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Electric Vehicle Market
Electric Vehicle Market Size, Share, Forecast, & Trends Analysis 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 - Global Forecast to 2031
Report ID:MRAUTO - 104485 Pages: 265 Jan-2024 Formats*: PDF Category: Automotive and Transportation Delivery: 2 to 4 HoursElectric Vehicle Market Size & Forecast
The Electric Vehicle Market is expected to reach $ 6,916.43 billion by 2031, at a CAGR of 28% from 2024–2031. By volume, this market is expected to reach 446.54 million units by 2031, at a CAGR of 20.5% from 2024–2031. 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 vehicle. The growing adoption of autonomous electric vehicle 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 vehicle 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 vehicle 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 vehicle market.
Electric Vehicle Market Growth Drivers
Supportive Government Policies and Regulations is Driving the Demand for Electric Vehicle Market
Governments around the world are implementing policies and regulations to support EV adoption. Financial incentives, such as tax credits and rebates, are being offered to encourage consumers to purchase electric vehicle. These incentives are helping reduce the upfront costs of electric vehicle, making them more affordable for consumers. For instance, in July 2022, the Government of Chhattisgarh (India) announced an electric vehicle (EV) policy to help create robust EV charging infrastructure in the Indian state of Chhattisgarh, accelerate the transition from Internal Combustion Engine (ICE) vehicle to electric vehicle, and incentivize EV manufacturing. Many companies in the automotive industry are leveraging government policies and regulations and investing heavily in the development and production of electric vehicle as a part of their commitment to creating a more sustainable and environment-friendly future. The U.S. federal government under the Biden administration has shown a strong commitment to promoting EV adoption. For instance, in 2021, the U.S. federal government announced tax credits on the purchase of electric vehicle. Also, there were discussions about potentially expanding and extending these tax credits to further incentivize EV adoption.
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Increasing Investments in EV Development by Leading Automotive OEMs Boosting Market Growth
The global automotive industry is gradually transitioning from fossil fuel-based vehicle to electric vehicle. Technological advancements and increasing investments in EV development by automotive OEMs, coupled with decreasing battery prices, are driving the growth of this market. In 2022, the Chinese government set targets requiring fixed parking spaces in newly built residential communities to have charging facilities and meet charging station installation requirements to make residential charging more accessible. Leading automotive companies are investing significantly in EV development to meet the increasing demand for electric vehicle.
Electric Vehicle Market Trends
Smart EV Charging Stations
Smart charging stations are another key trend in the electric vehicle market. The demand for smart EV charging solutions is driven by the growing popularity of electric vehicle and the need for more efficient and sustainable charging infrastructure. As the EV market continues to expand, smart charging stations are expected to play a crucial role in facilitating widespread EV adoption, supporting grid integration, and enabling a smarter and greener transportation ecosystem.
Shared Mobility
Shared mobility, which refers to using shared transportation services instead of individually owned vehicle, is another prominent trend in the electric vehicle market. The concept has gained popularity in recent years due to various factors, including technological advancements, changing consumer preferences, and the need for more sustainable transportation options. Shared mobility includes ride-hailing services and car-sharing, bike-sharing, and scooter-sharing programs.
Electric Vehicle Market Opportunity
The Increasing Focus on Electric Mobility in Emerging Economies is Expected to Generate Growth Opportunities for Market Players
The adoption of electric mobility in emerging economies is driven by various factors. There are still challenges that need to be addressed, including regulatory barriers, technological limitations, and public perception. As technology continues to evolve and improve, Autonomous Electric Vehicle (AEVs) are likely to become increasingly popular. The increasing adoption of electric mobility in emerging economies can positively impact the environment, energy security, and economic development. New EV market entrant countries are creating favourable conditions to support electric mobility. Countries such as South Africa, Kenya, Rwanda, Egypt, Vietnam, and Malaysia offer incentives, including tax benefits and cuts in customs duties for EVs and EV components. Some countries have also introduced targets for the transport sector. Various partnerships are accelerating the transition to electric mobility, such as the electric mobility project launched through a collaboration between Enel X, BYD Chile, and Metbus, a public transport operator in Chile, where 483 electric buses will be supplied with more than 120 charging points at terminals.
Electric Vehicle Market Analysis: Key Findings
By Vehicle Type: In 2024, the Passenger Vehicle Segment to Dominate the Electric Vehicle Market
Based on vehicle type, the global electric vehicle market is segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle, two-wheelers, and e-scooters & bikes. In 2024, the passenger vehicle segment is expected to account for the largest share of 76.2% of the global electric vehicle market. The large share of this segment is attributed to increasing favorable government policies and subsidies for promoting the adoption of electric vehicle, growing awareness regarding the role of electric vehicle in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicle.
