Global Electric Vehicle Market Insights Forecasts to 2032

• The Global Electric Vehicle Market Size was valued at USD 356.18 Billion in 2022.
• The Market is Growing at a CAGR of 17.7% from 2022 to 2032.
• The Worldwide Electric Vehicle Market Size is expected to reach USD 1,821.49 Billion By 2032.
• Europe is expected To Grow the fastest during the forecast period.

 

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The Global Electric Vehicle Market size is anticipated to exceed USD 1,821.49 Billion by 2032, Growing at a CAGR of 17.7% from 2022 to 2032. During the forecast period, the global electric vehicle industry is expected to be driven by an increase in demand for safe, environment friendly, and fuel-efficient motor vehicles. Electric or hybrid electric vehicles are designed to reduce reliance on fossil fuels and reduce carbon footprint. Participants in the market are currently focusing their efforts on developing extremely precise electric vehicles that are unaffected by various types of road/terrain and environmental fluctuations.

 

Market Overview

The electric vehicle is powered by electricity. Electric vehicles are powered by an electric motor. It necessitates a continuous supply of energy from the batteries. In electric vehicles, various types of batteries are used. These include zinc-air batteries, molten salt batteries, lithium-ion batteries, and nickel-based batteries. The primary reason for producing electric vehicles was to reduce pollution. It has gained traction as a result of various technological advancements. It outperforms conventional vehicles due to higher fuel economy, minimal repairs, charging convenience, and smoother driving.

 

The negative ecological effects of conventional petrol vehicles, as well as the increase in the cost of fuel, have paved the way for the market adoption of alternative fuel vehicles. Buyers are gradually becoming more inclined to purchase battery-powered or hybrid vehicles, which are projected to propel the electric vehicle market. Propulsion is provided by one or more electric motors in all models. Electricity is the primary source of energy for EVs. They do not have an internal combustion engine. The strong demand for alternative fuel vehicles can be attributed to a rapid increase in the market's CAGR.

 

Vehicles powered by fossil fuels are one of the leading causes of global air pollution. As a result, many governing bodies have been forced to impose stringent emission standards on car manufacturers in order to reduce vehicle emissions. Because BEVs are not powered by traditional fuels like petrol or diesel, consumer demand for BEVs has increased significantly in recent years. EVs also have lower maintenance costs than traditional fuel-powered vehicles, giving them an advantage.

 

Report Coverage

This research report categorizes the market for the global electric vehicle market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the electric vehicle market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the electric vehicle market.

 

Driving Factors

Increasing EV demand will significantly boost market expansion throughout the forecast period. Governments are providing appealing incentives and policies that promote the purchase of EVs. Several of these incentives involve lower selling prices, no or low registration costs, and free infrastructure for charging EVs at multiple locations. Furthermore, some government agencies around the world exempt import, purchase, and road taxes on the basis of various subsidies. Because of these auto industry subsidies, EV production has increased. Governments have also made substantial infrastructure investments and implemented beneficial policies. Many governments have implemented strict vehicle emission regulations in order to reduce the amount of greenhouse gas emissions in the atmosphere. For example, the European Union established a regulation in 2022 to reduce CO2 emissions from light and medium commercial vehicles by 15% by 2025. The Petroleum Ministry of India stipulated that all automotive manufacturers begin producing BS-VI vehicles by April 1, 2020. The decision was made in order to reduce air pollution in the country. Several regulatory bodies' stringent measures to reduce air pollution are predicted to accelerate the expansion of this sector in the coming years. 

 

Restraining Factors

EVs outperform traditional gasoline-powered vehicles, but they are more expensive. Because these vehicles are not mass-produced, economies of scale have yet to be accomplished. Furthermore, the lack of infrastructure for electric vehicle charging has proven to be a negative factor affecting market growth. Manufacturers also require significant investment and assets, which may stymie market expansion. However, due to the mass production of EV batteries and developments in technology, the expense of batteries will likely decline during the forecast period.

 

Market Segmentation

The Global Electric Vehicle Market share is classified into vehicle type, propulsion type, and drive type.

 

• The passenger segment is expected to hold the largest share of the global electric vehicle market during the forecast period.  

The global electric vehicle market is categorized by vehicle type into passenger car and commercial vehicle. Among these, the passenger segment is expected to hold the largest share of the global electric vehicle market during the forecast period. The growth can be attributed due the increased sales in India, China, Norway, Germany, and other countries. The existence of EV manufacturers, original equipment manufacturers (OEMs), and other automotive manufacturers in the region contributes to the region's high EV adoption rate. These factors are expected to contribute to segmental growth throughout the forecast period.

