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Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region - Global Forecast 2030

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    Report

  • 356 Pages
  • July 2023
  • Region: Global
  • Markets and Markets
  • ID: 5578613

Reducing Prices of EV Batteries is to Drive the Market

The global EV market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%. With growing awareness about environmental issues and the need to reduce greenhouse gas emissions, governments and consumers alike are increasingly embracing electric mobility as a viable and sustainable solution. Technological advancements have significantly improved battery performance, charging infrastructure, and overall EV capabilities, making electric vehicles more practical and appealing to a broader audience. As a result, the EV market is witnessing unprecedented growth, attracting significant investments from both established automakers and new entrants. This surge in demand and innovation is reshaping the future of transportation and paving the way for a cleaner, greener, and more efficient automotive landscape.

DC (Super Charging) to be the fastest growing segment during the forecast period.

The electric vehicle (EV) market is experiencing a momentous shift, with DC (super charging) emerging as the largest and most influential segment. The increasing demand for rapid and efficient charging solutions is the driving force behind the popularity of DC charging, which greatly reduces EV charging time compared to traditional AC methods. This technology's widespread adoption is fueled by the Chinese government's dedication to promoting electric mobility and establishing a robust nationwide charging infrastructure. With more consumers and businesses choosing electric vehicles, the dominance of DC supercharging is expected to continue growing, revolutionizing EV charging and usage in the world's largest automotive market. This mode of charging is significantly getting popular for destination charging, on-highway charging and depot charging due to its convenience. New technologies such as Ultra fast charging and megawatt charging that allow charging in 5-10 minutes will also help increase demand for DC charging across regions.

Passenger Cars to be the largest segment during the forecast period.

The passenger car segment is poised to be the fastest-growing segment in the electric vehicle (EV) market. The increasing awareness of environmental concerns, government incentives, and advancements in EV technology are driving the surge in demand for passenger EVs. With a growing number of models available and improvements in charging infrastructure, consumers are increasingly opting for electric passenger cars as a cleaner and more sustainable mode of transportation in the region. With regulations for ICE vehicle ban or full shift to ZEVs for passenger cars across countries, the demand for EVs is expected to grow rapidly, reaching around 50% of overall passenger car sales by 2030. 

Major OEMs are already working for this EV shift with updated technologies in their manufacturing centers, training resources on new technologies, partnerships with other participants in the EV ecosystem to strengthen their EV offerings. Companies such as BYD, have already stopped manufacturing ICE vehicles. Others such as Volkswagen, Volvo, BMW among others have also announced plans for new EV launches by 2030. Further, these companies have already invested Billions of USD for the ongoing EV shift for developing batteries, EV component supply systems, and other advanced technologies. 

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

  • By Respondent Type: Tier I - 67%, Tier II and Tier III - 9%, and OEMs - 24%
  • By Designation: CXOs - 33%, Managers - 52%, Executives - 15%
  • By Region: North America - 20%, Europe - 34%, Asia Pacific - 38%, Middle East and Africa-4%

The EV market is dominated by established players such as BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others. 

Research Coverage:

The report covers the EV market based on vehicle type, service type, sourcing type, application and region (North America, Europe, Asia-Pacific and Middle East and Africa). It covers the competitive landscape and company profiles of the major players in the EV market ecosystem.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.    

Key Benefits of Buying the Report:

  • This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall EV market ecosystem and its subsegments. 
  • This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. 
  • This report will also help stakeholders understand the market’s pulse and provide information on key market drivers, restraints, challenges, and opportunities.
Frequently Asked Questions about the Global Electric Vehicle Market

What is the estimated value of the Global Electric Vehicle Market?

The Global Electric Vehicle Market was estimated to be valued at $388.1 Billion in 2023.

What is the growth rate of the Global Electric Vehicle Market?

The growth rate of the Global Electric Vehicle Market is 13.7%, with an estimated value of $951.9 Billion by 2030.

What is the forecasted size of the Global Electric Vehicle Market?

The Global Electric Vehicle Market is estimated to be worth $951.9 Billion by 2030.

Who are the key companies in the Global Electric Vehicle Market?

Key companies in the Global Electric Vehicle Market include Altcraft Motor Company, BAIC Motors, BMW Group, BYD, Byton, Chery, Daimler AG, Faraday Future, Fisker and Ford Motor Company.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
Table 1 Electric Vehicle Market Definition, by Propulsion
Table 2 Market Definition, by Vehicle Type
Table 3 Market Definition, by Vehicle Drive Type
Table 4 Market Definition, by Vehicle Class
Table 5 Market Definition, by Vehicle Connectivity
Table 6 Market Definition, by Charging Point Type
Table 7 Market Definition, by Component
Table 8 Market Definition, by Vehicle Top Speed
Table 9 Market Definition, by End Use
1.2.1 Inclusions and Exclusions
Table 10 Market: Inclusions and Exclusions
1.3 Market Scope
Figure 1 Electric Vehicle Market Segmentation
1.3.1 Regions Covered
1.3.2 Years Considered
1.4 Currency Considered
Table 11 Currency Exchange Rates
1.5 Stakeholders
1.6 Summary of Changes

