Electric Vehicle Market Share, Size, Trends, Industry Analysis Report, By Power Source (Stored Electricity, On-board Electric Generator); By Vehicle Type; By Product; By Region, Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 112
- Format: PDF
- Report ID: PM1361
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global electric vehicle market size was valued at USD 389.34 billion in 2023. The market is anticipated to grow from USD 437.62 billion in 2024 to USD 1122.03 billion by 2032, exhibiting the CAGR of 12.5% during the forecast period.
Increasing demand for environmentally safe alternatives, government subsidies, and high recharge capacities are vital factors causing global market growth.
Know more about this report: Request for sample pages
An EV is a machine that operates on an electronic motor rather than an internal combustion engine that gives rise to power by burning a combination of gases and fuels. Also, technological developments such as faster charging and cloud-connected charging devices reinforce the electric vehicle market demand in the impending period.
Many EV manufacturing plants are arranging to amplify their electronic car production capacity due to growing policy support. This policy support is beneficial to the market extensively as it implies that the supply of EVs will be capable of catching up with the demand.
The global market for all kinds of cars was negatively impacted by the covid-19 pandemic, which led to its economic downswing. The viewpoint for global EV sales was extremely unforeseeable amidst covid-19. Due to the growing demand for the EV market during the pandemic, which is because of incentives from governments globally, there was a rise in EV charging stations.
The pandemic outbreak has impacted the extraction of materials such as copper, steel, and aluminum. The prices for raw materials such as copper kept rising, with copper prices smashing USD 10,000 per ton for the first time in 10 years.
On the other hand, there has been a sharp rise in the topmost EV manufacturers, and EV sales have risen speedily over the past two years. Covid-19 acted as a catalyst for remote, unguarded and independent delivery technologies. This factor has led to the bursting of demand for EV last-mile delivery. Growing EV entry occurred due to reduced battery costs and regulations, creating a total affirmative usage cost.
Industry Dynamics
Growth Drivers
Gasoline is a fossil fuel and is bound to be depleted shortly. Sustainable development is essential for it to develop, and alternative energy sources are the key to driving the growth of the electric vehicle market. The inclusion of EVs that do not use gas is more cost-effective than traditional transportation. An EV transforms over 50% of electrical energy from the grid to power the wheels. In contrast, there is only a 17% to 21% conversion of energy stored in gasoline in gas-powered motors. Thereby it is a catalyzing factor for the global market.
The demand for such carriers that are fuel-efficient has increased lately on account of the growth in the price of petrol and diesel due to depleting fossil fuel reserves and the propensity of growth of companies to gain the most significant profit from these oil reserves. Therefore, these factors give rise to the requirement for fuel-efficient progressive technologies, generating a surge in demand for electronically powered vehicles for travel.
Report Segmentation
The market is primarily segmented based on product, vehicle type, power source, and region.
|
By Product |
By Vehicle Type |
By Power Source |
By Region |
|
· |
· |
|
Know more about this report: Request for sample pages
Insight by Product
The Plug-in Hybrid Electric Vehicles (PHEV) segment captivated a considerable market share and is projected to record the highest CAGR during the forecast period due to the growing environmental consciousness and advantages of BEV. This upheaval is because of the upper hand taken by the government of advancing countries such as India and China to encourage the usage of EV.
The combination of electric and IC engine power warrants the carrier to travel long distances. As juxtaposed to classic cars, plug-in hybrid EVs release less hazardous greenhouse gases, making them more environmentally friendly than traditional vehicles. PHEVs are mostly passenger cars, but there are light commercial transport, heavy commercial carriers, and two-wheelers in which these features are available, thereby propelling the segment demand.
Insight by Power Source
The 100 kW to 250 kW market segment is anticipated to flourish at the highest CAGR during the forecast period. The segment's fast growth is predominantly credited to the growing adoption of electric buses and trucks, primarily for freight service and public transportation. Power output between 100 kW to 250 kW is broadly perceived in EVs, including passenger and light commercial transports such as pickup trucks, vans, and utility carriers.
The acquisition of such EVs is escalating because of the government's growth in fuel prices and initiatives for letting down fleet emissions of trucks and buses. Therefore, the factors mentioned above are pushing the development of the electric vehicle market.
Geographic Overview
North America held a considerable market share in terms of revenue in 2021. This share is ascribed to the growing demand for EVs in the US. Additionally, contemporary undertakings have been acquired by automotive manufacturers, non-profit organizations, policymakers, and charging network companies that have initiated a contemporary non-profit organization named Veloz. These new organizations aimed at innovations, attracting investments, marketing, and growing electric vehicles in North America. These factors have led to the growth of EVs in this region.
The Asia Pacific is projected to surface as one of the most prosperous regions in terms of revenue during the forecast time frame. This upheaval is attributed to the increased demand for electric cars in Japan, India, and China. For instance, in India, in 2019, the government of India declared tax incentives for the buying of EVs. The government plans to remove income tax on interest paid or loans taken to purchase EVs.
Competitive Insight
Some of the major players operating in the global electric vehicle market include BAIC Group, BMW, BYD, GAC Motors, Great Wall Motors, Hyundai Group, Jaguar, Mercedes, Nissan-Renault-Mitsubishi, SAIC Motors, Stellantis, Tesla, Toyota, and Volkswagen Group.
Some of these players have announced their strategic plans. It has been anticipated that the actual investments are likely to be more significant for growing electric vehicles globally.
Electric Vehicles Market Report Scope
|
Report Attributes |
Details |
|
The market size value in 2024 |
USD 437.62 billion |
|
The revenue forecast in 2032 |
USD 1122.03 billion |
|
CAGR |
12.5% from 2024 to 2032 |
|
Base year |
2023 |
|
Historical data |
2019 - 2022 |
|
Forecast period |
2024 to 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Product, By Vehicle Type, By Power Source, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
BAIC Group, BMW, BYD, GAC Motors, Great Wall Motors, Hyundai Group, Jaguar, Mercedes, Nissan-Renault-Mitsubishi, SAIC Motors, Stellantis, Tesla, Toyota, and Volkswagen Group |
© 2024 Polaris Market Research and Consulting. All rights reserved
