Global Electric Vehicle Market Size By Vehicle Type, By Propulsion Type, By Power Output, By Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive ), By Geographic Scope And Forecast

Electric Vehicle Market Size And Forecast

Electric Vehicle Market size was valued at USD 216.31 Billion in 2022 and is projected to reach USD 830.03 Billion by 2030, growing at a CAGR of 16.12% from 2023 to 2030. An electric vehicle is a substitute for a fuel-based vehicle which itself is a major growth factor expected to boost the market growth. Furthermore, the trend of diminishing vehicular emission due to strict rules and regulations in many countries and the growth of public charging infrastructure in, France, China, and other developed countries are further expected to drive the market growth. The Global Electric Vehicle Market report provides a holistic evaluation of the market. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive market, and other important elements.

Global Electric Vehicle Market Definition

An electric vehicle operates on electricity unlike its counterpart, which runs on fuel. Instead of the internal combustion engine, these vehicles run on an electric motor that requires a constant supply of energy from batteries to operate. Lithium-ion, molten salt, zinc-air, and various nickel-based designs are some of these. The main purpose of the electric car was to replace traditional forms of transportation because they cause pollution. It has become more well-known as a result of several technological developments.

It outperforms conventional vehicles providing higher fuel economy, low carbon emission & maintenance, the convenience of charging at home, smoother drive, and reduced sound from the engine. Charging equipment gives electricity to charge EV batteries. An electric vehicle is supplied with electricity via electric vehicle supply equipment (EVSE) (EV). Commonly called charging stations or charging docks, they provide electric power to the vehicle and use that to recharge the vehicle's batteries. The charging unit communicates with the vehicle to ensure that it supplies an appropriate and safe flow of electricity.

Global Electric Vehicle Market Overview

An electric vehicle is a substitute for a fuel-based vehicle which itself is a major growth factor expected to boost the market growth. Furthermore, the trend of diminishing vehicular emission due to strict rules and regulations in many countries and the growth of public charging infrastructure in, France, China, and other developed countries are further expected to drive the market growth. Besides, the high production cost of electric vehicles and low fuel economy and convenience are the elements that might inhibit market growth.

Furthermore, technological advancements in electric vehicles and proactive government initiatives are expected to create several opportunities for the growth of the market. Governments of several regions are promoting the adoption of electric vehicles for commercial purposes to reduce emissions of the greenhouse into the environment. Moreover, the absence of charging infrastructure for electric vehicles acts as a curb for the Electric Vehicle Market. Due to modern technological advancements and the production of EV batteries on a big scale in large volumes, the cost of EV batteries has been reduced over the previous decades.

This has led to a decline in cost of the electric vehicles as EV batteries are one of the most expensive parts of an electric vehicle. There is a smaller number of EV charging stations in several countries around the world. The demand for EVs will rise once there is a well-developed EV charging network across the world. Electric Vehicles are higher-up as compared to traditional fuel automobiles, but the price is more than that of gasoline-powered vehicles. These vehicles have not yet achieved economies of scale as they are not mass-produced.

Global Electric Vehicle Market: Segmentation Analysis

The Global Electric Vehicle Market is segmented on the basis of Vehicle Type, Propulsion Type, Power Output, Vehicle Drive Type, And Geography.

Electric Vehicle Market, By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles
• Two-Wheeler
• Light Commercial Vehicles

Based on Vehicle Type, the market is segmented into Passenger Vehicles, Commercial Vehicles, Two-Wheeler, and Light Commercial Vehicles. The Light Commercial Vehicles segment holds a big market share. The rapid expansion of this market can be largely attributable to increased public knowledge of the contribution of electric vehicles to reduced emissions, increased demand for electric vehicles to reduce fleet emissions, and stricter government laws addressing vehicle emissions. Transport fleet operators and retail MNCs are switching to electric light commercial vehicles.

Electric Vehicle Market, By Propulsion Type

• Battery Electric Vehicle
• Plug-in Hybrid Vehicle
• Hybrid Electric Vehicles
• Fuel Cell Electric Vehicle

Based on Propulsion Type, the market is segmented into Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Vehicles, and Fuel Cell Electric Vehicle. The Fuel Cell Electric Vehicle segment holds the big market share. Faster adoption of Fuel Cell Electric Vehicles (FCEVs) due to benefits like quick refueling and rising government initiatives and investments for advancing fuel cell technology are all factors contributing to the segment's rapid growth. Demand for vehicles with stricter carbon emission standards and fewer carbon emissions is also on the rise.

Electric Vehicle Market, By Power Output

• Less than 100 KW

100 KW to 250 KW

• More than 250 KW

Based on Power Output, the market is segmented into Less than 100 KW, 100 KW to 250 KW, and More than 250 KW. The 100 KW to 250 KW segment holds a big market share. The rapid adoption of electric buses and trucks, particularly for applications in public transportation and freight services, is largely responsible for this market segment's explosive expansion. A wide range of EVs, including passenger cars and light commercial vehicles like vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. The surge in fuel prices and government measures to reduce fleet emissions of buses and vehicles are driving up the use of such EVs.

Electric Vehicle Market, By Vehicle Drive Type

• Front Wheel Drive (FWD)
• Rear Wheel Drive (RWD)
• All Wheel Drive (AWD)

Based on Vehicle Drive Type, the market is segmented into Front Wheel Drive (FWD), Rear Wheel Drive (RWD), and All Wheel Drive (AWD). The Rear Wheel Drive (RWD) segment holds a big market share. This is because these vehicles are simpler to drive and there is a rising demand for them. These vehicles have also grown more quickly in North America, where the market leaders include the Tesla Model 3 Standard version, BMW i3, Volkswagen ID4, Porsche Tycan, etc.

Electric Vehicle Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world
• On the basis of Regional Analysis, The Global Electric Vehicle Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The highest CAGR is anticipated to be seen in the Asia-Pacific region throughout the projection period. The two main factors causing this are the rise in disposable income and urbanization in these regions. South Korea, China, and Japan are the market leaders for electric vehicles in the Asia Pacific region. China is the largest EV manufacturer in the world, and it dominates the local EV Market.

Key Players

• The "Global Electric Vehicle Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are
• Honda, Hyundai, Volvo, Toyota, Nissan Moto, Tesla Motors, BYD, Volkswagen, Ford, Daimler.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2021, Volkswagen launched the seven-seater EV ID.6 Crozz and ID.6 X built in China in collaboration with FAW and SAIC. The cars will only be sold in China. It comes with four different powertrain configurations and two different battery sizes (58 kWh and 77 kWh).
• In April 2021, In Japan, Toyota launched the new LS and Mirai vehicles, which include cutting-edge driving assistance technology. The portable air conditioner "Carrie" was introduced by Daikin in 2020 with the aid of the Daikin Launch X innovation platform.
• In April 2021, In Chongqing, BYD officially launched four new electric vehicle models outfitted with Blade batteries. With cutting-edge battery safety measures, the new vehicle models Tang EV, Qin Plus EV, Song Plus EV, and E2 2021 are available.
• In March 2020, In the North American market, BMW unveiled the 330e and 330e xDrive models of the second generation. The car has a 12-kWh battery and a 20-22 mile all-electric range.