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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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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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+61 448 06 17 27
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