This Electric Cars market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.
The electric cars market size has grown exponentially in recent years. It will grow from $474.31 billion in 2024 to $619.37 billion in 2025 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to environmental concerns, government incentives, consumer demand for efficiency, increasing demand for hybrid powertrains, rising demand for automated transmission.
The electric cars market size is expected to see exponential growth in the next few years. It will grow to $1.67 trillion in 2029 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to battery technology advancements, stricter emissions regulations, infrastructure expansion, autonomous electric vehicles, rising demand for connected cars. Major trends in the forecast period include range improvement, electrification in various segments, charging convenience, integration of smart technology, sustainable materials.
The electric car market is experiencing substantial growth due to the increasing demand for electric vehicles. Electric cars are a rapidly expanding segment of the electric vehicle market. According to the International Energy Agency (IEA), electric car sales, including fully electric and plug-in hybrids, doubled in 2021, reaching nearly 6.6 million units. Forbes predicts that electric vehicles (EVs) will constitute more than 50% of global passenger car sales by 2040. Major automobile industry players such as Tesla, BMW, Volkswagen, and others are planning to introduce approximately 200 models of electric vehicles. Electric vehicles offer several advantages, including reduced fuel and maintenance costs, lower carbon emissions, convenient charging, reduced engine noise, and increased fuel efficiency, which is driving the growing demand for electric vehicles. For instance, in August 2024, according to a report published by the International Trade Administration, a US-based agency, e-commerce for consumer goods was projected to account for a 30.7% year-over-year increase in hybrid electric vehicle sales, raising their market share from 8.6% in 1Q24 to 9.6% in 2Q24. The share of electric vehicles also grew slightly from 1.7% to 2% year-over-year. Electric vehicles, which do not require fuel or gas, are increasingly in demand due to their low maintenance, reduced carbon emissions, convenient charging, quieter engines, and the rising costs of traditional fuels.
The increasing sales of electric vehicles are expected to be a driving force behind the growth of the electric car market. Electric vehicles (EVs) rely on stored electricity from batteries or similar energy storage systems, eliminating the need for internal combustion engines. Driveline systems in electric vehicles transmit power from the electric motor to the wheels, determining the vehicle's performance and efficiency. For instance, in January 2024, according to a report published by the International Council on Clean Transportation, a US-based professional non-profit organization, the proportion of new vehicle sales that were plug-in electric increased from approximately 3% in Q1 2021 to around 7% in 2022, and surpassed 10% by Q3 2023. Therefore, the growing sales of electric vehicles are driving the growth of the driveline electric cars market.
Major players in the electric car market are focusing on new electric vehicles, such as electric SUVs, to meet the growing consumer demand for sustainable and high-performance mobility solutions. Electric SUVs are sport utility vehicles powered entirely by electric motors, utilizing energy stored in rechargeable battery packs, offering a sustainable alternative to traditional fuel-powered SUVs. For instance, in November 2024, Mahindra & Mahindra, an India-based automobile manufacturing company, unveiled its flagship electric SUVs, the BE 6e and XEV 9e, priced at Rs 18.9 lakh and Rs 21.9 lakh, respectively, with deliveries expected by early March 2025. Featuring advanced LFP battery technology and certified ranges exceeding 650 km, these launches are designed to strengthen Mahindra's position in the competitive EV market.
Major companies operating in the electric car market are introducing innovative products to enhance their market position. For example, Volkswagen, a Germany-based car manufacturer, launched the ID.4 GTX fully electric vehicle in January 2022. The ID.4 GTX is part of the ID.4 model series and features dual-motor-based all-wheel drive.
In June 2022, Club Car, an American manufacturer of golf, consumer, and utility vehicles, acquired Garia A/S, a manufacturer of electric street low-speed vehicles, for an undisclosed amount. This acquisition expanded Club Car's portfolio with Garia A/S's street-legal utility and last-mile delivery vehicles, supporting the company's global expansion efforts. Garia A/S also designs and manufactures 100% electric fit-to-task vans and trucks.
An electric car is a type of electric vehicle powered by rechargeable batteries such as nickel-metal hydride (Ni-MH), lithium-ion, or fuel cell batteries.
