Electric Vehicle Market: By Type, By Vehicle Type, By Vehicle Class, By Top Speed, By Vehicle Drive Type and Geography
Electric Vehicle Market size was valued at US$ 267.23 billion in 2023 and is expected to reach 1318.24 billion by 2030, at a CAGR of 25.2% from 2024-2030. Rising concerns over environmental protection, huge investments made by automakers in electric vehicles, and surging demand for high-performance, fuel-efficiency vehicles are some of the key factors propelling the market growth. However, the huge manufacturing costs involved in manufacturing electric vehicles are hindering the market growth. One of the primary factors driving the market's growth is the growing demand for fuel-efficient automobiles around the world.
Additionally, growing worries about the negative environmental effects of greenhouse gas (GHG) emissions, as well as the implementation of favorable government policies encouraging sustainable development, are boosting market growth. The report studies global electric vehicle market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (regional Investment hot spots) and market unmet needs (Product opportunities).
Study Period
2024-2030Base Year
2023CAGR
25.2%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
The major challenge is costs. Battery technology is expensive, and because batteries in electric cars need to be able to hold massive amounts of charge to make the cars practical for most drivers, they have to be built using expensive materials, most of which are tough to procure. Because electric cars cost a lot to build, they also cost more than comparable gasoline cars to buy. That makes consumers reluctant to adopt them.
The EV technology was growing and innovations were happening especially in electric propulsion (EP) and energy storage systems (ESS), which are the core technology areas in EV engineering. Batteries have been the major energy source for EV, different battery technologies have been invented and adopted. Lithium-ion batteries are the most popular one now and are definitely going to stay. Lithium-air provides an exciting new frontier because this battery promises to store far more energy than is possible with current lithium-ion technologies. Companies like Tesla have continued to invest heavily in this technology due to the high recharge capacity of these batteries.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market Size in 2023 |
US$ 267.23 billion |
Market CAGR |
25.2% |
By Type |
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By Vehicle Type |
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By Vehicle Class |
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By Vehicle Drive Type |
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Electric vehicle market size was valued at US$ 267.23 billion in 2023 and is set to reach US$ 1318.24 billion by 2030 growing at a CAGR of 25.2%.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
The key players of the market are Ampere Vehicles, Benling India Energy and Technology Pvt Ltd, BMW AG, Chevrolet Motor Company, Energica Motor Company S.p.A., Ford Motor Company, Hero Electric, Hyundai Motor Company, Mahindra Electric Mobility Limited, Nissan Motors Co., Ltd., Tesla Inc., Tata Motors.
1. Executive Summary |
2. Global Electric Vehicle Market Introduction |
2.1. Global Electric Vehicle Market - Taxonomy |
2.2. Global Electric Vehicle Market -Definitions |
2.2.1. Type |
2.2.2. Vehicle Type |
2.2.3. Vehicle Class |
2.2.4. Top Speed |
2.2.5. Vehicle Drive Type |
2.2.6. Region |
3. Global Electric Vehicle Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Electric Vehicle Market Dynamic Factors - Impact Analysis |
3.6. Global Electric Vehicle Market - Competition Landscape |
4. Global Electric Vehicle Market Analysis,2018 - 2022 and Forecast, 2023 - 2029 |
4.1. Market Analysis,2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Electric Vehicle Market, By Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
5.1. Battery Electric Vehicle |
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Plug-in Hybrid Electric Vehicle |
5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Fuel Cell Electric Vehicle |
5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