2 Research Methodology
2.1 Research Data
Figure 2 Electric Vehicle Market: Research Design
Figure 3 Research Design Model
2.1.1 Secondary Data
2.1.1.1 Key Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews
2.1.2.2 Key Industry Insights and Breakdown of Primary Interviews
Figure 4 Key Industry Insights
Figure 5 Breakdown of Primary Interviews
2.1.2.3 List of Primary Participants
2.2 Market Size Estimation
Figure 6 Research Methodology: Hypothesis Building
2.2.1 Bottom-Up Approach
Figure 7 Market: Bottom-Up Approach
2.2.2 Top-Down Approach
Figure 8 Market: Top-Down Approach
Figure 9 Market Estimation Notes
2.3 Data Triangulation
Figure 10 Data Triangulation Methodology
Figure 11 Market Growth Projections from Demand-Side Drivers and Opportunities
2.4 Factor Analysis
2.4.1 Factor Analysis for Market Sizing: Demand and Supply Sides
2.5 Research Assumptions
2.6 Research Limitations

3 Executive Summary
Figure 12 Electric Vehicle Market Overview
Figure 13 Market, by Region, 2022-2030 (Thousand Units)
Figure 14 Market Performance in 2022
Figure 15 Bev to Hold Largest Market Share During Forecast Period

4 Premium Insights
4.1 Attractive Opportunities for Players in Electric Vehicle Market
Figure 16 Government Initiatives for Promoting Low-Emission Transport to Drive Market
4.2 Market, by Charging Point Type
Figure 17 Dc (Super Charging) to be Dominant Segment of Market During Forecast Period
4.3 Market, by Vehicle Type
Figure 18 Commercial Vehicle Segment to Grow at Higher CAGR During Forecast Period
4.4 Market, by Vehicle Class
Figure 19 Mid-Priced Segment to Witness Fastest Growth During Forecast Period
4.5 Market, by Propulsion
Figure 20 FCEV Segment to Grow at Fastest Rate During Forecast Period
4.6 Market, by Vehicle Top Speed
Figure 21 >125 Mph Segment to Grow at Faster Rate During Forecast Period
4.7 Market, by Vehicle Drive Type
Figure 22 Awd Segment to Register Highest CAGR During Forecast Period
4.8 Market, by Region
Figure 23 Asia-Pacific to Account for Largest Share of Market in 2023

