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The Electric Vehicle Market size is projected to reach US$ 1,448.87 billion by 2031 from US$ 410.34 billion in 2023. The market is expected to register a CAGR of 17.1% in 2023–2031. The growing concern for mitigating environmental pollution and lowering carbon emissions from the automotive sector is projected to drive the requirement for electric vehicles globally. The growing emphasis on rising fuel efficiency is anticipated to drive the application of electric vehicles at the global level.
Electric Vehicle Market Analysis
The global electric vehicle market has witnessed a remarkable transformation in the past few years, marking a substantial increase in the trade and adoption of eco-friendly vehicles. In 2022, the import dynamics of electric and hybrid cars underwent a striking evolution, reflecting a growing preference for sustainable mobility solutions. Notably, the substantial shift in the types of electric and hybrid cars being imported is driving the growth of the electric vehicles market globally.
Electric Vehicle Market Overview
The electric vehicles market has undergone a noteworthy shift as sales of fully electric vehicles have witnessed an upward trend. As consumers prefer environment-friendly alternatives and turn away from diesel-powered cars is anticipated to drive the evolution of the electric vehicle market over the forecast period. The automotive industry is implementing alternative solutions to meet the evolving emission regulations imposed by various lawmakers.
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Electric Vehicle Market: Strategic Insights
Market Size Value in US$ 385.25 billion in 2022 Market Size Value by US$ 1,376.09 billion by 2030 Growth rate CAGR of 17.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Electric Vehicle Market: Strategic Insights
| Market Size Value in | US$ 385.25 billion in 2022 |
| Market Size Value by | US$ 1,376.09 billion by 2030 |
| Growth rate | CAGR of 17.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Electric Vehicle Market Drivers and Opportunities
Supporting Government Policies and Initiatives for Electric Vehicle Adoption is Expected to be the Prime Driver for the Electric Vehicle Market
The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of electric vehicles, which is anticipated to thrust the evolution of the electric vehicle market over the forecast period.
Growing Number of Fast Electric Vehicle Charging Infrastructure
The increasing number of electric vehicles charging stations are anticipated to boost the development of the electric vehicle market globally. Infrastructure development for charging is one of the major reasons behind the growing adoption of electric vehicles. The increasing government focus on expanding electric vehicle charging infrastructure in remote and distant locations is boosting the adoption of electric vehicles for long-haul journeys. For instance, in 2022, the total number of fast chargers surpassed 70,000, marking a noteworthy ~55% increase from the previous year. Germany leads the charge with over 12,000 fast chargers installed, followed by Norway with 9,000 and France with 9,700 systems. The rising investment in fast charging aligns seamlessly with the various government's ambitious goals of integrating electric vehicles globally.
Electric Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electric vehicle market analysis are component, vehicle type, propulsion type, and drive type.
- Based on the components, the electric vehicle market has been divided into battery pack & high voltage components, motor, brake, wheel & suspension, body & chassis, low voltage electric, and others. The battery pack & high voltage components segment held a larger market share in 2023.
- In terms of vehicle type, the market has been segmented into passenger cars and commercial vehicles. The passenger cars segment dominated the market in 2023.
- In terms of propulsion type, the market has been segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicles. The battery electric vehicles segments dominated the market in 2023.
- In terms of drive type, the market has been segmented into all-wheel drive, front wheel drive, and rear wheel drive. The front wheel drive segments dominated the market in 2023.
Electric Vehicle Market Share Analysis by Geography
The geographic scope of the Electric Vehicle Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific led the electric vehicle market in 2023. The Asia Pacific region includes China, India, Australia, Japan, and South Korea, among others. High investment in advanced technologies and a growing focus on lowering carbon footprint from the automotive sector are acting as a major driver for the electric vehicle market. China is leading the market for electric vehicles in the Asia Pacific. The high presence of electric vehicle manufacturers, growing advancement, and availability of lithium-ion battery technology are also steering the evolution of the electric vehicle market in Asia Pacific.
Electric Vehicle Market Report Scope
Electric Vehicle Market News and Recent Developments
The Electric Vehicle Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Electric Vehicle Markets market and strategies:
- On November 2023, BYD announced the inauguration of its first European car factory in Hungary. (Source: BYD, Press Release/Company Website/Newsletter)
- On February 2024, Volkswagen AG announced it to supply electric vehicle components and battery cells to Mahindra & Mahindra Ltd. as the company is focusing on strengthening its foothold in India’s developing clean transport market. (Source: Volkswagen AG, Press Release/Company Website/Newsletter)
Electric Vehicle Market Report Coverage and Deliverables
The “Electric Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Vehicle Type, Propulsion Type, Drive Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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