Electric Vehicle Market

Electric Vehicle Market Size, Share, Trends, Growth, and Industry Analysis, By Component (Battery Cells & Packs, On-Board Charger, Fuel Stack), By Vehicle Type (Two-Wheelers, Passenger Cars, and Commercial Vehicles), By Charging Type (Fast charging, Slow Charging), Top Speed (Less Than 100 MPH, 100 to 125 MPH, and More Than 125 MPH) and Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive) and Regional Insights and Forecast to 2031

Automobile & Transportation | November 2022 | Report ID: EMR006 | Pages: 290

global electric vehicles market size was USD 402.02 billion in 2022 and is predicted to reach USD 1493.45 billion in 2031, exhibiting at a CAGR of 20.19% during the forecast period.


Electric vehicles (EVs) Market are self-propelled automobiles that are used to move cargo and people from one location to another. These include plug-in hybrid electric cars (PHEVs), hybrid electric vehicles (HEVs), and battery electric vehicles (BEVs) (PHEVs). They are powered by batteries that store energy and are recharged by self-charging components like turbochargers and regenerative braking systems, which can transform kinetic energy into electrical energy. In addition to this, EVs are more cost-effective to operate than conventional vehicles and do not produce exhaust emissions. As a result, they are spreading like wildfire over the world.

Market Growth

Since COVID-19 impacted practically every other industry in the market, its effects on the market for electric vehicles were unavoidable. However, the global adoption rate of mild-hybrid electric vehicles is rapidly increasing year over year, which is driving significant growth in the electric vehicle (EV) industry. For instance, despite the pandemic, sales of electric vehicles increased dramatically in China and Europe, providing evidence of a dynamic market during the projection period. Long-term drivers of the use of electric vehicles market are anticipated to include factors like rising gasoline prices and government campaigns to raise public awareness of EVs in various regions.

Due to a well-established supply chain for batteries and traction motors, nations like China continue to dominate the passenger vehicle and urban bus markets while infrastructure for charging stations is expanded. The market for electric vehicles is expanding as a result of rising consumer demand for fuel-efficient, high-performance, and low-emission automobiles, stricter rules and regulations governing vehicle emissions, falling battery prices, and rising fuel prices.

Report Attribute


Projected CAGR in %


Estimated Market Value (2022)

402.02 Billion

Base Year


Forecast Years

2023 - 2031

Segments Covered

By Component, By Charging Type, By Propulsion Type, By Vehicle Type, By Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.


Market Dynamics

Market Drivers

One of the main factors favoring the market is the combination of quick urbanization, a booming automotive sector, and changing consumer preferences for hybrid and electric vehicles (H/EVs). Additionally, the demand for EVs is being fueled by consumers' increased concern for environmental sustainability and their awareness of the negative effects that greenhouse gas (GHG) emissions have on the environment. Along with this, the introduction of supportive government measures promoting sustainable development is boosting market expansion. For instance, a variety of advantages offered by the government, including as tax exemptions, subsidies, affordable purchase prices, and free charging stations, are raising their overall adoption rates. The market is growing as a result of numerous developments in battery technology and the use of cutting-edge technologies like ADAS, AI, IoT, and others. Major companies are making significant investments to provide their goods with the most modern features, boost OEM competitiveness, and support market expansion. Many countries are trying to adopt electric mobility, but as more cars hit the market, charging infrastructures continue to be a key problem.

Market Restraints

Refueling stations, on the other hand, are still in the development stage. Electric car long-distance travels may be hampered by a lack of refueling facilities. Speed and range of an electric car are both limited. The majority of electric vehicles have a range of 50 to 100 miles before needing a recharge, which takes four to six hours. Over the projected period, these issues are anticipated to hamper the worldwide electric vehicle market's expansion.

Market Opportunities

The market for electric vehicles is expanding as a result of rising consumer demand for fuel-efficient, high-performance, and low-emission automobiles, stricter rules and regulations governing vehicle emissions, falling battery prices, and rising fuel prices.

Governments all across the world are getting more and more interested in electric mobility. Government policies to phase out fossil fuel-powered vehicles, government investments to upgrade public EV charging infrastructure, and programs to promote the adoption of EVs through subsidies and tax breaks are all expected to have an impact on market growth. Governments are making investments in infrastructure for charging, either directly via the construction of public charging stations or indirectly through the funding of private charging stations at residences and businesses.