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 24 Electric Vehicle Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Reducing Prices of EV Batteries
Figure 25 Electric Vehicle Battery Pricing Analysis
5.2.1.2 Government Initiatives Pertaining to Evs
Figure 26 Electric Vehicle-Related Policies Across Major Markets
Figure 27 Electrification Targets by Countries
5.2.1.3 Fast Charging Speed to Allow Plug-And-Charge Use of Evs
Figure 28 Time Required to Charge Electric Vehicles
5.2.1.4 Rising Prices of Petroleum
Figure 29 Average Petrol Prices Worldwide
Figure 30 Comparison of Operating Cost of Electric Vehicles and Ice Vehicles
5.2.1.5 Lower Emissions
Figure 31 Comparison of Emissions of Electric Vehicles and Gasoline Vehicles
5.2.1.6 Development of Private and Semi-Public EV Charging
Table 12 Private, Semi-Public, and Public Charging
5.2.2 Restraints
5.2.2.1 High Initial Investments for Installing EV Fast Charging Infrastructure
Figure 32 Fuel Station Average Price Comparison
5.2.2.2 Lack of Sufficient EV Charging Infrastructure in Many Emerging Economies
Figure 33 Country-Wise Comparison of Electric Vehicle Charger Density
5.2.2.3 Low Vehicle Range
Table 13 Electric Car Performance Comparison
5.2.3 Opportunities
5.2.3.1 Growing Consumer Acceptance for Evs
Figure 34 Electric Passenger Car Sales Growth
5.2.3.2 Development of Wireless EV Charging Technology for On-The-Go Charging
Figure 35 Working of Wireless Electric Vehicle Charging
5.2.3.3 Use of EVs for Fleets and Commercial Applications
Figure 36 Growing Demand for Electric Passenger Cars in Fleets
Table 14 Electric Fleet Commitments by Leading Companies
5.2.4 Challenges
5.2.4.1 High Cost of EVs Compared to Ice Vehicles
Figure 37 Cost Comparison of Electric and Ice Vehicles
5.2.4.2 Lack of Standardization of EV Charging Infrastructure
Figure 38 Electric Vehicle Chargers Used Worldwide
5.2.4.3 Low Availability of Lithium for Use in EV Batteries
Figure 39 Lithium-Ion Demand and Supply
5.2.4.4 Insufficient Grid Infrastructure
Figure 40 Grid Requirement for Electric Vehicles in Germany by 2030
Table 15 Electric Vehicle Market: Impact of Market Dynamics
5.3 New and Upcoming Electric Vehicle Models, 2023-2026
Table 16 New and Upcoming Electric Vehicle Models, 2023-2026
5.4 Total Cost of Ownership Comparison of Electric and Ice Vehicles
Table 17 Prices of Electric Vehicle and Ice Models in US (2022)
Figure 41 5-Year Tco Breakdown (Us)
5.5 Bill of Material Analysis
Figure 42 Comparison of Bill of Materials of Ice and Electric Vehicles, 2023 Vs. 2030
5.6 Oem Electromobility Progress
Figure 43 Top-Selling Electric Vehicles in December 2022 Worldwide
5.6.1 Oem Targets and Investments
Table 18 Electric Vehicle Market: Oem Targets and Investments
Figure 44 Market: Current State of Target Completion
5.7 Ecosystem Analysis
Figure 45 Market: Ecosystem Analysis
5.7.1 EV Charging Providers
5.7.2 Software Providers
5.7.3 Battery Manufacturers
5.7.4 Component Manufacturers
5.7.5 Oems
5.7.6 End-users
Table 19 Market: Role of Companies in Ecosystem
5.8 Supply Chain Analysis
Figure 46 Market: Supply Chain Analysis
5.9 Key Stakeholders and Buying Criteria
5.9.1 Passenger Cars
5.9.2 Commercial Vehicles
5.9.3 Key Stakeholders in Buying Process
Figure 47 Influence of Stakeholders on Buying Process for Top 2 Vehicle Types
Table 20 Influence of Stakeholders on Buying Process for Top 2 Vehicle Types (%)
5.9.4 Buying Criteria
Figure 48 Key Buying Criteria for Passenger Cars
Figure 49 Key Buying Criteria for Commercial Vehicles
5.10 Pricing Analysis
Table 21 Electric Vehicle Market: Pricing of Popular Bevs (Us)
Table 22 Market: Pricing of Popular Phevs (Us)
Table 23 Average EV Cost Forecast
5.11 Key Conferences and Events in 2023-2024
Table 24 Market: Key Conferences and Events
5.12 Technology Analysis
5.12.1 V2X Charging
Figure 50 Parts of V2X
5.12.2 Smart Charging System
Figure 51 Smart EV Charging System
5.12.3 Solid-State Battery
5.12.4 IoT in Electric Vehicles
5.12.5 Packaged Fuel Cell System Module
Figure 52 Toyota's New Packaged Fuel Cell System Module
5.12.6 Methane Fuel Cells
5.12.7 Direct Borohydride Fuel Cells
Figure 53 Direct Borohydride Fuel Cell Working
5.12.8 800V Architecture
5.12.9 Structural Battery
5.12.10 V2L
5.13 Patent Analysis
5.13.1 Introduction
Figure 54 Publication Trends (2013-2023)
5.13.2 Insights
Figure 55 Electric Vehicle Patents: Trend Analysis
Table 25 Important Patent Registrations Related to Electric Vehicle Market
5.14 Trade Analysis
Table 26 Trade Data for Motor Vehicles in 2022 (Hs 8703)
5.15 Case Study Analysis
5.15.1 Case Study 1: Nissan Leaf in Durham County, North Carolina, US
5.15.2 Case Study 2: Adoption of Electric Buses as Public Transport in Shenzhen, China
5.15.3 Case Study 3: Rapid Bus Fleet Electrification Through Changes in Procurement Model and Industry Engagement in Santiago, Chile
5.15.4 Case Study 4: Charging Hubs with DC Fast Chargers to Support Expansion of Ride-Hailing Fleet in Nairobi, Kenya
5.15.5 Case Study 5: Rapid Electrification of Entire Taxi Fleet in Taiyuan, China
5.15.6 Case Study 6: Electrification of Logistics Fleet Through Frito-Lay-Calstart Partnership
5.15.7 Case Study 7: Renault to Advance Sustainable Mobility with Electric-Hydrogen Hybrid Cars
5.16 Regulatory Landscape
5.16.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 27 North America: Regulatory Bodies, Government Agencies, and Other Organizations
Table 28 Europe: Regulatory Bodies, Government Agencies, and Other Organizations
Table 29 Asia-Pacific: Regulatory Bodies, Government Agencies, and Other Organizations
5.16.2 Netherlands
Table 30 Netherlands: Electric Vehicle Incentives
Table 31 Netherlands: Electric Vehicle Charging Station Incentives
5.16.3 Germany
Table 32 Germany: Electric Vehicle Incentives
Table 33 Germany: Electric Vehicle Charging Station Incentives
5.16.4 France
Table 34 France: Electric Vehicle Incentives
Table 35 France: Electric Vehicle Charging Station Incentives
5.16.5 UK
Table 36 UK: Electric Vehicle Incentives
Table 37 UK: Electric Vehicle Charging Station Incentives
5.16.6 China
Table 38 China: Electric Vehicle Incentives
Table 39 China: Electric Vehicle Charging Station Incentives
5.16.7 US
Table 40 US: Electric Vehicle Incentives
Table 41 US: Electric Vehicle Charging Station Incentives
5.17 Trends and Disruptions
Figure 56 Market: Trends and Disruptions
5.18 Electric Vehicle Market, Scenarios (2023-2030)
Figure 57 Market: Future Trends & Scenarios, 2023-2030 (USD Million)
5.18.1 Most Likely Scenario
Table 42 Market (Most Likely), by Region, 2023-2030 (USD Million)
5.18.2 Optimistic Scenario
Table 43 Market (Optimistic), by Region, 2023-2030 (USD Million)
5.18.3 Pessimistic Scenario
Table 44 Market (Pessimistic), by Region, 2023-2030 (USD Million)

