AUTOMOTIVE & TRANSPORTATION
Global Electric Vehicles (EVs) Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Electric Vehicles (EVs) Market, By Components (Battery Cells and Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor and Humidifier), Vehicle Type (Passenger Cars and Commercial Vehicles), Vehicle Class (Low-priced , Mid-priced, and Luxury), Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive), Top Speed (<125 MPH and >125 MPH), EV Charging Point Type (Normal Charging and Super Charging), Vehicle Connectivity (V2B or V2H, V2G, V2V, and V2X), Propulsion (BEV, PHEV, and FCEV), End Use (Private and Commercial Fleets), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global Electric Vehicles (EVs) market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Electric vehicles (EVs) are automobiles powered by electric motors rather than traditional internal combustion engines (ICEs) that rely on gasoline or diesel. They are gaining popularity worldwide due to their potential to reduce greenhouse gas emissions and dependence on fossil fuels. There are mainly two types of electric vehicles- Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). The global Electric Vehicles (EVs) market encompasses the production, sale, and adoption of vehicles powered by electric motors rather than traditional internal combustion engines (ICEs).
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Technological advancements in battery technology
- Consumer awareness and preference for sustainable transportation
RESTRAINTS
- High initial cost
- Range anxiety and infrastructure limitations
OPPORTUNITIES
- Expansion of EV models and segments
- Technological integration and connectivity
CHALLENGES
- Battery technology limitations
- Regulatory and policy uncertainty
SEGMENTATION
- Components
- Battery Cells and Packs
- On-Board Charge
- Motor
- Reducer
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
- Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Vehicle Class
- Low-priced
- Mid-priced
- Luxury
- Vehicle Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
- Top Speed
- <125 MPH
- >125 MPH
- EV Charging Point Type
- Normal Charging
- Super Charging
- Vehicle Connectivity
- V2B or V2H
- V2G
- V2V
- V2X
- Propulsion
- BEV
- PHEV
- FCEV
- End Use
- Private
- Commercial Fleets
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, segments, and key players as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- BYD Company Ltd.
- Tesla
- Volkswagen AG
- SAIC Motors
- Stellantis
- BMW Group
- Daimler AG
- Group Renault
- Toyota Motor Corporation
- General Motor Corporation
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Electric Vehicles (EVs) Market, by Components
- 3.2 Global Electric Vehicles (EVs) Market, by Vehicle Type
- 3.3 Global Electric Vehicles (EVs) Market, by Vehicle Class
- 3.4 Global Electric Vehicles (EVs) Market, by Vehicle Drive Type
- 3.5 Global Electric Vehicles (EVs) Market, by Top Speed
- 3.6 Global Electric Vehicles (EVs) Market, by EV Charging Point Type
- 3.7 Global Electric Vehicles (EVs) Market, by Vehicle Connectivity
- 3.8 Global Electric Vehicles (EVs) Market, by Propulsion
- 3.9 Global Electric Vehicles (EVs) Market, by End Use
- 3.10 Global Electric Vehicles (EVs) Market, by Geography
- 3.11 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Focus on environmental sustainability
- 5.1.2 Government incentives and regulations
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Technological advancements in battery technology
- 5.2.2 Consumer awareness and preference for sustainable transportation
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 High initial cost
- 5.3.2 Range anxiety and infrastructure limitations
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Expansion of EV models and segments
- 5.4.2 Technological integration and connectivity
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Battery technology limitations
- 5.5.2 Regulatory and policy uncertainty
