Electric Vehicle Market size worth US$1,671.126 billion by 2029

The global electric vehicle market is anticipated to reach a market size worth US$1,671.126 billion by 2029, growing at a compound annual growth rate of 20.47%. The market is valued at US$453.869 billion in 2022. 

An electric vehicle is a type of vehicle that uses electricity to operate. These types of vehicles consist of a battery, which is embedded in the vehicle, that stores electric energy from the grid, and transfers the energy to motors, which drive the vehicle forward. There are various categories of electric vehicles available across the globe, which include PHEVs, BEVs, HEVs, and FCEVs. A BEV or battery electric vehicle is the purest form of electric vehicle, which only uses electricity to operate, whereas the PHEVs or plug-in hybrid vehicles have the ability to operate on either electric energy or natural fuel like petrol. The HEVs or hydrogen electric vehicles and the FCEVs or fuel cell electric vehicles use hydrogen as the main fuel source, which generates electricity through the process of electrolysis, that powers the vehicle.

• Growth Drivers in Electric Vehicle Market

A major factor that is estimated to boost the global electric vehicle market is attributed to the introduction and integration of new technologies into these vehicles, like self-driving and artificial intelligence. The global sales of electric vehicles have grown significantly over the past few years, which led to the entrance of multiple companies into the sector, boosting innovation in the ecosystem. Multiple automotive companies have also introduced multiple electric vehicles to attract new customers, which offer better performance and integration of new technologies. In March 2024, Isuzu Motors Ltd., a Japanese automotive giant unveiled its latest all-electric or BEV pickup truck. The D-Max BEV pickup truck by the company is set to launch in Europe by 2025, and will also be launched in multiple countries, like Australia and Thailand.

• Segmentation of the Electric Vehicle Market

The type segment of the global electric vehicle market is categorized into battery electric vehicle (BEV), hybrid electric vehicle, plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). Under the type segment of the global electric vehicle market, the battery electric vehicle (BEV) category is estimated to attain a greater market share. The battery electric vehicle uses only electricity, stored in the battery of the vehicle to operate. The global demand for BEVs has grown significantly in the past few years, majorly due to the rising innovations in the segment. The International Energy Agency, in its global electric car stock report, stated that the stock of electric cars grew significantly compared to the PHEVs. The agency stated that in 2022, China’s BEV stock was recorded at 16.1 million, whereas the PHEV stock was recorded at only 5.8 million. In the same year, the BEV stock of the USA and Europe was recorded at 3.5 million and 6.7 million respectively, whereas the PHEV stock accounted for about 4.5 million in Europe and 1.3 million in the USA.

The global electric vehicle market, under the end-user segment, is categorized into public, private, and commercial. The private category of the end-user segment, in the global electric vehicle market is forecasted to attain a higher growth rate. The private category of the end-user segment includes the purchase of electric vehicles for private or residential uses by a user. In this category, the consumer uses the vehicles for their application and installs private charging infrastructure at their residence. The governments of multiple countries, like India, the USA, China, and the UK have introduced multiple subsidiary policies to boost the sales of electric vehicles under the private categories.

The global electric vehicle market, by charging point segment, is categorized into AC charging and DC charging. The DC charging category of the charging point segment is sure to gain a higher share, of the global electric vehicle market. The DC charging equipment is commonly used across multiple regions and offers easy usage and lower operation costs. The DC charger has the capability to directly feed the energy to the vehicle battery, unlike the AC charger, which requires a converter to convert the alternating current to the direct current. DC charging also offers a faster and more reliable charging experience to the users.

Based on geography, the Asia Pacific region is forecasted to witness the maximum share in the global electric vehicle market. A key factor for the growth of the market in the Asia Pacific region can be majorly attributed to the rising production of electric vehicles in the region. The counties like China, Japan, Taiwan, and India in the Asia Pacific region are among the biggest producers of electric vehicles and their related technologies, across the globe. These countries have also introduced multiple policies and investment opportunities to further develop EV technology in the region, boosting the electric vehicle ecosystem. In the global production of EVs, China is among the biggest producers, producing about half of the global share. The International Energy Agency, in its global report, stated that the sales of electric vehicles in the Asia Pacific region witnessed massive growth, especially in China. The agency stated that in 2021, about 3.3 million electric vehicles were sold in China, whereas only about 2.3 million and 0.6 million electric vehicles were sold in Europe and the USA respectively. In 2022, the total sales of electric vehicles reached 6 million in China, which further increased to 8.1 million in 2023.

• Key Players in the Electric Vehicle Market

As a part of the report, the major players operating in the electric vehicle market that have been covered are Tesla, Lucid Motors, Nissan, Volvo, Zoox, Inc., General Motors Company, Volta Trucks AB, Rivian Automotive, Inc, Nikola Corporation, Nio Inc., and Hyliion Holdings.

View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/global-electric-vehicle-market

This analytics report segments the global electric vehicle market as follows:

• By Type
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)
• By End-User
  • Public
  • Private
  • Commercial
• By Charging Point
  • AC charging
  • DC charging
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Isreal
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others
• EV Charging Connectors Market Report
• EV Battery Cooling Market Report
• Pressure Sensor Market Share