6 Electric Vehicle Market, by Component
6.1 Introduction
6.2 Battery Cells and Packs
Table 45 Battery Cell and Pack Supplier Data
6.3 Onboard Chargers
Table 46 Onboard Charger Supplier Data
6.4 Motors
Table 47 Motor Supplier Data
6.5 Power Control Units
Table 48 Dc-Dc Converter Supplier Data
Table 49 Inverter Supplier Data
6.6 Battery Management Systems
Table 50 Battery Management System Supplier Data
6.7 Fuel Cell Stacks
6.8 Fuel Processors
6.9 Power Conditioners
6.10 Air Compressors
6.11 Humidifiers

7 Electric Vehicle Market, by Vehicle Type
7.1 Introduction
Figure 58 Commercial Vehicle Segment to Grow at Higher CAGR During Forecast Period (2023-2030)
Table 51 Market, by Vehicle Type, 2019-2022 (Thousand Units)
Table 52 Market, by Vehicle Type, 2023-2030 (Thousand Units)
7.2 Operational Data
Table 53 Popular Electric Vehicles Worldwide
Table 54 Upcoming Electric Car Models
Table 55 Upcoming Electric Commercial Vehicles
7.3 Passenger Car (Pc)
7.3.1 Favorable Regulations and Subsidies Across Regions to Drive Market
Table 56 Electric Passenger Car Market, by Region, 2019-2022 (Thousand Units)
Table 57 Electric Passenger Car Market, by Region, 2023-2030 (Thousand Units)
7.4 Commercial Vehicle (Cv)
7.4.1 Flourishing Last-Mile Delivery, E-Commerce, and Logistics Industries to Drive Market
Table 58 Electric Commercial Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 59 Electric Commercial Vehicle Market, by Region, 2023-2030 (Thousand Units)
7.5 Key Primary Insights

8 Electric Vehicle Market, by Propulsion
8.1 Introduction
Figure 59 Electric Vehicle Comparison by Propulsion
Figure 60 FCEV Segment to Grow at Highest CAGR During Forecast Period
Table 60 Market, by Propulsion, 2019-2022 (Thousand Units)
Table 61 Market, by Propulsion, 2023-2030 (Thousand Units)
8.2 Operational Data
Table 62 Bestselling Electric Vehicles in 2022
8.3 Battery Electric Vehicle (Bev)
8.3.1 Rise in Petroleum Prices to Drive Market
Table 63 Battery Electric Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 64 Battery Electric Vehicle Market, by Region, 2023-2030 (Thousand Units)
8.4 Fuel Cell Electric Vehicle (FCEV)
8.4.1 Longer Driving Range and Better Environmental Sustainability Than Bevs to Drive Market
Table 65 Fuel Cell Electric Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 66 Fuel Cell Electric Vehicle Market, by Region, 2023-2030 (Thousand Units)
8.5 Plug-In Hybrid Electric Vehicle (Phev)
8.5.1 Government Subsidies to Drive Market
Table 67 Plug-In Hybrid Electric Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 68 Plug-In Hybrid Electric Vehicle Market, by Region, 2023-2030 (Thousand Units)
8.6 Hybrid Electric Vehicle (Hev)
8.7 Key Primary Insights

9 Electric Vehicle Market, by Vehicle Drive Type
9.1 Introduction
Figure 61 Comparison of Electric Vehicle Drive Types
Figure 62 Awd Segment to Grow at Highest CAGR During Forecast Period
Table 69 Market, by Vehicle Drive Type, 2019-2022 (Thousand Units)
Table 70 Market, by Vehicle Drive Type, 2023-2030 (Thousand Units)
9.2 Operational Data
Table 71 Popular Battery Electric Vehicles Worldwide, by Drive Type
Table 72 Popular Plug-In Hybrid Electric Vehicles Worldwide, by Drive Type
9.3 Front Wheel Drive (Fwd)
9.3.1 Low Manufacturing Cost to Drive Market
Table 73 Electric Fwd Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 74 Electric Fwd Vehicle Market, by Region, 2023-2030 (Thousand Units)
9.4 Rear Wheel Drive (Rwd)
9.4.1 Increasing Adoption in Sports and Luxury Segments to Drive Market
Table 75 Electric Rwd Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 76 Electric Rwd Vehicle Market, by Region, 2023-2030 (Thousand Units)
9.5 All Wheel Drive (Awd)
9.5.1 Higher Traction and Performance to Drive Market
Table 77 Electric Awd Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 78 Electric Awd Vehicle Market, by Region, 2023-2030 (Thousand Units)
9.6 Key Primary Insights

