Electric Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027
The global electric vehicle market value is expected to grow at an impressive CAGR over the forecast period, owing to the rising demand for electric vehicles to support a clean environment. Besides, technological advancements in electric vehicles with the incorporation of IoT and artificial intelligence is supporting the growth of the global electric vehicle market. Enhanced environmental awareness and growing need for urban mobility are propelling the demand for electric vehicles.
Chinese electric vehicles have amassed a sizable consumer base all over the world. Although European countries have registered the faster growth, other countries such as China and South Korea are expected to have the most consistent growth and sale shares of electric vehicles in the future, anticipated to fuel the growth of the global electric vehicle market in the coming years.
As the toxicity of the air increases, the threat of environmental depletion and the cause of various diseases grows. This has alerted the population and governments to focus on finding solutions that can reduce environmental pollution while preserving the limited natural fuel sources. With increased industrialization, globalization, and the combustion of petroleum products, the demand for alternative fuels is growing, driving the growth of the global electric vehicles.
Along with an electric fuel source, manufacturers are rapdily adopting artificial intelligence and the internet of things, which is intriguing consumer and changing their preferences. Growing investments in the development of electric vehicle charging infrastructure as well as higher efficiency of electric vehicle batteries are expected to drive the global electric vehicle market in the next five years.
In-dash navigation systems, automotive microcontrollers, vehicle-to-grid technology, advanced driver assistance systems, and other advanced features are becoming increasingly popular. Growing application of connected devices in electric vehicles is also supporting the growth of the global electric vehicle market during the forecast period.
The global electric vehicle market is segmented on the basis of vehicle type, propulsion, range, battery capacity, regional distribution, and competitive landscape discussed on the basis of vehicle type, (top 3 OEMs enlisted). Based on vehicle type, the market is further segmented into two-wheeler, passenger car, light commercial vehicle (LCV), and medium & heavy commercial vehicle (M&HCV). The passenger car segment is anticipated to register the highest growth during the forecast period, owing to the rising sales and production of passenger vehicles.
Key players operating in the global electric vehicle market are Niu International, Yadea Technology Group Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Vmoto Soco Group, Energica Motor Company S.p.A., Tesla Inc., Volkswagen AG, Renault Nissan Mitsubishi Alliance, Hyundai Motor Company, BMW AG), BYD Auto Co., Ltd., Daimler AG, Ford Motor Company, Tata Motors Limited, Chanje Energy, among others.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
- To analyze the historical growth in the market size of the global electric vehicle from 2017 to 2021.
- To estimate and forecast the market size of global electric vehicle market from 2023 to 2027 and growth rate until 2027.
- To classify and forecast the global electric vehicle market based on vehicle type, propulsion, range, battery capacity, region, and company.
- To identify the dominant region or segment in the global electric vehicle market.
- To identify drivers and challenges for the global electric vehicle market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global electric vehicle market.
- To identify and analyze the profiles of leading players operating in the global electric vehicle market.
- To identify key sustainable strategies adopted by market players in global electric vehicle market.
TechSci Research calculated the market size of the Global electric vehicle market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances
Report Scope:
In this report, global electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Electric Vehicle Market, By Vehicle Type:
- Two-Wheeler
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicle (M&HCV)
- Electric Vehicle Market, By Propulsion:
- BEV
- PHEV
- FCEV
- Electric Vehicle Market, By Range:
- 0-50 Miles
- 51-150 Miles
- 151-200 Miles
- 201-400 Miles
- Above 400 Miles
- Electric Vehicle Market, By Battery Capacity:
- Less Than 50 kWh
- 51 kWh to 100 kWh
- 101 kWh to 200 kWh
- 201 kWh to 300 kWh
- Above 300 kWh
- Electric vehicle Market, By Region:
- North America
- United States
- Mexico
- Canada
- Asia-Pacific
- China
- India
- Japan
- Thailand
- Malaysia
- Australia
- South Korea
- Europe
- Germany
- France
- United Kingdom
- Spain
- Italy
- Netherland
- Norway
- Sweden
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
Company Profiles: Detailed analysis of the major companies present in global electric vehicle market.
Company Information
- Detailed analysis and profiling of additional market players (up to five).
- 1. Product Overview
- 2. Research Methodology
- 3. Executive Summary
- 4. Impact of COVID-19 on Global Electric Vehicle Market
- 5. Voice of Customer
- 5.1. Factors Influencing Purchase Decision
- 5.2. Aided Brand Recall and Unaided Brand Recall
- 5.3. Brand Satisfaction Level
- 5.4. Challenges and Unmet Needs
- 6. Global Electric Vehicle Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Value and Volume
- 6.2. Market Share & Forecast
- 6.2.1. By Vehicle Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV))
- 6.2.2. By Propulsion (BEV, PHEV, FCEV)
- 6.2.3. By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles)
- 6.2.4. By Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh)
- 6.2.5. By Region (North America; Europe; Asia Pacific; South America and Middle East & Africa)
- 6.2.6. By Company, By Vehicle Type (2021) (Top Three OEMs)
- 6.2.6.1. Two-Wheeler
- 6.2.6.2. Passenger Car
- 6.2.6.3. LCV
- 6.2.6.4. M&HCV
- 6.3. Product Market Map (By Vehicle Type, By Propulsion, By Range, By Battery Capacity, By Region)
- 7. North America Electric Vehicle Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Value and Volume
- 7.2. Market Share & Forecast
- 7.2.1. By Vehicle Type
- 7.2.2. By Propulsion
- 7.2.3. By Range
- 7.2.4. By Battery Capacity
- 7.2.5. By Country (United States; Canada; Mexico)
- 7.3. Product Market Map (By Vehicle Type, By Country)
- 7.4. Product Benchmarking and Pricing Analysis
- 7.5. North America: Country Analysis
- 7.5.1. United States Electric Vehicle Market Outlook
- 7.5.1.1. Market Size & Forecast
- 7.5.1.1.1. By Value and Volume
- 7.5.1.2. Market Share & Forecast
- 7.5.1.2.1. By Vehicle Type
- 7.5.1.2.2. By Propulsion
- 7.5.1.2.3. By Range
- 7.5.1.2.4. By Battery Capacity
- 7.5.2. Canada Electric Vehicle Market Outlook
- 7.5.2.1. Market Size & Forecast
- 7.5.2.1.1. By Value and Volume
- 7.5.2.2. Market Share & Forecast
- 7.5.2.2.1. By Vehicle Type
- 7.5.2.2.2. By Propulsion
- 7.5.2.2.3. By Range
- 7.5.2.2.4. By Battery Capacity
- 7.5.3. Mexico Electric Vehicle Market Outlook
- 7.5.3.1. Market Size & Forecast
- 7.5.3.1.1. By Value and Volume
- 7.5.3.2. Market Share & Forecast
- 7.5.3.2.1. By Vehicle Type
- 7.5.3.2.2. By Propulsion
- 7.5.3.2.3. By Range
- 7.5.3.2.4. By Battery Capacity
- 8. Asia Pacific Electric Vehicle Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Value and Volume
- 8.2. Market Share & Forecast
- 8.2.1. By Vehicle Type
- 8.2.2. By Propulsion
- 8.2.3. By Range
- 8.2.4. By Battery Capacity
- 8.2.5. By Country (China, India, Japan, South Korea, Australia, Malaysia, Thailand)
- 8.2.6. Product Market Map (By Vehicle Type, By Country)
- 8.3. Product Benchmarking and Pricing Analysis
