Electric Vehicle Market

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

Report Code: AT 4907 Jul, 2023, by marketsandmarkets.com

[357 Pages Report] The global electric vehicle market size was valued at USD 388.1 billion in 2023 and is expected to reach USD 951.9 billion by 2030 at a CAGR of 13.7% during the forecast period 2023-2030. With advancements in technology, increasing environmental consciousness, and supportive government policies, EVs have gained significant traction as a viable and sustainable transportation option. As concerns over climate change and air pollution intensify, consumers and industries are increasingly turning to electric vehicles to reduce their carbon footprint and contribute to a greener future. This growing global momentum has propelled the electric vehicle market into a transformative phase, with innovations and investments driving the expansion of EV adoption across the world.

Electric Vehicle Market

To know about the assumptions considered for the study, Request for Free Sample Report

Electric Vehicle Market

To know about the assumptions considered for the study, download the pdf brochure

Market Dynamics
:

Driver: Reducing prices of EV batteries will increase demand for EVs by making them cost effective

Due to technological advancements and the production of EV batteries on a mass scale in large volumes, the cost of EV batteries has been decreasing during the past decade. This has led to a decrease in the cost of electric vehicles as EV batteries are one of the most expensive components of an electric vehicle. The prices of EV batteries fell significantly in the last decade, from USD 1,200/kWh in 2010 to USD 160/kWh in 2023 and is expected to decrease in the coming years. Meanwhile the price is as low as USD 100 per kWh in China. This is because of the reducing manufacturing costs of these batteries, reduced cathode material prices, higher production, etc. The prices of EV batteries are expected to fall to approximately USD 60 per kWh by 2030, which is expected to significantly reduce the prices of EVs, making them cheaper than conventional ICE vehicles. The price of EV batteries is expected to reach around USD 80 per kWh by 2025. This will bring the price of EVs to the same level as that of ICE vehicles in the market and start a big shift to EVs. From 2025, we can expect EVs to get cheaper than some ICE vehicles. The improvement in battery technology is the main reason for this fall in battery prices. Once Solid-State Batteries enter the electric vehicle market, we can expect another price fall (per kWh) by the end of this decade.

Restraint: High initial investments for installing EV fast charging infrastructure

The initial investment in setting up a fast-charging system is significantly higher compared to petrol, CNG, or LPG fuel stations. This has been a major restraint for countries around the world in adopting EVs on a higher scale during the past decade. Technological enhancements are expected to negate this restraint, leading to decreasing costs. The cost for EV fast charging is high due to the higher equipment costs and the requirement for an additional fast charger to install a transformer to connect the grid and charging system. This has led to the slower development of charging networks around the world which have gained traction during the past few years due to vehicle emission concerns.  The high initial investment required for EV infrastructure is one of the key factors influencing EV sales. Setting up a comprehensive and efficient EV charging station can incur significant costs. For instance, in India, a single DC fast charger setup could cost more than USD 12,193, and if multiple chargers are installed, the initial investment could easily go up to USD 48,772, taking into account the cost/rent of the land. The type of chargers installed also impacts the investment, with different charger types having varying costs.  In APAC region for instance prices vary by charger type and have additional costs. These include additional expenses such as that for obtaining a new electricity connection, civil works, EVSE management software and integration (approximately USD 9,145), and technicians, manpower, and maintenance (around USD 4,267 yearly). Advertising and promotion costs (about USD 609) and land lease expenses (around USD 7,316 yearly if the land is leased) further add to the total. Consequently, the total approximate cost for the first year, including setup and leased land, could reach USD 487,72. Subsequent operational costs, starting from the second year, amount to USD 12,193 annually, including land lease expenses. Operational costs include software maintenance, technical maintenance, and manpower expenses, all contributing to the significant investment required for establishing and running an EV charging station. These high initial and operational costs create barriers for businesses and individuals looking to invest in EV infrastructure, which in turn can impact the growth and adoption of EVs in the market. Nevertheless, as the demand for EVs rises and technology improves, we can expect to see potential reductions in these costs over time.

Opportunity: Rising demand for electric vehicles in the automotive and transportation sectors

Increase in the adoption and demand for electric vehicles has accentuated the need to develop charging infrastructure and the electric vehicle market. Leading markets for electric vehicles such as China, US, and Germany are investing significantly in electric vehicles and EV charging infrastructure along with research & development for faster and efficient charging methods, longer range EVs, and lower cost batteries. Significant investments by automakers are expected to cater to the rising demand for EVs. Countries across North America and Europe along with many Asian countries have adopted measures to reduce emissions during the coming decades and replace their vehicle fleets for lower emissions by varying numbers by 2035. This is expected to lead to a significantly high demand for electric vehicles. OEMs offer a wide range of vehicles, from small hatchbacks such as Leaf to high-end sedans such as Tesla model 3. The wide range of product offerings has attracted a high number of consumers, resulting in an increased market for electric vehicles. For instance, in January 2018, Ford announced plans to increase planned investments to USD 11 billion by end of 2022 for the development of EVs. The company introduced 40 EVs in 2022, of which 16 are expected to be fully electric and 24 are expected to be plug-in hybrid vehicles. The investment is higher than the previously announced target of USD 4.5 billion. Further, Stellantis also plans to come with 29 new EVs by 2030. Launched in September 2020, SAIC-GM-Wuling has a range of 106 miles on a single charge and was one of the highest selling EVs in 2021 and 2022.

Challenge: High cost of electric vehicles (compared to ICE)

The high manufacturing cost of EVs has been a major concern in their widespread adoption. The expected reduction in battery prices and reduced R&D costs are expected to lead to the reduction in the overall cost of purchasing electric hatchbacks, crossovers, or SUVs to reach the levels of ICE vehicles, leading to the rising demand for EVs. The cost of EVs is significantly high compared to that of ICE vehicles due to the high price of rechargeable lithium ion batteries required for these vehicles. The price of the cathode affects the price of the batteries to a high extent. This is because materials such as cobalt, nickel, lithium, and magnesium used in these batteries is high-priced. The cost of the production of EVs is also significantly high compared to ICE vehicles due to the expensive process involved in developing these vehicles. The cost of the development of higher range EVs is significantly higher due to the requirement of higher specification batteries, advanced technology used for production, and highly expensive components used in the vehicles.

Market Ecosystem

Electric Vehicle Market

FCEVs to be the fastest growing segment during forecast period

The FCEV uses fuel cells to generate electricity for powering the vehicle. Fuel cells in a vehicle generate electricity from the oxygen in the air and compressed hydrogen. FCEVs are completely emission-free as they emit water or heat. FCEVs have been introduced in the US, majorly in California. Many renowned truck manufacturers have already developed fuel-cell electric trucks. For instance, in September 2022, Toyota Motor Corporation (Japan) and Kenworth (US) designed heavy-duty Class 8 FCEVs. Similarly, in January 2023, Adani Group (India) signed an agreement with Ashok Leyland (India) and Ballard Power (Canada) to launch a pilot project for a hydrogen fuel cell electric truck in India Japan and Europe are focusing on the launch of FCEVs. Top FCEVs on the road that are commercially available include Hyundai Tucson FCEV, Toyota Mirai, Hyundai Nexo, and Honda Clarity. Fuel cell vehicles have higher fuel economy and can travel approximately 300–400 miles with a full fuel tank. The best FCEVs can have a range of more than 500 miles on a single filling. The refueling time for fuel cell-powered vehicles is approximately three to five minutes. This makes FCEVs an ideal option for transportation on definite or fixed routes. However, the availability of infrastructure such as hydrogen refueling stations and hydrogen production facilities supporting fuel cell technology is very limited worldwide due to the high cost of the fuel cell stack and system. Hydrogen is also difficult to store and transport which adds to the cost of the system. However, governments of various regions are increasingly investing in the development of hydrogen-powered vehicles and hydrogen infrastructure. For instance, in November 2022, the Government of Alberta in Canada announced an investment of USD 300 million from the Strategic Innovation Fund's Net Zero Accelerator initiative, along with a provincial contribution of USD 161.5 million, to back a substantial USD 1.6 billion project led by Air Products Canada Ltd. The project aims to drive the advancement of clean fuels and clean energy in Canada while creating numerous middle-class job opportunities. The funding will specifically support the construction of a hydrogen production and liquefaction facility in Edmonton. The facility will utilize auto thermal reforming and carbon capture technology, further emphasizing the commitment to sustainable and environmentally friendly solutions.

