Electric Vehicle Market Size Worth USD 1122.03 Billion By 2032 | CAGR: 12.5%

The global electric vehicle market size is expected to reach USD 1122.03 Billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Governments are providing alluring stimulus and policies to inspire sales of EVs. Consumers have multiple benefits due to reduced selling prices, low or zero registration fees, and the free charging infrastructure of EVs at various charging stations.

Several governments globally excused road, import, and purchase tax depending on different subsidies. These subsidies have also energized automobile manufacturers to uplift their EV production. The government has also invested in infrastructure construction and prepared policies that are favorable.

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Based on the vehicle type, the passenger car segment dominates the global market due to escalating demand and sales for passenger cars in the Asia Pacific. The acquisition rates in the Asia Pacific are soaring because of EV maker's authentic equipment manufacturers and other automakers in the region.

The commercial segment is anticipated to encounter growth shortly because of ever-increasing innovations in the batteries of EVs to enhance the load capacity of commercial transports. To reduce greenhouse gas emissions in the atmosphere, governments of several countries have administered stringent emission regulations. In Europe, the European Union has devised a code to lessen the CO₂ emissions of medium and light commercial carriers by 15% before 2025.

The petroleum ministry of India dictated all automotive manufacturers commence manufacturing BS-VI transports post 1 April 2020. The resolution was projected to lessen air pollution in the country. The strict measures taken by several regulatory bodies to prevent air pollution are anticipated to boost the market in the near future.

Market participants such as SAIC Motors, BMW, BYD, GAC Motors, Mercedes, Great Wall Motors, BAIC Group, Hyundai Group, Jaguar, Nissan-Renault-Mitsubishi, Stellantis, Tesla, Toyota, and Volkswagen Group are some of the key players operating in the market. Few of these players have announced their strategic plans. It has been anticipated that the actual investments are likely to be more significant for the growing industry globally.

For instance, in February 2022, MG motors displayed its forthcoming EV, the MG 4, which is expected to initiate in India later in 2022. The EV will consist of a 61.1 kWh battery pack and is anticipated to function around 400 km.

Polaris Market Research has segmented the electric vehicle market report based on product, vehicle type, power source, and region:

Electric Vehicle, Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2019 - 2032)

• Battery Electric Vehicles (BEV)
• Plug-in Hybrid Electric Vehicles (PHEV)

Electric Vehicle, Vehicle Type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2019 - 2032)

• Passenger
• Heavy Commercial
• Two-Wheelers
• E-Scooters & Bikes
• Light Commercial

Electric Vehicle, Power Source Outlook (Volume, Thousand Units; Revenue, USD Billion, 2019 - 2032)

• Less than 100 kW
• 100 kW to 250 kW
• More than 250 kW

Electric Vehicle, Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa