Electric Cars Market Size
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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 0.96 Trillion |
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Market Size (2030) | USD 2.48 Trillion |
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Largest Share by Region | Asia-Pacific |
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CAGR (2024 - 2030) | 17.09 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Electric Cars Market Analysis
The Electric Cars Market size is estimated at 0.96 trillion USD in 2024, and is expected to reach 2.48 trillion USD by 2030, growing at a CAGR of 17.09% during the forecast period (2024-2030).
0.96 Trillion
Market Size in 2024 (USD)
2.48 Trillion
Market Size in 2030 (USD)
40.36 %
CAGR (2017-2023)
17.09 %
CAGR (2024-2030)
Largest Segment by Fuel Category
58.77 %
value share, BEV, 2023
BEVs dominate globally due to technological advancements, extensive government support, and growing consumer preference for zero-emission vehicles.
Fastest-growing Segment by Fuel Category
34.58 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment globally due to rapid advancements in hydrogen technology and increased investment in hydrogen infrastructure.
Largest Country Market
53.61 %
value share, China, 2023
China leads the global electric car market due to its large population, significant manufacturing capacity, and strong government policies promoting electric vehicle adoption.
Fastest-growing Segment by Country
46.74 %
Projected CAGR, Mexico, 2024-2030
Mexico is the fastest-growing segment due to increasing government support for electric vehicles, expanding charging infrastructure, and rising consumer awareness about the benefits of EVs.
Leading Market Player
19.90 %
market share, Tesla Inc., 2023
Tesla is the leading market player with a market share of around 14% in the global electric car market. Tesla sells its products in North America, Europe and Middle east countries.
Increasing demand for vehicles mitigating the negative environmental impacts associated with fossil fuels is boosting the growth of the market
- The automotive sector was significantly impacted by the global chip shortages and supply chain disruptions stemming from the COVID-19 pandemic. Despite this, Tesla faced criticism for its perceived contributions to climate change, both in its manufacturing practices and the vehicles it produces. Notably, EU consumers are increasingly opting for vehicles that mitigate the negative environmental impacts associated with fossil fuels.
- The global automotive market witnessed significant repercussions from the COVID-19 pandemic in the past year. As travel restrictions were imposed worldwide in response to the pandemic, the industry faced several setbacks. In 2020, global car sales reached 63.8 million units. While a modest recovery was anticipated in 2021, and around 66 million cars were expected to be sold, major players like Toyota and the Volkswagen Group saw their deliveries decline by over a million units.
- In 2021, approximately 56.4 million passenger cars were In 2021, global passenger car sales reached approximately 56.4 million units, marking a nearly 5% increase from the previous year. China emerged as the largest regional market, accounting for just under 21.5 million units. The automotive landscape is poised for significant transformation in the coming decade. By 2030, it is projected that electric vehicles will make up around 26% of global new car sales. Around 58 million self-driving cars joined the global fleet by 2022. Such technological advancements are reshaping the automotive supply chain, particularly in the realm of automotive electronics. With the rise of automation and electrification, the future of the automotive market looks promising.
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- Consumer spending on electric car purchases increased to USD 120 billion in 2020. Governments worldwide spent nearly USD 14 billion to encourage the sales of electric vehicles, which increased by 25% in 2019, primarily due to increased incentives in Europe. The output of automotive batteries increased by 33% from 2019 to 160 GWh, and their cost decreased by 13% to an average of USD 137/kWh per battery pack globally in 2020. Worldwide government National EV Policy stipulates that when buying or leasing an electric vehicle (EV), whether new or used, drivers are exempt from both purchase tax and VAT. EV owners are also excluded from paying an annual road traffic insurance charge.
- Many government policies boast the world's largest per capita fleet of plug-in electric cars and offer several enticing incentives for buying electric vehicles. For instance, there are currently more than 16,000 charging stations in Norway, up from just 3,000 in 2011. On all important routes, including the highest fast-charging station in the entire world, the Norwegian government has erected fast-charging stations every 50 km. EV charging stations appear to have a promising future in Norway.
- There are several highly attractive incentives for electric vehicles globally. Overall, many countries signed Paris climate policy targets, which call for a 40% decrease in greenhouse gas emissions by 2030, which are supported by the automobile policy. National vehicle targets, including the sale of entirely zero-emission cars by 2030, were already established by the National Transport Plan in 2017. Norway has also committed to reducing greenhouse gas emissions by at least 40% by 2030. These factors are all expected to boost the Norwegian electric car market over the forecast period.
Global Electric Cars Market Trends
The rising global demand and government support propel electric vehicle market growth
- Electric vehicles (EVs) have become indispensable in the automotive sector, driven by their potential to enhance energy efficiency and reduce greenhouse gas and pollution emissions. This surge is primarily attributed to growing environmental concerns and supportive government initiatives. Notably, global EV sales witnessed a robust 10.82% growth in 2022 compared to 2021. Projections indicate that annual sales of electric passenger cars will surpass 5 million by the end of 2025, accounting for approximately 15% of total vehicle sales.
- Leading manufacturers and organizations, like the London Metropolitan Police & Fire Service, have been actively pursuing their electric mobility strategies. For instance, they have set a target of a zero-emission fleet by 2025, with a goal of electrifying 40% of their vans by 2030 and achieving full electrification by 2040. Similar trends are expected globally, with the period from 2024 to 2030 witnessing a surge in demand and sales of electric vehicles.
- Asia-Pacific and Europe are poised to dominate electric vehicle production, driven by their advancements in battery technology and vehicle electrification. In a notable move, in May 2020, Kia Motors Europe unveiled its "Plan S," signaling a strategic shift toward electrification. This decision came on the heels of record-breaking sales of Kia's EVs in Europe. Kia has ambitious plans to introduce 11 EV models globally by 2025, spanning various segments like passenger vehicles, SUVs, and MPVs. The company aims to achieve annual global EV sales of 500,000 by 2026.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- Several European countries face population declines, while others grow, indicating a need for targeted policy interventions
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- South Africa's consumer vehicle population shows signs of stabilization
- European countries are experiencing growth in CVP, driven by government incentives for environmentally friendly vehicles
- North America exhibits diverse trends in consumer spending for vehicle purchases (CVP), and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- The European region is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
- From 2017 to 2030, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022, but projections suggest a trend toward economic stability and controlled inflation for the region by 2030
- Auto interest rates across Africa, Asia-Pacific, and North America showed significant regional diversity, influenced by a combination of economic policies, market dynamics, and global conditions
- Global efforts to expand and enhance EV infrastructure are signaling a collective push toward electrification
- The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
- The Middle East's battery market: A continuous descent in prices and promising energy trends
- South America’s surging demand for electric vehicle batteries: falling costs and strategic alliances
- The used car sales segment in Asia-Pacific is poised for growth, with China and India leading the expansion, reflecting strong economic signals and shifting consumer demands toward vehicle ownership
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
- Saudi Arabia and the United Arab Emirates, both pivotal nations in the Middle East, demonstrated population growth from 2017 to 2023. While there were slight dips for both countries in between, the overarching upward trend indicates their significant roles and attractions in the region
- South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Projections for the coming years indicate a steady growth trajectory for both the UAE's diversified sectors and its role as a regional business hub. This growth can be attributed to the country's focus on diversification efforts and strategic partnerships
- During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- In the short term (2022-2023), Saudi Arabia maintained stable consumer spending for vehicle purchases, while the UAE experienced a slight decline, suggesting differing market dynamics
- Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- From 2017 to 2030, the Middle East is expected to display varied inflationary patterns, with countries like Iran facing significant challenges, while others like Saudi Arabia and the UAE will show stability
- Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
- The global MaaS market is growing significantly growth trajectory, indicating sustained expansion across all regions
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Declining battery prices and government initiatives drive demand for electric vehicles in Europe
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- The global automotive industry will undergo a transformative phase, with a pronounced shift toward electrification from 2023 to 2025, followed by a period of refinement and consolidation in the subsequent years
- For over a year, Russia's invasion of Ukraine disrupted global crude oil and petroleum product markets
Electric Cars Industry Overview
The Electric Cars Market is moderately consolidated, with the top five companies occupying 44.50%. The major players in this market are BYD Auto Co. Ltd., Hyundai Motor Company, Tesla Inc., Toyota Motor Corporation and Volkswagen AG (sorted alphabetically).
Electric Cars Market Leaders
BYD Auto Co. Ltd.
Hyundai Motor Company
Tesla Inc.
Toyota Motor Corporation
Volkswagen AG
Other important companies include Daimler AG (Mercedes-Benz AG), Ford Motor Company, General Motors Company, Groupe Renault, Nissan Motor Co. Ltd., Stellantis N.V..
*Disclaimer: Major Players sorted in alphabetical order.
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Electric Cars Market News
- December 2023: Mustang Mach-E has electric all-wheel drive and standard heated seats and a steering wheel.
- November 2023: Ford motors and manufacturers 2030 have entered into a strategic Partnerships to help its suppliers achieve their CO2 reduction targets in line with Ford Motor Co.'s global objective of becoming carbon neutral by 2050.
- November 2023: Hyundai Motor's Genesis division has opened a new showroom in New York, the United States.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Electric Cars Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
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4.1 Population
- 4.1.1 Africa
- 4.1.2 Asia-Pacific
- 4.1.3 Europe
- 4.1.4 Middle East
- 4.1.5 North America
- 4.1.6 South America
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4.2 GDP Per Capita
- 4.2.1 Africa
- 4.2.2 Asia-Pacific
- 4.2.3 Europe
- 4.2.4 Middle East
- 4.2.5 North America
- 4.2.6 South America
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4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.3.1 Africa
- 4.3.2 Asia-Pacific
- 4.3.3 Europe
- 4.3.4 Middle East
- 4.3.5 North America
- 4.3.6 South America
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4.4 Inflation
- 4.4.1 Africa
- 4.4.2 Asia-Pacific
- 4.4.3 Europe
- 4.4.4 Middle East
- 4.4.5 North America
- 4.4.6 South America
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
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4.9 Battery Pack Price
- 4.9.1 Africa
- 4.9.2 Asia-Pacific
- 4.9.3 Europe
- 4.9.4 Middle East
- 4.9.5 North America
- 4.9.6 South America
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Configuration
- 5.1.1 Passenger Cars
- 5.1.1.1 Multi-purpose Vehicle
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
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5.3 Region
- 5.3.1 Africa
- 5.3.1.1 South Africa
- 5.3.2 Asia-Pacific
- 5.3.2.1 India
- 5.3.3 Europe
- 5.3.3.1 Czech Republic
- 5.3.3.2 UK
- 5.3.4 Middle East
- 5.3.4.1 UAE
- 5.3.5 North America
- 5.3.5.1 Mexico
- 5.3.6 South America
- 5.3.6.1 Brazil
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 BYD Auto Co. Ltd.
- 6.4.2 Daimler AG (Mercedes-Benz AG)
- 6.4.3 Ford Motor Company
- 6.4.4 General Motors Company
- 6.4.5 Groupe Renault
- 6.4.6 Hyundai Motor Company
- 6.4.7 Nissan Motor Co. Ltd.
- 6.4.8 Stellantis N.V.
- 6.4.9 Tesla Inc.
