- R&I-1431
- January 2025
- 235
- PPT, PDF, WORD, EXCEL
- Automotive & Transportation
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Market Overview:
"The global electric vehicles market was valued at US$ 456.2 Billion in 2024 and is expected to register a CAGR of 13.2% over the forecast period and reach US$ 1,392.4 Billion in 2033."
|
Report Attributes |
Details |
|
Base Year |
2024 |
|
Forecast Years |
2025-2033 |
|
Historical Years |
2021-2023 |
|
Electric Vehicles Market Growth Rate (2025-2033) |
13.2% |
Electric vehicles, often known as EVs, are cars that primarily utilize electricity as their primary energy source, in contrast to traditional vehicles that rely on gasoline or diesel internal combustion engines. These automobiles are engineered to be environmentally conscious and energy-efficient.
Electric vehicles offer a variety of benefits, including lower emissions, cost-efficient operation due to cheaper electricity, quieter performance, and impressive acceleration.
They have a pivotal role in mitigating environmental issues and diminishing the carbon footprint typically linked to conventional vehicles. The increasing prevalence and accessibility of electric vehicles can be attributed to advancements in battery technology and the expansion of charging infrastructure.
Electric Vehicles Market Trends and Drivers:
Advancements in Battery Technology: Significant strides in battery technology have been at the forefront of innovation in the electric vehicles (EV) market. These advancements have resulted in EVs that can travel longer distances on a single charge, dramatically reduced charging times, and overall improved performance. Notably, the development of solid-state batteries and other innovations presents the potential to bring about a profound transformation in the industry. Electric vehicle Solid-state batteries, in particular, offer higher energy density, enhanced safety, and the prospect of rapid charging. These continuous improvements in battery technology are instrumental in making EVs more appealing, practical, and pivotal in the transition towards a sustainable and eco-friendly transportation future. For instance, in June 2023, Toyota has unveiled cutting-edge solid-state batteries and other technological innovations aimed at enhancing the driving range and reducing expenses for forthcoming electric vehicles (EVs).
Expanding Model Range: Automakers are expanding their electric vehicle (EV) portfolios, introducing a more extensive variety of EV models, including electric SUVs, crossovers, and high-end EVs. This strategy is driven by the goal of accommodating a broader range of consumers and fulfilling diverse market needs. With a more comprehensive array of EV choices, automakers aim to cater to the specific preferences of consumers who are looking for different features, vehicle sizes, and pricing options within the EV market. This approach not only makes EVs more accessible to a wider audience but also aligns with the growing consumer interest in sustainable and eco-friendly transportation options. It signifies a significant transformation in the automotive industry as it adapts to the increasing demand for electric mobility. In August 2023, Mahindra & Mahindra, a prominent SUV manufacturer in India, introduced its new electric vehicle (EV) brands, XUV and BE, in the United Kingdom. The company has also recently declared its commitment to launch five all-electric SUVs in the Indian market by 2026. These forthcoming EVs will be developed on Mahindra's advanced INGLO EV platform.
Autonomous and Connected Features: Electric vehicles have not just transformed the automotive industry through their eco-conscious design but have also embraced the trend of intelligent and self-driving vehicles. Many electric cars now incorporate advanced driver-assistance systems and connectivity features. These advanced technologies encompass functions such as adaptive cruise control, lane-keeping support, and self-parking capabilities, which enhance both safety and driver convenience. Furthermore, these connectivity features facilitate seamless integration with smartphones and the internet, enabling over-the-air software updates and furnishing real-time information on electric vehicle charging stations and traffic conditions. This fusion of electric power and state-of-the-art technology is propelling the automotive sector toward a future characterized by enhanced connectivity and autonomous capabilities, resulting in safer, more intelligent, and more efficient vehicles. In September 2023, BMW has taken a significant step in the realm of advanced vehicle technology, announcing a partnership with Amazon to harness Amazon's cloud computing capabilities in the development of its semi-autonomous driver assistance system. This innovative technology is set to be integrated into BMW's forthcoming Neue Klasse electric car lineup, slated for its debut in 2025. This strategic move mirrors the automotive industry's broader efforts to elevate their vehicle technology, particularly within advanced driver assistance systems (ADAS), as they seek to remain competitive in the evolving landscape, where companies like Tesla have set high standards for innovation and safety.
Electric Vehicles Market Restraining Factors:
Charging Time: The charging time for electric vehicles (EVs) is often longer in comparison to the quick refueling process of conventional gasoline or diesel vehicles, which could be a point of concern for those accustomed to swift refills. Even with the introduction of fast-charging technology, EV charging may not match the speed of conventional refueling. It's important to note that while fast-charging stations can significantly reduce charging times, their availability and accessibility may not yet be as widespread as traditional fueling stations. Addressing this discrepancy is a critical step in enhancing EV adoption and making electric vehicles more competitive with their internal combustion engine counterparts in terms of convenience and user-friendliness.
Limited Charging Infrastructure: An important aspect of electric vehicles (EVs) to consider is the natural decline in battery performance over time. As EV batteries age, they inevitably experience a reduction in their overall capacity, resulting in a shorter driving range. This gradual loss of power can raise concerns for potential EV buyers. Furthermore, the significant cost associated with replacing an entire battery pack is a substantial financial consideration, further adding to the apprehensions of consumers. Addressing the challenges posed by battery degradation and associated replacement expenses is crucial to building trust among prospective EV owners. It underscores the ongoing need for technological advancements that prolong battery life and make replacements more cost-effective, ultimately enhancing the economic appeal and sustainability of electric vehicles.
High Upfront Costs: A significant barrier to the widespread adoption of electric vehicles (EVs) is the higher initial purchase cost. In comparison to traditional internal combustion engine vehicles, EVs often come with a more substantial upfront price tag. While it's true that running an EV is generally more cost-effective in the long term due to lower maintenance and operating expenses, the initial investment can be a major deterrent for many potential buyers. This difference in upfront costs raises concerns about affordability and the value proposition of EVs. Therefore, it is essential for governments, automakers, and industry players to devise strategies that address this cost gap, making EVs more accessible and appealing to a broader range of consumers. Reducing the upfront price differential between EVs and traditional vehicles is a key step toward accelerating the shift to cleaner and sustainable transportation.
Electric Vehicles Market Opportunities:
Battery Technology Advancements: Electric vehicle manufacturers are presented with a significant opportunity to advance battery technology, offering batteries with higher energy density, faster charging capabilities, and extended lifespans. These advancements not only boost vehicle performance but also play a crucial role in reducing costs and addressing concerns related to driving range. Leading the charge in battery innovation can stimulate consumer demand and contribute to a more sustainable transportation ecosystem. For example, in March 2023, US scientists achieved a breakthrough in the realm of long-range EV batteries. Argonne National Laboratory, a part of the US Department of Energy, unveiled a lithium-air battery with the potential to substantially extend the range of electric vehicles. This pioneering battery design has the capacity to replace conventional lithium-ion batteries and could power a range of vehicles, from cars to domestic airplanes and long-haul trucks. Notably, this lithium-air battery operates using the oxygen naturally available in the surrounding air and accomplishes a four-electron reaction at room temperature, eliminating the need for oxygen tanks.
Reduced Operating Costs: Electric vehicles (EVs) present an enticing opportunity within the market by offering reduced operating costs when compared to their gasoline or diesel counterparts. EVs are inherently more energy-efficient, resulting in substantial savings on fuel expenses. Charging an EV with electricity is considerably cheaper than refueling with gasoline, and the simplified maintenance requirements of EVs further contribute to cost savings due to their fewer moving components. This financial advantage not only delivers long-term economic benefits to EV owners but also serves as a compelling point to draw more consumers into the EV market. By emphasizing these cost savings and showcasing how the initial purchase price can be offset by lower operational expenses, the EV industry can effectively promote the economic advantages of electric vehicle ownership, fostering increased adoption and a more sustainable transportation landscape.
Sustainable Material: Incorporating sustainable and recycled materials in the manufacturing of electric vehicles (EVs) offers a significant opportunity in the automotive sector. This eco-conscious approach perfectly aligns with the values of environmentally conscious consumers. By utilizing materials that have been sourced and processed with minimal environmental impact, automakers not only reduce their vehicles' ecological footprint but also cater to the growing segment of consumers who prioritize sustainability. Additionally, this commitment to sustainable materials can set EV products apart in a competitive market, making them stand out for their environmental responsibility. As environmental considerations increasingly influence consumer decisions, EV manufacturers embracing these practices can anticipate heightened consumer appeal and trust, all while contributing to a more sustainable and eco-friendly future.
Electric Vehicles Market Segmentation:
By Type:
- Battery Electric
- Plug-in Hybrid Electric
- Fuel Cell Electric
By Vehicle Type:
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
By Vehicle Class:
- Mid-Priced
- Luxury
By Vehicle Drive Type:
- Front Wheel
- Rear Wheel
- All Wheel
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
North America:
In North America, the increased awareness of environmental concerns and the push to reduce emissions supported by government incentives and regulations are some of the major factors boosting the demand for electric vehicles. Additionally, advances in electric vehicle technology, more charging stations, lower operating costs, and the appeal of new features are all contributing to the growing popularity of electric cars. But, at its core, it's the consumers' desire for cleaner and greener transportation that's fueling the adoption of electric vehicles. “According to the report published by International Energy Agency", the United States government has established an ambitious goal of achieving net-zero greenhouse gas emissions by 2050. In line with this commitment and in response to the substantial environmental effects, strict CO2 emission standards have been implemented for motorized vehicles. These regulations serve as a catalyst for the market, compelling automotive manufacturers to embrace, innovate, and introduce electric vehicles into their product lines in the coming years.
Europe:
As per the analysis of Reports and Insights, the electric vehicles market was valued more than USD 300 billion in the year 2022. The adoption of electric cars in Europe is growing, and there is a noticeable expansion in the number of charging stations. This uptick is primarily due to the implementation of strict government regulations aimed at reducing vehicle emissions and the provision of incentives to encourage people to choose electric cars. Also, consumers are increasingly seeking eco-friendly transportation options, driving the popularity of electric vehicles. In Europe, there is also a concerted effort to enhance the charging infrastructure for electric cars. Fast-charging stations are being strategically placed along major highways and in urban areas. This infrastructure development is crucial in alleviating concerns about limited travel range, making long-distance journeys in electric cars more feasible and convenient.
Asia Pacific:
The surge in electric car adoption is quite prominent in the Asia Pacific region, and it's being driven by numerous factors like the rapid growth of cities and the rising middle-class population stand out. With more people moving to urban areas and experiencing improved economic conditions, there's a rising demand for eco-friendly transportation alternatives. Additionally, the region benefits from the presence of significant electric vehicle manufacturers and ongoing technological advancements, which are jointly making electric cars more accessible and attractive to a wider range of consumers. As people become increasingly informed about the advantages of electric vehicles, their adoption rates are steadily climbing. Simultaneously, the expanding charging infrastructure network is making owning an electric car more convenient. Collectively, these factors are propelling the Asia Pacific region towards a future where electric cars are not just popular but also increasingly prevalent on the roads, contributing to cleaner and more sustainable transportation.
Latin America:
In Latin America, a rising awareness of environmental concerns and the urgent need to cut down on greenhouse gas emissions are prompting individuals, businesses, and governments to seriously consider cleaner and more sustainable transportation options. Moreover, the persistently high prices of gasoline and diesel in some Latin American countries are spurring consumers to explore electric vehicles as a more economical alternative. Simultaneously, the region's growing economies are fostering an expanding middle class with greater purchasing power, which is making electric vehicles more within reach for a broader segment of the population. Other than that, the gradual improvement of charging infrastructure is alleviating concerns about electric vehicle range limitations and enhancing the overall attractiveness of these vehicles. The involvement of major global automakers in Latin America, introducing various electric vehicle models, is also broadening the array of choices available to consumers, further driving the appeal of electric transportation in the region.
Middle East and Africa:
The Middle Eastern and Africa region is showing a gradual yet growing interest in electric vehicles (EVs). Governments in the region are beginning to recognize the importance of reducing carbon emissions and diversifying their economies away from a heavy dependence on oil. However, challenges such as limited charging infrastructure and lower consumer awareness still persist in this region. In spite of these obstacles, there is an ongoing shift towards EVs, driven by global environmental concerns and the growing demand for sustainable transportation solutions. For instance, In July 2023, DHL Global Forwarding, a prominent player in freight forwarding and logistics, has partnered with EnviroServe, the largest e-waste recycling firm in the MEA region, to develop solutions for recycling EV batteries. This innovative collaboration aims to establish a circular economy approach for EV batteries, optimizing resource usage and minimizing waste generation.
As per Reports and Insights analysis, the UAE electric vehicles market revenue accounted for USD 248.7 Million in 2022 and the expected revenue CAGR over the forecast period is 8.1%.
Leading Companies in Electric Vehicles Market & Competitive Landscape:
The electric vehicles market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These companies are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability.
Company List:
- Ampere Vehicles
- Benling India Energy and Technology Pvt Ltd
- BMW AG
- BYD Company Limited
- Chevrolet Motor Company
- Daimler AG
- Energica Motor Company S.p.A.
- Ford Motor Company
- General Motors
- Hero Electric
- Hyundai Motor Company
- Karma Automotive
- Kia Corporation
- Lucid Group, Inc.
- Mahindra Electric Mobility Limited
- NIO
- Nissan Motors Co., Ltd.
- Okinawa Autotech Pvt. Ltd.
- Rivain
- Tata Motors
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG
- WM Motor
- Xiaopeng Motors
Recent Development:
- October 2023: Hyundai and KIA are the most recent automakers to adopt Tesla's EV charging technology. Kia, Hyundai, and luxury automaker Genesis, originating from South Korea, have unveiled their plans to outfit their electric vehicles in the United States with charging ports that match Tesla's infrastructure. This change is expected to be in place by the final quarter of 2024, providing a convenient option for owners of these vehicles to utilize Tesla's charging stations. These car manufacturers are following the footsteps of others such as Ford, General Motors, Mercedes-Benz, Nissan, and Honda, who have previously committed to adopting Tesla's North American Charging Standard.
Research Scope:
|
Report Metric |
Report Details |
|
Electric Vehicles Market Size available for the years |
2021-2033 |
|
Base Year |
2024 |
|
Forecast Period |
2025-2033 |
|
Compound Annual Growth Rate (CAGR) |
13.2% |
|
Segment covered |
Type, vehicle type, vehicle class, vehicle drive type, and regions. |
|
Regions Covered |
North America: The U.S. & Canada Latin America: Brazil, Mexico, Argentina, & Rest of Latin America Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe The Middle East & Africa: Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA |
|
Fastest Growing Country in Europe |
Germany |
|
Largest Market |
North America |
|
Key Players |
Ampere Vehicles, Benling India Energy and Technology Pvt Ltd, BMW AG, BYD Company Limited, Chevrolet Motor Company, Daimler AG, Energica Motor Company S.p.A., Ford Motor Company, General Motors, Hero Electric, Hyundai Motor Company, Karma Automotive, Kia Corporation, Lucid Group, Inc., Mahindra Electric Mobility Limited, NIO, Nissan Motors Co., Ltd., Okinawa Autotech Pvt. Ltd., Rivain, Tata Motors, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, WM Motor and Xiaopeng Motors. |
1. Global Electric Vehicles Market Report Overview
1.1. Introduction
1.2. Report Description
1.3. Methodology
2. Global Electric Vehicles Market Overview
2.1. Introduction
2.1.1. Introduction
2.1.2. Market Taxonomy
2.2. Executive Summary
2.3. Global Electric Vehicles Market Snapshot
2.4. Global Electric Vehicles Market Size And Forecast, 2020–2028
2.4.1. Introduction
2.4.2. Market Value Forecast And Annual Growth Rate (AGR) Comparison (2020–2028)
2.5. Global Electric Vehicles Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.5.4. Trends
2.6. Key Regulations
2.7. Porter’s Five Forces Model
3. Electric Vehicles Assessment and Analysis
3.1. Actions to encourage use of Electric Vehicles Technology
3.2. Electric Vehicles Promotional Strategy Recommendation
3.3. Road Map Analysis
3.4. GAP Analysis
3.5. Potential Analysis
4. Covid-19 Impact on Electric Vehicles Market in 2020
4.1. Impact Analysis of Covid-19 on the global Electric Vehicles market
4.2. Effect On Value Chain
4.3. Business Impact W.R.T Revenue
4.4. Fluctuation In Production
4.5. Volatility In Price
4.6. Effect On The Overall Trade
4.7. Market Impact Analysis In 2020 (Quarter Wise)
5. Global Electric Vehicles Market, By Vehicle Type
5.1. Introduction
5.1.1. Annual Growth Rate Comparison, By Vehicle Type
5.1.2. BPS Analysis, By Vehicle Type
5.2. Market Revenue (US$Mn) Forecast, By Vehicle Type
5.2.1. Passenger Car
5.2.2. Commercial Vehicle
5.2.3. Two Wheeler
5.3. Global Electric Vehicles Market Attractiveness Index, By Vehicle Type
6. Global Electric Vehicles Market, By Propulsion Type
6.1. Introduction
6.1.1. Annual Growth Rate Comparison, By Propulsion Type
6.1.2. BPS Analysis, By Propulsion Type
6.2. Market Revenue (US$Mn) Forecast, By Propulsion Type
6.2.1. Battery Electric Vehicle (BEV)
6.2.2. Fuel Cell Electric Vehicle (FCEV)
6.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
6.2.4. Hybrid Electric Vehicle (HEV)
6.3. Global Electric Vehicles Market Attractiveness Index, By Propulsion Type
7. Global Electric Vehicles Market, By Charging Station Type
7.1. Introduction
7.1.1. Annual Growth Rate Comparison, By Charging Station Type
7.1.2. BPS Analysis, By Charging Station Type
7.2. Market Revenue (US$Mn) Forecast, By Charging Station Type
7.2.1. Normal Charging
7.2.2. Super Charging
7.3. Global Electric Vehicles Market Attractiveness Index, By Charging Station Type
8. Global Electric Vehicles Market, By Vehicle Class
8.1. Introduction
8.1.1. Annual Growth Rate Comparison, By Vehicle Class
8.1.2. BPS Analysis, By Vehicle Class
8.2. Market Revenue (US$Mn) Forecast, By Vehicle Class
8.2.1. Mid-Priced
8.2.2. Luxury
8.3. Global Electric Vehicles Market Attractiveness Index, By Vehicle Class
9. Global Electric Vehicles Market, By Power Output
9.1. Introduction
9.1.1. Annual Growth Rate Comparison, By Power Output
9.1.2. BPS Analysis, By Power Output
9.2. Market Revenue (US$Mn) Forecast, By Power Output
9.2.1. Less than 100 KW
9.2.2. 100-250 KW
9.2.3. Above 250 KW
9.3. Global Electric Vehicles Market Attractiveness Index, By Power Output
10. Global Electric Vehicles Market, By Region
10.1. Introduction
10.1.1. Annual Growth Rate Comparison, By Region
10.1.2. BPS Analysis, By Region
10.2. Market Revenue (US$Mn) Forecast, By Region
10.2.1. North America
10.2.2. Latin America
10.2.3. Europe
10.2.4. Asia Pacific
10.2.5. Middle East
10.2.6. Africa
10.3. Global Electric Vehicles Market Attractiveness Index, By Region
11. North America Electric Vehicles Market Analysis and Forecast, 2020–2028
11.1. Introduction
11.1.1. Annual Growth Rate Comparison, By Country
11.1.2. BPS Analysis, By Country
11.2. Market Revenue (US$Mn) Forecast, By Country
11.2.1. U.S. Electric Vehicles Market
11.2.2. Canada Electric Vehicles Market
11.3. North America Electric Vehicles Market, By Vehicle Type
11.3.1. Passenger Car
11.3.2. Commercial Vehicle
11.3.3. Two Wheeler
11.4. North America Electric Vehicles Market Revenue (US$Mn) Forecast, By Propulsion Type
11.4.1. Battery Electric Vehicle (BEV)
11.4.2. Fuel Cell Electric Vehicle (FCEV)
11.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
11.4.4. Hybrid Electric Vehicle (HEV)
11.5. North America Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
11.5.1. Normal Charging
11.5.2. Super Charging
11.6. North America Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
11.6.1. Normal Charging
11.6.2. Super Charging
11.7. North America Electric Vehicles Market Revenue (US$Mn) Forecast, By Vehicle Class
11.7.1. Mid-Priced
11.7.2. Luxury
11.8. North America Electric Vehicles Market Revenue (US$Mn) Forecast, By Power Output
11.8.1. Less than 100 KW
11.8.2. 100-250 KW
11.8.3. Above 250 KW
11.9. North America Electric Vehicles Market Attractiveness Index
11.9.1. By Country
11.9.2. By Vehicle Type
11.9.3. By Charging Station Type
11.9.4. By Propulsion Type
11.9.5. By Vehicle Class
11.9.6. By Power Output
12. Latin America Electric Vehicles Market Analysis and Forecast, 2020–2028
12.1. Introduction
12.1.1. Annual Growth Rate Comparison, By Country
12.1.2. BPS Analysis, By Country
12.2. Market (US$Mn) Forecast, By Country
12.2.1. Brazil Electric Vehicles Market
12.2.2. Mexico Electric Vehicles Market
12.2.3. Argentina Electric Vehicles Market
12.2.4. Rest Of Latin America Electric Vehicles Market
12.3. Latin America Electric Vehicles Market, By Vehicle Type
12.3.1. Passenger Car
12.3.2. Commercial Vehicle
12.3.3. Two Wheeler
12.4. Latin America Electric Vehicles Market Revenue (US$Mn) Forecast, By Propulsion Type
12.4.1. Battery Electric Vehicle (BEV)
12.4.2. Fuel Cell Electric Vehicle (FCEV)
12.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
12.4.4. Hybrid Electric Vehicle (HEV)
12.5. Latin America Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
12.5.1. Normal Charging
12.5.2. Super Charging
12.6. Latin America Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
12.6.1. Normal Charging
12.6.2. Super Charging
12.7. Latin America Electric Vehicles Market Revenue (US$Mn) Forecast, By Vehicle Class
12.7.1. Mid-Priced
12.7.2. Luxury
12.8. Latin America Electric Vehicles Market Revenue (US$Mn) Forecast, By Power Output
12.8.1. Less than 100 KW
12.8.2. 100-250 KW
12.8.3. Above 250 KW
12.9. Latin America Electric Vehicles Market Attractiveness Index
12.9.1. By Country
12.9.2. By Vehicle Type
12.9.3. By Charging Station Type
