The rigorous government norms regarding vehicle emission, augmenting awareness to decrease oil consumption, and rising demand for fuel-efficient and high-performance vehicles are the drivers stimulating the growth of the global electric vehicle market. Also, the boost in investment of production of electric vehicle by leading companies like Hyundai Motor Company, Nissan Motor Company, BAIC Motor Corporation, General Motors Company, Daimler AG, and BMW Group will fuel the market growth. The surging consumer satisfaction, like home charging options for electric vehicles, along with the renewable energy sources, which include a solar photovoltaic system used to recharge electric vehicles, will raise the market demand.
The developing trend of eco-friendly manufacture of electric vehicles and their components using bioplastics and recycled materials will attract consumers towards electric vehicles. Several organizations, including EAA (Electric Auto Association), WEVA (World Electric Vehicle Association), LEVA (The Light Electric Vehicle Association), and SMEV (Society of Manufacturers of Electric Vehicles), are engaged in the growth and innovations of electric vehicles. However, insufficient charging infrastructure and high electric vehicle costs may obstruct the growth of the electric vehicle market share.
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On the basis of vehicle type, passenger car is predicted to lead the market over the forecast period. Stringent vehicular emission norms throughout the world and the increasing awareness with regards to air pollution are fuelling the market growth. On the other hand, commercial vehicles are projected to expand at a higher CAGR during the forecast period due to the lower expenses on fuel and low maintenance than gasoline vehicles. Moreover, the demand for electric buses and vans from public transportation systems and the logistics sector further contributes to market growth.
On the basis of vehicle class, the market is segmented into luxury and Mid-Priced. Amongst which, Mid-priced is projected to witness a faster CAGR during the forecast period. This is attributed to rising production of high-range vehicles at economical prices by companies like Mahindra & Mahindra Limited, Tata Motors, BYD Company Limited, and others. Also, the expansion in demand for electric vehicles from transportation companies, cab companies, government fleets, and others will boost the market growth.
Based on the regional coverage, Asia-Pacific is forecasted to grow at a faster CAGR over the forecast period because of the rising focus on manufacturing electric vehicles in developing countries, including South Korea, China, and Japan. Huge subsidies and regulations imposed by the government are further driving the sales of electric vehicles. Moreover, the escalating per capita income of consumers in China, Bangladesh, India, and Thailand, along with the rising consciousness among consumers related to the reduction of greenhouse emissions, will offer enormous growth opportunities. On the other hand, Europe is expected to dominate the market over the coming years. The organizations, including European Automobile Manufacturers Association (ACEA) and European Association for Electromobility (AVERE), are functioning on electric vehicles' development. Moreover, public and private initiatives for the enlargement of government stimulus, charging infrastructure, and industry developments to support electric vehicles will enhance the market growth.
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Various notable players operating in the global electric vehicle market include Tesla, Inc., BYD Company Limited, Nissan Motor Company, BMW Group, Volkswagen AG, Volvo Group, Daimler AG, Honda Motor Co., Ltd., Toyota Motor Corporation, Ford Motor Company, Hyundai Motor Company, Continental Engines, BAIC Motor Corporation, Ltd., and General Motors Company, among others.
The global electric vehicle market has been segmented on the basis of product type, vehicle type, vehicle class, charging station, two-wheelers battery type and key regions. Based on product type, the market is segmented into Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV). Based on vehicle type, the market is two-wheelers, passenger cars, and commercial vehicles. Based on vehicle class, the market is segmented into mid-priced and luxury. Based on charging station, the market is segmented into normal and super. Based on Two-Wheeler Battery Type, the market has been segmented into Lithium-ion battery and Lead Acid Battery.
Electric Vehicle Market Segmentation:
Electric Vehicle Market by Product Type:
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Electric Vehicle Market by Vehicle Type:
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
Electric Vehicle Market by Vehicle Class:
- Mid-Priced
- Luxury
Electric Vehicle Market by Charging Station:
- Normal
- Super
Electric Vehicle Market by Two- Wheelers Battery Type:
- Lithium-ion Battery
- Lead Acid Battery
Electric Vehicle Market by Region:
- North America Electric Vehicle Market (Option 1: As a part of the free 25% customization)
- North America Market by Vehicle Type
- North America Market by Product Type
- North America Market by Charging Station
- North America Market by Vehicle Class
- North America Market by Two- Wheelers Battery Type
- United States Electric Vehicle Market
- Canada Electric Vehicle Market
- Europe Electric Vehicle Market (Option 2: As a part of the free 25% customization)
- Europe Market by Vehicle Type
- Europe Market by Product Type
- Europe Market by Charging Station
- Europe Market by Vehicle Class
- Europe Market by Two- Wheelers Battery Type
- UK Electric Vehicle Market
- Germany Electric Vehicle Market
- France Electric Vehicle Market
- Spain Electric Vehicle Market
- Rest of Europe Electric Vehicle Market
- Asia-Pacific Electric Vehicle Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Vehicle Type
- Asia-Pacific Market by Product Type
- Asia-Pacific Market by Charging Station
- Asia-Pacific Market by Vehicle Class
- Asia-Pacific Market by Two- Wheelers Battery Type
- China Electric Vehicle Market
- India Electric Vehicle Market
- Japan Electric Vehicle Market
- Rest of APAC Electric Vehicle Market
- RoW Electric Vehicle Market (Option 4: As a part of the free 25% customization)
- RoW Market by Vehicle Type
- RoW Market by Product Type
- RoW Market by Charging Station
- RoW Market by Vehicle Class
- RoW Market by Two- Wheelers Battery Type
- Brazil Electric Vehicle Market
- South Africa Electric Vehicle Market
- Saudi Arabia Electric Vehicle Market
- UAE Electric Vehicle Market
- Rest of world (remaining countries of the LAMEA region) Electric Vehicle Market
Our Other Relevant Reports
1. Electric Vehicle Charging Station Market
2. Electric Scooter and Motorcycle Market
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