Product Code: 978-1-68038-259-4
Electric Vehicle Market Growth & Trends:
The global electric vehicle market size is estimated to reach USD 6,523.97 billion by 2030, registering a CAGR of 32.5% from 2025 to 2030, according to a new report by Grand View Research, Inc. Growing emphasis on environmental sustainability and the need to reduce greenhouse gas emissions is propelling the growth of the electric vehicle (EV) market. Governments across the nations are implementing stringent regulations and offering substantial incentives such as the UK plug-in vehicle grant, clean vehicle rebate project federal taxcredit in California, U.S., and Italy's Superbonus tax credit, among others to promote the adoption of EVs, recognizing their potential to significantly cut down on air pollution and dependence on fossil fuels. Additionally, advancements in battery technology are enhancing the efficiency, range, and affordability of EVs, making them more appealing to consumers, and thereby fostering the growth of electric vehicles in the market.
The growth of the EV market is being significantly driven by the replacement of existing vehicle fleets with electric alternatives. This transition is propelled by several key factors, including the increasing awareness of environmental sustainability, stringent government regulations aimed at reducing carbon emissions, and the long-term economic benefits of EVs. Automakers and government agencies are leading this shift by updating their fleets with electric vehicles to meet sustainability goals and comply with regulatory standards. For instance, in January 2024, AB Volvo introduced a heavy truck model named Volvo FM Low Entry, developed with electric drive. The launch is in line with the company's aim to expand the electric product range and aid customers in a smooth transition from conventional trucks to fully electric trucks for local transportation.
Additionally, advancements in EV technology, such as improved battery life and faster charging times, have made electric vehicles more practical and appealing. Financial incentives, such as tax rebates and subsidies, further encourage the adoption of EVs. For instance, according to the U.S. Department of Energy, the Inflation Reduction Act of 2022, offers federal tax credits of USD 7,500 for a new vehicle and USD 4,500 for a pre-owned vehicle to consumers on the purchase of an electric vehicle, plug in-EV, and fuel cell electric vehicles until 2032. As more organizations and individuals choose to replace their traditional internal combustion engine vehicles with electric ones, the demand for EVs continues to surge, driving the market growth.
Electric Vehicle Market Report Highlights:
- Based on vehicle type, the passenger cars segment accounted for the largest share of 89.0% in 2024. Prominent battery manufacturers and passenger car manufacturers are focusing on improving batteries to offer longer ranges. This technological progress opens avenues for innovation in charging infrastructure, faster-charging solutions becoming increasingly available, reducing charging times, and enhancing the convenience of EV ownership.
- Based on propulsion type, the Battery Electric Vehicle (BEV) segment held the highest revenuen share in 2024. Automakers are majorly focusing on investment in electric vehicle development underscoring the growing significance of BEVs in the transportation sector. Prominent players in the automotive industry are ramping up their electric vehicle offerings, introducing new models with enhanced features and competitive pricing, thereby contributing to segmental growth.
- The Fuel Cell Electric Vehicles (FCEV) segment anticipated to witness a fastest CAGR from 2025 to 2030, owing to the advancements in hydrogen production and infrastructure that have played a crucial role in their expansion of FCEVs. Innovations in hydrogen generation methods, such as electrolysis powered by renewable energy sources, have made hydrogen production more sustainable and cost-effective.
- Based on drive type, the Front-wheel Drive (FWD) segment held a dominant revenue share in 2024. Automotive manufacturers are investing heavily in FWD EV platforms to streamline production processes and reduce costs, leveraging economies of scale. Technological innovations in electric drivetrains have also played a pivotal role, allowing for more compact and efficient FWD systems that provide adequate power and performance.
- Based on end-use, the personal electric vehicle sector held the largest revenue share in 2024, propelled by increasing interest in advanced, eco-friendly modes of individual transportation. This growth is fueled by the synergy between autonomous driving technology and electric drivetrains, as they combine to offer efficient and intelligent transportation solutions, thus contributing to widespread consumer adoption.