Mid-priced EV segment to be the largest market during the forecast period

A mid-priced vehicle is considered to have a price of USD 30,000 to USD 45,000. This vehicle class has limited features with low emphasis on features such as infotainment, instrument cluster, and other expensive features. China is one of the leading markets for the mid-priced segment. Established automotive manufactures such as Hyundai, General Motors, Honda, and Nissan are also manufacturing mid-priced EVs to acquire higher market shares. Some other mid-priced EVs include BMW 3 Series PHEV, Zeekr One, Ford Mustang Mach-E, Volvo XC40, Renault Megane EV, Hyundai  Ioniq 5, Volkswagen  ID 4, Kia  Niro EV, etc. In 2022, BYD Song Pro/Plus was the best selling mid-priced EV in Asia Pacific region, followed by Tesla Model 3 in Europe and North America. The electric vehicle market forecast for the mid-priced segment is the largest in the Asia Pacific and European regions due to the demand for low-emission vehicles at reasonable prices. Various top EV models such as Nissan Leaf, Renault Zoe, Mitsubishi Outlander, Volkswagen Passat, Hyundai Kona, etc. fall under this category. These were also some of the largest selling EVs in these regions excluding Tesla in 2022. Thus, the demand for mid-priced EVs has been high in the past few years and is expected to keep rising in the coming decade. The market in the MEA is expected to grow at the highest rate in this segment as there is expected to be rising new demand in this region for these vehicles in the next decade.

Asia Pacific to be the largest and the fastest growing market by value during the forecast period

The region is home to some of the fastest-developing economies, such as China and India. The governments of these emerging economies have recognized the growth potential of the electric vehicle market trends and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. The region is home to 93 of the world’s most polluted cities, and has a high energy demand. As of 2022, transportation sector in the region accounts for around 14% of overall emissions. Thus, countries in the region, are planning to reduce emissions in the coming years. China, the e-mobility leader in the region, had set a target of over 20% EV sales by 2025, which it had already achieved in 2022 and is expected to have around 35% in 2023. Similarly, countries such as South Korea, Japan and India have also announced plans to shift to EVs in coming years. India for instance, plans to have 30% of its passenger car sales to be electric by 2030. South Korea and Japan are also aiming to be among the world’s top 5 EV producers by 2030. China is also investing significantly in the production of both electric passenger as well as commercial vehicles, with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. The country supports EV usage by offering a subsidy for buying EVs. The country is also encouraging manufacturers to develop better EV technology. Various EV charging stations are set up across the country due to the subsidy for setting up EV infrastructure. The country has promoted the development and use of EV buses and trucks. In 2020, a low-cost EV passenger car, Wulin Hongguang Mini EV, was developed in China, costing less than USD 5,000. The vehicle sold majorly in the domestic market, but its gross sales were the second highest of the total EV sales in 2022. The demand of Mini-EVs has been growing in the country, with more choices available with other leading Chinese manufacturers entering the mini-EV space. Luxury EVs have also increased in demand in the country, with major domestic OEMs in China have grabbed the market share. According to various official estimates, the market share is expected to be around 35% of the total vehicle market in 2023.

Electric Vehicle Market Size, and Share

Key Market Players

The electric vehicle market is dominated by BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others. These companies have worked with other players in the EV ecosystem and developed best in class EV technology.

Get online access to the report on the World's First Market Intelligence Cloud

  • Easy to Download Historical Data & Forecast Numbers
  • Company Analysis Dashboard for high growth potential opportunities
  • Research Analyst Access for customization & queries
  • Competitor Analysis with Interactive dashboard
  • Latest News, Updates & Trend analysis
Request Sample

Scope of the Report

Report Metric

Details

Market Revenue in 2023

USD 388.1 billion

Estimated Value by 2030

USD 951.9 billion

Growth Rate

Poised to grow at a CAGR of 13.7%

Market Segmentation

Components, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type, EV Charging Point Type, Vehicle Connectivity, End Use, Propulsion and Region.

Market Driver

Reducing prices of EV batteries will increase demand for EVs by making them cost effective

Market Opportunity

Rising demand for electric vehicles in the automotive and transportation sectors

Geographies covered

Asia Pacific, Europe, North America, Middle East & Africa

This research report categorizes the electric vehicle market based on Components, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type, EV Charging Point Type, Vehicle Connectivity, End Use, Propulsion and Region.

Based on Components:
  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Fuel Stack
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier
Based on Vehicle Type:
  • Passenger Cars
  • Commercial Vehicles
Based on Vehicle Class:
  • Low-priced
  • Mid-priced
  • Luxury
Based on Top Speed:
  • <125 MPH
  • >125 MPH
Based on Vehicle Drive Type:
  • Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive
Based on EV Charging Point Type:
  • Normal Charging
  • Super Charging
Based on Vehicle Connectivity:
  • V2B or V2H
  • V2G
  • V2V
  • V2X
Based on Propulsion:
  • BEV
  • PHEV
  • FCEV
Based on End Use:
  • Private
  • Commercial Fleets
Based on the region:
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Netherlands
    • Switzerland
    • Austria
    • Norway
    • Spain
    • Denmark
    • Sweden

Recent Developments

  • In June 2023,  PowerCo,  a subsidiary of Volkswagen Group,  has partnered with Koenig & Bauer to develop a revolutionary technology for battery cell production. The collaboration aims to create a roller press for powder coating electrodes on a large industrial scale,  eliminating the need for wet-coating and subsequent drying processes. This Dry Coating procedure significantly reduces energy consumption and eliminates the use of chemical solvents. PowerCo is currently testing and optimizing the technology in a pilot line in Northern Germany. The new procedure has the potential to save approximately 30% of energy and 15% of floor space,  and the use of chemical solvents.
  • In June 2023,  Stellantis and Foxconn have announced the establishment of a joint venture called SiliconAuto. The 50/50 partnership aims to design and sell advanced semiconductors for the automotive industry,  including Stellantis,  starting in 2026. By combining Foxconn's expertise in the ICT industry with Stellantis' deep understanding of global mobility needs,  SiliconAuto will provide a dedicated source of semiconductors for computer-controlled features and modules
  • In May 2023,  BYD and Toyota have formed a strategic partnership to collaborate on the production and sale of electric vehicles (EVs). Toyota aims to leverage the expertise of the well-established local company,  BYD,  and benefit from their advanced battery technology in this joint venture.
  • In April 2023,  Tesla has announced its plan to potentially partner with CATL,  a prominent battery manufacturer in China,  to establish a US-based factory to comply with the Inflation Reduction Act set forth by the Biden administration. The specific location of the factory is yet to be confirmed,  but Texas or California are strong contenders due to their proximity to Tesla's assembly lines.
  • In April 2023,  Volkswagen has announced a partnership with Shell Germany to expand the charging infrastructure for electric mobility. The collaboration has resulted in the installation of the first 150 kW Elli Flexpole charging station at a Shell service station in Göttingen on May 4,  2023. This innovative charging station,  developed by Volkswagen's brand Elli,  features a unique battery storage system that allows it to connect to a low-voltage grid. This technology enables easy and flexible installation of charging stations while accelerating grid expansion. Following a successful test operation
  • In January 2023,  BMW Group and Solid Power have entered into a partnership for the next phase of their joint research and development efforts towards the adoption of solid-state batteries (ASSB) in series production vehicles. As part of an expanded Joint Development Agreement,  BMW will establish an ASSB prototype line at its Cell Manufacturing Competence Center (CMCC) in Munich. This collaboration aims to enhance the design and manufacturing capabilities of all-solid-state batteries,  with both companies conducting complementary cell development and manufacturing activities.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 25)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           TABLE 1 ELECTRIC VEHICLE MARKET DEFINITION, BY PROPULSION
           TABLE 2 MARKET DEFINITION, BY VEHICLE TYPE
           TABLE 3 MARKET DEFINITION, BY VEHICLE DRIVE TYPE
           TABLE 4 MARKET DEFINITION, BY VEHICLE CLASS
           TABLE 5 MARKET DEFINITION, BY VEHICLE CONNECTIVITY
           TABLE 6 MARKET DEFINITION, BY CHARGING POINT TYPE
           TABLE 7 MARKET DEFINITION, BY COMPONENT
           TABLE 8 MARKET DEFINITION, BY VEHICLE TOP SPEED
           TABLE 9 MARKET DEFINITION, BY END USE
           1.2.1 INCLUSIONS AND EXCLUSIONS
                    TABLE 10 MARKET: INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           FIGURE 1 MARKET SEGMENTATION
           1.3.1 REGIONS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
           TABLE 11 CURRENCY EXCHANGE RATES
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 34)
    2.1 RESEARCH DATA 
           FIGURE 2 ELECTRIC VEHICLE MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews
                    2.1.2.2 Key industry insights and breakdown of primary interviews
                               FIGURE 4 KEY INDUSTRY INSIGHTS
                               FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.2.3 List of primary participants
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 6 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 7 MARKET: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 8 MARKET: TOP-DOWN APPROACH
                    FIGURE 9 MARKET ESTIMATION NOTES
    2.3 DATA TRIANGULATION 
           FIGURE 10 DATA TRIANGULATION METHODOLOGY
           FIGURE 11 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS  AND OPPORTUNITIES
    2.4 FACTOR ANALYSIS 
           2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
    2.5 RESEARCH ASSUMPTIONS 
    2.6 RESEARCH LIMITATIONS 
 
