(EV) Electric Vehicle Market Size, Trends and Insights By Product (BEV, PHEV), By Vehicle Type (Private Vehicles, Commercial Vehicles), Vehicle By Drive Type (FWD, RWD, AWD), By Vehicle Top Speed (<125 mph, >125 mph) and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034
Report Snapshot
| Study Period: | 2025-2034 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- BMW
- BAIC Group
- Nissan-Renault-Mitsubishi
- GAC Motors
- Others
Reports Description
The declining costs of EV batteries are boosting the market.
According to Custom Market Insights (CMI), The size of the Global Electric Vehicle (EV) Market was worth around USD 170 billion in 2021 and is expected to reach USD 205.4 billion in 2022, and is predicted to grow to around USD 1105 billion by 2030 with a compound annual growth rate (CAGR) of roughly 23% between 2022 and 2030.
Market by Units
The global Electric Vehicle Market size is projected to grow from 12,551 thousand units in 2022 to 45,898 thousand units by 2030, at a CAGR of 23% (2025-2034).
The report analyses the Electric Vehicle (EV) market’s drivers and restraints and the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Vehicle (EV) market.
Electric Vehicle (EV) Market: Overview
An electric vehicle is a vehicle that operates on an electric motor rather than an internal combustion engine, which generates electricity by burning fuels and gases. Additionally, technical advancements like faster charging and cloud-connected charging equipment will support the market demand for electric vehicles in the next years.
Due to increasing regulatory assistance, many EV manufacturing facilities plan to increase their capacity to produce electronic vehicles. The market will greatly benefit from this governmental assistance because it suggests that the supply of EVs will be able to keep up with the demand.
Electric Vehicle (EV) Market: COVID–19 Impact Analysis
There are difficulties specific to the global market for electric vehicles. One of the limitations is that electric vehicles can only go a certain number of miles on a single charge. The battery packs of electric vehicles have frequently suffered damage due to temperature increases that exceeded predetermined levels. This element of electric vehicles could have a detrimental future impact on the global market for electric automobiles.
The COVID-19 pandemic has utterly destroyed the development and marketability of electric vehicles. The global market for electric vehicles has suffered significant harm due to declining disposable incomes, prolonged lockdowns, and interrupted supply chains. However, several global economies have unveiled recovery plans that may turn around the destiny of the electric vehicle market in these nations.
Electric Vehicle (EV) Market: Growth Drivers
Declining EV batteries costs
The past ten years have seen a decline in the price of EV batteries due to scientific improvements and the mass manufacture of EV batteries. Since EV batteries are one of the more expensive parts of the car, this has caused the price of electric vehicles to drop. Approximately USD 1,100 per kWh was the cost of an EV battery in 2010. However, the cost dropped to around USD 137 per kWh by 2020, dropping as low as USD 120 per kWh in 2021. These batteries can be purchased in China for as little as $100 per kWh.
This is due to more production, lower prices for cathode materials, and declining manufacturing costs for these batteries. By 2030, it’s anticipated that EV battery costs will drop to around USD 60 per kWh, greatly lowering the cost of EVs and making them more affordable than traditional ICE vehicles.
Rising demand for alternative energy sources
Since gasoline is a fossil fuel, its supply will eventually run out. It must be developed sustainably, and the market for electric vehicles must expand as a result. Alternative energy sources are the way to do this. Using electric vehicles (EVs) is more economical than conventional transportation. In an EV, the wheels are propelled by more than half of the electrical energy from the grid.
In comparison, gas-powered engines only convert the energy stored in fuel between 17% and 21%. As a result, it stimulates the global market. Due to rising fuel costs brought on by the depletion of fossil fuel sources and the tendency of businesses to expand to maximize profits from these oil supplies, there has recently been an increase in the demand for such fuel-efficient vehicles. As a result, these factors increase the need for fuel-efficient, advanced technology, increasing the demand for travel vehicles with electronic propulsion.
Electric Vehicle (EV) Market: Segmentation Analysis
Our research scope segments the moringa market into product and vehicle types. The BEV segment accounted for over 90% of the market’s total revenue in 2021. The segment’s dominant market share can be attributed to consumers’ growing preference for EVs over ICE cars and regulations on vehicle CO2 emissions. BEVs have the potential to drastically lower vehicle emissions as well as the long-term cost of ownership. Over the projected period, it is also anticipated that improvements in battery technology and falling lithium-ion battery prices will fuel demand for BEVs.