6. Global Electric Vehicle Market, By Vehicle Type, 2018 - 2022 and Forecast, 2021 - 2027 (Revenue, USD Mn) |
6.1. Two-Wheelers |
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Passenger Cars |
6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Commercial Vehicles |
6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
7. Global Electric Vehicle Market Forecast, By Vehicle Class,2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
7.1. Mid-Priced |
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Luxury |
7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
8. Global Electric Vehicle Market Forecast, By Top Speed, 2018 - 2022 and Forecast, 2021 - 2027 (Revenue, USD Mn) |
8.1. Less Than 100 MPH |
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. 100 to 125 MPH |
8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. More Than 125 MPH |
8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
9. Global Electric Vehicle Market, By Vehicle Drive Type, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.1. Front Wheel Drive |
9.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Rear Wheel Drive |
9.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. All Wheel Drive |
9.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
10. Global Electric Vehicle Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029(Revenue, USD Mn) |
10.1. North America |
10.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.1.3. Market Opportunity Analysis |
10.2. Europe |
10.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.2.3. Market Opportunity Analysis |
10.3. Asia-Pacific |
10.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.3.3. Market Opportunity Analysis |
10.4. Latin America |
10.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.4.3. Market Opportunity Analysis |
10.5. Middle East and Africa |
10.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
10.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
10.5.3. Market Opportunity Analysis |
10.6. Global Electric Vehicle Market - Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Region, 2023 - 2029 |
11. North America Electric Vehicle Market Analysis,2018-2022 and Forecast, 2023-2029(Revenue, USD Mn) |
11.1. Type Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Battery Electric Vehicle |
11.1.2. Plug-in Hybrid Electric Vehicle |
11.1.3. Fuel Cell Electric Vehicle |
11.2. Vehicle Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.2.1. Two-Wheelers |
11.2.2. Passenger Cars |
11.2.3. Commercial Vehicles |
11.3. Vehicle Class Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.3.1. Mid-Priced |
11.3.2. Luxury |
11.4. Top Speed Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.4.1. Less Than 100 MPH |
11.4.2. 100 to 125 MPH |
11.4.3. More Than 125 MPH |
11.5. Vehicle Drive Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.5.1. Front Wheel Drive |
11.5.2. Rear Wheel Drive |
11.5.3. All Wheel Drive |
11.6. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
11.6.1. USA |
11.6.2. Canada |
11.7. North America Electric Vehicle Market - Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2023 - 2029 |
11.8. North America Electric Vehicle Market Dynamics - Trends |
12. Europe Electric Vehicle Market Analysis, 2018-2022 and Forecast, 2023-2029(Revenue, USD Mn) |
12.1. Type Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Battery Electric Vehicle |
12.1.2. Plug-in Hybrid Electric Vehicle |
12.1.3. Fuel Cell Electric Vehicle |
12.2. Vehicle Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.2.1. Two-Wheelers |
12.2.2. Passenger Cars |
12.2.3. Commercial Vehicles |
12.3. Vehicle Class Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.3.1. Mid-Priced |
12.3.2. Luxury |
12.4. Top Speed Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.4.1. Less Than 100 MPH |
12.4.2. 100 to 125 MPH |
12.4.3. More Than 125 MPH |
12.5. Vehicle Drive Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.5.1. Front Wheel Drive |
12.5.2. Rear Wheel Drive |
12.5.3. All Wheel Drive |
12.6. Country Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
12.6.1. Germany |
12.6.2. UK |
12.6.3. France |
12.6.4. Spain |
12.6.5. Italy |
12.6.6. Russia |
12.6.7. Poland |
12.6.8. Rest of Europe |
12.7. Europe Electric Vehicle Market - Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2023 - 2029 |
