Global electric vehicle market stood at around USD 570.34 billion in 2021 and is estimated to reach USD 1,657.10 billion in 2027, registering a CAGR of 21.20% through 2027. Rapidly increasing government push and rising awareness toward zero emission is expected to drive the growth of the global electric vehicle market during the forecast period.

Electric vehicles which can be vans, trucks, buses, construction machinery are energized by electricity rather than diesel or gasoline. The power to operate them generates from an on-board battery, which gets recharged from the power grid. As in an electric vehicle, the electric motor transforms the electrical energy into mechanical energy. DC-to-DC converter is one of the key components in the electrical system, which supplies power to the power network. In these vehicles, the driver inverter transforms the battery’s DC into AC, which is needed to power the vehicle.

Rising Fuel Cost

Escalating fuel prices is a major factor which makes electric vehicles an attractive alternative for the internal combustion engine vehicles for the buyers/consumers. As compared to any other commodities, the fuel prices are increasing at a robust pace, which has been felt by the consumers also. The fuel prices are majorly influenced by the fluctuation of the exchange rate of the currencies across the world. This is also throwing challenge to the commuters as it is impacting the travel fares and daily commuting costs. Therefore, the people are shifting toward the adoption of electric vehicles in the recent years and the trend is expected continue in the upcoming years also.

Lack of Standardization

The unavailability of international standards may affect the connectivity of charging stations and restrict industry growth. Harmonization of electric car charging stations is hampered due to the use of multiple charging standards globally. Standardization of charging stations would make it simpler to charge electric vehicles in public and help the demand for electric vehicles grow more quickly globally. As a result, the market's expansion is being constrained by a lack of uniformity.

Government Initiatives

The governments of various countries across the globe are offering various incentive schemes and tax rebates to aid the faster adoption of EVs. As per the U.S. Energy Information Administration, around 90% of the energy consumed in U.S. transportation is petroleum. The transportation sector also is the leading source of greenhouse gas emissions (GHGs) in the U.S., accounting for 29% of the nation’s greenhouse gas emissions. To minimize this, many states have implemented incentives to benefit the adoption of electric vehicles (EVs), which includes plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs). In 2020, California was the first country to introduce a ZEV sales requirement for electric vehicles as per Advanced Clean Passenger Vehicle Regulation. Netherlands and many other countries are introducing zero-emission vehicle zones. With such initiatives, government(s) are concerned about the ICE vehicle emissions and are providing numerous schemes for better and faster adoption of zero-emission vehicles, including electric vehicle and hence the market is being aided by such initiatives globally.

Economic Slowdown Throwing Challenge to the Market

The global economy is facing an economic slowdown, which is significantly impacting the global electric vehicle industry. In the year 2019, the world’s major economic investments contracted out of the targeted investment of around trillions of dollars. The infrastructure segments were majorly impacted by the economic recession including production and sales. For instance, in 2019, the World Bank targeted the goal of doubling road infrastructure development but awarded only half of it. Thus, this trend is expected to pressurize manufacturers to cut-down their production capacity and operational activities due to a lack of funds and demand.


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Market Segmentation

The global electric vehicle market is segmented by vehicle type into two wheelers, passenger cars, LCV, M&HCV. On the basis of propulsion type, the market is fragmented into BEV, PHEV, and FCEV. By range the market is divided into 0-150 miles, 151-300 miles, and 300 miles above, and on the basis of battery capacity, the market is further segmented into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, and above 300 kWh. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific, North America, Europe, South America, and the Middle East & African. In terms of country, the United States electric vehicle market is forecast to grow at a CAGR of 26.14% and is expected to reach around USD166.41 billion during the forecast period.

Company Profiles

Major players operating in global electric vehicle market are BYD Auto Co., Ltd., The General Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., BMW AG, Vmoto Soco Group, Jiangsu Xinri E-Vehicle Co.,Ltd., Tailing Electric Vehicle Co., Ltd., Gesits Technologies Indo, Voltz Motors, Nikola Motor Co., Rivian Automotive, Inc., and Volvo Trucks. Players are developing advanced technologies to stay competitive in the market and also enhancing their product portfolio in the regions to increase their customer outreach.