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 vehicle in reducing emissions, the increase in demand for electric vehicle to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
By Power Output: In 2024, the Less Than 100 kW Segment to Dominate the Electric Vehicle Market
Based on power output, the global electric vehicle market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the less than 100 kW segment is expected to account for the largest share of 67.0% of the global 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.
Moreover, the less than 100 kW segment is expected to grow at the highest CAGR during the forecast period. The high growth 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.
By Propulsion Type: In 2024, the Battery Electric Vehicle Segment to Dominate the Electric Vehicle Market
Based on propulsion type, the global electric vehicle market is segmented into hybrid electric vehicle and battery electric vehicle. In 2024, the battery electric vehicle segment is expected to account for the largest share of 64.9% 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 vehicle, and increasing adoption of battery electric vehicle as private vehicle, autonomous delivery vehicle, industrial vehicle, and public transport.
Moreover, the battery electric vehicle segment is expected to grow at the highest CAGR during the forecast period. Innovations in electric vehicles, such as improvements in power and torque, are creating new opportunities for utilizing battery electric vehicle (BEV) in diverse environments. In addition, increasing initiatives by local government bodies and automotive players for developing BEVs, the proliferation of fast & ultra-fast charging technologies, and increasing acceptance due to reduced noise & vibrations with no emissions drive the BEVs market.
By End Use: In 2024, the Private Use Segment to Dominate the Electric Vehicle Market
Based on end use, the global electric vehicle market is segmented into private, commercial, and industrial use. In 2024, the private use segment is expected to account for the largest share of 63.9% of the global electric vehicle. 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 vehicle, and the increasing adoption of electric buses and trucks.
Several manufacturers and suppliers in countries including Spain, the U.S., France, and Japan are focused on improving battery and charging technology efficiency for commercial EVs. China is by far the forerunner when it comes to making e-buses. For instance, in September 2021, Tata Motors announced the commercial launch of the ‘XPRES T EV’ for fleet customers with FAME subsidy pricing. The XPRES-T EV will come with an optimal battery size and a captive fast charging solution, ensuring outstandingly low ownership cost in addition to safety and passenger comfort, making it a comprehensive and attractive proposition for fleet owners and operators.
Geographical Analysis
In 2024, Asia-Pacific Region to Dominate the Electric Vehicle Market
In 2024, Asia-Pacific is expected to account for the largest share of 59.6% of the global electric vehicle market. Asia-Pacific electric vehicle market is estimated to be worth USD 733.44 billion in 2024. In recent years, the electric vehicle (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.
However, Europe is expected to become the fastest growing region in the global electric vehicle market by 2031. The high growth of the electric vehicle 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. Norway leads the way for electric mobility adoption in Europe. According to the European Automobile Manufacturers Association (ACEA) report, In June, new registrations of battery-electric cars in the EU increased by a significant 66.2%, reaching 158,252 units. Battery-electric cars are the third most popular choice among new car buyers, overtaking diesel cars. Most EU markets recorded impressive double- and triple-digit percentage gains, including the largest, such as the Netherlands (+90.1%), Germany (+64.4%), and France (+52.0%).
Electric Vehicle Market: Key Companies
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the 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 Vehicle Inc. (U.S.), and Faraday & Future Inc. (U.S.).
Electric Vehicle Industry Overview: Latest Developments from Key Industry Players
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In September 2022, BYD Company Ltd. (China) partnered with the Los Olivos Elementary School District to bring a BYD Type A electric school bus. Students in Santa Barbara County and create the first U.S. school district to have a 100% zero-emission fleet of school buses.
- In March 2021, Volkswagen AG (Germany) unveiled the first design preview of Project Trinity, an electrically powered sedan that will go into Wolfsburg's series production in 2026.
- In June 2022, Hyundai Motor Company (South Korea) and Grab have expanded their partnership to accelerate the adoption of electric vehicle (EVs) in Southeast Asia.