12.9.4. By Propulsion Type
12.9.5. By Vehicle Class
12.9.6. By Power Output
13. Europe Electric Vehicles Market Analysis and Forecast, 2020–2028
13.1. Introduction
13.1.1. Annual Growth Rate Comparison, By Country
13.1.2. BPS Analysis, By Country
13.2. Market (US$Mn) Forecast, By Country
13.2.1. U.K. Electric Vehicles Market
13.2.2. Germany Electric Vehicles Market
13.2.3. Italy Electric Vehicles Market
13.2.4. France Electric Vehicles Market
13.2.5. Spain Electric Vehicles Market
13.2.6. Russia Electric Vehicles Market
13.2.7. Poland Electric Vehicles Market
13.2.8. BENELUX Electric Vehicles Market
13.2.9. NORDIC Electric Vehicles Market
13.2.10. Rest Of Europe Electric Vehicles Market
13.3. Europe Electric Vehicles Market, By Vehicle Type
13.3.1. Passenger Car
13.3.2. Commercial Vehicle
13.3.3. Two Wheeler
13.4. Europe Electric Vehicles Market Revenue (US$Mn) Forecast, By Propulsion Type
13.4.1. Battery Electric Vehicle (BEV)
13.4.2. Fuel Cell Electric Vehicle (FCEV)
13.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
13.4.4. Hybrid Electric Vehicle (HEV)
13.5. Europe Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
13.5.1. Normal Charging
13.5.2. Super Charging
13.6. Europe Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
13.6.1. Normal Charging
13.6.2. Super Charging
13.7. Europe Electric Vehicles Market Revenue (US$Mn) Forecast, By Vehicle Class
13.7.1. Mid-Priced
13.7.2. Luxury
13.8. Europe Electric Vehicles Market Revenue (US$Mn) Forecast, By Power Output
13.8.1. Less than 100 KW
13.8.2. 100-250 KW
13.8.3. Above 250 KW
13.9. Europe Electric Vehicles Market Attractiveness Index
13.9.1. By Country
13.9.2. By Vehicle Type
13.9.3. By Charging Station Type
13.9.4. By Propulsion Type
13.9.5. By Vehicle Class
13.9.6. By Power Output
14. Asia Pacific Electric Vehicles Market Analysis and Forecast, 2020–2028
14.1. Introduction
14.1.1. Annual Growth Rate Comparison, By Country
14.1.2. BPS Analysis, By Country
14.2. Market (US$Mn) Forecast, By Country
14.2.1. China Electric Vehicles Market
14.2.2. India Electric Vehicles Market
14.2.3. Japan Electric Vehicles Market
14.2.4. Australia and New Zealand Electric Vehicles Market
14.2.5. South Korea Electric Vehicles Market
14.2.6. ASEAN Electric Vehicles Market
14.2.7. Rest of Asia Pacific Electric Vehicles Market
14.3. Asia Pacific Electric Vehicles Market, By Vehicle Type
14.3.1. Passenger Car
14.3.2. Commercial Vehicle
14.3.3. Two Wheeler
14.4. Asia Pacific Electric Vehicles Market Revenue (US$Mn) Forecast, By Propulsion Type
14.4.1. Battery Electric Vehicle (BEV)
14.4.2. Fuel Cell Electric Vehicle (FCEV)
14.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
14.4.4. Hybrid Electric Vehicle (HEV)
14.5. Asia Pacific Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
14.5.1. Normal Charging
14.5.2. Super Charging
14.6. Asia Pacific Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
14.6.1. Normal Charging
14.6.2. Super Charging
14.7. Asia Pacific Electric Vehicles Market Revenue (US$Mn) Forecast, By Vehicle Class
14.7.1. Mid-Priced
14.7.2. Luxury
14.8. Asia Pacific Electric Vehicles Market Revenue (US$Mn) Forecast, By Power Output
14.8.1. Less than 100 KW
14.8.2. 100-250 KW
14.8.3. Above 250 KW
14.9. Asia Pacific Electric Vehicles Market Attractiveness Index
14.9.1. By Country
14.9.2. By Vehicle Type
14.9.3. By Charging Station Type
14.9.4. By Propulsion Type
14.9.5. By Vehicle Class
14.9.6. By Power Output
15. Middle East Electric Vehicles Market, By Region
15.1. Introduction
15.1.1. Annual Growth Rate Comparison, By Country
15.1.2. BPS Analysis, By Country
15.2. Market (US$Mn) Forecast, By Country
15.2.1. GCC Countries Electric Vehicles Market
15.2.2. Israel Electric Vehicles Market
15.2.3. Rest Of Middle East Electric Vehicles Market
15.3. Middle East Electric Vehicles Market, By Vehicle Type
15.3.1. Passenger Car
15.3.2. Commercial Vehicle
15.3.3. Two Wheeler
15.4. Middle East Electric Vehicles Market Revenue (US$Mn) Forecast, By Propulsion Type
15.4.1. Battery Electric Vehicle (BEV)
15.4.2. Fuel Cell Electric Vehicle (FCEV)
15.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
15.4.4. Hybrid Electric Vehicle (HEV)
15.5. Middle East Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
15.5.1. Normal Charging
15.5.2. Super Charging
15.6. Middle East Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
15.6.1. Normal Charging
15.6.2. Super Charging
15.7. Middle East Electric Vehicles Market Revenue (US$Mn) Forecast, By Vehicle Class
15.7.1. Mid-Priced
15.7.2. Luxury
15.8. Middle East Electric Vehicles Market Revenue (US$Mn) Forecast, By Power Output
15.8.1. Less than 100 KW
15.8.2. 100-250 KW
15.8.3. Above 250 KW
15.9. Middle East Electric Vehicles Market Attractiveness Index
15.9.1. By Country
15.9.2. By Vehicle Type
15.9.3. By Charging Station Type
15.9.4. By Propulsion Type
15.9.5. By Vehicle Class
15.9.6. By Power Output
16. Africa Electric Vehicles Market, By Region
16.1. Introduction
16.1.1. Annual Growth Rate Comparison, By Country
16.1.2. BPS Analysis, By Country