3 EXECUTIVE SUMMARY (Page No. - 49)
    FIGURE 12 ELECTRIC VEHICLE MARKET OVERVIEW 
    FIGURE 13 MARKET, BY REGION, 2022–2030 (THOUSAND UNITS) 
    FIGURE 14 MARKET PERFORMANCE IN 2022 
    FIGURE 15 BEV TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 
 
4 PREMIUM INSIGHTS (Page No. - 54)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN MARKET 
           FIGURE 16 GOVERNMENT INITIATIVES FOR PROMOTING LOW-EMISSION TRANSPORT TO DRIVE MARKET
    4.2 MARKET, BY CHARGING POINT TYPE 
           FIGURE 17 DC (SUPER CHARGING) TO BE DOMINANT SEGMENT OF MARKET DURING FORECAST PERIOD
    4.3 MARKET, BY VEHICLE TYPE 
           FIGURE 18 COMMERCIAL VEHICLE SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
    4.4 MARKET, BY VEHICLE CLASS 
           FIGURE 19 MID-PRICED SEGMENT TO WITNESS FASTEST GROWTH DURING FORECAST PERIOD
    4.5 MARKET, BY PROPULSION 
           FIGURE 20 FCEV SEGMENT TO GROW AT FASTEST RATE DURING FORECAST PERIOD
    4.6 MARKET, BY VEHICLE TOP SPEED 
           FIGURE 21 >125 MPH SEGMENT TO GROW AT FASTER RATE DURING FORECAST PERIOD
    4.7 MARKET, BY VEHICLE DRIVE TYPE 
           FIGURE 22 AWD SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.8 MARKET, BY REGION 
           FIGURE 23 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF MARKET IN 2023
    5.1 INTRODUCTION 