Electric Vehicle Market Research Summary
|
Particulars |
Details |
|
Number of Pages |
265 |
|
Format |
|
|
Forecast Period |
2024–2031 |
|
Base Year |
2023 |
|
CAGR (Units) |
20.5% |
|
Market Size (Units) |
446.54 Million Units by 2031 |
|
CAGR (Value) |
28% |
|
Market Size (Value) |
USD 6,916.43 Billion by 2031 |
|
Segments Covered |
By Vehicle Type
By Power Output
By Propulsion Type
By End Use
|
|
Countries Covered |
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 |
|
Key Companies |
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 Vehicle Inc. (U.S.), and Faraday & Future Inc. (U.S.) |
Key questions answered in the electric vehicle market report:
The electric vehicle market study focuses on the market assessment and opportunity analysis through the sales of electric vehicle across different region, and countries, this study is also focused on competitive analysis for electric vehicle based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
The Electric Vehicle Market is expected to reach $ 6,916.43 billion by 2031, at a CAGR of 28% from 2024–2031. By volume, this market is expected to reach 446.54 million units by 2031, at a CAGR of 20.5% from 2024–2031.
In 2024, the passenger vehicle segment is expected to hold the largest share in electric vehicle market.
Commercial use segment is expected to register highest CAGR during the forecast period.
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 vehicle. The growing adoption of autonomous electric vehicle and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market.
Key players operating in the 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 Vehicle Inc. (U.S.), and Faraday & Future Inc. (U.S.).
Europe is expected to record a higher CAGR during the forecast period.
1. Introduction
1.1. Market Definition & Scope
1.2. Currency & Limitations
2. Research Methodology
2.1. Research Approach
2.2. Process of Data Collection and Validation
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews With Key Opinion Leaders of The Industry
2.3. Market Sizing and Forecast
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for The Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by Vehicle Type
3.3. Market Analysis, by Propulsion Type
3.4. Market Analysis, by Power Output
3.5. Market Analysis, by End Use
3.6. Market Analysis, by Geography
3.7. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Impact Analysis of Market Drivers, Restraints, Opportunities, and Challenges