Over the forecast period, the PHEV market is anticipated to grow at a CAGR of more than 105%. The purpose of plug-in hybrid electric vehicles (PHEVs), which work in conjunction with low-range, high-voltage (HV) battery systems, is to improve the utilization of internal combustion engines. PHEVs have a more potent electric motor and a substantially larger battery that can be recharged using the ICE, regenerative braking, and an external power source. Consequently, PHEVs provide consumers with a versatile and practical transportation alternative.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 170 Billion |
| Projected Market Size in 2030 | USD 1105 Billion |
| CAGR Growth Rate | 23% CAGR (2025-2034) |
| Base Year | 2023 |
| Forecast Period | 2025-2034 |
| Prominent Players | BMW, BAIC Group, Nissan-Renault-Mitsubishi, GAC Motors, BYD, Great Wall Motors, Jaguar, Hyundai Group, Toyota, Mercedes, SAIC Motors, Stellantis, Tesla, Volkswagen Group, and Others |
| Key Segment | By Product, Vehicle Type, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Electric Vehicle (EV) market is estimated to grow annually at a CAGR of around 23% over the forecast period (2025-2034).
- In terms of revenue, the Electric Vehicle (EV) market size was valued at around USD 170 billion in 2021 and is projected to reach USD 1105 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on product segmentation, the BEV segment was estimated to hold the maximum market share in 2021.
- Based on vehicle type segmentation, the commercial vehicle segment was the leading revenue-generating category in 2021.
- Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Development
- 2021: In Chongqing, BYD unveiled four new electric vehicle models outfitted with Blade batteries. The enhanced function of battery safety was included in the new vehicle models Qin plus EV, E2 2021 Tang EV, and Song plus EV.
- 2021: The new Toyota Mirai & LS vehicles, which feature enhanced driving evaluation technology, were unveiled in Japan.
Regional Landscape
In 2021, Asia Pacific dominated the worldwide electric vehicle market, and it is anticipated that it will be the most profitable area during the projected period. China is the world’s largest market for electric vehicles, accounting for nearly half, or 45%, of all sales of these vehicles worldwide. As their governments heavily invest in EV startups to encourage EV production and sale worldwide, other nations like Japan, Korea, and India are also opportunistic markets. A Japanese corporation named Mitsui & Co. invested $13.3 million in the Indian startup e-vehicle company SmartE in July 2019. The investment would support SmartE’s long-term growth by enabling synergies in the global EV industry.
Government subsidies to market participants from developing and developed countries, along with strict regulations, are causing the electric car industry in the Asia-Pacific area to flourish. The growth of low-emission bus fleets is supported by subsidies and other incentives from China’s Ministry of Transport, which positively impacts the market. Chinese bus manufacturers sold 61,000 more new energy buses in 2020 despite the COVID-19 epidemic.
The global Electric Vehicle (EV) market is segmented as follows:
By Components:
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Vehicle Class:
- Low-priced
- Mid-priced
- Luxury
By Top Speed:
- <125 MPH
- >125 MPH
By Vehicle Drive Type:
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
By EV Charging Point Type:
- Normal Charging
- Super Charging
By Vehicle Connectivity:
- V2B or V2H
- V2G
- V2V
- V2X
By Propulsion:
- BEV
- PHEV
- FCEV
By End Use:
- Private
- Commercial Fleets
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research Methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Electric Vehicle Market, (2025 – 2034) (USD Billion)
- 2.2 Global Electric Vehicle Market: snapshot
- Chapter 3. Global Electric Vehicle Market – Industry Analysis
- 3.1 Electric Vehicle Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Declining EV Batteries Costs
- 3.2.2 Rising Demand for Alternative Energy Sources
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Product
- 3.7.2 Market attractiveness analysis By Vehicle Type
- 3.7.3 Market attractiveness analysis By Vehicle Drive Type
- 3.7.4 Market attractiveness analysis By Vehicle Top Speed
