Global Electric Vehicle Market to Grow with a CAGR of 16.54% through 2030
The global electric vehicle
(EV) market is expanding due to rising environmental concerns, supportive
regulatory frameworks, and advancements in battery technology. Significant
growth in consumer awareness, along with cost efficiencies achieved in EV manufacturing,
are also fueling the market. Increasing integration of electric vehicles in
public and commercial fleets are the factors driving the market in the forecast
period 2026–2030.
According to TechSci Research report, “Global Electric Vehicle
Market – Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F”,
The Global Electric Vehicle
Market was valued at USD 902.73 billion in 2024 and is expected to reach USD 2261.56
billion by 2030 with a CAGR of 16.54% during the forecast period.
The electric vehicle sector is undergoing rapid evolution, driven by
emissions control mandates and the shift toward low-carbon transport systems.
According to the International Energy Agency, more than 17 million EV cars were
sold globally in 2024, marking a 35% rise from the previous year. This
acceleration stems from stricter policies aimed at curbing emissions and the
ongoing enhancement of EV-related technologies. Automakers are expanding their
electric offerings while regulatory bodies push for cleaner vehicle options
through incentives and carbon penalties.
Growth in charging infrastructure has become a vital enabler of electric
mobility. Improvements in lithium-ion battery technologies have led to longer
driving ranges and quicker charging cycles. Partnerships between automotive
companies and energy utilities are optimizing grid integration, while
advancements in battery designs have pushed down production costs. The average
cost of battery packs dropped to USD 115 per kWh in 2024, narrowing the price
gap between electric and traditional vehicles.
However, the industry still faces hurdles related to resource
availability, technical standardization, and electricity infrastructure
demands. Dependence on limited-supply minerals like lithium and cobalt presents
a risk to supply chains and pricing. Moreover, inconsistency in charging
protocols across countries complicates user convenience. With increasing EV
uptake, grid loads are rising, necessitating large-scale power distribution
upgrades. Yet, emerging battery recycling technologies and second-life applications
are improving sustainability and cost-efficiency. Alongside this, digital
innovation and intelligent fleet systems are creating new value streams. The
convergence of green technologies, smart energy management, and evolving
mobility needs continues to reshape the global automotive landscape, paving the
way for a robust electric vehicle ecosystem.
Browse over Global Electric Vehicle Market data Figures spread through
XX Pages and an in-depth TOC on " Global Electric Vehicle Market"
Global
Electric Vehicle Market is Segmented By Vehicle, Propulsion, Range and By Region.
Electric
vehicles encompass diverse vehicle segments, each fulfilling distinct
transportation needs and user preferences. Two-wheelers offer affordable
personal mobility solutions, particularly in urban environments where compact
size and maneuverability are critical. Electric passenger cars cater to
families and individual drivers seeking lower emissions, quiet operation, and
reduced fueling costs. They range from compact city vehicles to larger sedans
and SUVs, appealing to varied lifestyles. Light commercial vehicles serve
businesses that require efficient urban logistics and last-mile deliveries,
where electric drivetrains reduce operational expenses and emissions in city
centers. Medium and heavy commercial vehicles represent significant potential
for emissions reduction in freight and goods movement, leveraging electric
powertrains for lower maintenance costs and compliance with evolving
environmental regulations. Off-the-road (OTR) electric vehicles, used in
sectors like mining and agriculture, benefit from electric drivetrains’ torque,
lower noise, and reduced fuel costs. As battery technology advances, these
diverse segments are increasingly electrified, fostering new applications and
business models. Integration of digital connectivity and advanced
driver-assistance systems further differentiates electric vehicles,
transforming user experiences and operational efficiencies across all vehicle
categories. The market’s development across these segments underscores electric
mobility’s versatile role in reshaping global transportation ecosystems and
industrial applications.
Asia-Pacific’s electric vehicle market is driven by
rising environmental consciousness and significant urbanization trends
reshaping transportation patterns. Policies promoting clean mobility encourage
individuals and businesses to adopt electric vehicles, while expanding charging
networks reduce operational barriers. Technological advancements in battery
manufacturing and supply chains contribute to declining vehicle costs,
supporting wider consumer access. Urban congestion and local air quality concerns
stimulate interest in electric mobility solutions for both personal and
commercial use, with electric scooters, cars, and light trucks gaining
popularity among diverse income groups.
Automakers focus on integrating software solutions to
enhance driving experiences and enable over-the-air updates, aligning with
evolving consumer expectations for digital connectivity. Collaborative efforts
among industry stakeholders, including battery suppliers and charging
infrastructure developers, strengthen regional supply chains and ensure stable
material availability. Growing investments in renewable energy further support
electric vehicle adoption by reducing the carbon intensity of power used for
charging. Electric commercial fleets gain attention as businesses aim to meet
corporate sustainability goals and manage operational costs more efficiently.
With rapid changes in urban planning, public transportation authorities explore
electric buses and shared mobility services, integrating electric vehicles into
broader smart city initiatives. These combined factors shape a dynamic
environment fueling electric vehicle momentum.
Major Market
Players Operating in Global Electric Vehicle Market Are:
- BMW AG
- BYD Auto Co., Ltd.
- Jiangsu Xinri E-Vehicle Co.,
Ltd.
- Rivian
- SAIC Motor Corp., Ltd.
- Tailing Electric Vehicle Co.,
Ltd.
- Tesla, Inc.
- The General Motors Company
- Vmoto Soco Group
- Volvo Trucks
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“The global
electric vehicle market advances as governments enforce emission regulations
and consumers embrace sustainability. Technological leaps in battery
performance, alongside falling costs, enhance electric vehicles’ range and
affordability, while extensive charging networks ease practical concerns.
Rising fuel prices and awareness of environmental issues drive broader adoption
across personal, commercial, and industrial segments. Software innovations and
new business models redefine the user experience and revenue streams. Despite
raw material challenges and grid demands, industry collaboration fosters
resilience and innovation. Electric vehicles are transforming mobility,
reshaping global transportation landscapes with sustainable, efficient solutions
for diverse applications across all vehicle categories.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
The report
titled “Electric Vehicle Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast By Vehicle (Two Wheelers, Passenger Cars (PC) Light
Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV) and
OTR), By Propulsion (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric
Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles,
51-150 Miles and 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Region,
By Competition, 2020-2030F”, assesses the market's future growth potential and
provides data on market size, trends, and forecasts. It aims to offer
comprehensive market insights, helping decision-makers make informed investment
choices. The report also highlights emerging trends, key drivers, challenges,
and opportunities in the Global Electric Vehicle Market.
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