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY COMPONENTS
- 6.1 Components Summary
- 6.2 Market Attractive Index
- 6.3 Global Electric Vehicles (EVs) Market, by Components (2019-2032)
- SECTION 7 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY VEHICLE TYPE
- 7.1 Vehicle Type Summary
- 7.2 Market Attractive Index
- 7.3 Global Electric Vehicles (EVs) Market, by Vehicle Type (2019-2032)
- SECTION 8 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY VEHICLE CLASS
- 8.1 Vehicle Class Summary
- 8.2 Market Attractive Index
- 8.3 Global Electric Vehicles (EVs) Market, by Vehicle Class (2019-2032)
- SECTION 9 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY VEHICLE DRIVE TYPE
- 9.1 Vehicle Drive Type Summary
- 9.2 Market Attractive Index
- 9.3 Global Electric Vehicles (EVs) Market, by Vehicle Drive Type (2019-2032)
- SECTION 10 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY TOP SPEED
- 10.1 Top Speed Summary
- 10.2 Market Attractive Index
- 10.3 Global Electric Vehicles (EVs) Market, by Top Speed (2019-2032)
- SECTION 11 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY EV CHARGING POINT TYPE
- 11.1 EV Charging Point Type Summary
- 11.2 Market Attractive Index
- 11.3 Global Electric Vehicles (EVs) Market, by EV Charging Point Type (2019-2032)
- SECTION 12 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY VEHICLE CONNECTIVITY
- 12.1 Vehicle Connectivity Summary
- 12.2 Market Attractive Index
- 12.3 Global Electric Vehicles (EVs) Market, by Vehicle Connectivity (2019-2032)
- SECTION 13 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY PROPULSION
- 13.1 Propulsion Summary
- 13.2 Market Attractive Index
- 13.3 Global Electric Vehicles (EVs) Market, by Propulsion (2019-2032)
- SECTION 14 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY END USE
- 14.1 End Use Summary
- 14.2 Market Attractive Index
- 14.3 Global Electric Vehicles (EVs) Market, by End Use (2019-2032)
- SECTION 15 - GLOBAL ELECTRIC VEHICLES (EVS) MARKET, BY GEOGRAPHY
- 15.1 Regional Summary
- 15.2 Market Attractive Index
- 15.3 Global Electric Vehicles (EVs) Market, by Geography (2019-2032)
- SECTION 16 - NORTH AMERICA ELECTRIC VEHICLES (EVS) MARKET
- 16.1 North America Summary
- 16.2 Market Attractive Index
- 16.3 North America Electric Vehicles (EVs) Market, by Components (2019-2032)
- 16.4 North America Electric Vehicles (EVs) Market, by Vehicle Type (2019-2032)
- 16.5 North America Electric Vehicles (EVs) Market, by Vehicle Class (2019-2032)
- 16.6 North America Electric Vehicles (EVs) Market, by Vehicle Drive Type (2019-2032)
- 16.7 North America Electric Vehicles (EVs) Market, by Top Speed (2019-2032)
- 16.8 North America Electric Vehicles (EVs) Market, by EV Charging Point Type (2019-2032)
- 16.9 North America Electric Vehicles (EVs) Market, by Vehicle Connectivity (2019-2032)
- 16.10 North America Electric Vehicles (EVs) Market, by Propulsion (2019-2032)
- 16.11 North America Electric Vehicles (EVs) Market, by End Use (2019-2032)
- 16.12 North America Electric Vehicles (EVs) Market, by Country (2019-2032)
- 16.12.1 U.S.
- 16.12.2 Canada
- 16.12.3 Mexico
- 16.12.4 Rest of North America
- SECTION 17 - EUROPE ELECTRIC VEHICLES (EVS) MARKET
- 17.1 Europe Summary
- 17.2 Market Attractive Index
- 17.3 Europe Electric Vehicles (EVs) Market, by Components (2019-2032)
- 17.4 Europe Electric Vehicles (EVs) Market, by Vehicle Type (2019-2032)
- 17.5 Europe Electric Vehicles (EVs) Market, by Vehicle Class (2019-2032)
- 17.6 Europe Electric Vehicles (EVs) Market, by Vehicle Drive Type (2019-2032)
- 17.7 Europe Electric Vehicles (EVs) Market, by Top Speed (2019-2032)
- 17.8 Europe Electric Vehicles (EVs) Market, by EV Charging Point Type (2019-2032)
- 17.9 Europe Electric Vehicles (EVs) Market, by Vehicle Connectivity (2019-2032)
- 17.10 Europe Electric Vehicles (EVs) Market, by Propulsion (2019-2032)
- 17.11 Europe Electric Vehicles (EVs) Market, by End Use (2019-2032)
- 17.12 Europe Electric Vehicles (EVs) Market, by Country (2019-2032)
- 17.12.1 Germany
- 17.12.2 U.K.
