Global Electric Vehicle Market Size, Share & Trends Analysis Report, By Vehicle Type, By Propulsion Type, By Drive Type, By Range, By Component, By Region Forecasts, 2024 – 2032

Global Electric Vehicle Market Size, Share & Trends Analysis Report, By Vehicle Type, By Propulsion Type, By Drive Type, By Range, By Component, By Region Forecasts, 2024 – 2032

Global Electric Vehicle Market was valued at US $ 500.48 billion in 2023 and is expected to reach US $ 1,579.10 billion by 2032 growing at a CAGR of 17% during the forecast period 2024 – 2032.

Growing consumer demand for sustainable mobility, ever-increasing technological advancements, and growing environmental consciousness are all contributing factors to the market expansion. Furthermore, the expansion of the infrastructure for charging electric vehicles is beneficial to the growth of the global electric vehicle industry.

Environmental considerations as a result of both environmental concerns related to the use of conventional petroleum vehicles and booming fuel prices, alternative fuel cars have made their entry on the market. A further factor anticipated to propel the EV market is consumers' shifting perceptions of hybrid or battery-powered cars. The need for BEVs has increased recently due to consumer demands and worries about energy security because they do not use conventional fuels like petrol or diesel. Another major factor in favour of EV adoption is that they are far less expensive to maintain than gasoline-powered cars.

Electric motors of one or more are used to power each model. The strong demand for alternative fuel cars is the cause of this increase in the CAGR. Vehicles that run on fossil fuels are a major contributor to air pollution worldwide. As a result, in an effort to reduce vehicle emissions, numerous regulatory bodies have been compelled to exert significant effort in tightening emission regulations on automakers.

“Passenger Car, by vehicle type, to be dominating market from 2023 to 2030.”

The passenger car segment has the largest market share because of rising sales in China, India, Norway, and Germany. The world's highest rate of electric vehicle adoption is seen in the Asia Pacific area. Why have so many businesses, including automakers (OEMs and EV manufacturers), flocked to this industry? Throughout the projection period, the aforementioned variables will foster the growth of this industry. Furthermore, it is anticipated that the electric commercial vehicle market would develop at the quickest rate in the next years due to ongoing advancements in battery technology that increase these vehicles' capacity to carry freight.

“Battery Electric Vehicle segment, by propulsion type, to be dominating market from 2023 to 2030.”

Original equipment manufacturers' increasing output of electric vehicles has been credited with this rise. For example, in April 2023, it unveiled a new system intended to enhance auto stability over shallow water, during fast turns, and on uneven terrain. The recently launched luxury apparel brand Yangwang by the firm will utilise this shock-absorbing technology. In terms of future dominance, the HEV (hybrid electric vehicle) segment is a close second because these vehicles can operate on both fuel and electricity simultaneously. especially in areas where charging infrastructure is not well developed.

“Front Wheel Drive segment, by drive type, to be dominating market from 2023 to 2030.”

Front-wheel drive systems generally are less expensive to manufacture and maintain than rear or all-wheel drives. However, consumers' increased ability to buy front-wheel drive cars is also a contributing factor in their popularity. In 2022, the all-wheel drive category had a substantial portion of the market. The all-wheel drive systems trend that is sweeping the worldwide automotive industry is blamed for the growth. Therefore, it's safe to assume that in 2022, the rear-wheel drive segment had a substantial market share. Technology advancements in automobile systems are to blame for the expansion.

“151-300 miles segment, by range, to be dominating market from 2023 to 2030.”

The primary reason for this is that the majority of passenger cars—roughly 151–300 miles—have a travel range in this range. Growth in passenger EV sales is anticipated to support this market's progress. The 150-Miles class has risen to the second rank due to the shift towards electric vans and light commercial vehicles. The era of electric vans is just getting started. As a result, the market will rise due to the demand for electric vehicles between 2023 and 2030.

“Battery Pack & High Voltage Component segment, by component, to be dominating market from 2023 to 2030.”

Major producers in the sector are also working on Battery Pack & High Voltage Component, and growth will likely be aided by additional cost reductions during this time. Its popularity as an EV that requires the motor to be used is another factor contributing to its second-place ranking. Market expansion will be aided by OEM technology advancements as well as the rising demand for electric vehicles in developed nations.

“Asia Pacific to be largest and fastest growing region in electric vehicle market.”

It is expected that the Asia-Pacific region will grow significantly in this market as developing countries raise their guy's demand for passenger cars. For passenger vehicles and other types of automobiles, China has the largest market share. It is also expected that a significant market growth will occur in North America. Providing incentives the growth in the regional market has been driven by DoE's more vigorous push to develop EV charging infrastructure US-wide, built to meet demand from increasing numbers of new EV owners.

Electric vehicle Competitive Landscape

The competitive landscape of the Electric vehicle market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Electric vehicle technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Electric vehicle market is highly competitive, with numerous companies vying for market share. Prominent companies in the Electric vehicle Market include:

BMW Group (Germany), Daimler AG (Germany), BYD Company Ltd. (China), General Motor Company (U.S.), Ford Motor Company (U.S.), Nissan Motor Corporation (Japan), Toyota Motor Corporation (Japan), Tesla (U.S.), Group Renault (France), Volkswagen AG (Germany), and others.

Recent Developments:

In January 2024, the Punch, India's first pure electric vehicle (EV), was unveiled by Tata Passenger Electric Mobility Ltd (TPEM), a division of Tata Motors and the driving force behind the EV revolution. The Punch is the company's first product built on the cutting-edge Pure EV architecture that was just unveiled.

Feintool inked a deal with a significant European OEM in November 2022. The company provided rotors and stators that strictly adhered to contractual standards in order to build propulsion for electric vehicles. Additionally, creative and patented adhesive packaging is going to be used in the manufacture.