- Chapter 4. Global Electric Vehicle Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Electric Vehicle Market: company market share, 2025
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Electric Vehicle Market – Product Analysis
- 5.1 Global Electric Vehicle Market overview: By Product
- 5.1.1 Global Electric Vehicle Market share, By Product, 2025 and 2034
- 5.2 BEV
- 5.2.1 Global Electric Vehicle Market by BEV, 2022 – 2030 (USD Billion)
- 5.3 PHEV
- 5.3.1 Global Electric Vehicle Market by PHEV, 2022 – 2030 (USD Billion)
- 5.1 Global Electric Vehicle Market overview: By Product
- Chapter 6. Global Electric Vehicle Market – Vehicle Type Analysis
- 6.1 Global Electric Vehicle Market overview: By Vehicle Type
- 6.1.1 Global Electric Vehicle Market share, By Vehicle Type, 2025 and 2034
- 6.2 Private Vehicles
- 6.2.1 Global Electric Vehicle Market by Private Vehicles, 2022 – 2030 (USD Billion)
- 6.3 Commercial Vehicles
- 6.3.1 Global Electric Vehicle Market by Commercial Vehicles, 2022 – 2030 (USD Billion)
- 6.1 Global Electric Vehicle Market overview: By Vehicle Type
- Chapter 7. Global Electric Vehicle Market – Vehicle Drive Type Analysis
- 7.1 Global Electric Vehicle Market overview: By Vehicle Drive Type
- 7.1.1 Global Electric Vehicle Market share, By Vehicle Drive Type, 2025 and 2034
- 7.2 FWD
- 7.2.1 Global Electric Vehicle Market by FWD, 2022 – 2030 (USD Billion)
- 7.3 RWD
- 7.3.1 Global Electric Vehicle Market by RWD, 2022 – 2030 (USD Billion)
- 7.4 AWD
- 7.4.1 Global Electric Vehicle Market by AWD, 2022 – 2030 (USD Billion)
- 7.1 Global Electric Vehicle Market overview: By Vehicle Drive Type
- Chapter 8. Global Electric Vehicle Market – Vehicle Top Speed Analysis
- 8.1 Global Electric Vehicle Market overview: By Vehicle Top Speed
- 8.1.1 Global Electric Vehicle Market share, By Vehicle Top Speed, 2025 and 2034
- 8.2 <125 mph
- 8.2.1 Global Electric Vehicle Market by <125 mph, 2022 – 2030 (USD Billion)
- 8.3 >125 mph
- 8.3.1 Global Electric Vehicle Market by >125 mph, 2022 – 2030 (USD Billion)
- 8.1 Global Electric Vehicle Market overview: By Vehicle Top Speed
- Chapter 9. Electric Vehicle Market Regional Analysis
- 9.1 Global Electric Vehicle Market Regional Overview
- 9.2 Global Electric Vehicle Market Share, by Region, 2025 & 2030 (USD Billion)
- 9.3. North America
- 9.3.1 North America Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.3.1.1 North America Electric Vehicle Market, by Country, 2022 – 2030 (USD Billion)
- 9.3.1 North America Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.4 North America Electric Vehicle Market, by Product, 2022 – 2030
- 9.4.1 North America Electric Vehicle Market, by Product, 2022 – 2030 (USD Billion)
- 9.5 North America Electric Vehicle Market, by Vehicle Type, 2022 – 2030
- 9.5.1 North America Electric Vehicle Market, by Vehicle Type, 2022 – 2030 (USD Billion)
- 9.6 North America Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030
- 9.6.1 North America Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030 (USD Billion)
- 9.7 North America Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030
- 9.7.1 North America Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.8.1.1 Europe Electric Vehicle Market, by Country, 2022 – 2030 (USD Billion)
- 9.8.1 Europe Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.9 Europe Electric Vehicle Market, by Product, 2022 – 2030
- 9.9.1 Europe Electric Vehicle Market, by Product, 2022 – 2030 (USD Billion)
- 9.10 Europe Electric Vehicle Market, by Vehicle Type, 2022 – 2030
- 9.10.1 Europe Electric Vehicle Market, by Vehicle Type, 2022 – 2030 (USD Billion)
- 9.11 Europe Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030
- 9.11.1 Europe Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030 (USD Billion)
- 9.12 Europe Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030
- 9.12.1 Europe Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.13.1.1 Asia Pacific Electric Vehicle Market, by Country, 2022 – 2030 (USD Billion)
- 9.13.1 Asia Pacific Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.14 Asia Pacific Electric Vehicle Market, by Product, 2022 – 2030
- 9.14.1 Asia Pacific Electric Vehicle Market, by Product, 2022 – 2030 (USD Billion)
- 9.15 Asia Pacific Electric Vehicle Market, by Vehicle Type, 2022 – 2030
- 9.15.1 Asia Pacific Electric Vehicle Market, by Vehicle Type, 2022 – 2030 (USD Billion)