4.3. Case Studies
4.3.1. Client: The City of Durham and Durham County (North Carolina, U.S.)
4.3.2. Client: Ford Motor Company (U.S.)
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Value Chain Analysis
5. Global Electric Vehicle Market Assessment—by Vehicle Type
5.1. Overview
5.2. Passenger Vehicle
5.3. Two-Wheelers
5.4. E-Scooters & Bikes
5.5. Light Commercial Vehicle
5.6. Heavy Commercial Vehicle
6. Global Electric Vehicle Market Assessment—by Propulsion Type
6.1. Overview
6.2. Battery Electric Vehicle
6.3. Hybrid Electric Vehicle
6.3.1. Pure Hybrid Electric Vehicle
6.3.2. Plug-In Hybrid Electric Vehicle
7. Global Electric Vehicle Market Assessment—by Power Output
7.1. Overview
7.2. Less Than 100 kW
7.3. 100 kW To 250 kW
7.4. More Than 250 kW
8. Global Electric Vehicle Market Assessment—by Charging Standard
8.1. Overview
8.2. GuoBiao Standards (GB/T)
8.3. Charge De Move (CHAdeMO)
8.4. Combined Charging System (CCS)
8.5. Tesla Supercharger
8.6. Type 1 (SAE J1772)
8.7. Type 2 (IEC 62196)
9. Global Electric Vehicle Market Assessment—By End Use
9.1. Overview
9.2. Private Use
9.3. Commercial Use
9.3.1. Shared Mobility
9.3.2. Micromobility
9.3.3. Public Transport
9.4. Industrial Use
10. Electric Vehicle Market Assessment, by Geography
10.1. Overview
10.2. Asia Pacific
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. Thailand
10.2.5. Singapore
10.2.6. India
10.2.7. Rest of Asia-Pacific
10.3. Europe
10.3.1. Germany
10.3.2. France
10.3.3. U.K.
10.3.4. Norway
10.3.5. Sweden
10.3.6. Netherlands
10.3.7. Italy
10.3.8. Spain
10.3.9. Switzerland
10.3.10. Denmark
10.3.11. Rest of Europe
10.4. North America
10.4.1. U.S.
10.4.2. Canada
10.5. Latin America
10.6. Middle East & Africa
11. Competition Analysis
11.1. Introduction
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Competitive Dashboard
11.4.1. Industry Leaders
11.4.1.1. Market Ranking by The Key Players
11.4.2. Market Differentiators
11.4.3. Vanguards
11.4.4. Emerging Companies
12. Company Profiles
12.1. Tesla, Inc.
12.1.1. Company Overview
12.1.2. Financial Overview
12.1.3. Product Portfolio
12.2. BMW AG
12.2.1. Company Overview
12.2.2. Financial Overview
12.2.3. Product Portfolio
12.2.4. Strategic Developments
12.3. BYD Company Ltd.
12.3.1. Company Overview
12.3.2. Financial Overview
12.3.3. Product Portfolio
12.3.4. Strategic Developments
12.4. Volkswagen AG
12.4.1. Company Overview
12.4.2. Financial Overview
12.4.3. Service Portfolio
12.4.4. Strategic Developments
12.5. Hyundai Motor Company
12.5.1. Company Overview
12.5.2. Financial Overview
12.5.3. Product Portfolio
12.5.4. Strategic Developments
12.6. Volvo Group
12.6.1. Company Overview
12.6.2. Financial Overview
12.6.3. Product Portfolio
12.6.4. Strategic Developments
12.7. Mercedes Benz Group AG
12.7.1. Company Overview
12.7.2. Financial Overview
12.7.3. Product Portfolio
12.7.4. Strategic Developments
12.8. Ford Motors Company
12.8.1. Company Overview
12.8.2. Financial Overview
12.8.3. Product Portfolio
12.8.4. Strategic Developments
12.9. Honda Motor Co. Ltd
12.9.1. Company Overview
12.9.2. Financial Overview
12.9.3. Product Portfolio
12.9.4. Strategic Developments
12.10. General Motors Company
12.10.1. Company Overview
12.10.2. Financial Overview
12.10.3. Product Portfolio
12.10.4. Strategic Developments
12.11. Nissan Motor Co., Ltd.
12.11.1. Company Overview
12.11.2. Financial Overview
12.11.3. Product Portfolio
12.11.4. Strategic Developments
12.12. Tata Motors, Ltd.
12.12.1. Company Overview
12.12.2. Financial Overview
12.12.3. Product Portfolio
12.12.4. Strategic Developments
12.13. Alcraft Motor Company Ltd.
12.13.1. Company Overview
12.13.2. Product Portfolio
12.14. Zero Electric Vehicle Inc.
12.14.1. Company Overview
12.14.2. Product Portfolio
12.14.3. Strategic Developments
12.15. Faraday & Future Inc.
12.15.1. Company Overview
12.15.2. Product Portfolio
12.15.3. Strategic Developments
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)
13. Appendix
13.1. Available Customization
13.2. Related Reports
List of Tables
Table 1 Currency Conversion Rate (2019–2023)
Table 2 Global Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 3 Global Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 4 Global Passenger Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 5 Global Passenger Vehicle Market, by Country/Region, 2022–2031, (Units)
Table 6 Global Two-Wheelers Market, by Country/Region, 2022–2031, (USD Million)
Table 7 Global Two-Wheelers Market, by Country/Region, 2022–2031, (Units)
Table 8 Global E-Scooters & Bikes Market, by Country/Region, 2022–2031, (USD Million)
Table 9 Global E-Scooters & Bikes Market, by Country/Region, 2022–2031, (Units)
Table 10 Global Light Commercial Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 11 Global Light Commercial Vehicle Market, by Country/Region, 2022–2031, (Units)
Table 12 Global Heavy Commercial Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 13 Global Heavy Commercial Vehicle Market, by Country/Region, 2022–2031, (Units)
Table 14 Global Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 15 Global Battery Electric Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 16 Global Hybrid Electric Vehicle Market, by Type, 2022–2031 (USD Million)
Table 17 Global Hybrid Electric Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 18 Global Pure Hybrid Electric Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 19 Global Plug-in Hybrid Electric Vehicle Market, by Country/Region, 2022–2031, (USD Million)
Table 20 Global Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 21 Global Electric Vehicle Market for Less Than 100 kW, by Country/Region, 2022–2031, (USD Million)
Table 22 Global Electric Vehicle Market for 100 kW To 250 kW, by Country/Region, 2022–2031, (USD Million)
Table 23 Global Electric Vehicle Market for More Than 250 kW, by Country/Region, 2022–2031, (USD Million)
Table 24 Global Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 25 Global Electric Vehicle Market for Private Use, by Country/Region, 2022–2031, (USD Million)
Table 26 Global Electric Vehicle Market for Commercial Use, by Type, 2022–2031 (USD Million)
Table 27 Global Electric Vehicle Market for Commercial Use, by Country/Region, 2022–2031, (USD Million)
Table 28 Global Commercial Use Market for Shared Mobility, by Country/Region, 2022–2031, (USD Million)
Table 29 Global Commercial Use Market for Micromobility, by Country/Region, 2022–2031, (USD Million)
Table 30 Global Commercial Use Market for Public Transport, by Country/Region, 2022–2031, (USD Million)
Table 31 Global Electric Vehicle Market for Industrial Use, by Country/Region, 2022–2031, (USD Million)
Table 32 Global Electric Vehicle Market, by Country/Region, 2022-2031 (USD Million)
Table 33 Global Electric Vehicle Market, by Country/Region, 2022-2031 (Units)
Table 34 Asia-Pacific: Electric Vehicle Market, by Country, 2022–2031 (USD Million)
Table 35 Asia-Pacific: Electric Vehicle Market, by Country, 2022–2031 (Units)