10 Electric Vehicle Market, by Vehicle Class
10.1 Introduction
Figure 63 Mid-Priced Segment to Grow at Highest CAGR During Forecast Period
Table 79 Market, by Vehicle Class, 2019-2022 (Thousand Units)
Table 80 Market, by Vehicle Class, 2023-2030 (Thousand Units)
10.2 Operational Data
Table 81 Popular Electric Vehicles Worldwide, by Vehicle Class
10.3 Low-Priced
10.3.1 Growing Demand for Affordable EVs due to Upcoming Stringent Laws to Drive Market
Table 82 Electric Low-Priced Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 83 Electric Low -Priced Vehicle Market, by Region, 2023-2030 (Thousand Units)
10.4 Mid-Priced
10.4.1 Reducing Battery Prices to Drive Market
Table 84 Electric Mid-Priced Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 85 Electric Mid-Priced Vehicle Market, by Region, 2023-2030 (Thousand Units)
10.5 Luxury
10.5.1 Increasing Demand for Low-Emission Luxury Vehicles to Drive Market
Table 86 Electric Luxury Vehicle Market, by Region, 2019-2022 (Thousand Units)
Table 87 Electric Luxury Vehicle Market, by Region, 2023-2030 (Thousand Units)
10.6 Key Primary Insights

11 Electric Vehicle Market, by Vehicle Top Speed
11.1 Introduction
Figure 64 Top Speed Comparison Electric Vehicles Vs. Ice Vehicles
Figure 65 >125 Mph Segment to Grow at Higher CAGR During Forecast Period
Table 88 Market, by Vehicle Top Speed, 2019-2022 (Thousand Units)
Table 89 Market, by Vehicle Top Speed, 2023-2030 (Thousand Units)
11.2 Operational Data
Table 90 Popular and Upcoming EVs Worldwide, by Vehicle Top Speed
11.3 <125 Mph
11.3.1 Growing Demand for Low-Cost EVs to Drive Market
Table 91 <125 Mph Market, by Region, 2019-2022 (Thousand Units)
Table 92 <125 Mph Market, by Region, 2023-2030 (Thousand Units)
11.4 >125 Mph
11.4.1 Demand for High-Performance EVs to Drive Market
Table 93 >125 Mph Market, by Region, 2019-2022 (Thousand Units)
Table 94 >125 Mph Market, by Region, 2023-2030 (Thousand Units)
11.5 Key Primary Insights

12 Electric Vehicle Market, by Charging Point Type
12.1 Introduction
Figure 66 Dc (Super Charging) Segment to Grow at Higher CAGR During Forecast Period
Table 95 Market, by Charging Point Type, 2019-2022 (Thousand Units)
Table 96 Market, by Charging Point Type, 2023-2027 (Thousand Units)
12.2 Operational Data
Table 97 Leading Global Electric Vehicle Charging Providers
12.3 Ac (Normal Charging)
12.3.1 Affordability and Convenience of Normal Chargers to Drive Market
Table 98 Market for Ac (Normal Charging), by Region, 2019-2022 (Thousand Units)
Table 99 Market for Ac (Normal Charging), by Region, 2023-2027 (Thousand Units)
12.4 Dc (Super Charging)
12.4.1 Heavy Investment in Super Charging Network by Oems and Charging Providers to Drive Market
Table 100 Market for DC (Super Charging), by Region, 2019-2022 (Thousand Units)
Table 101 Market for DC (Super Charging), by Region, 2023-2027 (Thousand Units)
12.5 Inductive Charging
Figure 67 Inductive Electric Vehicle Charging
12.6 Key Primary Insights

13 Electric Vehicle Market, by Vehicle Connectivity
13.1 Introduction
Figure 68 Significance of V2X in Market
Figure 69 Market: Factors Impacting V2X
13.2 V2B or V2I
13.3 V2G
13.4 V2V
13.5 V2X

14 Electric Vehicle Market, by End Use
14.1 Introduction
14.2 Operational Data
Table 102 Electric Vehicle Fleet Targets Worldwide
Table 103 Electric Vehicles in Use for Commercial Fleets
14.3 Private
14.4 Commercial Fleets
Table 104 Companies Working in Commercial Vehicle Fleet Segments

