Electric Vehicle Market Growth CAGR 18% During 2023-2032 | Xcellent Insights

Increasing investments in developing enhanced EVs to cater to challenges is a key factor expected to drive global market growth between 2023 and 2032.

Pune, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The global electric vehicle market size was USD 384 billion in 2022 and is expected to register a CAGR of 18% during the forecast period. This growth can be significantly driven by rising global awareness of environmental issues such as pollution and climate change, rapid advancements in EV battery technology, and government incentives like tax credits and subsidies to promote the adoption of EVs.

An Electric Vehicle (EV) is a type of vehicle that uses one or more electric motors or traction motors for propulsion instead of relying solely on internal combustion engines. There are several types of electric vehicles including Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric Vehicles (FCEVs) available in passenger cars, trucks, buses, scooters, buggies, bicycles, and tricycles.

Electric vehicles are rapidly gaining traction globally due to various factors like environmental benefits, energy efficiency, reduced operating costs, better performance and acceleration, quitter and comfortable operations, energy security and independence, and innovative features and technologies such as regenerative braking, autonomous driving capabilities, and advanced battery management systems.

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Key factors growing awareness of the benefits of EVs, increasing adoption of EVs as viable alternatives to traditional vehicles, and high focus on installing more EV charging stations are expected to drive global market growth during the forecast period. Manufacturers in the global electric vehicle market are investing heavily in R&D activities to develop innovative and advanced materials, designs, and software to make EVs more efficient and appealing to consumers. In addition, they are collaborating and partnering with other companies to enhance their product base and strengthen their market position.

However, high upfront costs compared to conventional vehicles, limited range, inadequate charging infrastructure, and challenges associated with supply chain for EV components are expected to hamper overall market growth during the forecast period.

Key Highlights of the Report:

  • Based on vehicle type, the commercial segment is expected to register rapid revenue growth during the forecast period. This growth can be attributed to increasing usage of commercial vehicles for transporting goods, providing services, and conducting business operations, favorable government support, and rising production of various types of commercial EVs such as delivery vans and trucks, busses, LCVs, HCVs, and specialty commercial EVs.
  • Asia Pacific market is expected to register robust revenue CAGR over the forecast period owing to rising pollution levels, rapid adoption of advanced technologies, supportive government initiatives to promote EV adoption, and rising investments in R&D activities to develop and launch more enhanced electric vehicles.

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  • Tesla, Volkswagen, SAIC Motors, BYD, Ford Motor Company, Daimler AG, General Motors Company, Mitsubishi Motor Corporation, Groupe Renault, Nissan Motor Corporation, Toyota Motor Corporation, and Tata Motors are some of the leading companies in the EV market.
  • In August 2023, Okaya Electric Vehicles announced its plan to launch a new e-scooter, targeted at the Gen-Z audience.
  • In August 2022, Apollo Types announced the launch of EV-specific tyres for two-wheelers and passenger cars.

Report Coverage:

Report DetailsOutcome
Base Year for Estimation2022
Historical Data2018-2021
Forecast Period 2023-2032
Segments Covered:Vehicle Type, Vehicle Drive Type, Component, Propulsion, End-Use and Region
By Vehicle TypePassenger Vehicles, Commercial Vehicles  
By Vehicle Drive TypeAll Wheel Drive, Rear Wheel Drive, Front Wheel Drive
By ComponentMotor, Reducer, On-Board Charge, Fuel Stack, Battery Management System, Fuel Processor, Power Conditioner, Air, Compressor, Humidifier, Battery Cells and Packs
By PropulsionBEV, PHEV, FCEV
By End-usePrivate Use, Commercial Use
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa
Country ScopeUnited States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey
Qualitative Info
  • Value Chain Analysis
  • Pricing Analysis
  • Regional Outlook
  • Market Trends
  • Market Share Analysis
  • Competition Analysis
  • Technological Advancements
Key PlayersTesla, Volkswagen, SAIC Motors, BYD, Ford Motor Company, Daimler AG, General Motors Company, Mitsubishi Motor Corporation, Groupe Renault, Nissan Motor Corporation, Toyota Motor Corporation, and Tata Motors.
Customization Scope10 Hours of Free Customization and Expert Consultation

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Competitive Landscape:

The global electric vehicle market is extremely competitive, comprising several key regional and global players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.

Some Leading Market Companies Listed in the Report:

  • Tesla
  • Volkswagen
  • SAIC Motors
  • BYD
  • Ford Motor Company
  • Daimler AG
  • General Motors Company
  • Mitsubishi Motor Corporation
  • Groupe Renault
  • Nissan Motor Corporation
  • Toyota Motor Corporation
  • TATA Motors

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The global electric vehicle market has been segmented based on vehicle type, vehicle drive type, component, propulsion, end-use, and region:

By Vehicle Type:

  • Passenger Vehicles
  • Commercial Vehicles

By Vehicle Drive Type:

  • All Wheel Drive
  • Rear Wheel Drive
  • Front Wheel Drive

By Component:

  • Motor
  • Reducer
  • On-Board Charge
  • Fuel Stack
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier
  • Battery Cells and Packs

By Propulsion:

  • BEV
  • PHEV
  • FCEV

By End-Use:

  • Private Use
  • Commercial Use

By Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Nordic Countries
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Southeast Asia
    • India
    • Australia
    • Rest of Asia
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • UAE
    • Rest of MEA

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