Electric Vehicle Market Size to Surpass USD 2492.5 Billion by 2031, Experiences Growth Due to Low Ownership Cost Compared to ICE Vehicles | The Insight Partners

NEW YORK, July 9, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Electric Vehicle Market is observing significant growth owing to sustainability trends across the globe.

The Electric Vehicle Market was valued at US$909.0 billion in 2024 and is projected to reach US$2492.5 billion by 2031; it is expected to register a CAGR of 15.5% during 2025–2031. The global electric vehicle (EV) market includes the manufacturing, sale, and adoption of vehicles powered primarily by electricity. These vehicles run using rechargeable batteries or other forms of energy storage, delivering electric power to propel the vehicle. The market features several categories of EVs, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).

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Recently, the Global EV market has been undergoing a notable transformation. Sales of plug-in hybrid vehicles—once dominant in certain parts of the region—are experiencing a decline. In contrast, fully electric vehicles are witnessing a sharp increase in demand, signaling a shift in consumer preference. This trend reflects a broader move away from diesel-powered vehicles, which were previously favored in almost all countries across the globe. In response to evolving emissions standards enforced by global regulators, the auto industry initially invested heavily in plug-in hybrids.

These vehicles, which combine a conventional engine with an electric motor, offer limited emissions-free driving over short distances. However, as market dynamics shifted, battery electric vehicles gained popularity due to their cleaner performance and alignment with sustainability goals. Currently, fully electric cars are becoming the preferred choice among European consumers, driven by stricter environmental policies and growing awareness of sustainability. This change is compelling automakers to rethink their strategies and focus more on producing fully electric models to meet the growing demand.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The Electric Vehicle Market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.

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Overview of Report Findings

Increasing New Registrations of Electric Vehicles:

In 2024, the new registrations of the electric vehicles incrased by 25% compared to 2023 by adding almost 4 million vehicles compared to 2023. In 2022, the global sales of electric vehicle was 10 million, however, in 2024 the sales reached to 17 million. This shows increasing adoption of the electric vehicles across the globe. This increased adoption is mainly driven by government initiatives, and technological advancements among others. For instance, in September 2024, the India government announced incentive scheme for adoption of electric vehicle. The government of India approved US$ 1.3 billion funds to provide incentives for increased adoption of electric vehicles. Further, among 25 EU countries 19 of them offers tax benefits and incentives for new electric vehicles.

Expansion in Charging Infrastructure:

Significant investments in developing charging infrastructure is another factor that has supported the market growth in the past and is expected to drive the adoption of electric vehicles during the forecast period. As per the data published by International Energy Agency in 2024, United Kingdom is projected to install approximately 300 000 public chargers by 2030. Further, in January 2024, the US government announced US$ 46 millions for development of electric charging infrastructure in 16 US States. This investment was a part of achieving the goal of 500,000 public EV ports by 2030. Thus, as the charging infrastructure is developing across the globe, the adoption of electric vehicle is projected to increase during the forecast period.

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Geographical Insights:

In 2024, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.

Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV)); Vehicle Category (Passenger Cars, Commercial Vehicles), Vehicle Class (A/B,C, D, E, F, SUV A/B, SUV C, SUV D, SUV F)

Market Segmentation

• Based on type, the market is categorized into battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV). The battery electric vehicles (BEV) segment dominated the market in 2024.
• Based on vehicle category, the market is categorized into passenger cars, commercial vehicles. The passenger cars segment dominated the market in 2024.
• Based on vehicle class, the market is categorized into A/B,C, D, E, F, SUV A/B, SUV C, SUV D, SUV F. The SUV C  segment dominated the market in 2024.
• The Electric Vehicle market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

• Key Players: A few major companies operating in the Electric Vehicle Market are AB Volvo, BYD Company Ltd., Ford Motor Company, General Motors, Tesla Inc., Mercedes-Benz Group AG, Volkswagen Group, Toyota Motor Corporation, SAIC Motors, Hyundai Group, Stellantis.
• Trending Topics: Electric Vehicle Charging Infrastructure market, Steer-by-wire market.

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Global Headlines on Electric Vehicle 

• Toyota announced launch of Toyota C-HR+. It maintains the coupe-SUV profile of the Toyota C-HR in an eye-catching, stylish design that expresses strong driving dynamics. The "+" element in the name signifies the model's added versatility and practicality and the unique credentials of the BEV powertrain
• BYD announced launch of its Dolphin Surf in he European region. The car will sell at three different price points from 22,990 Euros to 24,990 euros.

Conclusion

The market is expected to witness tremendous growth in the coming years owing to the development of charging infrastructure, government incentives, development of advanced EV platforms and the growing consumer awareness related to the benefits of using Electric Vehicle across different regions. The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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