5 MARKET OVERVIEW (Page No. - 58)

    5.2 MARKET DYNAMICS 
           FIGURE 24 ELECTRIC VEHICLE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,  AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Reducing prices of EV batteries
                               FIGURE 25 ELECTRIC VEHICLE BATTERY PRICING ANALYSIS
                    5.2.1.2 Government initiatives pertaining to EVs
                               FIGURE 26 ELECTRIC VEHICLE-RELATED POLICIES ACROSS MAJOR MARKETS
                               FIGURE 27 ELECTRIFICATION TARGETS BY COUNTRIES
                    5.2.1.3 Fast charging speed to allow plug-and-charge use of EVs
                               FIGURE 28 TIME REQUIRED TO CHARGE ELECTRIC VEHICLES
                    5.2.1.4 Rising prices of petroleum
                               FIGURE 29 AVERAGE PETROL PRICES WORLDWIDE
                               FIGURE 30 COMPARISON OF OPERATING COST OF ELECTRIC VEHICLES AND ICE VEHICLES
                    5.2.1.5 Lower emissions
                               FIGURE 31 COMPARISON OF EMISSIONS OF ELECTRIC VEHICLES AND GASOLINE VEHICLES
                    5.2.1.6 Development of private and semi-public EV charging
                               TABLE 12 PRIVATE, SEMI-PUBLIC, AND PUBLIC CHARGING
           5.2.2 RESTRAINTS
                    5.2.2.1 High initial investments for installing EV fast charging infrastructure
                               FIGURE 32 FUEL STATION AVERAGE PRICE COMPARISON
                    5.2.2.2 Lack of sufficient EV charging infrastructure in many emerging economies
                               FIGURE 33 COUNTRY-WISE COMPARISON OF ELECTRIC VEHICLE CHARGER DENSITY
                    5.2.2.3 Low vehicle range
                               TABLE 13 ELECTRIC CAR PERFORMANCE COMPARISON
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing consumer acceptance for EVs
                               FIGURE 34 ELECTRIC PASSENGER CAR SALES GROWTH
                    5.2.3.2 Development of wireless EV charging technology for on-the-go charging
                               FIGURE 35 WORKING OF WIRELESS ELECTRIC VEHICLE CHARGING
                    5.2.3.3 Use of EVs for fleets and commercial applications
                               FIGURE 36 GROWING DEMAND FOR ELECTRIC PASSENGER CARS IN FLEETS
                               TABLE 14 ELECTRIC FLEET COMMITMENTS BY LEADING COMPANIES
           5.2.4 CHALLENGES
                    5.2.4.1 High cost of EVs compared to ICE vehicles
                               FIGURE 37 COST COMPARISON OF ELECTRIC AND ICE VEHICLES
                    5.2.4.2 Lack of standardization of EV charging infrastructure
                               FIGURE 38 ELECTRIC VEHICLE CHARGERS USED WORLDWIDE
                    5.2.4.3 Low availability of lithium for use in EV batteries
                               FIGURE 39 LITHIUM-ION DEMAND AND SUPPLY
                    5.2.4.4 Insufficient grid infrastructure
                               FIGURE 40 GRID REQUIREMENT FOR ELECTRIC VEHICLES IN GERMANY BY 2030
                               TABLE 15 MARKET: IMPACT OF MARKET DYNAMICS
    5.3 NEW AND UPCOMING ELECTRIC VEHICLE MODELS, 2023–2026 
           TABLE 16 NEW AND UPCOMING ELECTRIC VEHICLE MODELS, 2023–2026
    5.4 TOTAL COST OF OWNERSHIP COMPARISON OF ELECTRIC AND ICE VEHICLES 
           TABLE 17 PRICES OF ELECTRIC VEHICLE AND ICE MODELS IN US (2022)
           FIGURE 41 5-YEAR TCO BREAKDOWN (US)
    5.5 BILL OF MATERIAL ANALYSIS 
           FIGURE 42 COMPARISON OF BILL OF MATERIALS OF ICE AND ELECTRIC VEHICLES,  2023 VS. 2030
    5.6 OEM ELECTROMOBILITY PROGRESS 
           FIGURE 43 TOP-SELLING ELECTRIC VEHICLES IN DECEMBER 2022 WORLDWIDE
           5.6.1 OEM TARGETS AND INVESTMENTS
                    TABLE 18 MARKET: OEM TARGETS AND INVESTMENTS
                    FIGURE 44 MARKET: CURRENT STATE OF TARGET COMPLETION
    5.7 ECOSYSTEM ANALYSIS 
           FIGURE 45 MARKET: ECOSYSTEM ANALYSIS
           5.7.1 EV CHARGING PROVIDERS
           5.7.2 SOFTWARE PROVIDERS
           5.7.3 BATTERY MANUFACTURERS
           5.7.4 COMPONENT MANUFACTURERS
           5.7.5 OEMS
           5.7.6 END USERS
                    TABLE 19 MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.8 SUPPLY CHAIN ANALYSIS 
           FIGURE 46 MARKET: SUPPLY CHAIN ANALYSIS
    5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.9.1 PASSENGER CARS
           5.9.2 COMMERCIAL VEHICLES
           5.9.3 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 47 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 VEHICLE TYPES
                    TABLE 20 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 VEHICLE TYPES (%)
           5.9.4 BUYING CRITERIA
                    FIGURE 48 KEY BUYING CRITERIA FOR PASSENGER CARS
                    FIGURE 49 KEY BUYING CRITERIA FOR COMMERCIAL VEHICLES
    5.10 PRICING ANALYSIS 
           TABLE 21 MARKET: PRICING OF POPULAR BEVS (US)
           TABLE 22 MARKET: PRICING OF POPULAR PHEVS (US)
           TABLE 23 AVERAGE EV COST FORECAST
    5.11 KEY CONFERENCES AND EVENTS IN 2023-2024 
                    TABLE 24 MARKET: KEY CONFERENCES AND EVENTS
    5.12 TECHNOLOGY ANALYSIS 
           5.12.1 V2X CHARGING
                    FIGURE 50 PARTS OF V2X
           5.12.2 SMART CHARGING SYSTEM
                    FIGURE 51 SMART EV CHARGING SYSTEM
           5.12.3 SOLID-STATE BATTERY
           5.12.4 IOT IN ELECTRIC VEHICLES
           5.12.5 PACKAGED FUEL CELL SYSTEM MODULE
                    FIGURE 52 TOYOTA’S NEW PACKAGED FUEL CELL SYSTEM MODULE
           5.12.6 METHANE FUEL CELLS
           5.12.7 DIRECT BOROHYDRIDE FUEL CELLS
                    FIGURE 53 DIRECT BOROHYDRIDE FUEL CELL WORKING
           5.12.8 800V ARCHITECTURE
           5.12.9 STRUCTURAL BATTERY
                    5.12.10 V2L
    5.13 PATENT ANALYSIS 
           5.13.1 INTRODUCTION
                    FIGURE 54 PUBLICATION TRENDS (2013–2023)
           5.13.2 INSIGHTS
                    FIGURE 55 ELECTRIC VEHICLE PATENTS: TREND ANALYSIS
                    TABLE 25 IMPORTANT PATENT REGISTRATIONS RELATED TO MARKET
    5.14 TRADE ANALYSIS 
                    TABLE 26 TRADE DATA FOR MOTOR VEHICLES IN 2022 (HS 8703)
    5.15 CASE STUDY ANALYSIS 
           5.15.1 CASE STUDY 1: NISSAN LEAF IN DURHAM COUNTY, NORTH CAROLINA, US
           5.15.2 CASE STUDY 2: ADOPTION OF ELECTRIC BUSES AS PUBLIC TRANSPORT IN SHENZHEN, CHINA
           5.15.3 CASE STUDY 3: RAPID BUS FLEET ELECTRIFICATION THROUGH CHANGES IN PROCUREMENT MODEL AND INDUSTRY ENGAGEMENT IN SANTIAGO, CHILE
           5.15.4 CASE STUDY 4: CHARGING HUBS WITH DC FAST CHARGERS TO SUPPORT EXPANSION OF RIDE-HAILING FLEET IN NAIROBI, KENYA
           5.15.5 CASE STUDY 5: RAPID ELECTRIFICATION OF ENTIRE TAXI FLEET IN TAIYUAN, CHINA
           5.15.6 CASE STUDY 6: ELECTRIFICATION OF LOGISTICS FLEET THROUGH FRITO-LAY-CALSTART PARTNERSHIP
           5.15.7 CASE STUDY 7: RENAULT TO ADVANCE SUSTAINABLE MOBILITY WITH ELECTRIC-HYDROGEN HYBRID CARS
    5.16 REGULATORY LANDSCAPE 
           5.16.1 REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
                    TABLE 27 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
                    TABLE 28 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
                    TABLE 29 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           5.16.2 NETHERLANDS
                    TABLE 30 NETHERLANDS: ELECTRIC VEHICLE INCENTIVES
                    TABLE 31 NETHERLANDS: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.16.3 GERMANY
                    TABLE 32 GERMANY: ELECTRIC VEHICLE INCENTIVES
                    TABLE 33 GERMANY: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.16.4 FRANCE
                    TABLE 34 FRANCE: ELECTRIC VEHICLE INCENTIVES
                    TABLE 35 FRANCE: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.16.5 UK
                    TABLE 36 UK: ELECTRIC VEHICLE INCENTIVES
                    TABLE 37 UK: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.16.6 CHINA
                    TABLE 38 CHINA: ELECTRIC VEHICLE INCENTIVES
                    TABLE 39 CHINA: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.16.7 US
                    TABLE 40 US: ELECTRIC VEHICLE INCENTIVES
                    TABLE 41 US: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
    5.17 TRENDS AND DISRUPTIONS 
                    FIGURE 56 MARKET: TRENDS AND DISRUPTIONS
    5.18 MARKET, SCENARIOS (2023–2030) 
                    FIGURE 57 MARKET: FUTURE TRENDS & SCENARIOS,  2023–2030 (USD MILLION)
           5.18.1 MOST LIKELY SCENARIO
                    TABLE 42 MARKET (MOST LIKELY), BY REGION, 2023–2030 (USD MILLION)
           5.18.2 OPTIMISTIC SCENARIO
                    TABLE 43 MARKET (OPTIMISTIC), BY REGION, 2023–2030 (USD MILLION)
           5.18.3 PESSIMISTIC SCENARIO
                    TABLE 44 MARKET (PESSIMISTIC), BY REGION, 2023–2030 (USD MILLION)
 
6 ELECTRIC VEHICLE MARKET, BY COMPONENT (Page No. - 127)
    6.1 INTRODUCTION 
    6.2 BATTERY CELLS AND PACKS 
           TABLE 45 BATTERY CELL AND PACK SUPPLIER DATA
    6.3 ONBOARD CHARGERS 
           TABLE 46 ONBOARD CHARGER SUPPLIER DATA
    6.4 MOTORS 
           TABLE 47 MOTOR SUPPLIER DATA
    6.5 POWER CONTROL UNITS 
           TABLE 48 DC-DC CONVERTER SUPPLIER DATA
           TABLE 49 INVERTER SUPPLIER DATA
    6.6 BATTERY MANAGEMENT SYSTEMS 
           TABLE 50 BATTERY MANAGEMENT SYSTEM SUPPLIER DATA
    6.7 FUEL CELL STACKS 
    6.8 FUEL PROCESSORS 
    6.9 POWER CONDITIONERS 
    6.10 AIR COMPRESSORS 
    6.11 HUMIDIFIERS 
 
7 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE (Page No. - 140)
    7.1 INTRODUCTION 
           FIGURE 58 COMMERCIAL VEHICLE SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD (2023–2030)
           TABLE 51 MARKET, BY VEHICLE TYPE, 2019–2022 (THOUSAND UNITS)
           TABLE 52 MARKET, BY VEHICLE TYPE, 2023–2030 (THOUSAND UNITS)
    7.2 OPERATIONAL DATA 
           TABLE 53 POPULAR ELECTRIC VEHICLES WORLDWIDE
           TABLE 54 UPCOMING ELECTRIC CAR MODELS
           TABLE 55 UPCOMING ELECTRIC COMMERCIAL VEHICLES
    7.3 PASSENGER CAR (PC) 
           7.3.1 FAVORABLE REGULATIONS AND SUBSIDIES ACROSS REGIONS TO DRIVE MARKET
                    TABLE 56 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 57 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    7.4 COMMERCIAL VEHICLE (CV) 
           7.4.1 FLOURISHING LAST-MILE DELIVERY, E-COMMERCE, AND LOGISTICS INDUSTRIES TO DRIVE MARKET
                    TABLE 58 ELECTRIC COMMERCIAL VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 59 ELECTRIC COMMERCIAL VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    7.5 KEY PRIMARY INSIGHTS 
 
