Global Electric Vehicle Market

Description

Global electric vehicle market reached US$599.50 billion in 2024 and is expected to reach US$1,194.54 billion by 2032, growing with a CAGR of 9% during the forecast period 2025-2032.

The global electric vehicle (EV) market is experiencing rapid expansion, driven by technological advancements, stringent environmental regulations, and rising consumer demand for sustainable transportation. Governments worldwide are implementing policies to reduce carbon emissions, leading to significant incentives and subsidies for EV adoption. According to the International Energy Agency (IEA), global EV sales reached 14 million units in 2023, marking a 35% increase from the previous year. Battery technology advancements, coupled with expanding charging infrastructure, have further accelerated the market.

Segment Outlook (Vehicle Type)

Passenger electric vehicles constitute the largest segment in the global EV market, accounting substantial market share in total EV sales in 2024. This dominance is primarily attributed to increasing affordability, government incentives, and the growing preference for sustainable transportation among consumers. Automakers such as Tesla, BYD, and Volkswagen continue to expand their EV portfolios, introducing more efficient and cost-effective models. One of the key drivers for the passenger EV segment is advancements in battery technology. Lithium-ion battery prices have declined by nearly 89% in the last decades, making EVs more competitive with internal combustion engine (ICE) vehicles. The integration of solid-state batteries and fast-charging capabilities is expected to further enhance adoption rates. Government policies and regulatory frameworks have played a crucial role in the segment's growth. Countries like China, the U.S., and Germany offer significant subsidies, tax rebates, and infrastructure investments to support EV adoption. Additionally, stringent emissions regulations and bans on new ICE vehicle sales in several countries by 2035 are compelling consumers to shift toward EVs.

Regional Overview

North America is the largest market for electric vehicles, driven by strong governmental support, consumer awareness, and the presence of major EV manufacturers. According to the IEA, In the United States, new electric car registrations totaled 1.4 million in 2023, increasing by more than 40% compared to 2022. Canada and Mexico are also experiencing rapid growth in EV adoption, supported by expanding charging infrastructure and policy incentives. One of the major contributors to North America's EV dominance is the Inflation Reduction Act (IRA) in the US, which provides substantial tax credits for EV buyers and funding for domestic battery production. The act aims to localize supply chains, reducing dependence on foreign battery materials while boosting EV affordability. The US government has also committed to installing 500,000 public EV chargers by 2030 to support widespread adoption.

Competitive Landscape

The competitive landscape of the electric vehicle market is characterized by a Highly competitive, with key players such as BMW Group and Tesla dominating the market. Factors influencing competition include technological innovation, strategic partnerships, and regional presence. Companies are focusing on R&D investments to develop next-generation platforms, while also navigating challenges like high lifecycle maintenance costs and export regulations.

Procurement Analysis for Electric Vehicle

This report provides a comprehensive analysis of the procurement process, covering key phases such as requirement assessment, supplier selection, bid evaluation, contract finalization, and implementation. It includes insights into supplier landscapes, cost-benefit considerations, regulatory compliance, and quality assurance measures. Additionally, the report examines procurement challenges, risk mitigation strategies, and best practices for optimizing supply chain efficiency.

Technological Road Map (2025, 2028, 2032)

The technological roadmap outlines the phased development and adoption of emerging technologies within a specific market, covering milestones for innovation, commercialization, and large-scale deployment. It typically includes key targets for production capacity, infrastructure expansion, cost reduction, policy support, and sustainability goals over Current, mid-term (4 years), and long-term (8 years) horizons.

Life Cycle Analysis (LCA) for Electric Vehicle

This report will provide a comprehensive analysis of the electric vehicle life cycle, covering key aspects such as technical expertise, regulatory compliance, financial stability, product reliability, scalability, and after-sales support. It will include a meticulous examination of each phase, considering the specific production methods, storage solutions, distribution logistics, and end-use applications to comprehensively assess environmental and economic impacts.

Insights Covered in This Report:

Comprehensive market size analysis and year-over-year growth projections.
Breakdown of market segmentation by vehicle type, propulsion, charging point type, drive type, component, end use and region.
Regional analysis covering North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Industry dynamics, including key drivers, restraints, opportunities, and impact assessments.
Covers supplier landscape, procurement strategies, and cost optimization for industry players.
Highlights potential international markets, trade policies, and key exporting nations.
Mergers, acquisitions, and key strategic developments shaping the competitive landscape.
Future outlook and investment opportunities for new and existing market participants.
Regulatory framework analysis to help businesses navigate compliance challenges.

