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Electric Vehicle Market Size, Share & Trends Analysis Report by Product (BEV, PHEV, FCEV), Application (Passenger Cars, Commercial Vehicles), Region, and Segment Forecasts, 2023-2030

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    Report

  • 200 Pages
  • November 2023
  • Region: Global
  • Grand View Research
  • ID: 5023846
Description Jump to:
The global electric vehicle market demand is expected to reach $1,668.97 billion by 2030, expanding at a CAGR of 14.5% over the forecast period, according to the report. The market is driven by initiatives taken by governments of various countries to promote manufacturing of Electric Vehicles (EVs). For instance, the Electric Vehicles Initiative (EVI), a multi-government forum, aims at increasing the adoption of EVs globally. As of now, there are thirteen countries participating in this forum, namely Canada, Chile, U.K., Germany, Sweden, Netherlands, Norway, Finland, France, China, Japan, India, and New Zealand. Several campaigns and programs have been launched under this forum such as the EV30@30 in 2017, which sets a target for 11 countries to have at least 30.0% sales of new EVs by 2030.

Rising investments in the EVs by numerous manufacturers is one of the key market drivers over the forecast period. For instance, in January 2020, General Motors announced its plan to invest USD 2.2 Billion in its Detroit plant to manufacture electric trucks and SUVs. The company plans to introduce over 20 EVs by 2023. Furthermore, in 2018, the demand for global electric cars surpassed 5 million units, more than 2 million units from 2017. China is considered as one of the major markets of electric cars along with Europe and U.S. However, lack of infrastructure is anticipated to hinder electric vehicle market growth over the forecast period.

Growing awareness regarding reduction of air pollution is propelling the demand for EVs during the forecast timeframe. EVs produce less carbon emissions as compared to conventional gasoline cars. It is estimated that EVs emit an average of 4,450 pounds of CO2 equivalents every year, which is almost half of the carbon emissions generated by conventional gasoline cars annually. Thus, EVs help in reducing air pollution and improve the air quality, thereby improving public health. This has led various government agencies promote the usage of electric vehicles. For instance, the U.S. Department of Transportation, Great Plains Institute, and Pollution Control Agency are working in tandem to accelerate the adoption of EVs in Minnesota, U.S.

Electric Vehicle Market Report Highlights

  • The Plug-in Hybrid Electric Vehicles (PHEV) segment is projected to witness the fastest CAGR of over 45.0% in terms of revenue during the forecast period owing to the advantages of two power sources, electricity and fuel
  • The BEV segment accounted for the largest revenue share of 71.7% in 2022 and is further expected to advance at a steady CAGR during the projection period. This share is attributed to the initiatives taken by government of countries such as Germany, Sweden, China, and India to promote the usage of EVs
  • Europe dominated the market with the largest revenue share of 48.7% in 2022, owing to factors such as increasing environmental concerns in the region, regulatory incentives, rapid infrastructure development, technological advancements, and changing consumer preferences.
  • The electric vehicle market is consolidated and characterized by high competition with the presence of major global players such as BYD Company Ltd.; Daimler AG; Ford Motor Company; General Motors Company; Groupe Renault; Mitsubishi Motors Corporation; Nissan Motor Company; Tesla, Inc.; Toyota Motor Corporation; and Volkswagen Group. These companies are engaged in collaborations, mergers, and acquisitions to enhance their market presence and to expand their product portfolio

