Electric Vehicle Market to Reach $6,916.43 Billion and 446.54 Million Units by 2031--Exclusive Report by Meticulous Research®

REDDING, Calif., May 14, 2024 /PRNewswire/ -- According to a new market research report titled, 'Electric Vehicles (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography- Forecast to 2031, the electric vehicle market is expected to reach $6,916.43 billion by 2031, at a CAGR of 28.0% from 2024–2031. By volume, this market is projected to reach 446.54 million units by 2031, at a CAGR of 20.5% from 2024–2031.

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The growth of the global electric vehicle market is driven by factors such as supportive government policies and regulations, increasing investments in EV development by leading automotive OEMs, rising environmental concerns, decreasing battery prices, and the increasing consumer demand for electric vehicles. The growing adoption of autonomous electric vehicles and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market.  

However, the high purchasing costs of electric vehicles and the lack of charging infrastructure in developing countries are expected to obstruct the growth of this market to some extent. The range anxiety among consumers and the low cold weather performance of electric vehicles are major challenges for market growth. Additionally, shared mobility, smart EV charging stations, wireless EV charging, and solar-powered EV charging stations are prominent trends in the global electric vehicles market.

The global electric vehicle market is segmented by type, power output, propulsion type, end use, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.

Based on vehicle type, in 2024, the passenger vehicles segment is expected to account for the largest share of 76.2% of the electric vehicle market. However, the light commercial segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the growing awareness regarding the role of electric vehicles in reducing emissions, the increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.

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Based on power output, in 2024, the less than 100 kW segment is expected to account for the largest share of 67% of the electric vehicle market. The large share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.

Based on propulsion type, in 2024, the battery electric vehicle segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and increasing adoption of battery electric vehicles as private vehicles, autonomous delivery vehicles, industrial vehicles, and public transport.

Based on end use, in, the private use segment is expected to account for the largest share of 64% of the electric vehicles market. The growth of the segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. Also, supportive government incentives to promote the sales and manufacturing of EVs, tax rebates, and the decline in battery costs are further driving the adoption of EVs among consumers for private use. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.

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Geographically, in 2024, Asia-Pacific is expected to account for the largest share of 59.6% of the electric vehicles market. The Asia-Pacific electric vehicles market is estimated to be worth USD 733.44 billion in 2024. In recent years, the electric vehicles (EV) market has grown rapidly in the Asia Pacific region. China, Japan, and South Korea are providing subsidies and tax incentives and implementing regulations to support the development and adoption of EVs and reduce greenhouse gas emissions and air pollution.

The electric vehicle market in China has experienced significant growth and has emerged as one of the largest and most dynamic markets worldwide. China has implemented various policies and incentives to support the development and sale of electric vehicles. These include generous subsidies for EV manufacturers and consumers, tax exemptions, favorable license plate policies in major cities, and the establishment of a vast network of charging infrastructure across the country. These initiatives are playing a crucial role in boosting the sales of electric vehicles in China. The global increase in EV sales in 2021 was primarily led by China, accounting for half of the growth. More vehicles were sold in China in 2021 (3.3 million) than in the world in 2020. The first quarter of 2022 showed similar trends, with sales in China more than doubled compared with the first quarter of 2021 (accounting for most of the global growth), a 60% increase in the United States and a 25% increase in Europe. The Chinese electric vehicle market has witnessed rapid growth in recent years.

The Europe electric vehicle market is expected to become the fastest growing region in the global electric vehicle market by 2031. The high growth of the electric vehicles market in the European region is majorly attributed to the consistent developments in making stringent emission regulations by the European Union and increasing focus on reducing the number of conventional cars

The key players operating in the global electric vehicle market are Tesla, Inc. (U.S.), BMW AG (Germany), BYD Company Ltd. (China), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Volvo Group (Sweden), Mercedes-Benz Group AG (Germany), Ford Motor Company (U.S.), Honda Motor Co., Ltd. (Japan), General Motor Company (U.S.), Nissan Motor Co., Ltd. (Japan), Tata Motors Limited (India), Alcraft Motor Company Ltd. (U.K.), Zero Electric Vehicles Inc. (U.S.), and Faraday & Future Inc. (U.S.).

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Scope of the Report

Global Electric Vehicle Market Assessment—By Vehicle Type

• Passenger Vehicles
• Two-wheelers
• E-scooters & Bikes
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Global Electric Vehicle Market Assessment—By Power Output

• Less Than 100 kW
• 100 kW To 250 kW
• More Than 250 kW

Global Electric Vehicle Market Assessment—By Propulsion Type

• Hybrid Electric Vehicles
  • Pure Hybrid Electric Vehicles
  • Plug-In Hybrid Electric Vehicles
• Battery Electric Vehicles

Global Electric Vehicle Market Assessment—By End Use

• Private Use
• Commercial Use
  • Shared Mobility
  • Micromobility
  • Public Transport
• Industrial Use

Electric Vehicle Market Assessment, By Geography

• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
  • Thailand
  • Rest of Asia-Pacific
• Europe
  • Germany
  • France
  • U.K.
  • Norway
  • Sweden
  • Netherlands
  • Italy
  • Spain
  • Switzerland
  • Denmark
  • Rest Of Europe
• North America
  • U.S.
  • Canada
• Latin America
• Middle East & Africa

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