The primary types in the electric cars market include Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV). Battery Electric Vehicles exclusively rely on stored electricity as their power source, and their primary components typically include a high-voltage battery, one or more electric motors (which can be either alternating current [AC] or direct current [DC]), and a controller to manage power electronics. Various battery types are used, including lithium-iron-phosphate (LiFePO4), lithium-nickel-manganese cobalt oxide (Li-NMC), lithium-titanate oxide (Li-Titanate), lithium-nickel-cobalt-aluminum oxide (NCA), nickel-metal hydride (NiMH), and lead-acid batteries. These electric cars have applications in both home use and commercial use.
The electric cars market research report is one of a series of new reports that provides electric cars market statistics, including electric cars industry global market size, regional shares, competitors with an electric cars market share, detailed electric cars market segments, market trends and opportunities, and any further data you may need to thrive in the electric cars industry. This electric cars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Major companies operating in the electric cars market include Toyota Motor Corporation, Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Tesla Inc., Renault Group, Volkswagen AG, General Motors Company, Beijing Automotive Industry Holding Co. Ltd., SAIC Motor Corporation Limited, Daimler AG, Chery Automobile Co. Ltd., Hyundai Motor Company, Ford Motor Company, Changan Automobile Co. Ltd., Volvo Car Corporation, Anhui Jianghuai Automobile Co. Ltd., Renault-Nissan-Mitsubishi Alliance (Renault-Nissan SAS and Mitsubishi Motors Corporation), Jiangling Motors Corporation Group (JMCG), Zotye Automobile Co. Ltd., Mitsubishi Motors Corporation, Zhengzhou Yutong Bus Co. Ltd., Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Audi AG, Jaguar Land Rover Automotive PLC, Mahindra Electric Mobility Limited, Honda Motor Co. Ltd., Energica Motor Company S.p.A., Nissan Motor Co. Ltd., Lightyear BV.
Asia-Pacific was the largest region in the electric cars market in 2024. Western Europe was the second largest region in the electric cars market. The regions covered in the electric cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The electric cars market consists of sales of fuel cell electric vehicle (FCEV) and all-electric vehicle (AEV). Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The electric cars market size has grown exponentially in recent years. It will grow from $474.31 billion in 2024 to $619.37 billion in 2025 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to environmental concerns, government incentives, consumer demand for efficiency, increasing demand for hybrid powertrains, rising demand for automated transmission.
The electric cars market size is expected to see exponential growth in the next few years. It will grow to $1.67 trillion in 2029 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to battery technology advancements, stricter emissions regulations, infrastructure expansion, autonomous electric vehicles, rising demand for connected cars. Major trends in the forecast period include range improvement, electrification in various segments, charging convenience, integration of smart technology, sustainable materials.
The electric car market is experiencing substantial growth due to the increasing demand for electric vehicles. Electric cars are a rapidly expanding segment of the electric vehicle market. According to the International Energy Agency (IEA), electric car sales, including fully electric and plug-in hybrids, doubled in 2021, reaching nearly 6.6 million units. Forbes predicts that electric vehicles (EVs) will constitute more than 50% of global passenger car sales by 2040. Major automobile industry players such as Tesla, BMW, Volkswagen, and others are planning to introduce approximately 200 models of electric vehicles. Electric vehicles offer several advantages, including reduced fuel and maintenance costs, lower carbon emissions, convenient charging, reduced engine noise, and increased fuel efficiency, which is driving the growing demand for electric vehicles. For instance, in August 2024, according to a report published by the International Trade Administration, a US-based agency, e-commerce for consumer goods was projected to account for a 30.7% year-over-year increase in hybrid electric vehicle sales, raising their market share from 8.6% in 1Q24 to 9.6% in 2Q24. The share of electric vehicles also grew slightly from 1.7% to 2% year-over-year. Electric vehicles, which do not require fuel or gas, are increasingly in demand due to their low maintenance, reduced carbon emissions, convenient charging, quieter engines, and the rising costs of traditional fuels.
