Electric Vehicles

Global Electric Vehicles Market to Reach 36.6 Million Units by 2030

The global market for Electric Vehicles estimated at 12.9 Million Units in the year 2024, is expected to reach 36.6 Million Units by 2030, growing at a CAGR of 19.0% over the analysis period 2024-2030. Battery Electric Vehicles (BEVs), one of the segments analyzed in the report, is expected to record a 17.2% CAGR and reach 20.7 Million Units by the end of the analysis period. Growth in the Plugin Hybrid Electric Vehicles (PHEVs) segment is estimated at 21.5% CAGR over the analysis period.

The U.S. Market is Estimated at 3.5 Million Units While China is Forecast to Grow at 18.1% CAGR

The Electric Vehicles market in the U.S. is estimated at 3.5 Million Units in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of 5.6 Million Units by the year 2030 trailing a CAGR of 18.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 16.7% and 16.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.7% CAGR.

Global Electric Vehicles (EVs) Market - Key Trends & Drivers Summarized

Electric vehicles (EVs) have emerged as a revolutionary development in the automotive industry, transforming the landscape of transportation and energy consumption. These vehicles, powered by electric motors using energy stored in rechargeable batteries, offer a cleaner alternative to traditional internal combustion engine vehicles. EVs come in various types, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs), each catering to different consumer needs and driving patterns. The adoption of EVs is gaining momentum globally due to their environmental benefits, reduced operational costs, and the advancement of battery technologies that are increasing driving ranges and reducing charging times.

The EV market is supported by robust infrastructure developments, such as the expansion of charging networks and advancements in battery technology. Governments worldwide are playing a crucial role in accelerating the shift towards EVs by offering incentives like tax credits, rebates, and subsidies, alongside implementing stringent emission regulations. Additionally, innovations in autonomous driving technology are being integrated into EVs, enhancing safety and convenience, and further attracting consumers. Major automotive manufacturers are also investing heavily in EV development, resulting in a diverse range of models entering the market, from compact cars to luxury vehicles and commercial trucks.

The growth in the electric vehicle market is driven by several factors. Firstly, increasing environmental concerns and the need to reduce greenhouse gas emissions are pushing consumers and governments to adopt cleaner transportation solutions. Secondly, advancements in battery technology are reducing costs and increasing the efficiency and range of EVs, making them more competitive with traditional vehicles. Thirdly, the expansion of charging infrastructure, both public and private, is addressing range anxiety issues, making EVs a more viable option for long-distance travel. Additionally, technological advancements in autonomous driving and connectivity features are making EVs more attractive. Lastly, government policies and incentives are providing substantial support for the EV market, further driving its growth.

SCOPE OF STUDY:

The report analyzes the Electric Vehicles market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Propulsion (Battery Electric Vehicles (BEVs), Plugin Hybrid Electric Vehicles (PHEVs)); End-Use (Passenger Cars, Commercial Vehicles)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Netherlands; Norway; Sweden; Rest of Europe; Asia-Pacific; South Korea; Rest of Asia-Pacific; Rest of World.

Select Competitors (Total 175 Featured) -

• Audi AG
• Bayerische Motoren Werke AG (BMW GROUP)
• American Honda Motor Co., Inc.
• BYD Co., Ltd.
• Anhui Jianghuai Automobile Co., Ltd.
• Blue Bird Corporation
• Chang`an Automobile (Group) Co., Ltd.
• AIXAM MEGA SAS
• Cadillac
• CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
• Canadian Electric Vehicles
• Beijing Automotive Industry Corp. (BAIC)
• Alkane Truck Company
• Balqon Corporation
• ALIENO

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