segment Emerge as the Dominant Segment

The rear-wheel drive segment emerged as the dominant segment during the forecast period. The growing inclination for rear-wheel drive electric vehicles has been on the increase across all regions, particularly across Asia Pacific and Europe. This is owing to its easier vehicle control and growing demand for these vehicles. North America also has seen a faster growth in these vehicles with the BMW i3, Tesla Model 3 Standard version, Porsche Tycan, Volkswagen ID4, etc. leading the market. In the coming years, the growth of rear-wheel drive electric vehicles will be highest in MEA owing to its newer market and mostly across Asia Pacific.

By Geography, the Asia Pacific Region Dominates by Being the Largest Market for Electric Vehicle

The Asia Pacific region is led by countries like China, Japan, and South Korea. China being the world’s largest electric vehicle producer and user has dominance in the electric vehicles industry in the region. Their government has taken steps including subsidies for electric vehicle buyers, compulsory laws by which all vehicle manufacturers need to manufacture electric vehicles per number of vehicles manufactured, large support for installation of EV charging points across major cities, and regulations against excessively polluting vehicles. In addition, India is also working on increasing its EV demand in the market. The new vehicle scrappage policy in which old vehicles can be scrapped for changing to low-emission ones and other upcoming policies will help the country become the region's fastest-growing market for electric vehicles in the future.

Some of the Key Players Profiled in the Report Include:

• BMW Group
• BYD Company Motors
• Daimler AG
• Energica Motor Company S.p.A
• Ford Motor Company
• General Motors
• Nissan Motor Corporation
• Tesla
• Toyota Motor Corporation
• Volkswagen AG

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type:
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

Market by, Vehicle Class:
• Mid-Priced
• Luxury

Market by, Vehicle Type:
• Two-wheelers
• Passenger Cars
• Commercial Vehicles

Market by, Vehicle Drive Type:
• Front-Wheel Drive
• Rear Wheel Drive
• All Wheel Drive

Market by, Geography:

The Electric Vehicle Market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.

Table Of Content

1 Market Overview            
    1.1 Introduction        
    1.2 Research Objectives       
    1.3 Market Segmentation       
    1.4 Stakeholders        
    1.5 List of Acronyms        
              
2 Executive Summary            
              
3 Research Methodology           
    3.1 Identification of Data       
    3.2 Evaluation of Market Dynamics      
    3.3 Collaboration of Data       
    3.4 Verification and Analysis        
    3.5 Data Sources        
    3.6 Assumptions        
              
4 Market Dynamics            
    4.1 Market Drivers        
           4.1.1 Stringent Government Regulations toward Vehicle Emission
           4.1.2 Growing Demand for Low Emission Commuting
    4.2 Market Restraints        
           4.2.1 High Manufacturing Cost
    4.3 Market Opportunities       
           4.3.1 Rising Technological Advancements
    4.4 Market Challenges        
           4.4.1 Low Fuel Economy and Serviceability
    4.5 Impact of COVID-19 on Electric Vehicle Market     
              
5 Porter's Five Force Analysis           
    5.1 Bargaining Power of Suppliers       
    5.2 Bargaining Power of Buyers       
    5.3 Threat of New Entrants       
    5.4 Threat of Substitutes       
    5.5 Competitive Rivalry in the Market      
              
6 Global Electric Vehicle Market by, Type          
    6.1 Overview        
    6.2 Battery Electric Vehicle (BEV)       
    6.3 Hybrid Electric Vehicle (HEV)       
    6.4 Plug-In Hybrid Electric Vehicle (PHEV)      
    6.5 Fuel Cell Electric Vehicle (FCEV)      
              
7 Global Electric Vehicle Market by, Vehicle Class         
    7.1 Overview        
    7.2 Mid-Priced         
    7.3 Luxury         
              
8 Global Electric Vehicle Market by, Vehicle Type         
    8.1 Overview        
    8.2 Two-wheelers        
    8.3 Passenger Cars        
    8.4 Commercial Vehicles       
              
9 Global Electric Vehicle Market by, Vehicle Drive Type        
    9.1 Overview        
    9.2 Front-Wheel Drive        
    9.3 Rear Wheel Drive        
    9.4 All Wheel Drive        
              
10 Global Electric Vehicle Market by, Geography          
    10.1 Overview        
    10.2 North America        
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
    10.3 Europe         
             10.3.1 Germany
             10.3.2 France
             10.3.3 UK
             10.3.4 Italy
             10.3.5 Spain
             10.3.6 Rest of Europe
    10.4 Asia Pacific        
             10.4.1 China
             10.4.2 Japan
             10.4.3 India
             10.4.4 South Korea
             10.4.5 Australia
             10.4.6 New Zealand
             10.4.7 Rest of Asia Pacific
    10.5 South America        
             10.5.1 Brazil
             10.5.2 Argentina
             10.5.3 Chile
             10.5.4 Rest of South America
    10.6 Middle East & Africa       
             10.6.1 UAE
             10.6.2 Saudi Arabia
             10.6.3 Qatar
             10.6.4 Iran
             10.6.5 South Africa
             10.6.6 Rest of Middle East & Africa
              
11 Key Developments             
              
12 Company Profiling            
    12.1 BMW Group        
             12.1.1 Business Overview
             12.1.2 Product/Service Offering
             12.1.3 Financial Overview
             12.1.4 SWOT Analysis
             12.1.5 Key Activities
    12.2 BYD Company Motors       
    12.3 Daimler AG        
    12.4 Energica Motor Company S.p.A      
    12.5 Ford Motor Company       
    12.6 General Motors        
    12.7 Nissan Motor Corporation       
    12.8 Tesla          
    12.9 Toyota Motor Corporation       
    12.10 Volkswagen AG