15 Electric Vehicle Market, by Region
15.1 Introduction
Figure 70 Growing Electric Vehicle Shift as of 2022
Figure 71 Electric Vehicle Plans and Investments by Top Oems
Figure 72 Partnership of Electric Vehicle Oems with Battery Manufacturers
Figure 73 Asia-Pacific to be Largest Market During Forecast Period
Table 105 Market, by Region, 2019-2022 (USD Million)
Table 106 Market, by Region, 2023-2030 (USD Million)
Table 107 Market, by Region, 2019-2022 (Thousand Units)
Table 108 Market, by Region, 2023-2030 (Thousand Units)
Table 109 Electric Passenger Car Market, by Region, 2019-2022 (Thousand Units)
Table 110 Electric Passenger Car Market, by Region, 2023-2030 (Thousand Units)
15.2 Asia-Pacific
Figure 74 Asia-Pacific: Market Snapshot
Table 111 Asia-Pacific: Market, by Country, 2019-2022 (Thousand Units)
Table 112 Asia-Pacific: Market, by Country, 2023-2030 (Thousand Units)
15.2.1 China
15.2.1.1 Efforts by Domestic Automakers to Drive Market
Table 113 Bestselling Electric Vehicles in China, 2022
Figure 75 Electric Vehicle Mobility Landscape in China
Table 114 China: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 115 China: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.2 India
15.2.2.1 Plans for 30% EV Sales by 2030 and Government Support to Drive Market
Table 116 Bestselling Electric Vehicles in India, 2022
Figure 76 Incentive and Regulatory Landscape for Electric Vehicles in India
Table 117 India: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 118 India: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.3 Japan
15.2.3.1 Advanced EV Charging Infrastructure to Drive Market
Table 119 Japan: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 120 Japan: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.4 South Korea
15.2.4.1 Government Incentives to Promote EV Demand to Drive Market
Figure 77 New Electric Vehicle Subsidy in South Korea
Table 121 South Korea: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 122 South Korea: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.5 Thailand
15.2.5.1 Government Incentives and 2030 Target to Drive Market
Table 123 Electric Vehicles Sold in Thailand as of 2022
Table 124 Thailand: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 125 Thailand: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.6 Indonesia
15.2.6.1 Plans to Create EV Battery Developing Hub to Drive Market
Figure 78 Indonesia: Nickel Reserves
Table 126 Indonesia: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 127 Indonesia: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.7 Malaysia
15.2.7.1 Government Plans for Subsidies to Drive Market
Table 128 Malaysia: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 129 Malaysia: Passenger Car EV Market, by Propulsion, 2023-2030 (Thousand Units)
15.2.8 Vietnam
15.2.8.1 Vinfast EV Expansion to Drive Market
Table 130 Vietnam: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 131 Vietnam: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3 Europe
Figure 79 Oems’ Electric Vehicle Sales in Europe
Figure 80 Germany to Lead Electric Vehicle Market in Europe During Forecast Period
Table 132 Europe: Electric Passenger Car Market, by Country, 2019-2022 (Thousand Units)
Table 133 Europe: Electric Passenger Car Market, by Country, 2023-2030 (Thousand Units)
15.3.1 France
15.3.1.1 Automakers’ Plans for Rapid Electrification to Drive Market
Table 134 Bestselling Electric Vehicle Models in France, 2022
Table 135 France: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 136 France: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.2 Germany
15.3.2.1 Government and Oem Plans for Rapid EV Shift to Drive Market
Figure 81 Germany: Electric Vehicle Roadmap
Table 137 Bestselling Electric Vehicles in Germany, 2022
Table 138 Germany: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 139 Germany: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.3 Netherlands
15.3.3.1 Early EV Adoption and Plans for Ice Vehicle Ban by 2030 to Drive Market
Table 140 Bestselling Electric Vehicles in Netherlands, 2022
Table 141 Netherlands: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 142 Netherlands: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.4 Norway
15.3.4.1 Plans for Ice Vehicle Ban by 2025 to Drive Market
Table 143 Bestselling Electric Vehicles in Norway, 2022
Table 144 Norway: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 145 Norway: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.5 Sweden
15.3.5.1 Incentive and Subsidy Plans to Drive Market
Table 146 Sweden: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 147 Sweden: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.6 UK
15.3.6.1 Heavy Investments in EV Ecosystem to Drive Market
Figure 82 UK: Electric Vehicle Roadmap
Table 148 Bestselling Electric Vehicles in UK, 2022
Table 149 UK: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 150 UK: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.7 Denmark
15.3.7.1 Promotion of Private EV Infrastructure to Drive Market
Table 151 Denmark: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 152 Denmark: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.8 Austria
15.3.8.1 Rapid Transition to Zero-Emission Vehicles to Drive Market
Table 153 Bestselling Electric Vehicles in Austria, 2022
Table 154 Austria: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 155 Austria: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.9 Switzerland
15.3.9.1 Government's Focus on Expansion of EV Charging Infrastructure to Drive Market
Table 156 Switzerland: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 157 Switzerland: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.3.10 Spain
15.3.10.1 Increasing Investments in EV Space to Drive Market
Table 158 Spain: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 159 Spain: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.4 North America
Figure 83 North America: Electric Vehicle Battery Initiatives
Figure 84 North America: Electric Vehicle Market Snapshot
Table 160 North America: Electric Passenger Car Market, by Country, 2019-2022 (Thousand Units)
Table 161 North America: Electric Passenger Car Market, by Country, 2023-2030 (Thousand Units)
15.4.1 Canada
15.4.1.1 Increasing Development of EV Infrastructure to Drive Market
Table 162 Canada: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 163 Canada: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.4.2 US
15.4.2.1 Huge Investments and Government Focus on Cleaner Mobility to Drive Market
Table 164 Bestselling Electric Vehicles in Us, 2022
Figure 85 US: Electric Vehicle Market
Table 165 US: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 166 US: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.5 Middle East & Africa
Figure 86 Egypt to be Fastest-Growing Market in Middle East & Africa
Table 167 Middle East & Africa: Electric Passenger Car Market, by Country, 2019-2022 (Thousand Units)
Table 168 Middle East & Africa: Electric Passenger Car Market, by Country, 2023-2030 (Thousand Units)
15.5.1 UAE
15.5.1.1 Government Support to Drive Market
Table 169 UAE: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 170 UAE: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.5.2 Egypt
15.5.2.1 Growth of EV Infrastructure to Drive Market
Table 171 Egypt: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 172 Egypt: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)
15.5.3 South Africa
15.5.3.1 Increasing EV Imports and Popularization of EV Charging Stations to Drive Market
Table 173 South Africa: Electric Passenger Car Market, by Propulsion, 2019-2022 (Thousand Units)
Table 174 South Africa: Electric Passenger Car Market, by Propulsion, 2023-2030 (Thousand Units)