- 6.4.10 Toyota Motor Corporation
- 6.4.11 Volkswagen AG
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- GLOBAL ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 2:
- GLOBAL ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 3:
- GLOBAL ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 4:
- GLOBAL ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 5:
- GLOBAL ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 6:
- GLOBAL ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 7:
- GLOBAL ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 8:
- GLOBAL ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 9:
- GLOBAL ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 10:
- GLOBAL ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 11:
- GLOBAL ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 12:
- GLOBAL ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 13:
- GLOBAL ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 14:
- GLOBAL ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 15:
- GLOBAL ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 16:
- GLOBAL ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 17:
- GLOBAL ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 18:
- GLOBAL ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 19:
- GLOBAL ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 20:
- GLOBAL ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 21:
- GLOBAL ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 22:
- GLOBAL ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 23:
- GLOBAL ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 24:
- GLOBAL ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 25:
- GLOBAL ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 26:
- GLOBAL ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 27:
- GLOBAL ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 28:
- GLOBAL ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 29:
- GLOBAL ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 30:
- GLOBAL ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 31:
- GLOBAL ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 32:
- GLOBAL ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 33:
- GLOBAL ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 34:
- GLOBAL ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 35:
- GLOBAL ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 36:
- GLOBAL ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 37:
- GLOBAL ELECTRIC CARS MARKET, LPI YOY GROWTH RATE, 2016 – 2026
- Figure 38:
- GLOBAL ELECTRIC CARS MARKET, LPI YOY GROWTH RATE, 2016 – 2026
- Figure 39:
- GLOBAL ELECTRIC CARS MARKET, LPI YOY GROWTH RATE, 2016 – 2026
- Figure 40:
- GLOBAL ELECTRIC CARS MARKET, LPI YOY GROWTH RATE, 2016 – 2026
- Figure 41:
- GLOBAL ELECTRIC CARS MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 42:
- GLOBAL ELECTRIC CARS MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 43:
- GLOBAL ELECTRIC CARS MARKET, VOLUME IN UNITS, 2016 – 2026
- Figure 44:
- GLOBAL ELECTRIC CARS MARKET, VALUE IN USD, 2016 – 2026
- Figure 45:
- GLOBAL ELECTRIC CARS MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 46:
- GLOBAL ELECTRIC CARS MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
- Figure 47:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
- Figure 48:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
- Figure 49:
- GLOBAL ELECTRIC CARS MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2016-2028
- Figure 50:
- GLOBAL ELECTRIC CARS MARKET, BY HATCHBACK, BY VALUE IN USD, 2016-2028
- Figure 51:
- GLOBAL ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2016-2028
- Figure 52:
- GLOBAL ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2016-2028
- Figure 53:
- GLOBAL ELECTRIC CARS MARKET, BY SEDAN, BY VOLUME IN UNITS, 2016-2028
- Figure 54:
- GLOBAL ELECTRIC CARS MARKET, BY SEDAN, BY VALUE IN USD, 2016-2028
- Figure 55:
- GLOBAL ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2016-2028
- Figure 56:
- GLOBAL ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2016-2028
- Figure 57:
- GLOBAL ELECTRIC CARS MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 58:
- GLOBAL ELECTRIC CARS MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 59:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 60:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 61:
- GLOBAL ELECTRIC CARS MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
- Figure 62:
- GLOBAL ELECTRIC CARS MARKET, BY BEV, BY VALUE IN USD, 2016-2028