- Asia Pacific held a substantial market share in 2024. The Asia Pacific region is witnessing a remarkable surge in the adoption of electric vehicles, particularly electric scooters. This trend is primarily fueled by the increasing awareness of environmental sustainability and the pressing need to reduce carbon emissions. Electric scooters, with their compact size, agility, and zero-emission nature, are emerging as the go-to-choice for many urban dwellers which is propelling the growth of electric vehicles in emerging economies of Asia Pacific.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. Country Based Segment Share Calculation
- 1.8. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Electric Vehicle Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Electric Vehicle Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and social landscape
- 3.3.2.3. Technological landscape
Chapter 4. Electric Vehicle Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Electric Vehicle Market: Vehicle Type Movement Analysis, 2024 & 2030 (USD Million; Volume, Units)
- 4.3. Scooters
- 4.3.1. Scooters Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 4.4. Motorcycles
- 4.4.1. Motorcycles Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 4.5. Three-Wheelers
- 4.5.1. Three-Wheelers Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 4.6. Passenger Cars
- 4.6.1. Passenger Cars Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 4.7. Buses
- 4.7.1. Buses Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 4.8. Trucks
- 4.8.1. Trucks Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 5. Electric Vehicle Market: Propulsion Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Electric Vehicle Market: Propulsion Type Movement Analysis, 2024 & 2030 (USD Million; Volume, Units)
- 5.3. Battery Electric Vehicle (BEV)
- 5.3.1. Battery Electric Vehicle (BEV) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 5.4. Plug-in Hybrid Electric vehicle (PHEV)
- 5.4.1. Plug-in Hybrid Electric vehicle (PHEV) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 5.5. Fuel Cell Electric Vehicle (FCEV)
- 5.5.1. Fuel Cell Electric Vehicle (FCEV) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 6. Electric Vehicle Market: Drive Type Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Electric Vehicle Market: Drive Type Movement Analysis, 2024 & 2030 (USD Million; Volume, Units)
- 6.3. Front-wheel Drive (FWD)
- 6.3.1. Front-wheel Drive (FWD) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 6.4. Rear-wheel Drive (RWD)
- 6.4.1. Rear-wheel Drive (RWD) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 6.5. All-wheel Drive (AWD)
- 6.5.1. All-wheel Drive (AWD) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 7. Electric Vehicle Market: Vehicle Speed Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Electric Vehicle Market: Vehicle Speed Movement Analysis, 2024 & 2030 (USD Million; Volume, Units)
- 7.3. Less Than 100 MPH
- 7.3.1. Less Than 100 MPH Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 7.4. 100MPH to 125MPH
- 7.4.1. 100MPH to 125MPH Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 7.5. Above 125 MPH
- 7.5.1. Above 125 MPH Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 8. Electric Vehicle Market: Vehicle Class Estimates & Trend Analysis
- 8.1. Segment Dashboard
- 8.2. Electric Vehicle Market: Vehicle Class Movement Analysis, 2024 & 2030 (USD Million, Volume, Units)
- 8.3. Low Priced
- 8.3.1. Low Priced Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 8.4. Mid-Price
- 8.4.1. Mid-Price Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 8.5. High Price
- 8.5.1. High Price Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 9. Electric Vehicle Market: End Use Estimates & Trend Analysis
- 9.1. Segment Dashboard
- 9.2. Electric Vehicle Market: End Use Movement Analysis, 2024 & 2030 (USD Million, Volume, Units)
- 9.3. Personal
- 9.3.1. Personal Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 9.4. Commercial
- 9.4.1. Commercial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 10. Electric Vehicle Market: Regional Estimates & Trend Analysis
- 10.1. Electric Vehicle Market Share, By Region, 2024 & 2030 (USD Million; Volume, Units)
- 10.2. North America
- 10.2.1. North America Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.2.2. U.S.
- 10.2.2.1. U.S. Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.2.3. Canada
- 10.2.3.1. Canada Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.2.4. Mexico
- 10.2.4.1. Mexico Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.3. Europe
- 10.3.1. Europe Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.3.2. U.K.