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Product
1.1.2. Application
1.1.3. Regional scope
1.1.4. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. Internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. Model Details
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Product outlook
2.2.2. Application outlook
2.2.3. Regional outlook
2.3. Competitive Insights
Chapter 3. Electric Vehicle Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Electric Vehicle Market Analysis Tools
3.4.1. Industry analysis - Porter’s Five Forces
3.4.1.1. Supplier power
3.4.1.2. Buyer power
3.4.1.3. Substitution threat
3.4.1.4. Threat of new entrant
3.4.1.5. Competitive rivalry
3.4.2. PESTEL analysis
3.4.2.1. Political landscape
3.4.2.2. Technological landscape
3.4.2.3. Economic landscape
Chapter 4. Electric Vehicle Market: Product Estimates & Trend Analysis
4.1. Electric Vehicle Market: Key Takeaways
4.2. Electric Vehicle Market: Product Movement & Market Share Analysis, 2022 & 2030
4.3. BEV
4.3.1. BEV market estimates and forecasts, 2018 to 2030 (USD Million)
4.4. PHEV
4.4.1. PHEV market estimates and forecasts, 2018 to 2030 (USD Million)
4.5. FCEV
4.5.1. FCEV market estimates and forecasts, 2018 to 2030 (USD Million)
Chapter 5. Electric Vehicle Market: Application Estimates & Trend Analysis
5.1. Electric Vehicle Market: Key Takeaways
5.2. Electric Vehicle Market: Application Movement & Market Share Analysis, 2022 & 2030
5.3. Passenger Cars
5.3.1. Passenger cars market estimates and forecasts, 2018 to 2030 (USD Million)
5.4. Commercial Vehicles
5.4.1. Commercial vehicles market estimates and forecasts, 2018 to 2030 (USD Million)
Chapter 6. Electric Vehicle Market: Regional Estimates & Trend Analysis
6.1. Regional Outlook
6.2. Electric Vehicle Market by Region: Key Takeaways
6.3. North America
6.3.1. North America market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.3.2. U.S.
6.3.2.1. U.S. market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.3.3. Canada
6.3.3.1. Canada market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.4. Europe
6.4.1. Europe market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.4.2. UK
6.4.2.1. UK market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.4.3. Germany
6.4.3.1. Germany market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.4.4. France
6.4.4.1. France market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.4.5. Spain
6.4.5.1. Spain market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.4.6. Italy
6.4.6.1. Italy market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.5. Asia Pacific
6.5.1. Asia Pacific market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.5.2. China
6.5.2.1. China market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.5.3. India
6.5.3.1. India market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.5.4. Japan
6.5.4.1. Japan market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.5.5. Australia
6.5.5.1. Australia market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.5.6. South Korea
6.5.6.1. South Korea market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.6. Latin America
6.6.1. Latin America market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.6.2. Brazil
6.6.2.1. Brazil market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.6.3. Mexico
6.6.3.1. Mexico market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.7. MEA
6.7.1. MEA market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.7.2. United Arab Emirates (UAE)
6.7.2.1. United Arab Emirates (UAE) market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.7.3. Saudi Arabia
6.7.3.1. Saudi Arabia market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
6.7.4. South Africa
6.7.4.1. South Africa market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Market Participant Categorization
7.2.1. BYD Company Ltd.
7.2.1.1. Company overview
7.2.1.2. Financial performance
7.2.1.3. Product benchmarking
7.2.1.4. Strategic initiatives
7.2.2. Mercedes-Benz Group AG
7.2.2.1. Company overview
7.2.2.2. Financial performance
7.2.2.3. Product benchmarking
7.2.2.4. Strategic initiatives
7.2.3. Ford Motor Company
7.2.3.1. Company overview
7.2.3.2. Financial performance
7.2.3.3. Product benchmarking
7.2.3.4. Strategic initiatives
7.2.4. General Motors
7.2.4.1. Company overview
7.2.4.2. Financial performance
7.2.4.3. Product benchmarking
7.2.4.4. Strategic initiatives
7.2.5. Renault Group
7.2.5.1. Company overview
7.2.5.2. Financial performance
7.2.5.3. Product benchmarking
7.2.5.4. Strategic initiatives
7.2.6. MITSUBISHI MOTORS CORPORATION
7.2.6.1. Company overview
7.2.6.2. Financial performance
7.2.6.3. Product benchmarking
7.2.6.4. Strategic initiatives
7.2.7. Nissan Motor Co., Ltd.
7.2.7.1. Company overview
7.2.7.2. Financial performance
7.2.7.3. Product benchmarking
7.2.7.4. Strategic initiatives
7.2.8. Tesla
7.2.8.1. Company overview
7.2.8.2. Financial performance
7.2.8.3. Product benchmarking
7.2.8.4. Strategic initiatives
7.2.9. TOYOTA MOTOR CORPORATION
7.2.9.1. Company overview
7.2.9.2. Financial performance
7.2.9.3. Product benchmarking
7.2.9.4. Strategic initiatives
7.2.10. Volkswagen Group
7.2.10.1. Company overview
7.2.10.2. Financial performance
7.2.10.3. Product benchmarking
7.2.10.4. Strategic initiatives
List of Tables
Table 1 List of abbreviations
Table 2 North America electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 3 North America electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 4 North America electric vehicle market, by region, 2018 to 2030 (USD Million)
Table 5 U.S. electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 6 U.S. electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 7 Canada electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 8 Canada electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 9 Europe electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 10 Europe electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 11 Europe electric vehicle market, by region, 2018 to 2030 (USD Million)
