Electric Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Electric Vehicle (EV) Market
The electric vehicle market size was valued at USD 384.65 billion in 2022, and the market is now projected to grow from to USD 500.48 billion in 2023 to USD 1579.10 billion by 2030, exhibiting a CAGR of 17.8% during the forecast period of 2023-2030.
The COVID-19 widespread seen a significant effect on the car industry, especially in 2020 and 2021, with prominent decays in on-road vehicle numbers for electric vehicle market growth. The COVID-19 far-reaching seen a critical impact on the car industry, particularly in 2020 and 2021, with noticeable rots in on-road vehicle numbers for electric vehicle market growth. In any case, resurgence in Electric Vehicle (EV) deals, eminently BEVs and HEVs, rise post-June 2020 as lockdowns facilitated all-inclusive. This drift is expected to proceed into 2023-2025, with OEMs slated to reveal modern EV models. In addition, administrative back for vehicle zap and diminishing battery costs are balanced to support the market growth force for electric vehicles.
The surge in electric vehicle market share is driven by government endowments and arrangements pointed at incentivizing EV appropriation. These motivations incorporate diminished costs, postponed enrollment expenses, and venture into a charging framework. Governments around the world are making significant speculations, such as the USD 287 billion arrangement within the U.S. to construct modern thruways and introduce EV charging stations, cultivating a favorable environment for electric vehicle market development.
Rising venture in electric vehicles by industry monsters such as Daimler AG, Ford Motor Company, BYD, and Renault Group is anticipated to impel market growth. For occasion, BYD's arrangement to commence EV generation in Thailand in 2024, with bolster from the Thailand Board of Venture, underscores this slant. This considerable speculation in EV fabricating offices and innovation progressions envoys noteworthy growth prospects for the electric vehicle market.
Comprehensive Analysis of Electric Vehicle (EV) Market
The electric vehicle market is seeing significant growth, driven by viable division procedures. This division permits for nitty gritty territorial evaluations, considering supply and request flow. Portions incorporate vehicle sorts like Battery Electric Vehicles (BEVs), Crossover Electric Vehicles (HEVs), and Plug-in Crossover Electric Vehicles (PHEVs), nearby market portions based on conclusion clients such as person customers, armada administrators, and government organizations. This efficient approach helps in understanding market elements and fitting techniques to different shopper needs, cultivating assist extension within the electric vehicle division.
The Asia Pacific dominates the electric vehicle market with a market size of USD 196.06 billion in 2022 due to escalating demand for passenger cars in emerging economies. Notably, China stands out with the largest share in passenger car sales.
Key players within the electric vehicle market, headquartered over different districts, play essential parts in driving industry development and setting benchmarks. These join Tesla (U.S.), BYD Company Ltd. (China), BMW Bunch (Germany), Daimler AG (Germany), Passage Engine Company (U.S.), Common Engines Company (U.S.), Nissan Engine Enterprise (Japan), Toyota Engine Enterprise (Japan), Volkswagen AG (Germany), and Bunch Renault (France). Their key center on acquisitions, organizations, and innovative progressions underscores their commitment to gaining a competitive edge within the energetic EV market scene.
In July 2022, Ford disclosed plans to scale up a worldwide generation of electric trucks, vans, and SUVs by up to 600,000 units yearly by 2023, pointing to meeting the taking-off request for EVs and using unused, cost-effective battery advances for models just like the Mustang Mach-E and F-150 Lightning by 2024.