Table 36 Asia-Pacific: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 37 Asia-Pacific: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 38 Asia-Pacific: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 39 Asia-Pacific: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 40 Asia-Pacific: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 41 Asia-Pacific: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 42 Asia-Pacific: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 43 China: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 44 China: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 45 China: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 46 China: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 47 China: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 48 China: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 49 China: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 50 Japan: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 51 Japan: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 52 Japan: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 53 Japan: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 54 Japan: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 55 Japan: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 56 Japan: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 57 South Korea: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 58 South Korea: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 59 South Korea: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 60 South Korea: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 61 South Korea: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 62 South Korea: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 63 South Korea: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 64 Thailand: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 65 Thailand: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 66 Thailand: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 67 Thailand: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 68 Thailand: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 69 Thailand: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 70 Thailand: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 71 Singapore: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 72 Singapore: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 73 Singapore: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 74 Singapore: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 75 Singapore: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 76 Singapore: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 77 Singapore: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 78 India: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 79 India: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 80 India: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 81 India: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 82 India: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 83 India: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 84 India: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 85 Rest of Asia-Pacific: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 86 Rest of Asia-Pacific: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 87 Rest of Asia-Pacific: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 88 Rest of Asia-Pacific: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 89 Rest of Asia-Pacific: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 90 Rest of Asia-Pacific: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 91 Rest of Asia-Pacific: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 92 Europe: Electric Vehicle Market, by Country, 2022–2031 (USD Million)
Table 93 Europe: Electric Vehicle Market, by Country, 2022–2031 (Units)
Table 94 Europe: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 95 Europe: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 96 Europe: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 97 Europe: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 98 Europe: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 99 Europe: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 100 Europe: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 101 Germany: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 102 Germany: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 103 Germany: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 104 Germany: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 105 Germany: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 106 Germany: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 107 Germany: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 108 France: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 109 France: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 110 France: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 111 France: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 112 France: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 113 France: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 114 France: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 115 U.K.: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 116 U.K.: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 117 U.K.: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 118 U.K.: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 119 U.K.: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 120 U.K.: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 121 U.K.: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 122 Norway: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 123 Norway: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 124 Norway: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 125 Norway: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 126 Norway: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 127 Norway: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 128 Norway: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 129 Sweden: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 130 Sweden: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 131 Sweden: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 132 Sweden: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 133 Sweden: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 134 Sweden: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 135 Sweden: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 136 Netherlands: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 137 Netherlands: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 138 Netherlands: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 139 Netherlands: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 140 Netherlands: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 141 Netherlands: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 142 Netherlands: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 143 Italy: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 144 Italy: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 145 Italy: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 146 Italy: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 147 Italy: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 148 Italy: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 149 Italy: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 150 Spain: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 151 