16 Competitive Landscape
16.1 Overview
16.2 Market Share Analysis
Table 175 Electric Vehicle Market Share Analysis, 2023
Figure 87 Market Share Analysis, 2023
16.3 Revenue Analysis
Figure 88 Market Revenue Analysis, 2022
16.4 Competitive Scenario
16.4.1 Deals
Table 176 Deals, 2020-2023
16.4.2 Product Launches
Table 177 Product Launches, 2020-2023
16.4.3 Other Developments
Table 178 Other Developments, 2020-2023
16.5 Company Evaluation Matrix, Key Players
16.5.1 Stars
16.5.2 Emerging Leaders
16.5.3 Pervasive Players
16.5.4 Participants
Figure 89 Market: Company Evaluation Matrix of Key Players, 2023
Table 179 Market: Company Footprint, 2023
Table 180 Market: Vehicle Type Footprint, 2023
Table 181 Market: Regional Footprint, 2023
16.6 Competitive Evaluation Matrix, Other Key Players
16.6.1 Progressive Companies
16.6.2 Responsive Companies
16.6.3 Dynamic Companies
16.6.4 Starting Blocks
Figure 90 Market: Company Evaluation Matrix of Other Key Players, 2023
Figure 91 Market: Company Evaluation Matrix of Startups, 2023
16.7 Competitive Benchmarking
Table 182 Market: List of Key Startups