 

• The battery electric vehicle segment is expected to hold the largest share of the global electric vehicle market during the forecast period.             

Based on the propulsion type, the global electric vehicle market is divided into battery electric vehicle and hybrid electric vehicle. Among these, the battery electric vehicle segment is expected to hold the largest share of the global electric vehicle market during the forecast period. The growth is driven by factors such as government incentives, increased environmental awareness, advancements in battery technology, and the expanding charging infrastructure. BEVs are completely electric vehicles that use rechargeable batteries to power their electric motors. They lack an internal combustion engine (ICE) and produce no tailpipe emissions. BEVs are becoming more popular as battery technology improves, driving range increases, and there is a growing demand for sustainable transportation.

 

•   The front wheel drive segment is expected to grow at the highest CAGR in the global electric vehicle market during the forecast period.      

Based on the drive type, the global electric vehicle market is divided into all wheel drive, front wheel drive, and rear wheel drive. Among these, the front wheel drive segment is expected to grow at the highest CAGR in the global electric vehicle market during the forecast period. The growth can be attributed to factors such as cost-effectiveness, energy efficiency, and suitability for daily commuting and urban driving. The electric motor(s) power the front wheels of FWD electric vehicles, while the rear wheels provide stability and support. FWD is a common drivetrain configuration for vehicles powered by internal combustion engines as well as electric vehicles. FWD EVs are well-known for their efficiency, low cost, and ease of manufacture.       

 

Regional Segment Analysis of the Global Electric Vehicle Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is projected to hold the largest share of the global electric vehicle market during the study period.   

 

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Asia Pacific is expected to hold the largest share of the global electric vehicle market during the forecast period. In the global electric vehicle market, the Asia Pacific region has emerged as a dominant player. It includes countries like China, Japan, South Korea, and India, which have played important roles in driving EV adoption and manufacturing. Because of a combination of factors, including government incentives, supportive policies, robust domestic EV manufacturing, and a strong focus on reducing air pollution and carbon emissions, China holds a significant market share and has become the world's largest EV market. Other countries in the region, such as Japan and South Korea, have made significant progress in promoting EVs through incentives, R&D, and infrastructure investments.

 

Europe is expected to grow at the fastest pace in the global electric vehicle market during the forecast period. With several countries showing high adoption rates, Europe has emerged as a key market for electric vehicles. Norway, the Netherlands, Germany, France, and the United Kingdom have led the way in EV adoption, owing to stringent emission regulations, financial incentives, and extensive charging infrastructure. In addition, to meet rising demand, European automakers have been actively expanding their EV offerings and investing in new technologies.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global electric vehicle market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• BAIC Group
• BMW Group
• Jaguar
• BYD Company Ltd. 
• Hyundai Group
• Daimler AG 
• Ford Motor Company 
• General Motor Company 
• Nissan Motor Corporation 
• Tesla 
• Toyota Motor Corporation 
• Volkswagen AG 
• Group Renault 
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In March 2023, Moscow decided to buy 1,000 electric buses from KAMAZ. GAZ Group is also planning to purchase another 200 electric buses. Currently, Moscow operates 1,055 electric buses on 79 routes. Moscow intends to build nearly 200 ultra-fast charging stations for electric buses, as well as to open a second electric bus park in the Mitino district northwest of Moscow and to launch 29 new electric bus routes.

 

• In February 2023, BYD has expanded its dealer network in Europe by adding two new companies. Motor Distributors Ltd (MDL) is present in Ireland and will sell BYD models in select cities such as Dublin and Cork. BYD already works with RSA in Norway, and it will offer Chinese-made EVs in Finland and Iceland. BYD will initially launch three electric vehicle models in select European countries at the end of 2022.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Electric Vehicle Market based on the below-mentioned segments:

 

Global Electric Vehicle Market, By Vehicle Type

• Passenger Car
• Commercial Vehicle

 

Global Electric Vehicle Market, By Propulsion Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle

 

Global Electric Vehicle Market, By Drive Type

• All Wheel Drive
• Front Wheel Drive
• Rear Wheel Drive

 

Global Electric Vehicle Market, By Range

• Up to 150 Miles
• 151-300 Miles
• Above 300 Miles

 

Global Electric Vehicle Market, By Component

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

 

Global Electric Vehicle Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa