Market Size of electric vehicles Industry
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 1.21 Trillion |
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Market Size (2030) | USD 3.15 Trillion |
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Largest Share by Region | Asia-Pacific |
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CAGR (2024 - 2030) | 17.28 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Electric Vehicles Market Analysis
The Electric Vehicles Market size is estimated at 1.21 trillion USD in 2024, and is expected to reach 3.15 trillion USD by 2030, growing at a CAGR of 17.28% during the forecast period (2024-2030).
1.21 Trillion
Market Size in 2024 (USD)
3.15 Trillion
Market Size in 2030 (USD)
34.26 %
CAGR (2017-2023)
17.28 %
CAGR (2024-2030)
Largest Segment by Fuel Category
64.78 %
value share, BEV, 2023
BEVs dominate due to significant government support, extensive charging infrastructure, and increasing consumer preference for zero-emission vehicles globally.
Fastest-growing Segment by Fuel Category
31.62 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to rapid advancements in hydrogen technology, increased investment in hydrogen infrastructure, and the global push towards zero-emission vehicles.
Largest Segment by Vehicle Type
80.63 %
value share, Passenger Vehicles, 2023
Passenger cars dominate due to strong consumer demand for eco-friendly transportation options and extensive government policies that support EV adoption, coupled with advancements in battery technology and charging infrastructure.
Largest Segment by Region
62.53 %
value share, Asia-Pacific, 2023
Asia-Pacific leads due to its large population, growing economies, and high demand for electric vehicles, supported by extensive government policies promoting electric mobility.
Leading Market Player
9.80 %
market share, Tesla Inc., 2023
Tesla is the leading market player with a market share of around 14% in the global electric vehicle market. Tesla sells its products in North America, Europe, and Middle Eastern countries.
EV market is witnessing growth driven by rising environmental concerns, government initiatives, increased awareness of EV benefits, and government subsidies
- The global market for electric vehicles (EVs) has experienced substantial growth in recent years, driven by rising environmental concerns, government initiatives, increased awareness of EV benefits, and government subsidies. Notably, passenger cars dominate the EV market, accounting for 67% of total sales. This is attributed to a wider range of models, higher usage rates, and competitive pricing. Thus, the global demand for EVs increased by a remarkable 758.44% during the historic period.
- Various governments worldwide are actively promoting electric mobility. In 2022, the French government expanded its EV incentives, offering private owners up to EUR 6000 and business customers up to EUR 4000 on purchases of electric vehicles priced at EUR 45,000 or below. Such initiatives, seen in multiple countries, contributed to a 55.07% global increase in EV demand in 2022 compared to the previous year.
- Globally, governments are continually revising their subsidy programs to bolster electric and sustainable transportation. For instance, in May 2023, France introduced updated subsidy requirements, providing a EUR 5000 incentive for purchasing a fully electric car priced at EUR 47,000 or less. These ongoing efforts by governments worldwide are expected to propel the global electric vehicle market during 2024-2030.
The rising demand for clean energy in the automotive sector is a key driver of the EV market's growth
- Several governments worldwide have proactively implemented policies to incentivize the adoption of electric vehicles (EVs). Notably, China, India, France, and the United Kingdom set targets to phase out the petrol and diesel vehicle sector entirely by 2040.
- The rising demand for clean energy in the automotive sector is a key driver of the EV market's growth. Original equipment manufacturers (OEMs) are reshaping their strategies for EVs. For instance, in March 2022, Kia Motors unveiled plans to enter the electric pickup truck segment, with two models slated for release by 2027. One of these models will directly compete with established players like Tesla's Cybertruck, Ford's F-150 Lightning, Rivian's R1T, and GMC's Hummer EV. In the same month, Ford announced its commitment to launch a new lineup of four electric commercial vehicles by 2024. This lineup includes the all-new Transit Custom one-ton van and Tourneo Custom multi-purpose vehicle in 2023, followed by the next-generation Transit Courier van and Tourneo Courier multi-purpose vehicle in 2024.
- North America, with its high internet and smartphone penetration, presents significant opportunities for e-commerce companies to tap into the retail e-commerce market. This digital landscape not only aids in expanding their business but also plays a pivotal role in the global EV market's growth. This surge in demand has prompted automakers to ramp up their R&D investments in the electric truck segment, further bolstering the EV market's expansion.