- 8.4. Asia Pacific: Country Analysis
- 8.4.1. China Electric Vehicle Market Outlook
- 8.4.1.1. Market Size & Forecast
- 8.4.1.1.1. By Value and Volume
- 8.4.1.2. Market Share & Forecast
- 8.4.1.2.1. By Vehicle Type
- 8.4.1.2.2. By Propulsion
- 8.4.1.2.3. By Range
- 8.4.1.2.4. By Battery Capacity
- 8.4.2. India Electric Vehicle Market Outlook
- 8.4.2.1. Market Size & Forecast
- 8.4.2.1.1. By Value and Volume
- 8.4.2.2. Market Share & Forecast
- 8.4.2.2.1. By Vehicle Type
- 8.4.2.2.2. By Propulsion
- 8.4.2.2.3. By Range
- 8.4.2.2.4. By Battery Capacity
- 8.4.3. Japan Electric Vehicle Market Outlook
- 8.4.3.1. Market Size & Forecast
- 8.4.3.1.1. By Value and Volume
- 8.4.3.2. Market Share & Forecast
- 8.4.3.2.1. By Vehicle Type
- 8.4.3.2.2. By Propulsion
- 8.4.3.2.3. By Range
- 8.4.3.2.4. By Battery Capacity
- 8.4.4. Thailand Electric Vehicle Market Outlook
- 8.4.4.1. Market Size & Forecast
- 8.4.4.1.1. By Value and Volume
- 8.4.4.2. Market Share & Forecast
- 8.4.4.2.1. By Vehicle Type
- 8.4.4.2.2. By Propulsion
- 8.4.4.2.3. By Range
- 8.4.4.2.4. By Battery Capacity
- 8.4.5. Malaysia Electric Vehicle Market Outlook
- 8.4.5.1. Market Size & Forecast
- 8.4.5.1.1. By Value and Volume
- 8.4.5.2. Market Share & Forecast
- 8.4.5.2.1. By Vehicle Type
- 8.4.5.2.2. By Propulsion
- 8.4.5.2.3. By Range
- 8.4.5.2.4. By Battery Capacity
- 8.4.6. Australia Electric Vehicle Market Outlook
- 8.4.6.1. Market Size & Forecast
- 8.4.6.1.1. By Value and Volume
- 8.4.6.2. Market Share & Forecast
- 8.4.6.2.1. By Vehicle Type
- 8.4.6.2.2. By Propulsion
- 8.4.6.2.3. By Range
- 8.4.6.2.4. By Battery Capacity
- 8.4.7. South Korea Electric Vehicle Market Outlook
- 8.4.7.1. Market Size & Forecast
- 8.4.7.1.1. By Value and Volume
- 8.4.7.2. Market Share & Forecast
- 8.4.7.2.1. By Vehicle Type
- 8.4.7.2.2. By Propulsion
- 8.4.7.2.3. By Range
- 8.4.7.2.4. By Battery Capacity
- 9. Europe Electric Vehicle Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Value and Volume
- 9.2. Market Share & Forecast
- 9.2.1. By Vehicle Type
- 9.2.2. By Propulsion
- 9.2.3. By Range
- 9.2.4. By Battery Capacity
- 9.2.5. By Country (Germany, France, United Kingdom, Spain, Italy, Netherlands, Norway, Sweden)
- 9.3. Product Market Map (By Vehicle Type, By Country)
- 9.4. Product Benchmarking and Pricing Analysis
- 9.5. Europe: Country Analysis
- 9.5.1. Germany Electric Vehicle Market Outlook
- 9.5.1.1. Market Size & Forecast
- 9.5.1.1.1. By Value and Volume
- 9.5.1.2. Market Share & Forecast
- 9.5.1.2.1. By Vehicle Type
- 9.5.1.2.2. By Propulsion
- 9.5.1.2.3. By Range
- 9.5.1.2.4. By Battery Capacity
- 9.5.2. France Electric Vehicle Market Outlook
- 9.5.2.1. Market Size & Forecast
- 9.5.2.1.1. By Value and Volume
- 9.5.2.2. Market Share & Forecast
- 9.5.2.2.1. By Vehicle Type