Attribute

Details

Market size value in 2021

USD570.34 Billion

Revenue Forecast in 2027

USD1,657.10 Billion

US Revenue Forecast in 2027

USD166.41 Billion

Growth Rate

21.21%

Base Year

2021

Historical Years

2017 – 2021

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Billion, Volume in Thousand Units, and CAGR for 2017-2021 and 2022-2027

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Propulsion Type

·         Vehicle Type

·         Range

·         Battery Capacity

·         Region

·         Company

Regional Scope

APAC; Europe; North America; South America; Middle East & Africa

Country Scope

China; India; Australia; Japan; South Korea; Thailand; Malaysia; United States; Mexico; Canada; Norway; Germany; France; Netherland; Italy; Spain; United Kingdom; Sweden; Israel; Saudi Arabia; UAE; South Africa; Qatar; Brazil; Argentina; Colombia

Key Companies Profiled

BYD Auto Co., Ltd., The General Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., BMW AG, Vmoto Soco Group, Jiangsu Xinri E-Vehicle Co.,Ltd, Tailing Electric Vehicle Co., Ltd., Rivian, Volvo Trucks.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, global electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Global Electric Vehicle Market, By Propulsion Type:
    • BEV
    • PHEV
    • FCEV
  • Global Electric Vehicle Market, By Vehicle Type:
    • Two Wheelers
    • Passenger Cars
    • LCV
    • M&HCV
  • Global Electric Vehicle Market, By Range:
    • 51-150 Miles
    • 0-50 Miles
    • 151-200 Miles
    • 201-400 Miles
    • Above 400 Miles
  • Global Electric Vehicle Market, By Battery Capacity:
    • Less Than 50 kWh
    •  51 kWh to 100 kWh
    • 101 kWh to 200 kWh
    • 201 kWh to 300 kWh
    • Above 300 kWh
  • Global Electric Vehicle Market, By Region:
    • Asia-Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Thailand
      • Malaysia
    • Europe
      • Germany
      • France
      • United Kingdom
      • Norway
      • Italy
      • Sweden
      • Netherland
      • Spain
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Colombia
      • Argentina
    • Middle East & Africa
      • Israel
      • UAE
      • South Africa
      • Saudi Arabia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global electric vehicle market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.     Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Global Electric Vehicle Market

5.    Voice of Customers

5.1.1.     Factors Influencing Purchase Decision

5.1.2.     Brand Recall

5.1.3.     Brand Satisfaction Level

6.    Global Electric Vehicle Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By Propulsion Type (BEV, PHEV, FCEV)

6.2.2.     By Vehicle Type (Two Wheelers, Passenger Cars, LCV, M&HCV)

6.2.3.     By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles and Above 400 Miles)

6.2.4.     By Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh)

6.2.5.     By Region

6.2.6.     By Company (2021)

6.2.6.1.         Two Wheelers

6.2.6.2.         Passenger Cars

6.2.6.3.         Commercial Vehicle

6.3.  Market Map (By Propulsion Type, By Vehicle Type, By Range, By Battery Capacity, By Region)

7.    Asia-Pacific Electric Vehicle Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value & Volume

7.2.  Market Share & Forecast

7.2.1.     By Propulsion Type

7.2.2.     By Vehicle Type

7.2.3.     By Range

7.2.4.     By Battery Capacity

7.2.5.     By Country

7.3.  Market Map (By Vehicle Type, By Country)

7.3.1.     China Electric Vehicle Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value & Volume

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Propulsion Type

7.3.1.2.2.             By Vehicle Type

7.3.1.2.3.             By Range

7.3.1.2.4.             By Battery Capacity

7.3.2.     Japan Electric Vehicle Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value & Volume

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Propulsion Type

7.3.2.2.2.             By Vehicle Type

7.3.2.2.3.             By Range

7.3.2.2.4.             By Battery Capacity

7.3.3.     South Korea Electric Vehicle Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value & Volume

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Propulsion Type

7.3.3.2.2.             By Vehicle Type

7.3.3.2.3.             By Range

7.3.3.2.4.             By Battery Capacity

7.3.4.     India Electric Vehicle Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Value & Volume

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Propulsion Type

7.3.4.2.2.             By Vehicle Type

7.3.4.2.3.             By Range

7.3.4.2.4.             By Battery Capacity

7.3.5.     Australia Electric Vehicle Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Value & Volume

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Propulsion Type

7.3.5.2.2.             By Vehicle Type

7.3.5.2.3.             By Range

7.3.5.2.4.             By Battery Capacity

7.3.6.     Thailand Electric Vehicle Market Outlook

7.3.6.1.         Market Size & Forecast

7.3.6.1.1.             By Value & Volume

7.3.6.2.         Market Share & Forecast

7.3.6.2.1.             By Propulsion Type

7.3.6.2.2.             By Vehicle Type

7.3.6.2.3.             By Range