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Segment Covered

By Vehicle Type

Two-Wheelers
Three-Wheelers
Passenger Vehicles
Commercial Vehicles

By Propulsion

Battery Electric Vehicle
Hybrid Electric Vehicle

By Charging Point Type

Ac Charging
Dc Charging

By Drive Type

All Wheel Drive
Front Wheel Drive
Rear Wheel Drive

By Component

Battery Pack & High Voltage Component
Motor
Brake, Wheel & Suspension
Body & Chassis
Low Voltage Electric Component

By End Use

Personal
Commercial

By Region

North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
South America
- Brazil
- Argentina
- Rest of South America
Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
Middle East and Africa

Product Code: AUTR9348

1. Methodology and Scope

1.1. Research Methodology
1.2. Research Objective and Scope of the Report

2. Definition and Overview

3. Executive Summary

3.1. Snippet by Vehicle Type
3.2. Snippet by Propulsion
3.3. Snippet by Charging Point Type
3.4. Snippet by Drive Type
3.5. Snippet by Component
3.6. Snippet by End Use
3.7. Snippet by Region

4. Dynamics

4.1. Impacting Factors
- 4.1.1. Drivers
  - 4.1.1.1. Advancements in Battery Technology
- 4.1.2. Restraints
  - 4.1.2.1. Supply Chain Constraints
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis

5. Industry Analysis

5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Value Chain Analysis
5.4. Pricing Analysis
5.5. Regulatory & Compliance Landscape
5.6. Procurement Strategies Adopting by Key Players
5.7. Cost-Structure Analysis
5.8. Sustainability & Green Energy Trends
5.9. Vendor Selection Criteria
5.10. Procurement Framework
5.11. Upcoming Electric Vehicle Models, 2025
5.12. DMI Opinion

6. By Vehicle Type

6.1. Introduction
- 6.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 6.1.2. Market Attractiveness Index, By Vehicle Type
6.2. Two-Wheelers*
- 6.2.1. Introduction
6.3. Three-Wheelers
6.4. Passenger Vehicles
6.5. Commercial Vehicles

7. By Propulsion

7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Propulsion
- 7.1.2. Market Attractiveness Index, By Propulsion
7.2. Battery Electric Vehicle*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Hybrid Electric Vehicle

8. By Charging Point Type

8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Charging Point Type
- 8.1.2. Market Attractiveness Index, By Charging Point Type
8.2. AC Charging*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. DC Charging

9. By Drive Type

9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Drive Type
- 9.1.2. Market Attractiveness Index, By Drive Type
9.2. All Wheel Drive*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Front Wheel Drive
9.4. Rear Wheel Drive

10. By Component

10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 10.1.2. Market Attractiveness Index, By Component
10.2. Battery Pack & High Voltage Component*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Motor
10.4. Brake, Wheel & Suspension
10.5. Body & Chassis
10.6. Low Voltage Electric Component

11. By End Use

11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End Use
- 11.1.2. Market Attractiveness Index, By End Use
11.2. Personal*
- 11.2.1. Introduction
- 11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
11.3. Commercial

12. Sustainability Analysis

12.1. Environmental Analysis
12.2. Economic Analysis
12.3. Governance Analysis

13. By Region

13.1. Introduction
- 13.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 13.1.2. Market Attractiveness Index, By Region
13.2. North America
- 13.2.1. Introduction
- 13.2.2. Key Region-Specific Dynamics
- 13.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 13.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Propulsion
- 13.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Charging Point Type
- 13.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Drive Type
- 13.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 13.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End Use
- 13.2.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 13.2.9.1. US
  - 13.2.9.2. Canada
  - 13.2.9.3. Mexico
13.3. Europe
- 13.3.1. Introduction
- 13.3.2. Key Region-Specific Dynamics
- 13.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 13.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Propulsion
- 13.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Charging Point Type
- 13.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Drive Type
- 13.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 13.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End Use
- 13.3.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 13.3.9.1. Germany
  - 13.3.9.2. UK
  - 13.3.9.3. France
  - 13.3.9.4. Italy
  - 13.3.9.5. Spain
  - 13.3.9.6. Rest of Europe
13.4. South America
- 13.4.1. Introduction
- 13.4.2. Key Region-Specific Dynamics
- 13.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 13.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Propulsion
- 13.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Charging Point Type
- 13.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Drive Type
- 13.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 13.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End Use
- 13.4.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 13.4.9.1. Brazil
  - 13.4.9.2. Argentina
  - 13.4.9.3. Rest of South America
13.5. Asia-Pacific
- 13.5.1. Introduction
- 13.5.2. Key Region-Specific Dynamics
- 13.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 13.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Propulsion
- 13.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Charging Point Type
- 13.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Drive Type
- 13.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 13.5.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End Use
- 13.5.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 13.5.9.1. China
  - 13.5.9.2. India
  - 13.5.9.3. Japan
  - 13.5.9.4. Australia
  - 13.5.9.5. Rest of Asia-Pacific
13.6. Middle East and Africa
- 13.6.1. Introduction
- 13.6.2. Key Region-Specific Dynamics
- 13.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle Type
- 13.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Propulsion
- 13.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Charging Point Type
- 13.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Drive Type
- 13.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 13.6.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End Use

14. Competitive Landscape

14.1. Competitive Scenario
14.2. Market Positioning/Share Analysis
14.3. Mergers and Acquisitions Analysis

15. Company Profiles

15.1. BMW Group*
- 15.1.1. Company Overview
- 15.1.2. Product Portfolio and Description
- 15.1.3. Financial Overview
- 15.1.4. Key Developments
15.2. BYD Company Ltd.
15.3. Daimler AG
15.4. Ford Motor Company
15.5. General Motor Company
15.6. Nissan Motor Corporation
15.7. Tesla
15.8. Tata Motors
15.9. Volkswagen AG
15.10. Group Renault

LIST NOT EXHAUSTIVE

16. Appendix

16.1. About Us and Services
16.2. Contact Us

Global Electric Vehicle Market - 2025-2032