- 9.5.2.2.2. By Propulsion
- 9.5.2.2.3. By Range
- 9.5.2.2.4. By Battery Capacity
- 9.5.3. United Kingdom Electric Vehicle Market Outlook
- 9.5.3.1. Market Size & Forecast
- 9.5.3.1.1. By Value and Volume
- 9.5.3.2. Market Share & Forecast
- 9.5.3.2.1. By Vehicle Type
- 9.5.3.2.2. By Propulsion
- 9.5.3.2.3. By Range
- 9.5.3.2.4. By Battery Capacity
- 9.5.4. Spain Electric Vehicle Market Outlook
- 9.5.4.1. Market Size & Forecast
- 9.5.4.1.1. By Value and Volume
- 9.5.4.2. Market Share & Forecast
- 9.5.4.2.1. By Vehicle Type
- 9.5.4.2.2. By Propulsion
- 9.5.4.2.3. By Range
- 9.5.4.2.4. By Battery Capacity
- 9.5.5. Italy Electric Vehicle Market Outlook
- 9.5.5.1. Market Size & Forecast
- 9.5.5.1.1. By Value and Volume
- 9.5.5.2. Market Share & Forecast
- 9.5.5.2.1. By Vehicle Type
- 9.5.5.2.2. By Propulsion
- 9.5.5.2.3. By Range
- 9.5.5.2.4. By Battery Capacity
- 9.5.6. Netherlands Electric Vehicle Market Outlook
- 9.5.6.1. Market Size & Forecast
- 9.5.6.1.1. By Value and Volume
- 9.5.6.2. Market Share & Forecast
- 9.5.6.2.1. By Vehicle Type
- 9.5.6.2.2. By Propulsion
- 9.5.6.2.3. By Range
- 9.5.6.2.4. By Battery Capacity
- 9.5.7. Norway Electric Vehicle Market Outlook
- 9.5.7.1. Market Size & Forecast
- 9.5.7.1.1. By Value and Volume
- 9.5.7.2. Market Share & Forecast
- 9.5.7.2.1. By Vehicle Type
- 9.5.7.2.2. By Propulsion
- 9.5.7.2.3. By Range
- 9.5.7.2.4. By Battery Capacity
- 9.5.8. Sweden Electric Vehicle Market Outlook
- 9.5.8.1. Market Size & Forecast
- 9.5.8.1.1. By Value and Volume
- 9.5.8.2. Market Share & Forecast
- 9.5.8.2.1. By Vehicle Type
- 9.5.8.2.2. By Propulsion
- 9.5.8.2.3. By Range
- 9.5.8.2.4. By Battery Capacity
- 10. South America Electric Vehicle Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Value and Volume
- 10.2. Market Share & Forecast
- 10.2.1. By Vehicle Type
- 10.2.2. By Propulsion
- 10.2.3. By Range
- 10.2.4. By Battery Capacity
- 10.2.5. By Country (Brazil, Argentina, Colombia)
- 10.3. Product Market Map (By Vehicle Type, By Country)
- 10.4. Product Benchmarking and Pricing Analysis
- 10.5. South America: Country Analysis
- 10.5.1. Brazil Electric Vehicle Market Outlook
- 10.5.1.1. Market Size & Forecast
- 10.5.1.1.1. By Value and Volume
- 10.5.1.2. Market Share & Forecast
- 10.5.1.2.1. By Vehicle Type
- 10.5.1.2.2. By Propulsion
- 10.5.1.2.3. By Range
- 10.5.1.2.4. By Battery Capacity
- 10.5.2. Argentina Electric Vehicle Market Outlook
- 10.5.2.1. Market Size & Forecast
- 10.5.2.1.1. By Value and Volume
- 10.5.2.2. Market Share & Forecast
- 10.5.2.2.1. By Vehicle Type
- 10.5.2.2.2. By Propulsion
- 10.5.2.2.3. By Range
- 10.5.2.2.4. By Battery Capacity
- 10.5.3. Colombia Electric Vehicle Market Outlook
- 10.5.3.1. Market Size & Forecast
- 10.5.3.1.1. By Value and Volume
- 10.5.3.2. Market Share & Forecast