- Figure 63:
- GLOBAL ELECTRIC CARS MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
- Figure 64:
- GLOBAL ELECTRIC CARS MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
- Figure 65:
- GLOBAL ELECTRIC CARS MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
- Figure 66:
- GLOBAL ELECTRIC CARS MARKET, BY HEV, BY VALUE IN USD, 2016-2028
- Figure 67:
- GLOBAL ELECTRIC CARS MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
- Figure 68:
- GLOBAL ELECTRIC CARS MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
- Figure 69:
- GLOBAL ELECTRIC CARS MARKET, BY REGION, BY VOLUME IN UNITS, 2016-2028
- Figure 70:
- GLOBAL ELECTRIC CARS MARKET, BY REGION, BY VALUE IN USD, 2016-2028
- Figure 71:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY REGION, 2016 - 2028
- Figure 72:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY REGION, 2016 - 2028
- Figure 73:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 74:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 75:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 76:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 77:
- GLOBAL ELECTRIC CARS MARKET, BY SOUTH AFRICA, BY VOLUME IN UNITS, 2016-2028
- Figure 78:
- GLOBAL ELECTRIC CARS MARKET, BY SOUTH AFRICA, BY VALUE IN USD, 2016-2028
- Figure 79:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 80:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 81:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 82:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 83:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 84:
- GLOBAL ELECTRIC CARS MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2016-2028
- Figure 85:
- GLOBAL ELECTRIC CARS MARKET, BY AUSTRALIA, BY VALUE IN USD, 2016-2028
- Figure 86:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 87:
- GLOBAL ELECTRIC CARS MARKET, BY CHINA, BY VOLUME IN UNITS, 2016-2028
- Figure 88:
- GLOBAL ELECTRIC CARS MARKET, BY CHINA, BY VALUE IN USD, 2016-2028
- Figure 89:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 90:
- GLOBAL ELECTRIC CARS MARKET, BY INDIA, BY VOLUME IN UNITS, 2016-2028
- Figure 91:
- GLOBAL ELECTRIC CARS MARKET, BY INDIA, BY VALUE IN USD, 2016-2028
- Figure 92:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 93:
- GLOBAL ELECTRIC CARS MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2016-2028
- Figure 94:
- GLOBAL ELECTRIC CARS MARKET, BY INDONESIA, BY VALUE IN USD, 2016-2028
- Figure 95:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 96:
- GLOBAL ELECTRIC CARS MARKET, BY JAPAN, BY VOLUME IN UNITS, 2016-2028
- Figure 97:
- GLOBAL ELECTRIC CARS MARKET, BY JAPAN, BY VALUE IN USD, 2016-2028
- Figure 98:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 99:
- GLOBAL ELECTRIC CARS MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2016-2028
- Figure 100:
- GLOBAL ELECTRIC CARS MARKET, BY MALAYSIA, BY VALUE IN USD, 2016-2028
- Figure 101:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 102:
- GLOBAL ELECTRIC CARS MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2016-2028
- Figure 103:
- GLOBAL ELECTRIC CARS MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2016-2028
- Figure 104:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 105:
- GLOBAL ELECTRIC CARS MARKET, BY THAILAND, BY VOLUME IN UNITS, 2016-2028
- Figure 106:
- GLOBAL ELECTRIC CARS MARKET, BY THAILAND, BY VALUE IN USD, 2016-2028
- Figure 107:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 108:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2016-2028
- Figure 109:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2016-2028
- Figure 110:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 111:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 112:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 113:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 114:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 115:
- GLOBAL ELECTRIC CARS MARKET, BY AUSTRIA, BY VOLUME IN UNITS, 2016-2028
- Figure 116:
- GLOBAL ELECTRIC CARS MARKET, BY AUSTRIA, BY VALUE IN USD, 2016-2028
- Figure 117:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 118:
- GLOBAL ELECTRIC CARS MARKET, BY BELGIUM, BY VOLUME IN UNITS, 2016-2028
- Figure 119:
- GLOBAL ELECTRIC CARS MARKET, BY BELGIUM, BY VALUE IN USD, 2016-2028
- Figure 120:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 121:
- GLOBAL ELECTRIC CARS MARKET, BY CZECH REPUBLIC, BY VOLUME IN UNITS, 2016-2028
- Figure 122:
- GLOBAL ELECTRIC CARS MARKET, BY CZECH REPUBLIC, BY VALUE IN USD, 2016-2028
- Figure 123:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 124:
- GLOBAL ELECTRIC CARS MARKET, BY DENMARK, BY VOLUME IN UNITS, 2016-2028
- Figure 125:
- GLOBAL ELECTRIC CARS MARKET, BY DENMARK, BY VALUE IN USD, 2016-2028
- Figure 126:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 127:
- GLOBAL ELECTRIC CARS MARKET, BY ESTONIA, BY VOLUME IN UNITS, 2016-2028
- Figure 128:
- GLOBAL ELECTRIC CARS MARKET, BY ESTONIA, BY VALUE IN USD, 2016-2028
- Figure 129:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 130:
- GLOBAL ELECTRIC CARS MARKET, BY FRANCE, BY VOLUME IN UNITS, 2016-2028
- Figure 131:
- GLOBAL ELECTRIC CARS MARKET, BY FRANCE, BY VALUE IN USD, 2016-2028
- Figure 132:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 133:
- GLOBAL ELECTRIC CARS MARKET, BY GERMANY, BY VOLUME IN UNITS, 2016-2028
- Figure 134:
- GLOBAL ELECTRIC CARS MARKET, BY GERMANY, BY VALUE IN USD, 2016-2028
- Figure 135:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 136:
- GLOBAL ELECTRIC CARS MARKET, BY IRELAND, BY VOLUME IN UNITS, 2016-2028
- Figure 137:
- GLOBAL ELECTRIC CARS MARKET, BY IRELAND, BY VALUE IN USD, 2016-2028
- Figure 138:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 139:
- GLOBAL ELECTRIC CARS MARKET, BY ITALY, BY VOLUME IN UNITS, 2016-2028
- Figure 140:
- GLOBAL ELECTRIC CARS MARKET, BY ITALY, BY VALUE IN USD, 2016-2028
- Figure 141:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 142:
- GLOBAL ELECTRIC CARS MARKET, BY LATVIA, BY VOLUME IN UNITS, 2016-2028
- Figure 143:
- GLOBAL ELECTRIC CARS MARKET, BY LATVIA, BY VALUE IN USD, 2016-2028
- Figure 144:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 145:
- GLOBAL ELECTRIC CARS MARKET, BY LITHUANIA, BY VOLUME IN UNITS, 2016-2028
- Figure 146:
- GLOBAL ELECTRIC CARS MARKET, BY LITHUANIA, BY VALUE IN USD, 2016-2028
- Figure 147:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 148:
- GLOBAL ELECTRIC CARS MARKET, BY NORWAY, BY VOLUME IN UNITS, 2016-2028
- Figure 149:
- GLOBAL ELECTRIC CARS MARKET, BY NORWAY, BY VALUE IN USD, 2016-2028
- Figure 150:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 151:
- GLOBAL ELECTRIC CARS MARKET, BY POLAND, BY VOLUME IN UNITS, 2016-2028
- Figure 152:
- GLOBAL ELECTRIC CARS MARKET, BY POLAND, BY VALUE IN USD, 2016-2028
- Figure 153:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 154:
- GLOBAL ELECTRIC CARS MARKET, BY RUSSIA, BY VOLUME IN UNITS, 2016-2028
- Figure 155:
- GLOBAL ELECTRIC CARS MARKET, BY RUSSIA, BY VALUE IN USD, 2016-2028
- Figure 156:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 157:
- GLOBAL ELECTRIC CARS MARKET, BY SPAIN, BY VOLUME IN UNITS, 2016-2028
- Figure 158:
- GLOBAL ELECTRIC CARS MARKET, BY SPAIN, BY VALUE IN USD, 2016-2028
- Figure 159:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 160:
- GLOBAL ELECTRIC CARS MARKET, BY SWEDEN, BY VOLUME IN UNITS, 2016-2028
- Figure 161:
- GLOBAL ELECTRIC CARS MARKET, BY SWEDEN, BY VALUE IN USD, 2016-2028
- Figure 162:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 163:
- GLOBAL ELECTRIC CARS MARKET, BY UK, BY VOLUME IN UNITS, 2016-2028
- Figure 164:
- GLOBAL ELECTRIC CARS MARKET, BY UK, BY VALUE IN USD, 2016-2028
- Figure 165:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 166:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-EUROPE, BY VOLUME IN UNITS, 2016-2028
- Figure 167:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-EUROPE, BY VALUE IN USD, 2016-2028
- Figure 168:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 169:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 170:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 171:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 172:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 173:
- GLOBAL ELECTRIC CARS MARKET, BY UAE, BY VOLUME IN UNITS, 2016-2028
- Figure 174:
- GLOBAL ELECTRIC CARS MARKET, BY UAE, BY VALUE IN USD, 2016-2028
- Figure 175:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 176:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-MEA, BY VOLUME IN UNITS, 2016-2028
- Figure 177:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-MEA, BY VALUE IN USD, 2016-2028
- Figure 178:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 179:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 180:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 181:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 182:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