8 ELECTRIC VEHICLE MARKET, BY PROPULSION (Page No. - 149)
    8.1 INTRODUCTION 
           FIGURE 59 ELECTRIC VEHICLE COMPARISON BY PROPULSION
           FIGURE 60 FCEV SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 60 MARKET, BY PROPULSION, 2019–2022 (THOUSAND UNITS)
           TABLE 61 MARKET, BY PROPULSION, 2023–2030 (THOUSAND UNITS)
    8.2 OPERATIONAL DATA 
           TABLE 62 BESTSELLING ELECTRIC VEHICLES IN 2022
    8.3 BATTERY ELECTRIC VEHICLE (BEV) 
           8.3.1 RISE IN PETROLEUM PRICES TO DRIVE MARKET
                    TABLE 63 MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 64 MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    8.4 FUEL CELL ELECTRIC VEHICLE (FCEV) 
           8.4.1 LONGER DRIVING RANGE AND BETTER ENVIRONMENTAL SUSTAINABILITY THAN BEVS TO DRIVE MARKET
                    TABLE 65 MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 66 MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    8.5 PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV) 
           8.5.1 GOVERNMENT SUBSIDIES TO DRIVE MARKET
                    TABLE 67 MARKET, BY REGION,  2019–2022 (THOUSAND UNITS)
                    TABLE 68 MARKET, BY REGION,  2023–2030 (THOUSAND UNITS)
    8.6 HYBRID ELECTRIC VEHICLE (HEV) 
    8.7 KEY PRIMARY INSIGHTS 
 
9 ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE (Page No. - 158)
    9.1 INTRODUCTION 
           FIGURE 61 COMPARISON OF ELECTRIC VEHICLE DRIVE TYPES
           FIGURE 62 AWD SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 69 MARKET, BY VEHICLE DRIVE TYPE, 2019–2022 (THOUSAND UNITS)
           TABLE 70 MARKET, BY VEHICLE DRIVE TYPE, 2023–2030 (THOUSAND UNITS)
    9.2 OPERATIONAL DATA 
           TABLE 71 POPULAR BATTERY ELECTRIC VEHICLES WORLDWIDE, BY DRIVE TYPE
           TABLE 72 POPULAR PLUG-IN HYBRID ELECTRIC VEHICLES WORLDWIDE, BY DRIVE TYPE
    9.3 FRONT WHEEL DRIVE (FWD) 
           9.3.1 LOW MANUFACTURING COST TO DRIVE MARKET
                    TABLE 73 ELECTRIC FWD VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 74 ELECTRIC FWD VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    9.4 REAR WHEEL DRIVE (RWD) 
           9.4.1 INCREASING ADOPTION IN SPORTS AND LUXURY SEGMENTS TO DRIVE MARKET
                    TABLE 75 ELECTRIC RWD VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 76 ELECTRIC RWD VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    9.5 ALL WHEEL DRIVE (AWD) 
           9.5.1 HIGHER TRACTION AND PERFORMANCE TO DRIVE MARKET
                    TABLE 77 ELECTRIC AWD VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                    TABLE 78 ELECTRIC AWD VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
    9.6 KEY PRIMARY INSIGHTS 
 
10 ELECTRIC VEHICLE MARKET, BY VEHICLE CLASS (Page No. - 167)
     10.1 INTRODUCTION 
               FIGURE 63 MID-PRICED SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
               TABLE 79 MARKET, BY VEHICLE CLASS, 2019–2022 (THOUSAND UNITS)
               TABLE 80 MARKET, BY VEHICLE CLASS, 2023–2030 (THOUSAND UNITS)
     10.2 OPERATIONAL DATA 
               TABLE 81 POPULAR ELECTRIC VEHICLES WORLDWIDE, BY VEHICLE CLASS
     10.3 LOW-PRICED 
             10.3.1 GROWING DEMAND FOR AFFORDABLE EVS DUE TO UPCOMING STRINGENT LAWS TO DRIVE MARKET
                       TABLE 82 ELECTRIC LOW-PRICED VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                       TABLE 83 ELECTRIC LOW -PRICED VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
     10.4 MID-PRICED 
             10.4.1 REDUCING BATTERY PRICES TO DRIVE MARKET
                       TABLE 84 ELECTRIC MID-PRICED VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                       TABLE 85 ELECTRIC MID-PRICED VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
     10.5 LUXURY 
             10.5.1 INCREASING DEMAND FOR LOW-EMISSION LUXURY VEHICLES TO DRIVE MARKET
                       TABLE 86 ELECTRIC LUXURY VEHICLE MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                       TABLE 87 ELECTRIC LUXURY VEHICLE MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
     10.6 KEY PRIMARY INSIGHTS 
 
11 ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED (Page No. - 175)
     11.1 INTRODUCTION 
               FIGURE 64 TOP SPEED COMPARISON ELECTRIC VEHICLES VS. ICE VEHICLES
               FIGURE 65 >125 MPH SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
               TABLE 88 MARKET, BY VEHICLE TOP SPEED, 2019–2022 (THOUSAND UNITS)
               TABLE 89 MARKET, BY VEHICLE TOP SPEED, 2023–2030 (THOUSAND UNITS)
     11.2 OPERATIONAL DATA 
               TABLE 90 POPULAR AND UPCOMING EVS WORLDWIDE, BY VEHICLE TOP SPEED
     11.3 <125 MPH 
             11.3.1 GROWING DEMAND FOR LOW-COST EVS TO DRIVE MARKET
                       TABLE 91 <125 MPH MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                       TABLE 92 <125 MPH MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
     11.4 >125 MPH 
             11.4.1 DEMAND FOR HIGH-PERFORMANCE EVS TO DRIVE MARKET
                       TABLE 93 >125 MPH MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
                       TABLE 94 >125 MPH MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
     11.5 KEY PRIMARY INSIGHTS 
 
12 ELECTRIC VEHICLE MARKET, BY CHARGING POINT TYPE (Page No. - 182)
     12.1 INTRODUCTION 
               FIGURE 66 DC (SUPER CHARGING) SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
               TABLE 95 MARKET, BY CHARGING POINT TYPE, 2019–2022 (THOUSAND UNITS)
               TABLE 96 MARKET, BY CHARGING POINT TYPE, 2023–2027 (THOUSAND UNITS)
     12.2 OPERATIONAL DATA 
               TABLE 97 LEADING GLOBAL ELECTRIC VEHICLE CHARGING PROVIDERS
     12.3 AC (NORMAL CHARGING) 
             12.3.1 AFFORDABILITY AND CONVENIENCE OF NORMAL CHARGERS TO DRIVE MARKET
                       TABLE 98 MARKET FOR AC (NORMAL CHARGING), BY REGION,  2019–2022 (THOUSAND UNITS)
                       TABLE 99 MARKET FOR AC (NORMAL CHARGING), BY REGION,  2023–2027 (THOUSAND UNITS)
     12.4 DC (SUPER CHARGING) 
             12.4.1 HEAVY INVESTMENT IN SUPER CHARGING NETWORK BY OEMS AND CHARGING PROVIDERS TO DRIVE MARKET
                       TABLE 100 MARKET FOR DC (SUPER CHARGING), BY REGION,  2019–2022 (THOUSAND UNITS)
                       TABLE 101 MARKET FOR DC (SUPER CHARGING), BY REGION,  2023–2027 (THOUSAND UNITS)
     12.5 INDUCTIVE CHARGING 
               FIGURE 67 INDUCTIVE ELECTRIC VEHICLE CHARGING
     12.6 KEY PRIMARY INSIGHTS 
 
13 ELECTRIC VEHICLE MARKET, BY VEHICLE CONNECTIVITY (Page No. - 189)
     13.1 INTRODUCTION 
               FIGURE 68 SIGNIFICANCE OF V2X IN MARKET
               FIGURE 69 MARKET: FACTORS IMPACTING V2X
     13.2 V2B OR V2I 
     13.3 V2G 
     13.4 V2V 
     13.5 V2X 
 
14 ELECTRIC VEHICLE MARKET, BY END USE (Page No. - 192)
     14.1 INTRODUCTION 
     14.2 OPERATIONAL DATA 
               TABLE 102 ELECTRIC VEHICLE FLEET TARGETS WORLDWIDE
               TABLE 103 ELECTRIC VEHICLES IN USE FOR COMMERCIAL FLEETS
     14.3 PRIVATE 
     14.4 COMMERCIAL FLEETS 
               TABLE 104 COMPANIES WORKING IN COMMERCIAL VEHICLE FLEET SEGMENTS
 