- 10.5.3.2.1. By Vehicle Type
- 10.5.3.2.2. By Propulsion
- 10.5.3.2.3. By Range
- 10.5.3.2.4. By Battery Capacity
- 11. Middle East and Africa Electric Vehicle Market Outlook
- 11.1. Market Size & Forecast
- 11.1.1. By Value and Volume
- 11.2. Market Share & Forecast
- 11.2.1. By Vehicle Type
- 11.2.2. By Propulsion
- 11.2.3. By Range
- 11.2.4. By Battery Capacity
- 11.2.5. By Country (South Africa, UAE, Saudi Arabia, Israel)
- 11.3. Product Market Map (By Vehicle Type, By Country)
- 11.4. Product Benchmarking and Pricing Analysis
- 11.5. Middle East and Africa: Country Analysis
- 11.5.1. South Africa Electric Vehicle Market Outlook
- 11.5.1.1. Market Size & Forecast
- 11.5.1.1.1. By Value and Volume
- 11.5.1.2. Market Share & Forecast
- 11.5.1.2.1. By Vehicle Type
- 11.5.1.2.2. By Propulsion
- 11.5.1.2.3. By Range
- 11.5.1.2.4. By Battery Capacity
- 11.5.2. UAE Electric Vehicle Market Outlook
- 11.5.2.1. Market Size & Forecast
- 11.5.2.1.1. By Value and Volume
- 11.5.2.2. Market Share & Forecast
- 11.5.2.2.1. By Vehicle Type
- 11.5.2.2.2. By Propulsion
- 11.5.2.2.3. By Range
- 11.5.2.2.4. By Battery Capacity
- 11.5.3. Saudi Arabia Electric Vehicle Market Outlook
- 11.5.3.1. Market Size & Forecast
- 11.5.3.1.1. By Value and Volume
- 11.5.3.2. Market Share & Forecast
- 11.5.3.2.1. By Vehicle Type
- 11.5.3.2.2. By Propulsion
- 11.5.3.2.3. By Range
- 11.5.3.2.4. By Battery Capacity
- 11.5.4. Israel Electric Vehicle Market Outlook
- 11.5.4.1. Market Size & Forecast
- 11.5.4.1.1. By Value and Volume
- 11.5.4.2. Market Share & Forecast
- 11.5.4.2.1. By Vehicle Type
- 11.5.4.2.2. By Propulsion
- 11.5.4.2.3. By Range
- 11.5.4.2.4. By Battery Capacity
- 11.5.4.2.5.
- 12. Market Dynamics
- 12.1. Drivers
- 12.2. Challenges
- 13. Market Trends and Developments
- 14. Cost Benefit Analysis of Electric Vehicle Over ICE Vehicles
- 15. Supply Chain Analysis
- 16. Policy & Regulatory Landscape
- 17. Competitive Landscape
- 17.1. Company Profiles (Partial List of Leading Companies)
- 17.1.1. Two-Wheeler (Top Five)
- 17.1.1.1. Niu International
- 17.1.1.2. Yadea Technology Group Co. Ltd.
- 17.1.1.3. Jiangsu Xinri E-Vehicle Co. Ltd.
- 17.1.1.4. Vmoto Soco Group
- 17.1.1.5. Energica Motor Company S.p.A.
- 17.1.2. Passenger Car (Top Five)
- 17.1.2.1. Tesla Inc.
- 17.1.2.2. Volkswagen AG
- 17.1.2.3. Renault Nissan Mitsubishi Alliance
- 17.1.2.4. Hyundai Motor Company
- 17.1.2.5. BMW AG
- 17.1.3. Commercial Vehicle (Top Five)
- 17.1.3.1. BYD Auto Co., Ltd.
- 17.1.3.2. Daimler AG
- 17.1.3.3. Ford Motor Company
- 17.1.3.4. Tata Motors Limited
- 17.1.3.5. Chanje Energy
- 18. Strategic Recommendations
- (Note: The companies list can be customized based on the client requirements.)
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