12.8. Europe Electric Vehicle Market Dynamics - Trends |
13. Asia-Pacific Electric Vehicle Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
13.1. Type Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Battery Electric Vehicle |
13.1.2. Plug-in Hybrid Electric Vehicle |
13.1.3. Fuel Cell Electric Vehicle |
13.2. Vehicle Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.2.1. Two-Wheelers |
13.2.2. Passenger Cars |
13.2.3. Commercial Vehicles |
13.3. Vehicle Class Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.3.1. Mid-Priced |
13.3.2. Luxury |
13.4. Top Speed Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.4.1. Less Than 100 MPH |
13.4.2. 100 to 125 MPH |
13.4.3. More Than 125 MPH |
13.5. Vehicle Drive Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.5.1. Front Wheel Drive |
13.5.2. Rear Wheel Drive |
13.5.3. All Wheel Drive |
13.6. Country Analysis2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
13.6.1. Japan |
13.6.2. China |
13.6.3. India |
13.6.4. ASEAN |
13.6.5. Australia & New Zealand |
13.6.6. Rest of Asia-Pacific |
13.7. Asia-Pacific Electric Vehicle Market - Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country,2023 - 2029 |
13.8. Asia-Pacific Electric Vehicle Market Dynamics - Trends |
14. Latin America Electric Vehicle Market Analysis,2018 - 2022 and Forecast, 2023-2029(Revenue, USD Mn) |
14.1. Type Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
14.1.1. Battery Electric Vehicle |
14.1.2. Plug-in Hybrid Electric Vehicle |
14.1.3. Fuel Cell Electric Vehicle |
14.2. Vehicle Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.2.1. Two-Wheelers |
14.2.2. Passenger Cars |
14.2.3. Commercial Vehicles |
14.3. Vehicle Class Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.3.1. Mid-Priced |
14.3.2. Luxury |
14.4. Top Speed Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.4.1. Less Than 100 MPH |
14.4.2. 100 to 125 MPH |
14.4.3. More Than 125 MPH |
14.5. Vehicle Drive Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.5.1. Front Wheel Drive |
14.5.2. Rear Wheel Drive |
14.5.3. All Wheel Drive |
14.6. Country Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
14.6.1. Brazil |
14.6.2. Mexico |
14.6.3. Argentina |
14.6.4. Rest of Latin America |
14.7. Latin America Electric Vehicle Market - Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2023 - 2029 |
14.8. Latin America Electric Vehicle Market Dynamics - Trends |
15. Middle East and Africa Electric Vehicle Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
15.1. Type Analysis 2018-2022 and Forecast 2023 - 2029 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
15.1.1. Battery Electric Vehicle |
15.1.2. Plug-in Hybrid Electric Vehicle |
15.1.3. Fuel Cell Electric Vehicle |
15.2. Vehicle Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.2.1. Two-Wheelers |
15.2.2. Passenger Cars |
15.2.3. Commercial Vehicles |
15.3. Vehicle Class Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.3.1. Mid-Priced |
15.3.2. Luxury |
15.4. Top Speed Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.4.1. Less Than 100 MPH |
15.4.2. 100 to 125 MPH |
15.4.3. More Than 125 MPH |
15.5. Vehicle Drive Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
15.5.1. Front Wheel Drive |
15.5.2. Rear Wheel Drive |
15.5.3. All Wheel Drive |
15.6. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
15.6.1. Gulf Cooperation Council (GCC) Countries |
15.6.2. Israel |
15.6.3. South Africa |
15.6.4. Rest of MEA |
15.7. MEA Electric Vehicle Market - Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2023 - 2029 |
15.8. MEA Electric Vehicle Market Dynamics - Trends |
16. Competition Landscape |
16.1. Strategic Dashboard of Top Market Players |
16.2. Company Profiles (Introduction, Financial Analysis, Type& Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
16.2.1. Ampere Vehicles |
16.2.2. Benling India Energy and Technology Pvt Ltd |
16.2.3. BMW AG |
16.2.4. Chevrolet Motor Company |
16.2.5. Energica Motor Company S.p.A. |
16.2.6. Ford Motor Company |
16.2.7. Hero Electric |
16.2.8. Hyundai Motor Company |
16.2.9. Mahindra Electric Mobility Limited |
16.2.10. Nissan Motors Co., Ltd. |
16.2.11. Tesla Inc. |
16.2.12. Tata Motors |
17. Research Methodology |
18. Key Assumptions and Acronyms |
Key Market Players