Spain: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 152 Spain: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 153 Spain: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 154 Spain: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 155 Spain: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 156 Spain: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 157 Switzerland: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 158 Switzerland: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 159 Switzerland: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 160 Switzerland: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 161 Switzerland: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 162 Switzerland: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 163 Switzerland: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 164 Denmark: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 165 Denmark: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 166 Denmark: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 167 Denmark: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 168 Denmark: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 169 Denmark: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 170 Denmark: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 171 Rest of Europe: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 172 Rest of Europe: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 173 Rest of Europe: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 174 Rest of Europe: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 175 Rest of Europe: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 176 Rest of Europe: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 177 Rest of Europe: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 178 North America: Electric Vehicle Market, by Country, 2022–2031 (USD Million)
Table 179 North America: Electric Vehicle Market, by Country, 2022–2031 (Units)
Table 180 North America: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 181 North America: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 182 North America: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 183 North America: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 184 North America: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 185 North America: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 186 North America: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 187 U.S.: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 188 U.S.: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 189 U.S.: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 190 U.S.: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 191 U.S.: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 192 U.S.: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 193 U.S.: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 194 Canada: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 195 Canada: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 196 Canada: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 197 Canada: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 198 Canada: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 199 Canada: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 200 Canada: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 201 Latin America: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 202 Latin America: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 203 Latin America: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 204 Latin America: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 205 Latin America: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 206 Latin America: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 207 Latin America: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 208 Middle East & Africa: Electric Vehicle Market, by Vehicle Type, 2022–2031 (USD Million)
Table 209 Middle East & Africa: Electric Vehicle Market, by Vehicle Type, 2022–2031 (Units)
Table 210 Middle East & Africa: Electric Vehicle Market, by Propulsion Type, 2022–2031 (USD Million)
Table 211 Middle East & Africa: Hybrid Vehicle Market, by Type, 2022–2031 (USD Million)
Table 212 Middle East & Africa: Electric Vehicle Market, by Power Output, 2022–2031 (USD Million)
Table 213 Middle East & Africa: Electric Vehicle Market, by End Use, 2022–2031 (USD Million)
Table 214 Middle East & Africa: Commercial Use Market, by Type, 2022–2031 (USD Million)
Table 215 Recent Developments by Major Market Players (2021–2024)
Table 216 Top Companies in The Electric Vehicle
List of Figures
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Key Secondary Sources
Figure 5 Primary Research Techniques
Figure 6 Key Executives Interviewed
Figure 7 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 8 Market Sizing and Growth Forecast Approach
Figure 9 Key Insights
Figure 10 Electric Vehicle Market, by Vehicle Type, 2024 Vs. 2031 (USD Million)
Figure 11 Electric Vehicle Market, by Vehicle Type, 2024 Vs. 2031 (Units)
Figure 12 Electric Vehicle Market, by Propulsion Type, 2024 Vs. 2031 (USD Million)
Figure 13 Electric Vehicle Market, by Power Output, 2024 Vs. 2031 (USD Million)
Figure 14 Electric Vehicle Market, by End Use, 2024 Vs. 2031 (USD Million)
Figure 15 Geographic Snapshot: Global Electric Vehicle Market
Figure 16 Porter's Five Forces Analysis
Figure 17 Electric Vehicle Market Value Chain
Figure 18 Global Electric Vehicle Market, by Vehicle Type, 2024 Vs. 2031 (USD Million)
Figure 19 Global Electric Vehicle Market, by Vehicle Type, 2024 Vs. 2031 (Units)
Figure 20 Global Electric Vehicle Market, by Propulsion Type, 2024 Vs. 2031 (USD Million)
Figure 21 Global Electric Vehicle Market, by Power Output, 2024 Vs. 2031 (USD Million)
Figure 22 Global Electric Vehicle Market, by End Use, 2024 Vs. 2031 (USD Million)
Figure 23 Global Electric Vehicle Market, by Geography, 2024-2031 (USD Million)
Figure 24 Global Electric Vehicle Market, by Geography, 2024-2031 (Units)
Figure 25 Geographic Snapshot: Asia-Pacific Electric Vehicle Market
Figure 26 Geographic Snapshot: Europe Electric Vehicle Market
Figure 27 Geographic Snapshot: North America Electric Vehicle Market
Figure 28 Geographic Snapshot: Latin America Electric Vehicle Market
Figure 29 Geographic Snapshot: Middle East & Africa Electric Vehicle Market
Figure 30 Growth Strategies Adopted by Leading Market Players (2021–2024)
Figure 31 Vendor Market Positioning Analysis (2021–2024)
Figure 32 Competitive Dashboard: Electric Vehicle Market
Figure 33 Tesla, Inc.: Financial Overview (2023)
Figure 34 BMW AG.: Financial Overview (2023)
Figure 35 BYD Company Ltd.: Financial Overview (2023)
Figure 36 Volkswagen AG.: Financial Overview (2023)
Figure 37 Hyundai Motor Company.: Financial Overview (2023)
Figure 38 Volvo Group.: Financial Overview (2023)
Figure 39 Mercedes-Benz Group AG.: Financial Overview (2023)
Figure 40 Ford Motor Company.: Financial Overview (2023)
Figure 41 Honda Motor Co. Ltd.: Financial Overview (2023)
Figure 42 General Motors Company.: Financial Overview (2023)
Figure 43 Nissan Motor Co.: Financial Overview (2023)
Figure 44 Tata Motors Limited.: Financial Overview (2023)
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