- 17.12.3 France
- 17.12.4 Italy
- 17.12.5 Spain
- 17.12.6 Russia
- 17.12.7 The Netherlands
- 17.12.8 Belgium
- 17.12.9 Turkey
- 17.12.10 Rest of Europe
- SECTION 18 - ASIA-PACIFIC ELECTRIC VEHICLES (EVS) MARKET
- 18.1 Asia-Pacific Summary
- 18.2 Market Attractive Index
- 18.3 Asia-Pacific Electric Vehicles (EVs) Market, by Components (2019-2032)
- 18.4 Asia-Pacific Electric Vehicles (EVs) Market, by Vehicle Type (2019-2032)
- 18.5 Asia-Pacific Electric Vehicles (EVs) Market, by Vehicle Class (2019-2032)
- 18.6 Asia-Pacific Electric Vehicles (EVs) Market, by Vehicle Drive Type (2019-2032)
- 18.7 Asia-Pacific Electric Vehicles (EVs) Market, by Top Speed (2019-2032)
- 18.8 Asia-Pacific Electric Vehicles (EVs) Market, by EV Charging Point Type (2019-2032)
- 18.9 Asia-Pacific Electric Vehicles (EVs) Market, by Vehicle Connectivity (2019-2032)
- 18.10 Asia-Pacific Electric Vehicles (EVs) Market, by Propulsion (2019-2032)
- 18.11 Asia-Pacific Electric Vehicles (EVs) Market, by End Use (2019-2032)
- 18.12 Asia-Pacific Electric Vehicles (EVs) Market, by Country (2019-2032)
- 18.12.1 China
- 18.12.2 India
- 18.12.3 Japan
- 18.12.4 South Korea
- 18.12.5 Singapore
- 18.12.6 Malaysia
- 18.12.7 Australia
- 18.12.8 Thailand
- 18.12.9 Philippines
- 18.12.10 Rest of Asia-Pacific
- SECTION 19 - SOUTH AMERICA ELECTRIC VEHICLES (EVS) MARKET
- 19.1 South America Summary
- 19.2 Market Attractive Index
- 19.3 South America Electric Vehicles (EVs) Market, by Components (2019-2032)
- 19.4 South America Electric Vehicles (EVs) Market, by Vehicle Type (2019-2032)
- 19.5 South America Electric Vehicles (EVs) Market, by Vehicle Class (2019-2032)
- 19.6 South America Electric Vehicles (EVs) Market, by Vehicle Drive Type (2019-2032)
- 19.7 South America Electric Vehicles (EVs) Market, by Top Speed (2019-2032)
- 19.8 South America Electric Vehicles (EVs) Market, by EV Charging Point Type (2019-2032)
- 19.9 South America Electric Vehicles (EVs) Market, by Vehicle Connectivity (2019-2032)
- 19.10 South America Electric Vehicles (EVs) Market, by Propulsion (2019-2032)
- 19.11 South America Electric Vehicles (EVs) Market, by End Use (2019-2032)
- 19.12 South America Electric Vehicles (EVs) Market, by Country (2019-2032)
- 19.12.1 Brazil
- 19.12.2 Argentina
- 19.12.3 Chile
- 19.12.4 Colombia
- 19.12.5 Rest of South America
- SECTION 20 - MIDDLE EAST AND AFRICA ELECTRIC VEHICLES (EVS) MARKET
- 20.1 Middle East and Africa Summary
- 20.2 Market Attractive Index
- 20.3 Middle East and Africa Electric Vehicles (EVs) Market, by Components (2019-2032)
- 20.4 Middle East and Africa Electric Vehicles (EVs) Market, by Vehicle Type (2019-2032)