16.2. Market (US$Mn) Forecast, By Country
16.2.1. South Africa Electric Vehicles Market
16.2.2. Egypt Electric Vehicles Market
16.2.3. North Africa Electric Vehicles Market
16.2.4. Rest Of Africa Electric Vehicles Market
16.3. Africa Electric Vehicles Market, By Vehicle Type
16.3.1. Passenger Car
16.3.2. Commercial Vehicle
16.3.3. Two Wheeler
16.4. Africa Electric Vehicles Market Revenue (US$Mn) Forecast, By Propulsion Type
16.4.1. Battery Electric Vehicle (BEV)
16.4.2. Fuel Cell Electric Vehicle (FCEV)
16.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
16.4.4. Hybrid Electric Vehicle (HEV)
16.5. Africa Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
16.5.1. Normal Charging
16.5.2. Super Charging
16.6. Africa Electric Vehicles Market Revenue (US$Mn) Forecast, By Charging Station Type
16.6.1. Normal Charging
16.6.2. Super Charging
16.7. Africa Electric Vehicles Market Revenue (US$Mn) Forecast, By Vehicle Class
16.7.1. Mid-Priced
16.7.2. Luxury
16.8. Africa Electric Vehicles Market Revenue (US$Mn) Forecast, By Power Output
16.8.1. Less than 100 KW
16.8.2. 100-250 KW
16.8.3. Above 250 KW
16.9. Africa Electric Vehicles Market Attractiveness Index
16.9.1. By Country
16.9.2. By Vehicle Type
16.9.3. By Charging Station Type
16.9.4. By Propulsion Type
16.9.5. By Vehicle Class
16.9.6. By Power Output
17. Recommendation
17.1. Market Strategy
18. Competitive Landscape
18.1. Competition Dashboard
18.2. List and Company Overview of Global Key Players
18.3. Company Profiles
18.3.1. Tesla
18.3.1.1. Company Overview
18.3.1.2. Financial Overview
18.3.1.3. Product Portfolio
18.3.1.4. SWOT Analysis
18.3.1.5. Key Developments
18.3.1.6. Business Strategies
18.3.2. BYD
18.3.3. BMW
18.3.4. Volkswagen
18.3.5. Nissan
18.3.6. Toyota
18.3.7. Ford
18.3.8. Volvo
18.3.9. Daimler
18.3.10. Hyundai
18.3.11. Honda
18.3.12. Continental
18.3.13. TATA Motors
19. Acronyms
1. Global Electric Vehicles Market Report Overview
1.1. Introduction
1.2. Report Description
1.3. Methodology
2. Global Electric Vehicles Market Overview
2.1. Introduction
2.1.1. Introduction
2.1.2. Market Taxonomy
2.2. Executive Summary
2.3. Global Electric Vehicles Market Snapshot
2.4. Global Electric Vehicles Market Size And Forecast, 2020–2028
2.4.1. Introduction
2.4.2. Market Value Forecast And Annual Growth Rate (AGR) Comparison (2020–2028)
2.5. Global Electric Vehicles Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.5.4. Trends
2.6. Porter’s Five Forces Model
2.7. SWOT Analysis
3. Electric Vehicles Assessment and Analysis
3.1. Electric Vehicles Impact Analysis
3.2. Actions to encourage use of Electric Vehicles
3.3. Electric Vehicles Promotional Strategy Recommendation
3.4. Road Map Analysis
3.5. Potential Analysis
4. Covid-19 Impact on Electric Vehicles Market
4.1. Impact Analysis of Covid-19 on the global Electric Vehicles market
4.2. Effect On Value Chain
4.3. Business Impact W.R.T Revenue
4.4. Volatility In Price
4.5. Effect On The Overall Trade
4.6. Market Impact Analysis In 2020 (Quarter Wise)
5. Global Electric Vehicles Market, By Vehicle Type
5.1. Introduction
5.1.1. Annual Growth Rate Comparison, By Vehicle Type
5.1.2. BPS Analysis, By Vehicle Type
5.2. Market Revenue (US$Mn) and Forecast, By Vehicle Type
5.2.1. Passenger Car
5.2.2. Commercial Vehicle
5.2.3. Two wheeler
5.3. Global Electric Vehicles Market Attractiveness Index, By Vehicle Type
6. Global Electric Vehicles Market, By Propulsion Type
6.1. Introduction
6.1.1. Annual Growth Rate Comparison, By Propulsion Type
6.1.2. BPS Analysis, By Propulsion Type
6.2. Market Revenue (US$Mn) and Forecast, By Propulsion Type
6.2.1. Battery Electric Vehicle (BEV)
6.2.2. Fuel Cell Electric Vehicle (FCEV)
6.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
6.2.4. Hybrid Electric Vehicle (HEV)
6.3. Global Electric Vehicles Market Attractiveness Index, By Propulsion Type
7. Global Electric Vehicles Market, By Power Output
7.1. Introduction
7.1.1. Annual Growth Rate Comparison, By Power Output
7.1.2. BPS Analysis, By Power Output
7.2. Market Revenue (US$Mn) and Forecast, By Power Output
7.2.1. Less than 100 KW
7.2.2. 100-250 KW
7.2.3. Above 250 KW
7.3. Global Electric Vehicles Market Attractiveness Index, By Power Output
8. Global Electric Vehicles Market, By Charging Station
8.1. Introduction
8.1.1. Annual Growth Rate Comparison, By Charging Station
8.1.2. BPS Analysis, By Charging Station
8.2. Market Revenue (US$Mn) and Forecast, By Charging Station
8.2.1. Normal charging
8.2.2. Super charging
8.3. Global Electric Vehicles Market Attractiveness Index, By Charging Station
9. Global Electric Vehicles Market, By Vehicle Class
9.1. Introduction
9.1.1. Annual Growth Rate Comparison, By Vehicle Class
9.1.2. BPS Analysis, By Vehicle Class
9.2. Market Revenue (US$Mn) and Forecast, By Vehicle Class
9.2.1. Mid-Priced
9.2.2. Luxury
9.3. Global Electric Vehicles Market Attractiveness Index, By Vehicle Class
10. Global Electric Vehicles Market, By Region
10.1. Introduction
10.1.1. Annual Growth Rate Comparison, By Region
10.1.2. BPS Analysis, By Region