The increasing sales of electric vehicles are expected to be a driving force behind the growth of the electric car market. Electric vehicles (EVs) rely on stored electricity from batteries or similar energy storage systems, eliminating the need for internal combustion engines. Driveline systems in electric vehicles transmit power from the electric motor to the wheels, determining the vehicle's performance and efficiency. For instance, in January 2024, according to a report published by the International Council on Clean Transportation, a US-based professional non-profit organization, the proportion of new vehicle sales that were plug-in electric increased from approximately 3% in Q1 2021 to around 7% in 2022, and surpassed 10% by Q3 2023. Therefore, the growing sales of electric vehicles are driving the growth of the driveline electric cars market.
Major players in the electric car market are focusing on new electric vehicles, such as electric SUVs, to meet the growing consumer demand for sustainable and high-performance mobility solutions. Electric SUVs are sport utility vehicles powered entirely by electric motors, utilizing energy stored in rechargeable battery packs, offering a sustainable alternative to traditional fuel-powered SUVs. For instance, in November 2024, Mahindra & Mahindra, an India-based automobile manufacturing company, unveiled its flagship electric SUVs, the BE 6e and XEV 9e, priced at Rs 18.9 lakh and Rs 21.9 lakh, respectively, with deliveries expected by early March 2025. Featuring advanced LFP battery technology and certified ranges exceeding 650 km, these launches are designed to strengthen Mahindra's position in the competitive EV market.
Major companies operating in the electric car market are introducing innovative products to enhance their market position. For example, Volkswagen, a Germany-based car manufacturer, launched the ID.4 GTX fully electric vehicle in January 2022. The ID.4 GTX is part of the ID.4 model series and features dual-motor-based all-wheel drive.
In June 2022, Club Car, an American manufacturer of golf, consumer, and utility vehicles, acquired Garia A/S, a manufacturer of electric street low-speed vehicles, for an undisclosed amount. This acquisition expanded Club Car's portfolio with Garia A/S's street-legal utility and last-mile delivery vehicles, supporting the company's global expansion efforts. Garia A/S also designs and manufactures 100% electric fit-to-task vans and trucks.
An electric car is a type of electric vehicle powered by rechargeable batteries such as nickel-metal hydride (Ni-MH), lithium-ion, or fuel cell batteries.
The primary types in the electric cars market include Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV). Battery Electric Vehicles exclusively rely on stored electricity as their power source, and their primary components typically include a high-voltage battery, one or more electric motors (which can be either alternating current [AC] or direct current [DC]), and a controller to manage power electronics. Various battery types are used, including lithium-iron-phosphate (LiFePO4), lithium-nickel-manganese cobalt oxide (Li-NMC), lithium-titanate oxide (Li-Titanate), lithium-nickel-cobalt-aluminum oxide (NCA), nickel-metal hydride (NiMH), and lead-acid batteries. These electric cars have applications in both home use and commercial use.
The electric cars market research report is one of a series of new reports that provides electric cars market statistics, including electric cars industry global market size, regional shares, competitors with an electric cars market share, detailed electric cars market segments, market trends and opportunities, and any further data you may need to thrive in the electric cars industry. This electric cars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Major companies operating in the electric cars market include Toyota Motor Corporation, Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Tesla Inc., Renault Group, Volkswagen AG, General Motors Company, Beijing Automotive Industry Holding Co. Ltd., SAIC Motor Corporation Limited, Daimler AG, Chery Automobile Co. Ltd., Hyundai Motor Company, Ford Motor Company, Changan Automobile Co. Ltd., Volvo Car Corporation, Anhui Jianghuai Automobile Co. Ltd., Renault-Nissan-Mitsubishi Alliance (Renault-Nissan SAS and Mitsubishi Motors Corporation), Jiangling Motors Corporation Group (JMCG), Zotye Automobile Co. Ltd., Mitsubishi Motors Corporation, Zhengzhou Yutong Bus Co. Ltd., Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Audi AG, Jaguar Land Rover Automotive PLC, Mahindra Electric Mobility Limited, Honda Motor Co. Ltd., Energica Motor Company S.p.A., Nissan Motor Co. Ltd., Lightyear BV.
