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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Electric Vehicle Market Share
Battery electric vehicles are expected to hold a significant market share due to their increasing average range
The average range of battery electric vehicles increased from 79 miles (127 km) to 217 miles (350 km) between 2010 and 2021, increasing their adoption substantially. Such vehicles offer high efficiency as they are run entirely on a battery-powered electric drivetrain. As of February 2024, the United States boasted more than 61,000 publicly accessible electric vehicle charging stations with Level 2 fast chargers, increasing from 29,000 in 2020. In May 2024, Jeep announced the launch of Jeep® Wagoneer S, the brand's first global battery-electric vehicle (BEV) in the U.S. and Canada.
Hybrid electric vehicles (HEVs) are gaining popularity in short-range trips due to their exceptional fuel efficiency and MPG. In 2022, non-plug-in hybrid cars accounted for 21% of total car imports and 13% of car exports in the EU. Governments across the globe are providing tax credits and incentives for HEV buyers, which is expected to further increase their adoption in the forecast period.
The average range of plug-in hybrid vehicles is from 10 to 30 miles per charge, with some models of vehicles reaching nearly 50 miles using all-electric power. Governments across the globe are providing incentives to support clean mobility. In the United States, the federal government offers up to USD 7,500 tax credits for consumers who purchase electric plug-in vehicles. Additionally, in Germany, plug-in hybrid electric vehicles are funded with a maximum of EUR 6,750.
Electric Vehicle Market Report Snapshots
Electric Vehicle Market Analysis
Electric Vehicle Market Growth
Electric Vehicle Market Trends
Electric Vehicle Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market volume was around 31,061.20 thousand units.
The market is assessed to grow at a CAGR of 13.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly 1,01,177.60 thousand units by 2032.
The major drivers include favourable government policies promoting EV adoption and rising government investments in EV charging infrastructure.
The key trends aiding the market include innovation in EV technology and the introduction of low-cost lithium-iron-phosphate (LFP) batteries.
The different types of electric vehicle include battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.
The major vehicle types considered in the market report include passenger car, two-wheeler, light and medium commercial vehicles, and heavy commercial vehicles (HCVs).
The major players in the market include BYD Co. Ltd., Tesla Inc., Toyota Motor Corp., Dongfeng Motor Group Company Limited, Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, CHERY Automobile Co., Ltd., General Motors Co., Volkswagen AG, Volvo AB, Nissan Motor Corporation, Mercedes-Benz Group AG, BMW AG, and SAIC Motor Corporation Limited.
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Australia
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India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124