Table 12 Germany electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 13 Germany electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 14 UK electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 15 UK electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 16 France electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 17 France electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 18 Spain electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 19 Spain electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 20 Italy electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 21 Italy electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 22 Asia Pacific electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 23 Asia Pacific electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 24 Asia Pacific electric vehicle market, by region, 2018 to 2030 (USD Million)
Table 25 China electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 26 China electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 27 Japan electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 28 Japan electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 29 India electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 30 India electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 31 Australia electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 32 Australia electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 33 South Korea electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 34 South Korea electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 35 Latin America electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 36 Latin America electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 37 Latin America electric vehicle market, by region, 2018 to 2030 (USD Million)
Table 38 Brazil electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 39 Brazil electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 40 Mexico electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 41 Mexico electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 42 Middle East and Africa electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 43 Middle East and Africa electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 44 Middle East and Africa electric vehicle market, by region, 2018 to 2030 (USD Million)
Table 45 United Arab Emirates (UAE) electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 46 United Arab Emirates (UAE) electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 47 Saudi Arabia electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 48 Saudi Arabia electric vehicle market, by application, 2018 - 2030 (USD Million)
Table 49 South Africa electric vehicle market, by product, 2018 - 2030 (USD Million)
Table 50 South Africa electric vehicle market, by application, 2018 - 2030 (USD Million)
List of Figures
Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Value-chain-based sizing & forecasting
Fig. 6 QFD modeling for market share assessment
Fig. 7 Market formulation & validation
Fig. 8 Electric vehicle services: Market outlook
Fig. 9 Electric vehicle services: Competitive insights
Fig. 10 Parent market outlook
Fig. 11 Related/ancillary market outlook
Fig. 12 Penetration and growth prospect mapping
Fig. 13 Industry value chain analysis
Fig. 14 Electric vehicle market driver impact
Fig. 15 Electric vehicle market restraint impact
Fig. 16 Electric vehicle market strategic initiatives analysis
Fig. 17 Electric vehicle market: Product movement analysis
Fig. 18 Electric vehicle market: Product outlook and key takeaways
Fig. 19 BEV market estimates and forecasts, 2018 - 2030
Fig. 20 PHEV market estimates and forecasts, 2018 - 2030
Fig. 21 FCEV market estimates and forecasts, 2018 - 2030
Fig. 22 Electric vehicle market: Application movement analysis
Fig. 23 Electric vehicle market: Application outlook and key takeaways
Fig. 24 Passenger cars market estimates and forecasts, 2018 - 2030
Fig. 25 Commercial vehicles market estimates and forecasts, 2018 - 2030
Fig. 26 Global Electric vehicle market: Regional movement analysis
Fig. 27 Global Electric vehicle market: Regional outlook and key takeaways
Fig. 28 North America market estimates and forecasts, 2018 - 2030
Fig. 29 U.S. market estimates and forecasts, 2018 - 2030
Fig. 30 Canada market estimates and forecasts, 2018 - 2030
Fig. 31 Europe market estimates and forecasts, 2018 - 2030
Fig. 32 UK market estimates and forecasts, 2018 - 2030
Fig. 33 Germany market estimates and forecasts, 2018 - 2030
Fig. 34 France market estimates and forecasts, 2018 - 2030
Fig. 35 Spain market estimates and forecasts, 2018 - 2030
Fig. 36 Italy market estimates and forecasts, 2018 - 2030
Fig. 37 Asia Pacific market estimates and forecasts, 2018 - 2030
Fig. 38 China market estimates and forecasts, 2018 - 2030
Fig. 39 India market estimates and forecasts, 2018 - 2030
Fig. 40 Japan market estimates and forecasts, 2018 - 2030
Fig. 41 Australia market estimates and forecasts, 2018 - 2030
Fig. 42 South Korea market estimates and forecasts, 2018 - 2030
Fig. 43 Latin America market estimates and forecasts, 2018 - 2030
Fig. 44 Brazil market estimates and forecasts, 2018 - 2030
Fig. 45 Mexico market estimates and forecasts, 2018 - 2030
Fig. 46 Middle East and Africa market estimates and forecasts, 2018 - 2030
Fig. 47 United Arab Emirates (UAE) market estimates and forecasts, 2018 - 2030
Fig. 48 Saudi Arabia market estimates and forecasts, 2018 - 2030
Fig. 49 South Africa market estimates and forecasts, 2018 - 2030

Companies Profiled

  • BYD Company Ltd.
  • Mercedes-Benz Group AG
  • Ford Motor Company
  • General Motors
  • Renault Group
  • MITSUBISHI MOTORS CORPORATION
  • Nissan Motor Co., Ltd.
  • Tesla
  • TOYOTA MOTOR CORPORATION
  • Volkswagen Group

Methodology

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