Segmentation Table
Global Electric Vehicle (EV) Market Scope
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 17.8% from 2023-2030
Unit Value (USD Billion)
Segmentation By Vehicle Type, By Propulsion Type, By Drive Type, By Range, By Component, and By Region
By Vehicle Type Passenger Car
Commercial Vehicle
By Propulsion Type Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle ( HEV)
By Drive Type All Wheel Drive
Front Wheel Drive
Rear Wheel Drive
By Range Up to 150 Miles
151-300 Miles
Above 300 Miles
By Component Battery Pack & High Voltage Component
Motor
Brake, Wheel & Suspension
Body & Chassis
Low Voltage Electric Component
ByGeography North America (By Vehicle Type, By Propulsion, By Drive Type, By Range, By Component)
- U.S. (By Vehicle Type)
- Canada (By Vehicle Type)
- Mexico (By Vehicle Type)
- Europe (By Vehicle Type, By Propulsion, By Drive Type, By Range, By Component)
- U.K. (By Vehicle Type)
- Germany (By Vehicle Type)
- France (By Vehicle Type)
- Rest of Europe (By Vehicle Type)
Asia Pacific (By Vehicle Type, By Propulsion, By Drive Type, By Range, By Component)
- China (By Vehicle Type)
- Japan (By Vehicle Type)
- India (By Vehicle Type)
- Rest of Asia Pacific (By Vehicle Type)
Rest of the World (By Vehicle Type, By Propulsion, By Drive Type, By Range, By Component)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Air Compressor Market Key Players Market Share/Ranking, 2022
- 5. Global Air Compressor Market Size Estimates and Forecasts, By Segments, 2017-2030
- 5.1. Key Findings
- 5.2. By Mode of Operation (USD)
- 5.2.1. Rotary
- 5.2.2. Centrifugal
- 5.2.3. Reciprocating
- 5.3. By Product Type (USD)
- 5.3.1. Stationary
- 5.3.2. Portable
- 5.4. By Lubrication (USD)
- 5.4.1. Oil Filled
- 5.4.2. Oil Free
- 5.5. By Application (USD)
- 5.5.1. Manufacturing
- 5.5.2. Oil and Gas
- 5.5.3. Energy and Power
- 5.5.4. Electronics and Semiconductor
- 5.5.5. Healthcare
- 5.5.6. Food and Beverages
- 5.5.7. Others
- 5.6. By Country (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. The Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Air Compressor Market Size Estimates and Forecasts, By Segments, 2018-2029
- 6.1. Key Findings
- 6.2. By Mode of Operation (USD)
- 6.2.1. Rotary
- 6.2.2. Centrifugal
- 6.2.3. Reciprocating
- 6.3. By Product Type (USD)
- 6.3.1. Stationary
- 6.3.2. Portable
- 6.4. By Lubrication (USD)
- 6.4.1. Oil Filled
- 6.4.2. Oil Free
- 6.5. By Application (USD)
- 6.5.1. Manufacturing
- 6.5.2. Oil and Gas
- 6.5.3. Energy and Power
- 6.5.4. Electronics and Semiconductor
- 6.5.5. Healthcare
- 6.5.6. Food and Beverages
- 6.5.7. Others
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.1.1. By Mode of Operation (USD)
- 6.6.1.1.1. Rotary
- 6.6.1.1.2. Centrifugal
- 6.6.1.1.3. Reciprocating
- 6.6.2. Canada
- 6.6.2.1. By Mode of Operation (USD)
- 6.6.2.1.1. Rotary
- 6.6.2.1.2. Centrifugal
- 6.6.2.1.3. Reciprocating
- 7. South America Air Compressor Market Size Estimates and Forecasts, By Segments, 2018-2029
- 7.1. Key Findings
- 7.2. By Mode of Operation (USD)
- 7.2.1. Rotary
- 7.2.2. Centrifugal
- 7.2.3. Reciprocating
- 7.3. By Product Type (USD)
- 7.3.1. Stationary
- 7.3.2. Portable
- 7.4. By Lubrication (USD)
- 7.4.1. Oil Filled
- 7.4.2. Oil Free
- 7.5. By Application (USD)
- 7.5.1. Manufacturing
- 7.5.2. Oil and Gas
- 7.5.3. Energy and Power
- 7.5.4. Electronics and Semiconductor
- 7.5.5. Healthcare
- 7.5.6. Food and Beverages
- 7.5.7. Others
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.1.1. By Mode of Operation (USD)
- 7.6.1.1.1. Rotary
- 7.6.1.1.2. Centrifugal
- 7.6.1.1.3. Reciprocating
- 7.6.2. Argentina
- 7.6.2.1. By Mode of Operation (USD)
- 7.6.2.1.1. Rotary
- 7.6.2.1.2. Centrifugal
- 7.6.2.1.3. Reciprocating
- 7.6.3. Colombia
- 7.6.3.1. By Mode of Operation (USD)
- 7.6.3.1.1. Rotary
- 7.6.3.1.2. Centrifugal
- 7.6.3.1.3. Reciprocating
- 7.6.4. Rest of Latin America
- 8. The Middle East & Africa Air Compressor Market Size Estimates and Forecasts, By Segments, 2018-2029
- 8.1. Key Findings
- 8.2. By Mode of Operation (USD)
- 8.2.1. Rotary
- 8.2.2. Centrifugal
- 8.2.3. Reciprocating
- 8.3. By Product Type (USD)
- 8.3.1. Stationary