- 10.3.2.1. U.K. Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.3.3. Germany
- 10.3.3.1. Germany Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.3.4. France
- 10.3.4.1. France Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.4. Asia Pacific
- 10.4.1. Asia Pacific Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.4.2. China
- 10.4.2.1. China Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.4.3. Japan
- 10.4.3.1. Japan Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.4.4. India
- 10.4.4.1. India Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.4.5. South Korea
- 10.4.5.1. South Korea Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.4.6. Australia
- 10.4.6.1. Australia Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.5. Latin America
- 10.5.1. Latin America Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.5.2. Brazil
- 10.5.2.1. Brazil Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.6. Middle East and Africa
- 10.6.1. Middle East and Africa Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.6.2. UAE
- 10.6.2.1. UAE Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.6.3. KSA
- 10.6.3.1. KSA Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
- 10.6.4. South Africa
- 10.6.4.1. South Africa Electric Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million; Volume, Units)
Chapter 11. Competitive Landscape
- 11.1. Company Categorization
- 11.2. Company Market Positioning
- 11.3. Company Heat Map Analysis
- 11.4. Company Profiles/Listing
- 11.4.1. AB Volvo
- 11.4.1.1. Participant's Overview
- 11.4.1.2. Financial Performance
- 11.4.1.3. Product Benchmarking
- 11.4.1.4. Strategic Initiatives
- 11.4.2. BYD Company Ltd.
- 11.4.2.1. Participant's Overview
- 11.4.2.2. Financial Performance
- 11.4.2.3. Product Benchmarking
- 11.4.2.4. Strategic Initiatives
- 11.4.3. Ford Motor Company
- 11.4.3.1. Participant's Overview
- 11.4.3.2. Financial Performance
- 11.4.3.3. Product Benchmarking
- 11.4.3.4. Strategic Initiatives
- 11.4.4. General Motors
- 11.4.4.1. Participant's Overview
- 11.4.4.2. Financial Performance
- 11.4.4.3. Product Benchmarking
- 11.4.4.4. Strategic Initiatives
- 11.4.5. Honda Motor Co., Ltd.
- 11.4.5.1. Participant's Overview
- 11.4.5.2. Financial Performance
- 11.4.5.3. Product Benchmarking
- 11.4.5.4. Strategic Initiatives
- 11.4.6. Kawasaki Motors Corp., U.S.A
- 11.4.6.1. Participant's Overview
- 11.4.6.2. Financial Performance
- 11.4.6.3. Product Benchmarking
- 11.4.6.4. Strategic Initiatives
- 11.4.7. Mercedes-Benz Group AG
- 11.4.7.1. Participant's Overview
- 11.4.7.2. Financial Performance
- 11.4.7.3. Product Benchmarking
- 11.4.7.4. Strategic Initiatives
- 11.4.8. Mitsubishi Motors Corporation
- 11.4.8.1. Participant's Overview
- 11.4.8.2. Financial Performance
- 11.4.8.3. Product Benchmarking
- 11.4.8.4. Strategic Initiatives
- 11.4.9. Nissan Motor Co., Ltd.
- 11.4.9.1. Participant's Overview
- 11.4.9.2. Financial Performance
- 11.4.9.3. Product Benchmarking
- 11.4.9.4. Strategic Initiatives
- 11.4.10. Renault Group
- 11.4.10.1. Participant's Overview
- 11.4.10.2. Financial Performance
- 11.4.10.3. Product Benchmarking
- 11.4.10.4. Strategic Initiatives
- 11.4.11. Tesla, Inc.
- 11.4.11.1. Participant's Overview
- 11.4.11.2. Financial Performance
- 11.4.11.3. Product Benchmarking
- 11.4.11.4. Strategic Initiatives
- 11.4.12. Toyota Motor Corporation
- 11.4.12.1. Participant's Overview
- 11.4.12.2. Financial Performance
- 11.4.12.3. Product Benchmarking
- 11.4.12.4. Strategic Initiatives
- 11.4.13. Volkswagen Group
- 11.4.13.1. Participant's Overview
- 11.4.13.2. Financial Performance
- 11.4.13.3. Product Benchmarking
- 11.4.13.4. Strategic Initiatives
- 11.4.14. Zero Motorcycle
- 11.4.14.1. Participant's Overview
- 11.4.14.2. Financial Performance
- 11.4.14.3. Product Benchmarking
- 11.4.14.4. Strategic Initiatives