Top Electric Vehicle Companies

The plug-in electric vehicle market is predicted to grow from USD 698.63 billion in 2025 to USD 1,189.59 billion in 2035, at a CAGR of 5.5%. The hybrid electric vehicle market (HEV+MHEV) is set to grow from USD 446.87 billion in 2025 to USD 667.75 billion in 2035, at a CAGR of 4.1%. The market is being driven by increasing vehicle production, stricter emission regulations, and growing consumer demand for sustainable mobility. Government mandates, such as the European Union’s target for all new cars to be zero-emission by 2035, are accelerating adoption. High-selling models like the Tesla Model Y, which crossed 1.1 million units in global sales in 2024, demonstrate strong market acceptance. Advancements in battery energy density, charging infrastructure, and thermal management enhance vehicle range and performance. Most current EVs, including the Tesla Model 3 and BMW i4, use 400V architecture, which balances cost, performance, and charging infrastructure compatibility. However, OEMs are increasingly exploring 800V architectures to enable faster charging, higher power output, reduced heat generation, and improved efficiency, particularly for high-performance and long-range models. OEM investments in next-generation platforms and partnerships, along with material innovations like lightweight composites, are helping reduce costs and improve efficiency.

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Key players dominating the electric vehicle market include BYD Company Ltd. (China), Tesla (US), Zhejiang Geely Holding Group (China), Volkswagen Group (Germany), and General Motors (US). These industry leaders develop innovative products, implement expansion strategies, and foster collaborations, partnerships, mergers, and acquisitions to establish a strong foothold in the dynamically growing electric vehicle market. Organic and inorganic strategies have helped the market players expand globally by providing various electric vehicles.

BYD Company Ltd. (China) is one of the leading players in the global electric vehicle market, supplying passenger cars, buses, and trucks with advanced EV platforms, battery solutions, and charging infrastructure. It operates through segments including automobiles & related products, mobile headsets & assembly services, and rechargeable batteries & photovoltaic solutions. In 2024, the company sold around 1.5 million battery electric vehicles, with the majority of its sales coming from China. Some of its best-selling EV models include Song, Han, and Tang, while it expanded its presence in Europe by launching the SEALION 7 SUV in November 2024. In March 2025, BYD introduced the SEALION 05 EV with 50.05 kWh and 60.93 kWh Blade LFP battery options to enhance energy efficiency and range. The company further strengthened its supply chain in June 2025 by signing an agreement with Voestalpine Steel & Service Center GmbH (Austria) to supply high-quality steel sheets for its passenger car factory in Hungary. BYD continues to focus on improving EV performance, battery safety, and cost competitiveness across global markets.

Tesla (US) is among the best-selling electric vehicle manufacturers globally, offering high-performance battery electric cars along with energy storage solutions. The company designs, develops, manufactures, and markets EVs, battery energy storage equipment, charging stations, and solar panels, operating primarily in the automotive and energy generation & storage sectors. In 2024, Tesla sold over 1.6 million EVs worldwide. In January 2025, Tesla launched the new Model Y in the US and Canada, with deliveries scheduled to start in March 2025. As of August 2025, Tesla operated over 7,500 supercharger stations and provided over 70,000 supercharger connectors. In July 2025, the company signed a USD 4.3 billion deal with LG Energy Solution (South Korea) to supply LFP batteries from August 2027 to July 2030 for its energy storage systems. The same month, Tesla expanded its footprint by opening its first showroom in India, initially offering imported Model Y units.

Zhejiang Geely Holding Group (China) is a major player in the electric vehicle market, offering a wide range of electrified models through its multiple brands, including Geely Auto, Volvo Cars, Geometry, and Zeekr. In 2024, the group sold over 1.3 million electric vehicles, with Volvo’s electrified models accounting for 46% of its global sales. The Volvo XC60 was its best-selling model, with 230,853 units sold. Geely continues to focus on safety, electrification, and sustainable mobility, with plans for Volvo to become a fully electric car manufacturer by 2030 and achieve climate neutrality by 2040. In January 2025, Geely re-entered the Indonesian market by launching the EX5 electric SUV. In July 2025, the company launched the Galaxy E5 EV and signed a merger agreement to acquire all outstanding shares of Zeekr (China), strengthening its EV lineup and expanding its technology base. Geely’s vehicle portfolio spans sedans, SUVs, and MPVs, leveraging diverse powertrains, including gasoline, hybrid, plug-in hybrid, and fully electric systems.

Volkswagen Group (Germany) is one of the world’s largest automakers, actively expanding its presence in the electric vehicle market through its brands Audi, Cupra Born, Skoda, and Volkswagen Cars. In 2024, the group sold over 960,000 electric vehicles globally, supported by new models like the VW ID.7 Tourer, Audi Q6 e-tron, and Porsche Macan Electric. With plans to phase out ICE car production by 2035, Volkswagen is positioning itself for long-term growth in electrification. In August 2025, the company launched a subscription-based power upgrade for UK customers of the ID.3, offering the option to unlock full vehicle power at approximately USD 22 per month, USD 220 per year, or USD 860 for lifetime access. Volkswagen’s rapid expansion of EV manufacturing facilities and its BEV order backlog of around 170,000 units in Western Europe highlight the growing demand for its electric offerings. The company’s integrated approach, spanning vehicle production, financing, and after-sales services, is accelerating its shift toward sustainable mobility solutions.

General Motors (US) is one of the largest global automakers, offering electric vehicles through its Chevrolet, GMC, Cadillac, and Buick brands. In 2024, GM sold around 940,000 EVs worldwide, supported by models like the Chevrolet Blazer EV, Cadillac Lyriq, and GMC Hummer EV. The company’s long-term electrification strategy is strengthened by its extended partnership with LG Energy Solution for prismatic cell development. In August 2025, GM announced it would temporarily import EV batteries from Chinese supplier CATL to support production of affordable models, including the upcoming Chevrolet Bolt with LFP chemistry, while planning to localize LFP battery production in 2027. In June 2025, GM committed USD 4 billion to expand its US manufacturing plants, increasing capacity for both ICE and electric vehicle production. GM’s global operations span North America, South America, Asia Pacific, the Middle East, and Africa, with an ongoing partnership with SAIC Motor in China to manufacture and sell GM-branded vehicles.

Market Ranking

The global electric vehicle market is moderately consolidated, with BYD Company Ltd., Tesla, Zhejiang Geely Holding Group, Volkswagen Group, and General Motors collectively accounting for ~60% of the total plug-in electric vehicle market share. BYD leads global BEV sales through strong vertical integration in battery manufacturing and rapid expansion across Latin America, the Middle East, Africa, and Southeast Asia. Tesla maintains a dominant global brand with advanced software and over-the-air update capabilities, supported by its proprietary Supercharger network and strong presence in the US market. Geely leverages its multi-brand structure, including Volvo, Polestar, and Zeekr, along with strong technology partnerships and a solid foothold in China and Europe. Volkswagen benefits from a broad brand portfolio and expanding EV platforms such as MEB and PPE across Europe. General Motors holds a strong position in North America with its Ultium battery platform, strong EV lineup, and partnerships in China through local collaborations.

Related Reports:

Electric Vehicle Market by Vehicle Type, Propulsion, Vehicle Connectivity, Component, End Use, P-EV market by EV Architecture, Top Speed, Drive Type, Body Type, H-EV market by Configuration, MHEV market by Topology, and Region - Global Forecast 2035

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