17 Company Profiles
(Business Overview, Products Offered, Recent Developments & Analyst's View)*
17.1 Key Players
17.1.1 Tesla
Table 183 Tesla: Company Overview
Figure 92 Tesla: Company Snapshot
Table 184 Tesla: Products Offered
Table 185 Tesla: Product Launches
Table 186 Tesla: Deals
Table 187 Tesla: Others
17.1.2 Volkswagen Ag
Table 188 Volkswagen Ag: Company Overview
Figure 93 Volkswagen Ag: Company Snapshot
Figure 94 Volkswagen Ag: Future Plans
Table 189 Volkswagen Ag: Products Offered
Table 190 Volkswagen Ag: Product Launches
Table 191 Volkswagen Ag: Deals
Table 192 Volkswagen Ag: Others
17.1.3 Saic Motors
Table 193 Saic Motors: Company Overview
Figure 95 Saic Motors: Company Snapshot
Table 194 Saic Motors: Products Offered
Table 195 Saic Motors: Product Launches
Table 196 Saic Motors: Deals
Table 197 Saic Motors: Others
17.1.4 Byd
Table 198 Byd: Company Overview
Figure 96 Byd: Company Snapshot
Figure 97 Byd: Global Presence
Table 199 Byd: Products Offered
Table 200 Byd: Product Launches
Table 201 Byd: Deals
Table 202 Byd: Others
17.1.5 Stellantis
Table 203 Stellantis: Company Overview
Figure 98 Stellantis: Company Snapshot
Figure 99 Stellantis: Electrification Plans
Table 204 Stellantis: Products Offered
Table 205 Stellantis: Product Launches
Table 206 Stellantis: Deals
Table 207 Stellantis: Others
17.1.6 Bmw Group
Table 208 Bmw Group: Company Overview
Figure 100 Bmw Group: Company Snapshot
Figure 101 Bmw Group: EV Plans
Table 209 Bmw Group: Products Offered
Table 210 Bmw Group: Product Launches
Table 211 Bmw Group: Deals
Table 212 Bmw Group: Others
17.1.7 Nissan Motors
Table 213 Nissan Motors: Company Overview
Figure 102 Nissan Motors: Company Snapshot
Figure 103 Nissan Motors: EVs Sold by Country (By Nissan Motors and Its Partners)
Table 214 Nissan Motors: Products Offered
Table 215 Nissan Motors: Product Launches
Table 216 Nissan Motors: Deals
Table 217 Nissan Motors: Others
17.1.8 Hyundai Group
Table 218 Hyundai Group: Company Overview
Figure 104 Hyundai Group: Company Snapshot
Table 219 Hyundai Group: Products Offered
Table 220 Hyundai Group: Product Launches
Table 221 Hyundai Group: Deals
Table 222 Hyundai Group: Others
17.1.9 Great Wall Motors
Table 223 Great Wall Motors: Company Overview
Figure 105 Great Wall Motors: Company Snapshot
Figure 106 Great Wall Motors: Global R&D Network
Table 224 Great Wall Motors: Products Offered
Table 225 Great Wall Motors: Product Launches
Table 226 Great Wall Motors: Deals
Table 227 Great Wall Motors: Others
17.1.10 Toyota Motor Corporation
Table 228 Toyota Motor Corporation: Company Overview
Figure 107 Toyota Motor Corporation: Company Snapshot
Figure 108 Toyota Motor Corporation: Bev Investment
Table 229 Toyota Motor Corporation: Products Offered
Table 230 Toyota Motor Corporation: Product Launches
Table 231 Toyota Motor Corporation: Deals
Table 232 Toyota Motor Corporation: Others
17.1.11 Gac Motors
Table 233 Gac Motors: Company Overview
Figure 109 Gac Motors: Company Snapshot
Table 234 Gac Motors: Products Offered
Table 235 Gac Motors: Product Launches
Table 236 Gac Motors: Deals
Table 237 Gac Motors: Others
17.1.12 Geely
Table 238 Geely: Company Overview
Figure 110 Geely: Company Snapshot
Figure 111 Geely: EV Targets
Table 239 Geely: Products Offered
Table 240 Geely: Product Launches
Table 241 Geely: Deals
Table 242 Geely: Others
*Details on Business Overview, Products Offered, Recent Developments & Analyst's View Might Not be Captured in Case of Unlisted Companies.
17.2 Other Key Players
17.2.1 General Motors
Table 243 General Motors: Company Overview
17.2.2 Renault
Table 244 Renault: Company Overview
17.2.3 Fisker
Table 245 Fisker: Company Overview
17.2.4 Lucid Motors
Table 246 Lucid Motors: Company Overview
17.2.5 Ford Motor Company
Table 247 Ford Motor Company: Company Overview
17.2.6 Baic Motors
Table 248 Baic Motors: Company Overview
17.2.7 Mitsubishi Motors
Table 249 Mitsubishi Motors: Company Overview
17.2.8 Chery
Table 250 Chery: Company Overview
17.2.9 Jac
Table 251 Jac: Company Overview
17.2.10 Zoyte
Table 252 Zoyte: Company Overview
17.2.11 Daimler Ag
Table 253 Daimler Ag: Company Overview
17.3 Key Startups
17.3.1 Xpeng
Table 254 Xpeng: Company Overview
17.3.2 Byton
Table 255 Byton: Company Overview
17.3.3 Nikola Corporation
Table 256 Nikola Corporation: Company Overview
17.3.4 Altcraft Motor Company
Table 257 Altcraft Motor Company: Company Overview
17.3.5 Nio
Table 258 Nio: Company Overview
17.3.6 Faraday Future
Table 259 Faraday Future: Company Overview
17.3.7 Leap Motors
Table 260 Leap Motors: Company Overview
17.3.8 Wm Motors
Table 261 Wm Motors: Company Overview
17.3.9 Fresco Motors
Table 262 Fresco Motors: Company Overview
17.3.10 Lordstown Motors
Table 263 Lordstown Motors: Company Overview

18 Analyst's Recommendations
18.1 Asia-Pacific to be Most Lucrative Market for Evs
18.2 Technological Advancements to Help Develop Market for Bevs
18.3 Commercial EV Segment to Grow at Fast Rate
18.4 Conclusion

19 Appendix
19.1 Key Insights of Industry Experts
19.2 Discussion Guide
19.3 Knowledgestore: Subscription Portal
19.4 Customization Options

Executive Summary

Companies Mentioned

  • Altcraft Motor Company
  • BAIC Motors
  • BMW Group
  • BYD
  • Byton
  • Chery
  • Daimler AG
  • Faraday Future
  • Fisker
  • Ford Motor Company
  • Fresco Motors
  • GAC Motors
  • Geely
  • General Motors
  • Great Wall Motors
  • Hyundai Group
  • JAC
  • Key Startups
  • Leap Motors
  • Lordstown Motors
  • Lucid Motors
  • Mitsubishi Motors
  • Nikola Corporation
  • NIO
  • Nissan Motors
  • Renault
  • SAIC Motors
  • Stellantis
  • Tesla
  • Toyota Motor Corporation
  • Volkswagen AG
  • WM Motors
  • XPeng
  • Zoyte

Methodology

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