15 ELECTRIC VEHICLE MARKET, BY REGION (Page No. - 195)
     15.1 INTRODUCTION 
               FIGURE 70 GROWING ELECTRIC VEHICLE SHIFT AS OF 2022
               FIGURE 71 ELECTRIC VEHICLE PLANS AND INVESTMENTS BY TOP OEMS
               FIGURE 72 PARTNERSHIP OF ELECTRIC VEHICLE OEMS WITH BATTERY MANUFACTURERS
               FIGURE 73 ASIA PACIFIC TO BE LARGEST MARKET DURING FORECAST PERIOD
               TABLE 105 MARKET, BY REGION, 2019–2022 (USD MILLION)
               TABLE 106 MARKET, BY REGION, 2023–2030 (USD MILLION)
               TABLE 107 MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
               TABLE 108 MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
               TABLE 109 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
               TABLE 110 MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)
     15.2 ASIA PACIFIC 
               FIGURE 74 ASIA PACIFIC: MARKET SNAPSHOT
               TABLE 111 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2022 (THOUSAND UNITS)
               TABLE 112 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2030 (THOUSAND UNITS)
             15.2.1 CHINA
                       15.2.1.1 Efforts by domestic automakers to drive market
                                   TABLE 113 BESTSELLING ELECTRIC VEHICLES IN CHINA, 2022
                                   FIGURE 75 ELECTRIC VEHICLE MOBILITY LANDSCAPE IN CHINA
                                   TABLE 114 CHINA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 115 CHINA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.2 INDIA
                       15.2.2.1 Plans for 30% EV sales by 2030 and government support to drive market
                                   TABLE 116 BESTSELLING ELECTRIC VEHICLES IN INDIA, 2022
                                   FIGURE 76 INCENTIVE AND REGULATORY LANDSCAPE FOR ELECTRIC VEHICLES IN INDIA
                                   TABLE 117 INDIA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 118 INDIA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.3 JAPAN
                       15.2.3.1 Advanced EV charging infrastructure to drive market
                                   TABLE 119 JAPAN: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 120 JAPAN: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.4 SOUTH KOREA
                       15.2.4.1 Government incentives to promote EV demand to drive market
                                   FIGURE 77 NEW ELECTRIC VEHICLE SUBSIDY IN SOUTH KOREA
                                   TABLE 121 SOUTH KOREA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 122 SOUTH KOREA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.5 THAILAND
                       15.2.5.1 Government incentives and 2030 target to drive market
                                   TABLE 123 ELECTRIC VEHICLES SOLD IN THAILAND AS OF 2022
                                   TABLE 124 THAILAND: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 125 THAILAND: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.6 INDONESIA
                       15.2.6.1 Plans to create EV battery developing hub to drive market
                                   FIGURE 78 INDONESIA: NICKEL RESERVES
                                   TABLE 126 INDONESIA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 127 INDONESIA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.7 MALAYSIA
                       15.2.7.1 Government plans for subsidies to drive market
                                   TABLE 128 MALAYSIA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 129 MALAYSIA: PASSENGER CAR EV MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.2.8 VIETNAM
                       15.2.8.1 Vinfast EV expansion to drive market
                                   TABLE 130 VIETNAM: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 131 VIETNAM: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
     15.3 EUROPE 
               FIGURE 79 OEMS’ ELECTRIC VEHICLE SALES IN EUROPE
               FIGURE 80 GERMANY TO LEAD MARKET IN EUROPE DURING FORECAST PERIOD
               TABLE 132 EUROPE: MARKET, BY COUNTRY,  2019–2022 (THOUSAND UNITS)
               TABLE 133 EUROPE: MARKET, BY COUNTRY,  2023–2030 (THOUSAND UNITS)
             15.3.1 FRANCE
                       15.3.1.1 Automakers’ plans for rapid electrification to drive market
                                   TABLE 134 BESTSELLING ELECTRIC VEHICLE MODELS IN FRANCE, 2022
                                   TABLE 135 FRANCE: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 136 FRANCE: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.2 GERMANY
                       15.3.2.1 Government and OEM plans for rapid EV shift to drive market
                                   FIGURE 81 GERMANY: ELECTRIC VEHICLE ROADMAP
                                   TABLE 137 BESTSELLING ELECTRIC VEHICLES IN GERMANY, 2022
                                   TABLE 138 GERMANY: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 139 GERMANY: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.3 NETHERLANDS
                       15.3.3.1 Early EV adoption and plans for ICE vehicle ban by 2030 to drive market
                                   TABLE 140 BESTSELLING ELECTRIC VEHICLES IN NETHERLANDS, 2022
                                   TABLE 141 NETHERLANDS: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 142 NETHERLANDS: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.4 NORWAY
                       15.3.4.1 Plans for ICE vehicle ban by 2025 to drive market
                                   TABLE 143 BESTSELLING ELECTRIC VEHICLES IN NORWAY, 2022
                                   TABLE 144 NORWAY: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 145 NORWAY: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.5 SWEDEN
                       15.3.5.1 Incentive and subsidy plans to drive market
                                   TABLE 146 SWEDEN: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 147 SWEDEN: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.6 UK
                       15.3.6.1 Heavy investments in EV ecosystem to drive market
                                   FIGURE 82 UK: ELECTRIC VEHICLE ROADMAP
                                   TABLE 148 BESTSELLING ELECTRIC VEHICLES IN UK, 2022
                                   TABLE 149 UK: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 150 UK: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.7 DENMARK
                       15.3.7.1 Promotion of private EV infrastructure to drive market
                                   TABLE 151 DENMARK: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 152 DENMARK: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.8 AUSTRIA
                       15.3.8.1 Rapid transition to zero-emission vehicles to drive market
                                   TABLE 153 BESTSELLING ELECTRIC VEHICLES IN AUSTRIA, 2022
                                   TABLE 154 AUSTRIA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 155 AUSTRIA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.3.9 SWITZERLAND
                       15.3.9.1 Government’s focus on expansion of EV charging infrastructure to drive market
                                   TABLE 156 SWITZERLAND: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 157 SWITZERLAND: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
               15.3.10 SPAIN
            15.3.10.1 Increasing investments in EV space to drive market
                                   TABLE 158 SPAIN: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 159 SPAIN: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
     15.4 NORTH AMERICA 
               FIGURE 83 NORTH AMERICA: ELECTRIC VEHICLE BATTERY INITIATIVES
               FIGURE 84 NORTH AMERICA: MARKET SNAPSHOT
               TABLE 160 NORTH AMERICA: MARKET, BY COUNTRY,  2019–2022 (THOUSAND UNITS)
               TABLE 161 NORTH AMERICA: MARKET, BY COUNTRY,  2023–2030 (THOUSAND UNITS)
             15.4.1 CANADA
                       15.4.1.1 Increasing development of EV infrastructure to drive market
                                   TABLE 162 CANADA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 163 CANADA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.4.2 US
                       15.4.2.1 Huge investments and government focus on cleaner mobility to drive market
                                   TABLE 164 BESTSELLING ELECTRIC VEHICLES IN US, 2022
                                   FIGURE 85 US: MARKET
                                   TABLE 165 US: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 166 US: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
     15.5 MIDDLE EAST & AFRICA 
               FIGURE 86 EGYPT TO BE FASTEST-GROWING MARKET IN MIDDLE EAST & AFRICA
               TABLE 167 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY,  2019–2022 (THOUSAND UNITS)
               TABLE 168 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY,  2023–2030 (THOUSAND UNITS)
             15.5.1 UAE
                       15.5.1.1 Government support to drive market
                                   TABLE 169 UAE: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 170 UAE: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.5.2 EGYPT
                       15.5.2.1 Growth of EV infrastructure to drive market
                                   TABLE 171 EGYPT: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 172 EGYPT: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
             15.5.3 SOUTH AFRICA
                       15.5.3.1 Increasing EV imports and popularization of EV charging stations to drive market
                                   TABLE 173 SOUTH AFRICA: MARKET, BY PROPULSION,  2019–2022 (THOUSAND UNITS)
                                   TABLE 174 SOUTH AFRICA: MARKET, BY PROPULSION,  2023–2030 (THOUSAND UNITS)
 
