The global electric vehicle market size was valued at USD 500.48 billion in 2023 and is projected to grow from USD 671.47 billion in 2024 to USD 1,891.08 billion by 2032, exhibiting a CAGR of 13.8% during the forecast period (2024-2032). The Asia Pacific electric vehicle industry held a market share Contact online >>
The global electric vehicle market size was valued at USD 500.48 billion in 2023 and is projected to grow from USD 671.47 billion in 2024 to USD 1,891.08 billion by 2032, exhibiting a CAGR of 13.8% during the forecast period (2024-2032). The Asia Pacific electric vehicle industry held a market share of 51.24% in 2023. Additionally, the U.S. electric vehicle market is projected to grow significantly, reaching an estimated value of USD 233.70 billion by 2032, driven by the favorable government subsidies and policies.
The environmental impact of conventional gasoline vehicles and the rise in fuel prices have paved the way for alternative fuel vehicles in the market. Buyers are gradually getting inclined to use battery-powered or hybrid automobiles, which is anticipated to drive the market. All models use one or more electric motors for propulsion. Electricity is the main energy source for EVs. There is no internal combustion engine installed in them. A sudden rise in the market’s CAGR can be attributed to the robust demand for alternative fuel vehicles.
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To reduce the amount of greenhouse gas emissions in the atmosphere, governments of many countries have implemented strict vehicle emission regulations. For instance, in 2022, the European Union formed a regulation to reduce the CO2 emissions of light and medium commercial vehicles by 15% before 2025. The Petroleum Ministry of India mandated all automotive manufacturers to start producing BS-VI vehicles after 1 April 2020. The decision was aimed at reducing air pollution in the country. These stringent steps taken by several regulatory bodies to curb air pollution are expected to boost this industry’s growth in the coming years.
EVs are superior to fossil fuel-based automobiles, but their cost is higher than that of the latter. These vehicles have not yet achieved economies of scale as they are not mass-produced. In addition, the absence of EV charging infrastructure has proven to be a negative factor, which has affected the market''s growth. The manufacturers also need a lot of investment and assets, which may hamper the market''s progress. However, owing to the production of EV batteries in large volumes and technological advancements, the cost of batteries is expected to decrease in the coming years.
Based on vehicle type, the market is segmented into passenger and commercial vehicles. The passenger vehicle segment holds the maximum market share due to increasing sales in China, India, Norway, and Germany. The adoption rate of EVs in Asia Pacific is high owing to the presence of EV manufacturers, original equipment manufacturers (OEMs), and other automakers in the region. These factors will help promote the growth of this segment during the forecast period. Further, the commercial vehicle segment is estimated to be the fastest growing in the coming years owing to the ever-increasing innovations in EV batteries to improve commercial vehicle load capacity.
Based on range, the market is divided into Up to 150 miles, 151-300 miles, and above 300 miles. The 151-300-mile range segment holds the maximum market share as most passenger vehicles deliver this range. The rising sales of passenger EVs are expected to augment the segment’s growth. The up to 150 Miles segment holds the second largest due to the adoption of light commercial vehicles and electric vans. The adoption of electric vans is still in its nascent stage. Thus, the growing demand for EVs will drive segmental growth during 2024-2032.
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Asia Pacific Electric Vehicle Market Size, 2023 (USD Billion)
Asia Pacific is expected to grow significantly in this market due to the growing demand for passenger cars in developing nations. China accounts for the largest share in terms of passenger cars and other automobiles. North America is also expected to witness the highest growth in the market. The regional market’s growth can be attributed to rising initiatives by the Department of Energy (DoE) to build EV charging infrastructure throughout the U.S. to support the growing number of EVs in the region.
Furthermore, Europe is expected to hold a prominent market share. The steps taken by governments to reduce carbon emissions have been driving the market’s growth in Europe. The U.K., Germany, and France are important countries contributing to the region''s growth. Besides, the rapid adoption of fuel-efficient vehicles will augur well for the European market. Countries in the Rest of the World region hold a smaller market share due to the lack of charging infrastructure and capital.
The market is highly competitive and fragmented with the presence of key players, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc., Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, among others.
Tesla Inc. is a California-based EV manufacturing company, and its cars are well known for their autopilot mode and semi-autonomous features. The company is also known for its innovative product design, technological enhancements, and quality assurance. To fulfill the charging station gap in North America, Tesla constructed a network of charging stations across the U.S. and Canada. The company also built solar power generation plants to make green energy available for these charging stations.
Daimler AG is one of the world''s leading manufacturers of commercial vehicles and high-end automobiles. The company has launched a range of passenger cars and commercial vehicles to support the growing EV demand. A few prominent EVs launched by the company include EQC, Smart EQ, GLC F-Cell, and Concept EQV. Moreover, Daimler AG also provides financing, insurance, fleet management, leasing, and innovative electric mobility services.
The market report provides a detailed analysis and focuses on key aspects, such as leading market players, vehicle type, and leading applications of the product. Besides, the report offers insights into the latest market trends and highlights key industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market’s growth in recent years.
An Infographic Representation of Electric Vehicle Market
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