10.2. Market Revenue (US$Mn) and Forecast, By Region
10.2.1. North America
10.2.2. Latin America
10.2.3. Europe
10.2.4. Asia Pacific
10.2.5. Middle East
10.2.6. Africa
10.3. Global Electric Vehicles Market Attractiveness Index, By Region
11. North America Electric Vehicles Market Analysis and Forecast, 2020–2028
11.1. Introduction
11.1.1. Annual Growth Rate Comparison, By Country
11.1.2. BPS Analysis, By Country
11.2. Market Revenue (US$Mn) and Forecast, By Country
11.2.1. U.S. Electric Vehicles Market
11.2.2. Canada Electric Vehicles Market
11.3. North America Electric Vehicles Market, By Vehicle Type
11.3.1. Passenger Car
11.3.2. Commercial Vehicle
11.3.3. Two wheeler
11.4. North America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Propulsion Type
11.4.1. Battery Electric Vehicle (BEV)
11.4.2. Fuel Cell Electric Vehicle (FCEV)
11.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
11.4.4. Hybrid Electric Vehicle (HEV)
11.5. North America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Power Output
11.5.1. Less than 100 KW
11.5.2. 100-250 KW
11.5.3. Above 250 KW
11.6. North America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Charging Station
11.6.1. Normal charging
11.6.2. Super charging
11.7. North America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Vehicle Class
11.7.1. Mid-Priced
11.7.2. Luxury
11.8. North America Electric Vehicles Market Attractiveness Index
11.8.1. By Country
11.8.2. By Propulsion Type
11.8.3. By Vehicle Type
11.8.4. By Charging Station
11.8.5. By Power Output
11.8.6. By Vehicle Class
12. Latin America Electric Vehicles Market Analysis and Forecast, 2020–2028
12.1. Introduction
12.1.1. Annual Growth Rate Comparison, By Country
12.1.2. BPS Analysis, By Country
12.2. Market (US$Mn) Forecast, By Country
12.2.1. Brazil Electric Vehicles Market
12.2.2. Mexico Electric Vehicles Market
12.2.3. Rest Of Latin America Electric Vehicles Market
12.3. Latin America Electric Vehicles Market, By Vehicle Type
12.3.1. Passenger Car
12.3.2. Commercial Vehicle
12.3.3. Two wheeler
12.4. Latin America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Propulsion Type
12.4.1. Battery Electric Vehicle (BEV)
12.4.2. Fuel Cell Electric Vehicle (FCEV)
12.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
12.4.4. Hybrid Electric Vehicle (HEV)
12.5. Latin America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Power Output
12.5.1. Less than 100 KW
12.5.2. 100-250 KW
12.5.3. Above 250 KW
12.6. Latin America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Charging Station
12.6.1. Normal charging
12.6.2. Super charging
12.7. Latin America Electric Vehicles Market Revenue (US$Mn) and Forecast, By Vehicle Class
12.7.1. Mid-Priced
12.7.2. Luxury
12.8. Latin America Electric Vehicles Market Attractiveness Index
12.8.1. By Country
12.8.2. By Propulsion Type
12.8.3. By Vehicle Type
12.8.4. By Charging Station
12.8.5. By Power Output
12.8.6. By Vehicle Class
13. Europe Electric Vehicles Market Analysis and Forecast, 2020–2028
13.1. Introduction
13.1.1. Annual Growth Rate Comparison, By Country
13.1.2. BPS Analysis, By Country
13.2. Market (US$Mn) Forecast, By Country
13.2.1. U.K. Electric Vehicles Market
13.2.2. Germany Electric Vehicles Market
13.2.3. Italy Electric Vehicles Market
13.2.4. France Electric Vehicles Market
13.2.5. Spain Electric Vehicles Market
13.2.6. Russia Electric Vehicles Market
13.2.7. Rest Of Europe Electric Vehicles Market
13.3. Europe Electric Vehicles Market, By Vehicle Type
13.3.1. Passenger Car
13.3.2. Commercial Vehicle
13.3.3. Two wheeler
13.4. Europe Electric Vehicles Market Revenue (US$Mn) and Forecast, By Propulsion Type
13.4.1. Battery Electric Vehicle (BEV)
13.4.2. Fuel Cell Electric Vehicle (FCEV)
13.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
13.4.4. Hybrid Electric Vehicle (HEV)
13.5. Europe Electric Vehicles Market Revenue (US$Mn) and Forecast, By Power Output
13.5.1. Less than 100 KW
13.5.2. 100-250 KW
13.5.3. Above 250 KW
13.6. Europe Electric Vehicles Market Revenue (US$Mn) and Forecast, By Charging Station
13.6.1. Normal charging
13.6.2. Super charging
13.7. Europe Electric Vehicles Market Revenue (US$Mn) and Forecast, By Vehicle Class
13.7.1. Mid-Priced
13.7.2. Luxury
13.8. Europe Electric Vehicles Market Attractiveness Index
13.8.1. By Country
13.8.2. By Propulsion Type
13.8.3. By Vehicle Type
13.8.4. By Charging Station
13.8.5. By Power Output
13.8.6. By Vehicle Class
14. Asia Pacific Electric Vehicles Market Analysis and Forecast, 2020–2028
14.1. Introduction
14.1.1. Annual Growth Rate Comparison, By Country
14.1.2. BPS Analysis, By Country
14.2. Market (US$Mn) Forecast, By Country
14.2.1. China Electric Vehicles Market
14.2.2. India Electric Vehicles Market
14.2.3. Japan Electric Vehicles Market
14.2.4. Australia and New Zealand Electric Vehicles Market
14.2.5. South Korea Electric Vehicles Market
14.2.6. Rest of Asia Pacific Electric Vehicles Market
14.3. Asia Pacific Electric Vehicles Market, By Vehicle Type
14.3.1. Passenger Car
14.3.2. Commercial Vehicle
14.3.3. Two wheeler