16 COMPETITIVE LANDSCAPE (Page No. - 246)
     16.1 OVERVIEW 
     16.2 MARKET SHARE ANALYSIS 
               TABLE 175 DEGREE OF COMPETITION
               FIGURE 87 ELECTRIC VEHICLE MARKET SHARE ANALYSIS, 2023
     16.3 REVENUE ANALYSIS 
               FIGURE 88 MARKET REVENUE ANALYSIS, 2022
     16.4 COMPETITIVE SCENARIO 
             16.4.1 PRODUCT LAUNCHES
                       TABLE 176 MARKET: PRODUCT LAUNCHES, JANUARY 2022–JUNE 2023
             16.4.2 DEALS
                       TABLE 177 MARKET: DEALS, JANUARY 2022–JUNE 2023
             16.4.3 EXPANSIONS
                       TABLE 178 MARKET: EXPANSIONS, MARCH 2022–APRIL 2023
     16.5 COMPANY EVALUATION MATRIX (KEY PLAYERS) 
             16.5.1 STARS
             16.5.2 EMERGING LEADERS
             16.5.3 PERVASIVE PLAYERS
             16.5.4 PARTICIPANTS
                       FIGURE 89 MARKET: COMPANY EVALUATION MATRIX, 2023
             16.5.5 COMPANY FOOTPRINT
                       TABLE 179 MARKET: COMPANY FOOTPRINT, 2023
                       TABLE 180 MARKET: VEHICLE TYPE FOOTPRINT, 2023
                       TABLE 181 MARKET: REGIONAL FOOTPRINT, 2023
     16.6 COMPETITIVE EVALUATION MATRIX 
             16.6.1 PROGRESSIVE COMPANIES
             16.6.2 RESPONSIVE COMPANIES
             16.6.3 DYNAMIC COMPANIES
             16.6.4 STARTING BLOCKS
                       FIGURE 90 MARKET: COMPANY (OTHER PLAYERS)  EVALUATION MATRIX, 2023
                       FIGURE 91 MARKET: STARTUP EVALUATION MATRIX, 2023
             16.6.5 COMPETITIVE BENCHMARKING
                       TABLE 182 MARKET: KEY STARTUPS
 
 
17 COMPANY PROFILES (Page No. - 264)
     17.1 KEY PLAYERS 
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
             17.1.1 TESLA
                       TABLE 183 TESLA: COMPANY OVERVIEW
                       FIGURE 92 TESLA: COMPANY SNAPSHOT
                       TABLE 184 TESLA: PRODUCTS OFFERED
                       TABLE 185 TESLA: PRODUCT LAUNCHES
                       TABLE 186 TESLA: DEALS
                       TABLE 187 TESLA: OTHERS
             17.1.2 VOLKSWAGEN AG
                       TABLE 188 VOLKSWAGEN AG: COMPANY OVERVIEW
                       FIGURE 93 VOLKSWAGEN AG: COMPANY SNAPSHOT
                       FIGURE 94 VOLKSWAGEN AG: FUTURE PLANS
                       TABLE 189 VOLKSWAGEN AG: PRODUCTS OFFERED
                       TABLE 190 VOLKSWAGEN AG: PRODUCT LAUNCHES
                       TABLE 191 VOLKSWAGEN AG: DEALS
                       TABLE 192 VOLKSWAGEN AG: OTHERS
             17.1.3 SAIC MOTORS
                       TABLE 193 SAIC MOTORS: COMPANY OVERVIEW
                       FIGURE 95 SAIC MOTORS: COMPANY SNAPSHOT
                       TABLE 194 SAIC MOTORS: PRODUCTS OFFERED
                       TABLE 195 SAIC MOTORS: PRODUCT LAUNCHES
                       TABLE 196 SAIC MOTORS: DEALS
                       TABLE 197 SAIC MOTORS: OTHERS
             17.1.4 BYD
                       TABLE 198 BYD: COMPANY OVERVIEW
                       FIGURE 96 BYD: COMPANY SNAPSHOT
                       FIGURE 97 BYD: GLOBAL PRESENCE
                       TABLE 199 BYD: PRODUCTS OFFERED
                       TABLE 200 BYD: PRODUCT LAUNCHES
                       TABLE 201 BYD: DEALS
                       TABLE 202 BYD: OTHERS
             17.1.5 STELLANTIS
                       TABLE 203 STELLANTIS: COMPANY OVERVIEW
                       FIGURE 98 STELLANTIS: COMPANY SNAPSHOT
                       FIGURE 99 STELLANTIS: ELECTRIFICATION PLANS
                       TABLE 204 STELLANTIS: PRODUCTS OFFERED
                       TABLE 205 STELLANTIS: PRODUCT LAUNCHES
                       TABLE 206 STELLANTIS: DEALS
                       TABLE 207 STELLANTIS: OTHERS
             17.1.6 BMW GROUP
                       TABLE 208 BMW GROUP: COMPANY OVERVIEW
                       FIGURE 100 BMW GROUP: COMPANY SNAPSHOT
                       FIGURE 101 BMW GROUP: EV PLANS
                       TABLE 209 BMW GROUP: PRODUCTS OFFERED
                       TABLE 210 BMW GROUP: PRODUCT LAUNCHES
                       TABLE 211 BMW GROUP: DEALS
                       TABLE 212 BMW GROUP: OTHERS
             17.1.7 NISSAN MOTORS
                       TABLE 213 NISSAN MOTORS: COMPANY OVERVIEW
                       FIGURE 102 NISSAN MOTORS: COMPANY SNAPSHOT
                       FIGURE 103 NISSAN MOTORS: EVS SOLD BY COUNTRY (BY NISSAN MOTORS AND ITS PARTNERS)
                       TABLE 214 NISSAN MOTORS: PRODUCTS OFFERED
                       TABLE 215 NISSAN MOTORS: PRODUCT LAUNCHES
                       TABLE 216 NISSAN MOTORS: DEALS
                       TABLE 217 NISSAN MOTORS: OTHERS
             17.1.8 HYUNDAI GROUP
                       TABLE 218 HYUNDAI GROUP: COMPANY OVERVIEW
                       FIGURE 104 HYUNDAI GROUP: COMPANY SNAPSHOT
                       TABLE 219 HYUNDAI GROUP: PRODUCTS OFFERED
                       TABLE 220 HYUNDAI GROUP: PRODUCT LAUNCHES
                       TABLE 221 HYUNDAI GROUP: DEALS
                       TABLE 222 HYUNDAI GROUP: OTHERS
             17.1.9 GREAT WALL MOTORS
                       TABLE 223 GREAT WALL MOTORS: COMPANY OVERVIEW
                       FIGURE 105 GREAT WALL MOTORS: COMPANY SNAPSHOT
                       FIGURE 106 GREAT WALL MOTORS: GLOBAL R&D NETWORK
                       TABLE 224 GREAT WALL MOTORS: PRODUCTS OFFERED
                       TABLE 225 GREAT WALL MOTORS: PRODUCT LAUNCHES
                       TABLE 226 GREAT WALL MOTORS: DEALS
                       TABLE 227 GREAT WALL MOTORS: OTHERS
             17.1.10 TOYOTA MOTOR CORPORATION
                       TABLE 228 TOYOTA MOTOR CORPORATION: COMPANY OVERVIEW
                       FIGURE 107 TOYOTA MOTOR CORPORATION: COMPANY SNAPSHOT
                       FIGURE 108 TOYOTA MOTOR CORPORATION: BEV INVESTMENT
                       TABLE 229 TOYOTA MOTOR CORPORATION: PRODUCTS OFFERED
                       TABLE 230 TOYOTA MOTOR CORPORATION: PRODUCT LAUNCHES
                       TABLE 231 TOYOTA MOTOR CORPORATION: DEALS
                       TABLE 232 TOYOTA MOTOR CORPORATION: OTHERS
             17.1.11 GAC MOTORS
                       TABLE 233 GAC MOTORS: COMPANY OVERVIEW
                       FIGURE 109 GAC MOTORS: COMPANY SNAPSHOT
                       TABLE 234 GAC MOTORS: PRODUCTS OFFERED
                       TABLE 235 GAC MOTORS: PRODUCT LAUNCHES
                       TABLE 236 GAC MOTORS: DEALS
                       TABLE 237 GAC MOTORS: OTHERS
             17.1.12 GEELY
                       TABLE 238 GEELY: COMPANY OVERVIEW
                       FIGURE 110 GEELY: COMPANY SNAPSHOT
                       FIGURE 111 GEELY: EV TARGETS
                       TABLE 239 GEELY: PRODUCTS OFFERED
                       TABLE 240 GEELY: PRODUCT LAUNCHES
                       TABLE 241 GEELY: DEALS
                       TABLE 242 GEELY: OTHERS
     17.2 OTHER KEY PLAYERS 
             17.2.1 GENERAL MOTORS
                       TABLE 243 GENERAL MOTORS: COMPANY OVERVIEW
             17.2.2 RENAULT
                       TABLE 244 RENAULT: COMPANY OVERVIEW
             17.2.3 FISKER
                       TABLE 245 FISKER: COMPANY OVERVIEW
             17.2.4 LUCID MOTORS
                       TABLE 246 LUCID MOTORS: COMPANY OVERVIEW
             17.2.5 FORD MOTOR COMPANY
                       TABLE 247 FORD MOTOR COMPANY: COMPANY OVERVIEW
             17.2.6 BAIC MOTORS
                       TABLE 248 BAIC MOTORS: COMPANY OVERVIEW
             17.2.7 MITSUBISHI MOTORS
                       TABLE 249 MITSUBISHI MOTORS: COMPANY OVERVIEW
             17.2.8 CHERY
                       TABLE 250 CHERY: COMPANY OVERVIEW
             17.2.9 JAC
                       TABLE 251 JAC: COMPANY OVERVIEW
             17.2.10 ZOYTE
                       TABLE 252 ZOYTE: COMPANY OVERVIEW
             17.2.11 DAIMLER AG
                       TABLE 253 DAIMLER AG: COMPANY OVERVIEW
     17.3 KEY STARTUPS 
             17.3.1 XPENG
                       TABLE 254 XPENG: COMPANY OVERVIEW
             17.3.2 BYTON
                       TABLE 255 BYTON: COMPANY OVERVIEW
             17.3.3 NIKOLA CORPORATION
                       TABLE 256 NIKOLA CORPORATION: COMPANY OVERVIEW
             17.3.4 ALTCRAFT MOTOR COMPANY
                       TABLE 257 ALTCRAFT MOTOR COMPANY: COMPANY OVERVIEW
             17.3.5 NIO
                       TABLE 258 NIO: COMPANY OVERVIEW
             17.3.6 FARADAY FUTURE
                       TABLE 259 FARADAY FUTURE: COMPANY OVERVIEW
             17.3.7 LEAP MOTORS
                       TABLE 260 LEAP MOTORS: COMPANY OVERVIEW
             17.3.8 WM MOTORS
                       TABLE 261 WM MOTORS: COMPANY OVERVIEW
             17.3.9 FRESCO MOTORS
                       TABLE 262 FRESCO MOTORS: COMPANY OVERVIEW
             17.3.10 LORDSTOWN MOTORS
                       TABLE 263 LORDSTOWN MOTORS: COMPANY OVERVIEW
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
 