- 8.3.2. Portable
- 8.4. By Lubrication (USD)
- 8.4.1. Oil Filled
- 8.4.2. Oil Free
- 8.5. By Application (USD)
- 8.5.1. Manufacturing
- 8.5.2. Oil and Gas
- 8.5.3. Energy and Power
- 8.5.4. Electronics and Semiconductor
- 8.5.5. Healthcare
- 8.5.6. Food and Beverages
- 8.5.7. Others
- 8.6. By Country (USD)
- 8.6.1. GCC
- 8.6.1.1. By Mode of Operation (USD)
- 8.6.1.1.1. Rotary
- 8.6.1.1.2. Centrifugal
- 8.6.1.1.3. Reciprocating
- 8.6.2. South Africa
- 8.6.2.1. By Mode of Operation (USD)
- 8.6.2.1.1. Rotary
- 8.6.2.1.2. Centrifugal
- 8.6.2.1.3. Reciprocating
- 8.6.3. Rest of The MEA
- 9. Europe Air Compressor Market Size Estimates and Forecasts, By Segments, 2018-2029
- 9.1. Key Findings
- 9.2. By Mode of Operation (USD)
- 9.2.1. Rotary
- 9.2.2. Centrifugal
- 9.2.3. Reciprocating
- 9.3. By Product Type (USD)
- 9.3.1. Stationary
- 9.3.2. Portable
- 9.4. By Lubrication (USD)
- 9.4.1. Oil Filled
- 9.4.2. Oil Free
- 9.5. By Application (USD)
- 9.5.1. Manufacturing
- 9.5.2. Oil and Gas
- 9.5.3. Energy and Power
- 9.5.4. Electronics and Semiconductor
- 9.5.5. Healthcare
- 9.5.6. Food and Beverages
- 9.5.7. Others
- 9.6. By Country (USD)
- 9.6.1. Germany
- 9.6.1.1. By Mode of Operation (USD)
- 9.6.1.1.1. Rotary
- 9.6.1.1.2. Centrifugal
- 9.6.1.1.3. Reciprocating
- 9.6.2. United Kingdom
- 9.6.2.1. By Mode of Operation (USD)
- 9.6.2.1.1. Rotary
- 9.6.2.1.2. Centrifugal
- 9.6.2.1.3. Reciprocating
- 9.6.3. France
- 9.6.3.1. By Mode of Operation (USD)
- 9.6.3.1.1. Rotary
- 9.6.3.1.2. Centrifugal
- 9.6.3.1.3. Reciprocating
- 9.6.4. Italy
- 9.6.4.1. By Mode of Operation (USD)
- 9.6.4.1.1. Rotary
- 9.6.4.1.2. Centrifugal
- 9.6.4.1.3. Reciprocating
- 9.6.5. Russia
- 9.6.5.1. By Mode of Operation (USD)
- 9.6.5.1.1. Rotary
- 9.6.5.1.2. Centrifugal
- 9.6.5.1.3. Reciprocating
- 9.6.6. BENELUX
- 9.6.6.1. By Mode of Operation (USD)
- 9.6.6.1.1. Rotary
- 9.6.6.1.2. Centrifugal
- 9.6.6.1.3. Reciprocating
- 9.6.7. Rest of Europe
- 10. Asia Pacific Air Compressor Market Size Estimates and Forecasts, By Segments, 2018-2029
- 10.1. Key Findings
- 10.2. By Mode of Operation (USD)
- 10.2.1. Rotary
- 10.2.2. Centrifugal
- 10.2.3. Reciprocating
- 10.3. By Product Type (USD)
- 10.3.1. Stationary
- 10.3.2. Portable
- 10.4. By Lubrication (USD)
- 10.4.1. Oil Filled
- 10.4.2. Oil Free
- 10.5. By Application (USD)
- 10.5.1. Manufacturing
- 10.5.2. Oil and Gas
- 10.5.3. Energy and Power
- 10.5.4. Electronics and Semiconductor
- 10.5.5. Healthcare
- 10.5.6. Food and Beverages
- 10.5.7. Others
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.1.1. By Mode of Operation (USD)
- 10.6.1.1.1. Rotary
- 10.6.1.1.2. Centrifugal
- 10.6.1.1.3. Reciprocating
- 10.6.2. India
- 10.6.2.1. By Mode of Operation (USD)
- 10.6.2.1.1. Rotary
- 10.6.2.1.2. Centrifugal
- 10.6.2.1.3. Reciprocating
- 10.6.3. Japan
- 10.6.3.1. By Mode of Operation (USD)
- 10.6.3.1.1. Rotary
- 10.6.3.1.2. Centrifugal
- 10.6.3.1.3. Reciprocating
- 10.6.4. South Korea
- 10.6.4.1. By Mode of Operation (USD)
- 10.6.4.1.1. Rotary
- 10.6.4.1.2. Centrifugal
- 10.6.4.1.3. Reciprocating
- 10.6.5. ASEAN
- 10.6.5.1. By Mode of Operation (USD)
- 10.6.5.1.1. Rotary
- 10.6.5.1.2. Centrifugal
- 10.6.5.1.3. Reciprocating
- 10.6.6. Australia
- 10.6.6.1. By Mode of Operation (USD)
- 10.6.6.1.1. Rotary
- 10.6.6.1.2. Centrifugal
- 10.6.6.1.3. Reciprocating
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. ELGI EQUIPMENTS LIMITED
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Atlas Copco AB
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Sulzer Ltd
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. GENERAL ELECTRIC COMPANY
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Hitachi, Ltd.
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Campbell Hausfeld
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Mitsubishi Heavy Industries Ltd.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Doosan Portable Power
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Elliott Group Ltd
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Ingersoll Rand.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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