Asia-Pacific was the largest region in the electric cars market in 2024. Western Europe was the second largest region in the electric cars market. The regions covered in the electric cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The electric cars market consists of sales of fuel cell electric vehicle (FCEV) and all-electric vehicle (AEV). Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Electric Cars Market Characteristics3. Electric Cars Market Trends and Strategies4. Electric Cars Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Electric Cars Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Electric Cars Market34. Recent Developments in the Electric Cars Market
5. Global Electric Cars Growth Analysis and Strategic Analysis Framework
6. Electric Cars Market Segmentation
7. Electric Cars Market Regional and Country Analysis
8. Asia-Pacific Electric Cars Market
9. China Electric Cars Market
10. India Electric Cars Market
11. Japan Electric Cars Market
12. Australia Electric Cars Market
13. Indonesia Electric Cars Market
14. South Korea Electric Cars Market
15. Western Europe Electric Cars Market
16. UK Electric Cars Market
17. Germany Electric Cars Market
18. France Electric Cars Market
19. Italy Electric Cars Market
20. Spain Electric Cars Market
21. Eastern Europe Electric Cars Market
22. Russia Electric Cars Market
23. North America Electric Cars Market
24. USA Electric Cars Market
25. Canada Electric Cars Market
26. South America Electric Cars Market
27. Brazil Electric Cars Market
28. Middle East Electric Cars Market
29. Africa Electric Cars Market
30. Electric Cars Market Competitive Landscape and Company Profiles
31. Electric Cars Market Other Major and Innovative Companies
35. Electric Cars Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Electric Cars Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electric cars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for electric cars ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric cars market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Battery Electric Vehicle (BEV); Plug-in Hybrid Electric Vehicle (PHEV); Hybrid Electric Vehicle (HEV)2) By Battery Type: Lithium-Iron-Phosphate (LFP); Lithium-Nickel-Manganese Cobalt Oxide (Li-NMC); Lithium-Titanate Oxide (LTO) Battery; Lithium-Nickel-Cobalt-Aluminum Oxide (NCA) Battery; Nickel-Metal Hydride (NiMH) Battery; Lead Scid Battery
3) By Application: Home Use; Commercial Use
Subsegments:
1) By Battery Electric Vehicle (BEV): Compact BEVs; Mid-Size BEVs; Full-Size BEVs; Luxury BEVs2) By Plug-in Hybrid Electric Vehicle (PHEV): Compact PHEVs; Mid-Size PHEVs; Full-Size PHEVs; Luxury PHEVs
3) By Hybrid Electric Vehicle (HEV): Full Hybrid Electric Vehicles (FHEV); Mild Hybrid Electric Vehicles (MHEV)
Key Companies Mentioned: Toyota Motor Corporation; Bayerische Motoren Werke Aktiengesellschaft; BYD Company Limited; Tesla Inc.; Renault Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this Electric Cars market report include:- Toyota Motor Corporation
- Bayerische Motoren Werke Aktiengesellschaft
- BYD Company Limited
- Tesla Inc.
- Renault Group
- Volkswagen AG
- General Motors Company
- Beijing Automotive Industry Holding Co. Ltd.
- SAIC Motor Corporation Limited
- Daimler AG
- Chery Automobile Co. Ltd.
- Hyundai Motor Company
- Ford Motor Company
- Changan Automobile Co. Ltd.
- Volvo Car Corporation
- Anhui Jianghuai Automobile Co. Ltd.
- Renault-Nissan-Mitsubishi Alliance (Renault-Nissan SAS and Mitsubishi Motors Corporation)
- Jiangling Motors Corporation Group (JMCG)
- Zotye Automobile Co. Ltd.
- Mitsubishi Motors Corporation
- Zhengzhou Yutong Bus Co. Ltd.
- Geely Automobile Holdings Limited
- Great Wall Motor Company Limited
- Audi AG
- Jaguar Land Rover Automotive PLC
- Mahindra Electric Mobility Limited
- Honda Motor Co. Ltd.
- Energica Motor Company S.p.A.
- Nissan Motor Co. Ltd.
- Lightyear BV
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | April 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 619.37 Billion |
| Forecasted Market Value ( USD | $ 1670 Billion |
| Compound Annual Growth Rate | 28.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 31 |