- 20.5 Middle East and Africa Electric Vehicles (EVs) Market, by Vehicle Class (2019-2032)
- 20.6 Middle East and Africa Electric Vehicles (EVs) Market, by Vehicle Drive Type (2019-2032)
- 20.7 Middle East and Africa Electric Vehicles (EVs) Market, by Top Speed (2019-2032)
- 20.8 Middle East and Africa Electric Vehicles (EVs) Market, by EV Charging Point Type (2019-2032)
- 20.9 Middle East and Africa Electric Vehicles (EVs) Market, by Vehicle Connectivity (2019-2032)
- 20.10 Middle East and Africa Electric Vehicles (EVs) Market, by Propulsion (2019-2032)
- 20.11 Middle East and Africa Electric Vehicles (EVs) Market, by End Use (2019-2032)
- 20.12 Middle East and Africa Electric Vehicles (EVs) Market, by Country (2019-2032)
- 20.12.1 Kingdom of Saudi Arabia
- 20.12.2 South Africa
- 20.12.3 U.A.E.
- 20.12.4 Egypt
- 20.12.5 Rest of Middle East and Africa
- SECTION 21 - COMPANY SHARE ANALYSIS
- 21.1 Global Electric Vehicles (EVs) Market, Company Share Analysis
- 21.2 North America Electric Vehicles (EVs) Market, Company Share Analysis
- 21.3 Europe Electric Vehicles (EVs) Market, Company Share Analysis
- 21.4 Asia-Pacific Electric Vehicles (EVs) Market, Company Share Analysis
- SECTION 22 - COMPANY PROFILES
- 22.1 BYD Company Ltd.
- 22.1.1 Company Snapshot
- 22.1.2 Financial Overview
- 22.1.3 Product Portfolio
- 22.1.4 Recent Developments
- 22.2 Tesla
- 22.2.1 Company Snapshot
- 22.2.2 Financial Overview
- 22.2.3 Product Portfolio
- 22.2.4 Recent Developments
- 22.3 Volkswagen AG
- 22.3.1 Company Snapshot
- 22.3.2 Financial Overview
- 22.3.3 Product Portfolio
- 22.3.4 Recent Developments
- 22.4 SAIC Motors
- 22.4.1 Company Snapshot
- 22.4.2 Financial Overview
- 22.4.3 Product Portfolio
- 22.4.4 Recent Developments
- 22.5 Stellantis
- 22.5.1 Company Snapshot
- 22.5.2 Financial Overview
- 22.5.3 Product Portfolio
- 22.5.4 Recent Developments
- 22.6 BMW Group
- 22.6.1 Company Snapshot
- 22.6.2 Financial Overview
- 22.6.3 Product Portfolio
- 22.6.4 Recent Developments
- 22.7 Daimler AG
- 22.7.1 Company Snapshot
- 22.7.2 Financial Overview
- 22.7.3 Product Portfolio
- 22.7.4 Recent Developments
- 22.8 Group Renault
- 22.8.1 Company Snapshot
- 22.8.2 Financial Overview
- 22.8.3 Product Portfolio
- 22.8.4 Recent Developments
- 22.9 Toyota Motor Corporation
- 22.9.1 Company Snapshot
- 22.9.2 Financial Overview
- 22.9.3 Product Portfolio
- 22.9.4 Recent Developments
- 22.10 General Motor Corporation
- 22.10.1 Company Snapshot
- 22.10.2 Financial Overview
- 22.10.3 Product Portfolio
- 22.10.4 Recent Developments
- SECTION 23 - RELATED REPORTS
- SECTION 24 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.