Competitive Market Players

Some of the main manufacturers of electric vehicles are :

  • Ampere Vehicles
  • Benling India Energy and Technology Pvt Ltd
  • BMW AG
  • BYD Company Limited
  • Chevrolet Motor Company
  • Daimler AG
  • Energica Motor Company S.p.A.
  • Ford Motor Company
  • General Motors
  • Hero Electric
  • Hyundai Motor Company
  • Karma Automotive
  • Kia Corporation
  • Lucid Group, Inc.
  • Mahindra Electric Mobility Limited
  • NIO
  • Nissan Motors Co., Ltd.
  • Rivain
  • Tata Motors
  • Tesla Inc.
  • Toyota Motor Corporation
  • Volkswagen AG
  • WM Motor

Regional Analysis

The Chinese government is promoting the use of electric automobiles. The nation already has plans in place to phase out diesel fuel, which powers the current generation of trucks and other commercial vehicles. By 2040, the nation intends to outlaw all gasoline and diesel-powered automobiles. China is a significant market participant in the electric bus industry, and it is projected that it will maintain its leadership throughout the projection period. More than 420,000 electric buses, or over 99% of the global fleet, were in use in China as of May 2020. The significant proportion of China in the global market for electric buses is mostly due to the country's intense focus on electrifying public transportation, which is accompanied by widespread subsidies and national legislation.

Recent Development

  • A company for energy technology that sells new energy vehicle (NEV) battery swapping facilities was established by SAIC Motor in May 2022. The new firm, known as Shanghai Jieneng YidianEnergy Technology Co. Ltd, was founded with a registered capital of CNY 30 million, according to the enterprise information inquiry platform Tianyancha (USD 4.497 million). It is a fully owned subsidiary of SAIC Motor Investment Management Co. Ltd, a company that SAIC Motor controls in its whole.
  • Stellantis and Qualcomm Technologies Inc. established a multi-year technology partnership in April 2022. Starting in 2024, millions of vehicles from Stellantis' 14 renowned automotive brands will be equipped with the most cutting-edge Snapdragon® Digital Chassis technology.
  • Renault Group, Valeo, and Siemens Automobile declared in February 2022 that they had signed a Memorandum of Understanding to establish a strategic alliance for the design, joint development, and production in France of a new generation of automotive electric motors without the usage of rare earth. In order to create an electric drivetrain system that is unmatched globally and provides greater power on less energy without the usage of rare earth, the three partners will pool their knowledge and widely known experience.
  • Tesla Inc. disclosed intentions to increase part manufacturing at its Shanghai factory in February 2022 to satisfy the rising export demand.

Market Segmentations

By Component

  • Battery Cells & Packs
  • On-Board Charger
  • Fuel Stack

By Charging Type

  • Slow Charging
  • Fast Charging

By Propulsion Type

  • Battery Electric Vehicle (BEV)
  • Fuel Cell Electric Vehicle (FCEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

By Vehicle Type

  • Passenger Vehicles
  • Commercial Vehicles
  • Others

By Region

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others


  • Norway
  • Netherlands
  • Sweden
  • United Kingdom
  • France
  • Germany
  • Others

North America

  • United States
  • Canada

Middle East and Africa

  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others


Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Others



1. Who are the major players and firms in the market for electric vehicles worldwide

     Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc., Toyota Motor Corporation, and Volkswagen are a few of the major players in the global market for electric vehicles.


2. What will be the market size for electric vehicles globally in 2023–2031

     We anticipate that between 2023 and 2031, the market for electric vehicles will grow at a CAGR of 20.19%.


3. What major forces are influencing the market for electric vehicles globally

     Some of the factors driving the global market for electric vehicles are the rising demand for fuel-efficient cars and the rising concern over the damaging impact of greenhouse gas (GHG) emissions on the environment.


4. How has COVID-19 affected the worldwide market for electric vehicles

     The abrupt COVID-19 pandemic outbreak had prompted the imposition of strict lockdown measures across a number of nations, which had delayed R&D for electric vehicle projects and forced the temporary closure of several industrial facilities.


5. How is the worldwide market for electric vehicles segmented by component

     The battery cells and packs, on-board charger, and fuel stack segments of the worldwide electric vehicle market have been separated based on component. The market is currently clearly dominated by battery cells and packs among these.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

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