18 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 349)
     18.1 ASIA PACIFIC TO BE MOST LUCRATIVE MARKET FOR EVS 
     18.2 TECHNOLOGICAL ADVANCEMENTS TO HELP IN GROWTH OF BEV MARKET 
     18.3 COMMERCIAL EV SEGMENT TO GROW AT FAST RATE 
     18.4 CONCLUSION 
 
19 APPENDIX (Page No. - 351)
     19.1 KEY INSIGHTS OF INDUSTRY EXPERTS 
     19.2 DISCUSSION GUIDE 
     19.3 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     19.4 CUSTOMIZATION OPTIONS 
     19.5 RELATED REPORTS 
     19.6 AUTHOR DETAILS 

The study involved four major activities in estimating the current size of the electric vehicle market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, publications of electric vehicle manufacturers, International Energy Agency (IEA), Alternative Fuel Data Center (AFDC), European Alternate Fuels Observatory (EAFO), Federal Transit Administration (FTA), Regional Transportation Authority (RTA), country-level vehicle associations and trade organizations, and the US Department of Transportation (DOT)], EV related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, government organizations websites, and technical articles have been used to identify and collect information useful for an extensive commercial study of the global EV Market.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of this market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand- and supply-side OEMs (in terms of component supply, country-level government associations, and trade associations) and component manufacturers across four major regions, namely, Asia Pacific, Europe, North America, Middle East & Africa. Approximately 23% and 77% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, LinkedIn, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our electric vehicle market report.

After interacting with industry experts, we conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. Following is the breakdown of primary respondents.

Electric Vehicle Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up approach was used to estimate and validate the total market size. This method was also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and markets have been identified through extensive secondary research
  • The industry’s supply chain and market size, in terms of volume, have been determined through primary and secondary research processes
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

Electric Vehicle Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Market Size Validation

The top-down approach has been used to estimate and validate the size of the electric vehicle market by drive type and top speed in terms of volume.

The top-down approach has been used to estimate and validate the size of the EV Market. In this approach, key drive and top speeds of electric vehicles are identified for each propulsion type (BEV, PHEV, and FCEV) at the country-level. The penetration of each identified drive type and top speed type for each propulsion type is multiplied with the volume of each vehicle at the country-level to derive the total volume. All country-level data is summed up to derive the global market by drive and top speed type.

Electric Vehicle Market Size, and Share

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

An electric vehicle is an automobile propelled by one or more electric motors. An electric vehicle uses energy stored in rechargeable batteries, which can be charged using private or public charging infrastructure. There are four major types of electric vehicles, namely, battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCEV).

List of Key Stakeholders

  • Associations, Forums, and Alliances Related to Electric Vehicles
  • Automobile Manufacturers
  • Battery Distributors
  • Battery Manufacturers
  • Charging Infrastructure Providers
  • Charging Services Providers
  • EV Charging Station Service Providers
  • EV Component Manufacturers
  • EV Distributors and Retailers
  • EV Manufacturers
  • Government Agencies and Policymakers

Report Objectives

  • To segment and forecast the electric vehicle market size in terms of volume (thousand units)
  • To define, describe, and forecast the market based on charging point type, propulsion type, vehicle type, vehicle class, vehicle top speed, vehicle drive type, component, vehicle connectivity, end use, and region
  • To segment the market and forecast its size, by volume, based on region (Asia Pacific, Europe, North America, Middle East & Africa)
  • To segment and forecast the market based on charging point type [AC (normal charging) and DC (super charging)]
  • To segment and forecast the market based on propulsion type [(Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), and Battery Electric Vehicle (BEV)]
  • To segment and forecast the market based on vehicle type (passenger cars and commercial vehicles)
  • To segment and forecast the market based on vehicle class (low-priced, mid-priced, and luxury)
  • To segment and forecast the market based on vehicle top speed (<125 mph and >125 mph)
  • To segment and forecast the market based on vehicle drive type (front wheel drive, rear wheel drive, and all wheel drive)
  • To segment and provide qualitative insights into the market based on vehicle connectivity (V2B or V2I, V2G, V2V, V2X)
  • To segment and forecast the market based on end use (private, commercial fleets)
  • To analyze the technological developments impacting the EV Market
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
  • To strategically analyze markets with respect to individual growth trends, future prospects, and contribution to the total market
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To track and analyze competitive developments such as deals, new product developments, and other activities carried out by key industry participants

Available Customizations

With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.

  • Further breakdown of the electric vehicle market, by vehicle drive type at country-level (For countries present in the report)
  • Additional countries (apart from those already considered in report) with significant EV Market 

Company Information

  • Profiles of additional market players (up to five)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

Request Customization

Instant Answers with GPT - Ask Now!

Ask real questions. Get complete answers !
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status Website Feedback