14.4. Asia Pacific Electric Vehicles Market Revenue (US$Mn) and Forecast, By Propulsion Type
14.4.1. Battery Electric Vehicle (BEV)
14.4.2. Fuel Cell Electric Vehicle (FCEV)
14.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
14.4.4. Hybrid Electric Vehicle (HEV)
14.5. Asia Pacific Electric Vehicles Market Revenue (US$Mn) and Forecast, By Power Output
14.5.1. Less than 100 KW
14.5.2. 100-250 KW
14.5.3. Above 250 KW
14.6. Asia Pacific Electric Vehicles Market Revenue (US$Mn) and Forecast, By Charging Station
14.6.1. Normal charging
14.6.2. Super charging
14.7. Asia Pacific Electric Vehicles Market Revenue (US$Mn) and Forecast, By Vehicle Class
14.7.1. Mid-Priced
14.7.2. Luxury
14.8. Asia Pacific Electric Vehicles Market Attractiveness Index
14.8.1. By Country
14.8.2. By Propulsion Type
14.8.3. By Vehicle Type
14.8.4. By Charging Station
14.8.5. By Power Output
14.8.6. By Vehicle Class
15. Middle East Electric Vehicles Market Analysis and Forecast, 2020–2028
15.1. Introduction
15.1.1. Annual Growth Rate Comparison, By Country
15.1.2. BPS Analysis, By Country
15.2. Market (US$Mn) Forecast, By Country
15.2.1. GCC Countries Electric Vehicles Market
15.2.2. Israel Electric Vehicles Market
15.2.3. Rest Of Middle East Electric Vehicles Market
15.3. Middle East Electric Vehicles Market, By Vehicle Type
15.3.1. Passenger Car
15.3.2. Commercial Vehicle
15.3.3. Two wheeler
15.4. Middle East Electric Vehicles Market Revenue (US$Mn) and Forecast, By Propulsion Type
15.4.1. Battery Electric Vehicle (BEV)
15.4.2. Fuel Cell Electric Vehicle (FCEV)
15.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
15.4.4. Hybrid Electric Vehicle (HEV)
15.5. Middle East Electric Vehicles Market Revenue (US$Mn) and Forecast, By Power Output
15.5.1. Less than 100 KW
15.5.2. 100-250 KW
15.5.3. Above 250 KW
15.6. Middle East Electric Vehicles Market Revenue (US$Mn) and Forecast, By Charging Station
15.6.1. Normal charging
15.6.2. Super charging
15.7. Middle East Electric Vehicles Market Revenue (US$Mn) and Forecast, By Vehicle Class
15.7.1. Mid-Priced
15.7.2. Luxury
15.8. Middle East Electric Vehicles Market Attractiveness Index
15.8.1. By Country
15.8.2. By Propulsion Type
15.8.3. By Vehicle Type
15.8.4. By Charging Station
15.8.5. By Power Output
15.8.6. By Vehicle Class
16. Africa Electric Vehicles Market Analysis and Forecast, 2020–2028
16.1. Introduction
16.1.1. Annual Growth Rate Comparison, By Country
16.1.2. BPS Analysis, By Country
16.2. Market (US$Mn) Forecast, By Country
16.2.1. South Africa Countries Electric Vehicles Market
16.2.2. Egypt Electric Vehicles Market
16.2.3. North Africa Electric Vehicles Market
16.2.4. Rest of Africa Electric Vehicles Market
16.3. Africa Electric Vehicles Market, By Vehicle Type
16.3.1. Passenger Car
16.3.2. Commercial Vehicle
16.3.3. Two wheeler
16.4. Africa Electric Vehicles Market Revenue (US$Mn) and Forecast, By Propulsion Type
16.4.1. Battery Electric Vehicle (BEV)
16.4.2. Fuel Cell Electric Vehicle (FCEV)
16.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
16.4.4. Hybrid Electric Vehicle (HEV)
16.5. Africa Electric Vehicles Market Revenue (US$Mn) and Forecast, By Power Output
16.5.1. Less than 100 KW
16.5.2. 100-250 KW
16.5.3. Above 250 KW
16.6. Africa Electric Vehicles Market Revenue (US$Mn) and Forecast, By Charging Station
16.6.1. Normal charging
16.6.2. Super charging
16.7. Africa Electric Vehicles Market Revenue (US$Mn) and Forecast, By Vehicle Class
16.7.1. Mid-Priced
16.7.2. Luxury
16.8. Africa Electric Vehicles Market Attractiveness Index
16.8.1. By Country
16.8.2. By Propulsion Type
16.8.3. By Vehicle Type
16.8.4. By Charging Station
16.8.5. By Power Output
16.8.6. By Vehicle Class
17. Competitive Landscape
17.1. Competition Dashboard
17.2. Company Profiles
17.2.1. Tesla
17.2.1.1. Company Overview
17.2.1.2. Financial Overview
17.2.1.3. Key Developments
17.2.1.4. Strategies
17.2.1.5. Product Analysis
17.2.2. BYD
17.2.3. Volkswagen AG
17.2.4. BMW Group
17.2.5. Nissan Motors
17.2.6. Tata Motors
18. Acronyms
Frequently Asked Question
What are some key factors driving revenue growth of the electric vehicles market?
Some key factors driving revenue growth of the electric vehicles market are advancements in battery technology, expanding model range, autonomous features and others.
What are some major challenges faced by companies in the electric vehicles market?
Some major challenges faced by companies in the Electric Vehicles market are battery cost, high initial cost and others.
How is the competitive landscape in the global electric vehicles market?
The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.
What are the potential opportunities for companies in the electric vehicles market?
The potential opportunities for companies in the electric vehicles market are battery technology advancement, reducing operating costs, and sustainable materials.
How is the electric vehicles market segmented?
The market is segmented based on factors such as vehicle type, vehicle class, top speed, vehicle drive type and regions.