Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region - Global Forecast 2030

Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region - Global Forecast 2030

The global EV market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%. With growing awareness about environmental issues and the need to reduce greenhouse gas emissions, governments and consumers alike are increasingly embracing electric mobility as a viable and sustainable solution. Technological advancements have significantly improved battery performance, charging infrastructure, and overall EV capabilities, making electric vehicles more practical and appealing to a broader audience. As a result, the EV market is witnessing unprecedented growth, attracting significant investments from both established automakers and new entrants. This surge in demand and innovation is reshaping the future of transportation and paving the way for a cleaner, greener, and more efficient automotive landscape.

“DC (Super Charging) to be the fastest growing segment in during the forecast period”

The electric vehicle (EV) market is experiencing a momentous shift, with DC (super charging) emerging as the largest and most influential segment. The increasing demand for rapid and efficient charging solutions is the driving force behind the popularity of DC charging, which greatly reduces EV charging time compared to traditional AC methods. This technology's widespread adoption is fueled by the Chinese government's dedication to promoting electric mobility and establishing a robust nationwide charging infrastructure. With more consumers and businesses choosing electric vehicles, the dominance of DC supercharging is expected to continue growing, revolutionizing EV charging and usage in the world's largest automotive market. This mode of charging is significantly getting popular for destination charging, on-highway charging and depot charging due to its convenience. New technologies such as Ultra fast charging, Megawatt charging that allow charging in 5-10 minutes will also help increase demand for DC charging across regions.

“Passenger Cars to be the largest segment during forecast period”

The passenger car segment is poised to be the fastest-growing segment in the electric vehicle (EV) market. The increasing awareness of environmental concerns, government incentives, and advancements in EV technology are driving the surge in demand for passenger EVs. With a growing number of models available and improvements in charging infrastructure, consumers are increasingly opting for electric passenger cars as a cleaner and more sustainable mode of transportation in the region. With regulations for ICE vehicle ban or full shift to ZEVs for passenger cars across countries, the demand for EVs is expected to grow rapidly, reaching around 50% of overall passenger car sales by 2030. Major OEMs are already working for this EV shift with updated technologies in their manufacturing centers, training resources on new technologies, partnerships with other participants in the EV ecosystem to strengthen their EV offerings. Companies such as BYD, have already stopped manufacturing ICE vehicles. Others such as Volkswagen, Volvo, BMW among others have also announced plans for new EV launches by 2030. Further, these companies have already invested Billions of USD for the ongoing EV shift for developing batteries, EV component supply systems, and other advanced technologies.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

By Respondent Type: Tier I – 67%, Tier II and Tier III – 9%, and OEMs – 24%

By Designation: CXOs – 33%, Managers – 52%, Executives – 15%

By Region: North America – 20%, Europe – 34%, Asia Pacific – 38%, Middle East and Africa–4%

The EV market is dominated by established players such as BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others.

Research Coverage:

The report covers the EV market based on vehicle type, service type, sourcing type, application and region (North America, Europe, Asia-Pacific and Middle East and Africa). It covers the competitive landscape and company profiles of the major players in the EV market ecosystem.

The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall EV market ecosystem and its subsegments.

This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

This report will also help stakeholders understand the market’s pulse and provide information on key market drivers, restraints, challenges, and opportunities.