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- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 184:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 185:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 186:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
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- GLOBAL ELECTRIC CARS MARKET, BY CANADA, BY VOLUME IN UNITS, 2016-2028
- Figure 188:
- GLOBAL ELECTRIC CARS MARKET, BY CANADA, BY VALUE IN USD, 2016-2028
- Figure 189:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 190:
- GLOBAL ELECTRIC CARS MARKET, BY MEXICO, BY VOLUME IN UNITS, 2016-2028
- Figure 191:
- GLOBAL ELECTRIC CARS MARKET, BY MEXICO, BY VALUE IN USD, 2016-2028
- Figure 192:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
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- GLOBAL ELECTRIC CARS MARKET, BY US, BY VOLUME IN UNITS, 2016-2028
- Figure 194:
- GLOBAL ELECTRIC CARS MARKET, BY US, BY VALUE IN USD, 2016-2028
- Figure 195:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 196:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-NORTH AMERICA, BY VOLUME IN UNITS, 2016-2028
- Figure 197:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-NORTH AMERICA, BY VALUE IN USD, 2016-2028
- Figure 198:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 199:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 200:
- GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
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- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
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- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
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- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-LATIN AMERICA, BY VOLUME IN UNITS, 2016-2028
- Figure 204:
- GLOBAL ELECTRIC CARS MARKET, BY REST-OF-LATIN AMERICA, BY VALUE IN USD, 2016-2028
- Figure 205:
- GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2021 - 2028
- Figure 206:
- GLOBAL ELECTRIC CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 207:
- GLOBAL ELECTRIC CARS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 208:
- GLOBAL ELECTRIC CARS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Electric Cars Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. 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 automotive sector was significantly impacted by the global chip shortages and supply chain disruptions stemming from the COVID-19 pandemic. Despite this, Tesla faced criticism for its perceived contributions to climate change, both in its manufacturing practices and the vehicles it produces. Notably, EU consumers are increasingly opting for vehicles that mitigate the negative environmental impacts associated with fossil fuels.
- The global automotive market witnessed significant repercussions from the COVID-19 pandemic in the past year. As travel restrictions were imposed worldwide in response to the pandemic, the industry faced several setbacks. In 2020, global car sales reached 63.8 million units. While a modest recovery was anticipated in 2021, and around 66 million cars were expected to be sold, major players like Toyota and the Volkswagen Group saw their deliveries decline by over a million units.
- In 2021, approximately 56.4 million passenger cars were In 2021, global passenger car sales reached approximately 56.4 million units, marking a nearly 5% increase from the previous year. China emerged as the largest regional market, accounting for just under 21.5 million units. The automotive landscape is poised for significant transformation in the coming decade. By 2030, it is projected that electric vehicles will make up around 26% of global new car sales. Around 58 million self-driving cars joined the global fleet by 2022. Such technological advancements are reshaping the automotive supply chain, particularly in the realm of automotive electronics. With the rise of automation and electrification, the future of the automotive market looks promising.
| Vehicle Configuration | Passenger Cars | Multi-purpose Vehicle |
| Fuel Category | BEV | |
| FCEV | ||
| HEV | ||
| PHEV | ||
| Region | Africa | South Africa |
| Region | Asia-Pacific | India |
| Region | Europe | Czech Republic |
| UK | ||
| Region | Middle East | UAE |
| Region | North America | Mexico |
| Region | South America | Brazil |
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Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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