Electric Vehicles Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
- The global market for electric vehicles (EVs) has experienced substantial growth in recent years, driven by rising environmental concerns, government initiatives, increased awareness of EV benefits, and government subsidies. Notably, passenger cars dominate the EV market, accounting for 67% of total sales. This is attributed to a wider range of models, higher usage rates, and competitive pricing. Thus, the global demand for EVs increased by a remarkable 758.44% during the historic period.
- Various governments worldwide are actively promoting electric mobility. In 2022, the French government expanded its EV incentives, offering private owners up to EUR 6000 and business customers up to EUR 4000 on purchases of electric vehicles priced at EUR 45,000 or below. Such initiatives, seen in multiple countries, contributed to a 55.07% global increase in EV demand in 2022 compared to the previous year.
- Globally, governments are continually revising their subsidy programs to bolster electric and sustainable transportation. For instance, in May 2023, France introduced updated subsidy requirements, providing a EUR 5000 incentive for purchasing a fully electric car priced at EUR 47,000 or less. These ongoing efforts by governments worldwide are expected to propel the global electric vehicle market during 2024-2030.
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Electric Vehicles Market Size Summary
The electric vehicles market is experiencing significant expansion, driven by increasing environmental awareness, supportive government policies, and the growing recognition of the benefits of electric vehicles. The market is predominantly led by passenger cars, which constitute a major portion of sales due to their diverse model offerings, frequent usage, and competitive pricing. Governments worldwide are actively promoting electric mobility through various incentives and subsidies, which have substantially boosted global demand. These initiatives are part of broader efforts to transition away from petrol and diesel vehicles, with several countries setting ambitious targets for phasing out traditional vehicles by 2040. The automotive sector's shift towards clean energy is further accelerated by original equipment manufacturers (OEMs) adapting their strategies to include electric vehicles, with notable plans from companies like Kia and Ford to expand their electric vehicle offerings.
The market's growth trajectory is supported by advancements in battery technology and vehicle electrification, particularly in the Asia-Pacific and European regions. Leading manufacturers are making significant investments in electric vehicle development, with companies like Toyota and Tesla introducing new models and software updates to enhance their offerings. The market remains fragmented, with major players such as Ford, Stellantis, Tesla, Toyota, and Volkswagen holding substantial shares. The increasing demand for electric vehicles is also reflected in the strategic partnerships and commitments by these companies to achieve carbon neutrality and expand their electric vehicle lineups. As a result, the electric vehicles market is poised for continued growth, with projections indicating a substantial increase in market size and sales over the coming years.
Electric Vehicles Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Vehicle Type
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1.1.1 Commercial Vehicles
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1.1.1.1 Heavy-duty Commercial Trucks
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1.1.1.2 Medium-duty Commercial Trucks
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1.1.2 Passenger Vehicles
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1.1.2.1 Multi-purpose Vehicle
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1.1.3 Two-Wheelers
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1.2 Fuel Category
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1.2.1 BEV
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1.2.2 FCEV
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1.2.3 HEV
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1.2.4 PHEV
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1.3 Region
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1.3.1 Africa
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1.3.2 Asia-Pacific
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1.3.3 Europe
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1.3.3.1 Austria
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1.3.3.2 Belgium
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1.3.3.3 Czech Republic
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1.3.3.4 Denmark
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1.3.3.5 Estonia
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1.3.3.6 France
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1.3.3.7 Germany
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1.3.3.8 Ireland
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1.3.3.9 Italy
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1.3.3.10 Latvia
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1.3.3.11 Lithuania
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1.3.3.12 Norway
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1.3.3.13 Poland
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1.3.3.14 Russia
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1.3.3.15 Spain
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1.3.3.16 Sweden
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1.3.3.17 UK
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1.3.3.18 Rest-of-Europe
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1.3.4 Middle East
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1.3.5 North America
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1.3.6 South America
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1.3.6.1 Brazil
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Electric Vehicles Market Size FAQs
How big is the Global Electric Vehicles Market?
The Global Electric Vehicles Market size is expected to reach USD 1211.81 billion in 2024 and grow at a CAGR of 17.28% to reach USD 3153.99 billion by 2030.
What is the current Global Electric Vehicles Market size?
In 2024, the Global Electric Vehicles Market size is expected to reach USD 1211.81 billion.
