Electric Vehicle Market is predicted to reach USD 2071.02 Billion at a CAGR of 17.3% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Electric Vehicle Market”.

The Electric Vehicle market is estimated to register a CAGR of 17.3% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Electric Vehicle market - Daimler AG, Nissan Motor Corporation, Tesla, Inc., Toyota Motor Corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Hyundai Motor Company, Mitsubishi Motors Corporation, and BYD Motors Inc. Tesla, Inc.

Global Electric Vehicle Market Highlights

The global Electric Vehicle market is accounted to register a CAGR of 17.3% during the forecast period and is estimated to reach USD 2071.02 Billion by 2032.

Government initiatives globally are serving as powerful catalysts for the exponential growth of the electric vehicle (EV) market. In the United States, the federal government's multifaceted approach includes substantial tax incentives aimed at making electric vehicles more accessible to consumers. The current tax credit of up to $7,500 for EV purchasers is designed to mitigate the initial cost barrier associated with these vehicles. Additionally, there's a strategic push toward electrifying federal fleets, with the government actively encouraging agencies to adopt EVs, thereby setting an example for private organizations and individuals. Moreover, significant investment in research and development initiatives underscores the commitment to advancing key technologies such as batteries and charging infrastructure.

The rising demand for electric vehicles, mainly among the two-wheeler and four-wheeler segments, is increasing at a rapid pace. To cater to this increasing demand, the electric vehicle manufacturers are adopting strategic initiatives, including collaborations/partnerships, mergers & acquisitions, business expansion, sharing of workforce and/or resources, and enhancing research capabilities. For instance, II-VI Incorporated, a leading provider of engineered materials and optoelectronic components, expanded its silicon carbide wafer finishing manufacturing capabilities. Another such example is XPeng Inc., a company that deals with the manufacturing of smart electric vehicles. The company announced a partnership with Zhongsheng Group to provide both XPeng Inc.’s industry-leading Smart EV products and Zhongsheng Group’s high-quality services to consumers. Furthermore, the US-based electric vehicle provider, Tesla, registered its first office in Bengaluru, India, and announced plans to expand its business VEHICLE TYPEs in Delhi, Mumbai, and Bengaluru by opening showrooms. Thus, the expansion of international electric vehicle manufacturers into emerging markets is expected to drive the growth of the global electric vehicle market during the forecast period.

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Segment Analysis

The global Electric Vehicle market has been segmented based on technology, top speed, range, vehicle drive type, end-use, and vehicle type.

Based on Technology, the global Electric Vehicle market segmentation includes Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles and Fuel-Cell Electric Vehicles. The Battery Electric Vehicles segment held the majority share in 2022, contributing around ~70.1% to the market revenue. battery electric vehicles (BEVs), use a battery pack to store the electrical energy that powers the motor. The batteries are charged by plugging the vehicle in to an electric power source. Although electricity production may contribute to air pollution, the U.S. Environmental Protection Agency categorizes all-electric vehicles as zero-emission vehicles because they produce no direct exhaust or tailpipe emissions locally.

Based on Top Speed, the global Electric Vehicle market segmentation includes <125 MPH and >125 MPH. The >125 MPH segment held the majority share in 2022 contributing around ~58.8% to the market revenue. Vehicles with top speeds exceeding 125 MPH hold a slightly larger market share than those below 125 MPH, and vehicles with a range greater than 300 miles hold a larger share than those below 300 miles.

Based on the Range, the global Electric Vehicle market segmentation includes Less than 300 Miles and More than 300 Miles. By Range, more than 300 Miles segment hold the majority market share in 2022 contributing 59.5% of the market share. United States Department of Energy, the number of EVs offering at least 300 miles of range has grown tremendously since 2016 and has tripled in 2022 compared to a year prior. Higher range remains a huge selling point for US consumers.

Based on the Vehicle Drive Type, the global Electric Vehicle market segmentation includes Front Wheel Drive, Rear Wheel Drive, Four Wheel Drive and All Wheel Drive. By Vehicle Drive Type, Front Wheel Drive segment hold the majority market share in 2022 contributing 51.0% of the market share. Front wheel drive (FWD) means that the power from the engine is delivered to the front wheels. With FWD, the front wheels are pulling while the rear wheels don’t receive any power.

Based on the End Use, the global Electric Vehicle market segmentation includes Private and Commercial Fleets. By End use, Private segment hold the majority market share in 2022 contributing 63.0% of the market share. Privately owned EVs hold a larger market share compared to commercial fleets, and Passenger Cars are the most popular vehicle type, followed by Two & Three Wheelers, Commercial Vehicles, and Off-Highway Vehicles. This rapid growth is driven by factors such as government incentives, falling battery costs, and increasing consumer awareness of the environmental benefits of EVs.

Based on the Type, the global Electric Vehicle market segmentation includes Passenger Cars, Commercial Vehicles, Two & Three Wheelers and Off-Highway Vehicles. By Type, Passenger Cars segment hold the majority market share in 2022 contributing 56.0% of the market share. A passenger car is a multi-track vehicle with at least two axles, its own driver and usually four wheels. It is primarily intended for passenger transportation. Most passenger cars are road vehicles used in public road transport. Buses and trucks are not considered passenger cars – they are considered commercial vehicles.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue Asia Pacific held the largest share of 55.8% in the Electric Vehicle market in 2022 and is expected to maintain its dominance during the forecast period. The Asia Pacific is the largest market for Electric Vehicle. The region is home to some of the fastest-developing economies, such as China and India. The governments of these emerging economies have recognized the growth potential of the electric vehicle market trends and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. The region is home to 93 of the worlds most polluted cities, and has a high energy demand. As of 2022, transportation sector in the region accounts for around 14% of overall emissions. Thus, countries in the region, are planning to reduce emissions in the coming years. China, the e-mobility leader in the region, had set a target of over 20% EV sales by 2025, which it had already achieved in 2022 and is expected to have around 35% in 2023.

Key Findings of the Study

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  The global Electric Vehicle market is expected to reach USD 2071.02 Billion by 2032, at a CAGR of 17.3% during the forecast period.

  
  


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  The Asia Pacific region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in Asia Pacific, making it the primary contributor to the market share.

  
  


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  Based on Technology, the Battery Electric Vehicles segment was attributed to holding the largest market in 2022, with an approximate market share of 70.1 %.

  
  


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  Daimler AG, Nissan Motor Corporation, Tesla, Inc., Toyota Motor Corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Hyundai Motor Company, Mitsubishi Motors Corporation, and BYD Motors Inc. Tesla, Inc., and Others are the key market players.