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Global Electric Vehicle Market Size, Share, Growth: By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle; By Vehicle Type: Passenger Car, Two-Wheeler, Light and Medium Commercial Vehicles, Heavy Commercial Vehicles (HCVs); Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Electric Vehicle Market Analysis by Region
The Asia Pacific is a prominent region in the market due to the presence of leading automotive manufacturers in countries such as China, India, and Japan
In January 2024, BYD, a global leader in the electric vehicle market, launched three new electric passenger cars in Indonesia to further expand its presence in the Southeast Asia region. As per the China Electric Vehicle Charging Infrastructure Promotion Alliance, 716,000 charging piles were added from January 2024 to March 2024, which marked an increase of 13.2% as compared to January 2023 to March 2023.
In Europe, in 2023, the EU passed a new law, which mandates a major expansion of fast-charging stations for heavy-duty electric vehicles. By 2025, powerful stations delivering at least 600 kW, with at least one 150 kW charger included, must be installed every 60 kilometres on core TEN-T routes and every 100 kilometres on the broader network.
In North America, OEMs with over 170 battery-electric models, focus on medium-duty trucks, where electric options compete favourably with diesel in total ownership cost. The increasing expansion of public charging infrastructure in the region is further fuelling the electric vehicle market growth.
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Historical Market (2018-2023)
8.3 Global Electric Vehicle Market Forecast (2024-2032)
8.4 Global Electric Vehicle Market by Type
8.4.1 Battery Electric Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hybrid Electric Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Plug-in Hybrid Electric Vehicle
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle Market by Vehicle Type
8.5.1 Passenger Car
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Two-Wheeler
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Light and Medium Commercial Vehicles
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Heavy Commercial Vehicles (HCVs)
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Electric Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 BYD Co. Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Tesla Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Toyota Motor Corp.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Dongfeng Motor Group Company Limited
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hyundai Motor Company
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Ford Motor Company
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Great Wall Motor Company Limited
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 CHERY Automobile Co., Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 General Motors Co.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Volkswagen AG
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Volvo AB
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Nissan Motor Corporation
16.2.12.1 Company Overview
16.2.12.2 Product Portfolio
16.2.12.3 Demographic Reach and Achievements
16.2.12.4 Certifications
16.2.13 Mercedes-Benz Group AG
16.2.13.1 Company Overview
16.2.13.2 Product Portfolio
16.2.13.3 Demographic Reach and Achievements
16.2.13.4 Certifications
16.2.14 BMW AG
16.2.14.1 Company Overview
16.2.14.2 Product Portfolio
16.2.14.3 Demographic Reach and Achievements
16.2.14.4 Certifications
16.2.15 SAIC Motor Corporation Limited
16.2.15.1 Company Overview
16.2.15.2 Product Portfolio
16.2.15.3 Demographic Reach and Achievements
16.2.15.4 Certifications
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle Historical Market: Breakup by Type (Million Units), 2018-2023
3. Global Electric Vehicle Market Forecast: Breakup by Type (Million Units), 2024-2032
4. Global Electric Vehicle Historical Market: Breakup by Vehicle Type (Million Units), 2018-2023
5. Global Electric Vehicle Market Forecast: Breakup by Vehicle Type (Million Units), 2024-2032
6. Global Electric Vehicle Historical Market: Breakup by Region (Million Units), 2018-2023
7. Global Electric Vehicle Market Forecast: Breakup by Region (Million Units), 2024-2032
8. North America Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
9. North America Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
10. Europe Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
11. Europe Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
12. Asia Pacific Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
13. Asia Pacific Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
14. Latin America Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
15. Latin America Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
16. Middle East and Africa Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
17. Middle East and Africa Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
18. Global Electric Vehicle Market Structure
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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