- 9.16 Asia Pacific Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030
- 9.16.1 Asia Pacific Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030 (USD Billion)
- 9.17 Asia Pacific Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030
- 9.17.1 Asia Pacific Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.18.1.1 Latin America Electric Vehicle Market, by Country, 2022 – 2030 (USD Billion)
- 9.18.1 Latin America Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.19 Latin America Electric Vehicle Market, by Product, 2022 – 2030
- 9.19.1 Latin America Electric Vehicle Market, by Product, 2022 – 2030 (USD Billion)
- 9.20 Latin America Electric Vehicle Market, by Vehicle Type, 2022 – 2030
- 9.20.1 Latin America Electric Vehicle Market, by Vehicle Type, 2022 – 2030 (USD Billion)
- 9.21 Latin America Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030
- 9.21.1 Latin America Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030 (USD Billion)
- 9.22 Latin America Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030
- 9.22.1 Latin America Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030 (USD Billion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Electric Vehicle Market, by Country, 2022 – 2030 (USD Billion)
- 9.23.1 The Middle-East and Africa Electric Vehicle Market, 2022 – 2030 (USD Billion)
- 9.24 The Middle-East and Africa Electric Vehicle Market, by Product, 2022 – 2030
- 9.24.1 The Middle-East and Africa Electric Vehicle Market, by Product, 2022 – 2030 (USD Billion)
- 9.25 The Middle-East and Africa Electric Vehicle Market, by Vehicle Type, 2022 – 2030
- 9.25.1 The Middle-East and Africa Electric Vehicle Market, by Vehicle Type, 2022 – 2030 (USD Billion)
- 9.26 The Middle-East and Africa Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030
- 9.26.1 The Middle-East and Africa Electric Vehicle Market, by Vehicle Drive Type, 2022 – 2030 (USD Billion)
- 9.27 The Middle-East and Africa Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030
- 9.27.1 The Middle-East and Africa Electric Vehicle Market, by Vehicle Top Speed, 2022 – 2030 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 BMW
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 BAIC Group
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 Nissan-Renault-Mitsubishi
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 GAC Motors
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 BYD
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Great Wall Motors
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 Jaguar
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 Hyundai Group
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Toyota
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 Mercedes
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.11 SAIC Motors
- 10.11.1 Overview
- 10.11.2 Financials
- 10.11.3 Product Portfolio
- 10.11.4 Business Strategy
- 10.11.5 Recent Developments
- 10.12 Stellantis
- 10.12.1 Overview
- 10.12.2 Financials
- 10.12.3 Product Portfolio
- 10.12.4 Business Strategy
- 10.12.5 Recent Developments
- 10.13 Tesla
- 10.13.1 Overview
- 10.13.2 Financials
- 10.13.3 Product Portfolio
- 10.13.4 Business Strategy
- 10.13.5 Recent Developments
- 10.14 Volkswagen Group
- 10.14.1 Overview
- 10.14.2 Financials
- 10.14.3 Product Portfolio
- 10.14.4 Business Strategy
- 10.14.5 Recent Developments
- 10.1 BMW
List Of Figures
1 to 27
List Of Tables
Tables 1 to 102
List of the prominent players in the global Electric Vehicle (EV) market:
- BMW
- BAIC Group
- Nissan-Renault-Mitsubishi
- GAC Motors
- BYD
- Great Wall Motors
- Jaguar
- Hyundai Group
- Toyota
- Mercedes
- SAIC Motors
- Stellantis
- Tesla
- Volkswagen Group
- Others
FAQs
“Asia Pacific” region will lead the global Electric Vehicle (EV) market during the forecast period 2022 to 2030.
The key factors driving the market [Growth Factors].
The key players operating in the Electric Vehicle (EV) market are BMW, BAIC Group, Nissan-Renault-Mitsubishi, GAC Motors, BYD, Great Wall Motors, Jaguar, Hyundai Group, Toyota, Mercedes, SAIC Motors, Stellantis, Tesla, Volkswagen Group.
The global Electric Vehicle (EV) market is expanding growth with a CAGR of approximately 23% during the forecast period (2022 to 2030).
The global Electric Vehicle (EV) market size was valued at USD 170 billion in 2021 and it is projected to reach around USD 1105 billion by 2030.