Electric Vehicle Market
Electric Vehicle Market Study by Hybrid, Plug-in, and Battery for Passenger Cars, Commercial Vehicles, and Two Wheelers from 2024 to 2034
Analysis of Electric Vehicle Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electric Vehicle Market Outlook (2024 to 2034)
Worldwide revenue from the electric vehicle market is estimated at US$ 442.34 billion in 2024 and has been projected to increase at a CAGR of 14% to reach US$ 1,639.84 billion by the end of 2034.
Market expansion is mostly being driven by increasing support being given to electric car manufacturers by governments and regulatory bodies. The market is expanding as a result of rising awareness of how conventional cars' emissions affect the environment. The global push to promote electric vehicles for public transportation is also been seen as essential for the years ahead.
Electric bicycle motors or an internal combustion engine and electric motor operating together can be used to power electric cars, which are self-propelling transportation devices for both people and cargo. Electric cars are thought to be the cars of the future, and they will go on to replace conventional cars, which will be a key electric vehicle market growth factor in the years ahead.
Automakers are looking at possibilities for a variety of cars, such as plug-in hybrid and hybrid electric vehicles. To improve their market position, leading automakers are making significant investments in this space. Among the well-known companies in the industry are Daimler AG, Nissan Motor Corporation Ltd., Ford Motor Company, and General Motors Company, contributing to overall increase in the global electric vehicle market size. In developing countries such as Brazil, China, and India, sales of electric two-wheelers have been picking up pace over the past few years
- In the East Asia region, the South Korean market is estimated to hold a stronger market position with an estimated jump in market share from 19.6% in 2024 to 20.6% by 2034.
- Among all these propulsion types, the FCEV segment is approximated to grow from a value of US$ 60.5 billion in 2019 to 117.22 billion in 2024.
| Report Attribute | Detail |
|---|---|
| Electric Vehicle Market Size (2024E) | US$ 442.34 Billion |
| Forecasted Market Value (2034F) | US$ 1,639.84 Billion |
| Global Market Growth Rate (2024 to 2034) | 14% CAGR |
| East Asia Market Value (2034F) | US$ 342.73 Billion |
| North America Market Share (2034F) | 32.8% |
| HEV Segment Value (2034F) | US$ 129.55 Billion |
| United States Market Value (2034F) | US$ 425.99 Billion |
| Key Companies Profiled | ABB Ltd.; Alcraft Motor Company; Baic Motor; BMW; BYD; Canoo; Chery; Continental AG; Daimler; Ford Motor Company; Geely; Tata; General Motors; GWM; Changan; Leap Motor; BAIC; Hozon; Hitachi Automotive Systems, Ltd.; Honda Motor Co., Ltd.; Hyundai; JAC; Kia Motors; Lucid Motors; Nidec Corp.; Nissan Motor Corporation Ltd.; Protean Electric; REE Auto; Rivian; SAIC Motor; SGMW; Tesla Motors; Toyota Motor Corporation; Volkswagen; Volvo; Zotye; Li Auto; NIO; XPeng; Polestar; Yadea; Aima; Tailg; Luyuan; Xinri; Bajaj Auto; Ola; Hero Electric; TVS Motors; Okinawa; Corvus UTV. |
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What are the Main Reasons Driving Sales of Electric Vehicles Worldwide?
“Prices of EV Batteries Significantly Declining”
Over the last ten years, EV battery prices have been declining. Since EV batteries are among the most costly parts of an electric car, this has resulted in a drop in the price of electric automobiles on the whole. This is a result of lower manufacturing costs for these batteries, lower costs for cathode materials, increased output, etc. The primary cause of this decline in battery pricing is advancements in battery technology. By the end of this decade, a further decrease in price (per kWh) is expected after solid-state batteries have been introduced in the electric car market.
“Transportation Sector Filled With Market Opportunities for EVs”
The necessity to expand the market for electric vehicles and the infrastructure for charging them has been highlighted by the rise in the use and demand of these vehicles. Leading EV markets such as China, the U.S., and Germany are making large investments in EVs and the infrastructure needed to charge them, as well as in R&D to create quicker and more effective charging techniques, longer-range EVs, and more affordable batteries. Automakers are expected to make large investments in several aspects to meet the growing demand for electric vehicles.
Numerous Asian, European, and North American countries have enacted policies to cut emissions over the coming decades and replace their fleets of regular vehicles with lower-emission models in varied proportions. It is anticipated that this would result in a notably elevated demand for electric cars. Manufacturers are providing a vast array of automobiles, ranging from premium sedans such as the Tesla Model 3 to compact hatchbacks like the Leaf. The market for electric cars has grown as a consequence of the large number of customers drawn in by the variety of variants being offered.
- For example, Ford declared in January 2018 that it would double its projected spending on EV development to US$ 11 billion by the end of 2022. In 2022, the business unveiled 40 electric cars (EVs), of which, 16 were electric and 24 were plug-in hybrids.
What has the Potential to Deplete the Market Chances of EV Manufacturers?
“Manufacturers Require Substantial Resources”
EVs are more expensive than regular cars that run on fossil fuels. Since these cars are not mass-produced in the manner of gas-powered vehicles, economies of scale have not yet been attained. Furthermore, lack of infrastructure for EV charging has proven to be a drawback that has hampered market expansion. Additionally, manufacturing companies require substantial resources for their operations, which has impeded market growth to some extent. However, the cost of batteries is expected to drop in the years ahead due to the large-scale manufacturing of EV batteries and technical developments, which is a silver lining on the horizon.
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Country-wise Analysis
As the war for fossil fuels increases among Middle Eastern countries, other countries are actively looking to switch to electrical vehicles to decrease their dependency on the Middle East for oil and other fuels. This has significantly sparked the race to switch to electric cars. Key countries contributing to this market include the United States, Canada, China, Japan, and South Korea, accounting for a significant part of the overall electric vehicle market share.
What is Leading to Bullish Electrical Vehicle Market Conditions in the United States?
“Presence of Automotive Giants Such as Tesla Making EVs Popular”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 125.15 Billion |
| Growth Rate (2024 to 2034) | 13% CAGR |
| Projected Value (2034F) | US$ 425.99 Billion |
The U.S. has been always ahead of its time when it comes to technology, and companies such as Tesla are focusing on climate issues and fossil scarcity to increase the popularity of electric vehicles. This awareness of climatic changes and the harmful effects of coal and other traditional fuel options is pushing more people to switch from petrol and diesel cars to electric cars that are more sustainable and not harmful to the environment.
Added to this, the government is also making sure to launch programs to make more people understand the need to switch to electric-based cars, making the overall country a bullish market for electrical vehicle manufacturers.
How is the EV Market Expected to Perform in China?
“Lithium Deposits Becoming Profit-Making Pockets”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 45.86 Billion |
| Growth Rate (2024 to 2034) | 13.4% CAGR |
| Projected Value (2034F) | US$ 161.77 Billion |
- According to China Daily, the country has a good amount of lithium deposits, including lithium brines, spodumene, and lepidolite hard-rock reserves. In 2023, the country produced around 33,000 metric tons of lithium, making it the third-largest producer in the world.
Lithium is a crucial metal for electrical vehicle batteries, and the country, with such a large amount of lithium deposits, makes it one of the key areas of growth for the electrical vehicle market. Companies from around the world are looking to reach China to take advantage of the benefits of these deposits, leading to the rising popularity of EV cars in the country.
Category-wise Evaluation
Which Propulsion Type Has Gained More Attention in the EV Business?
“BEV Propulsion Highly Preferred by EV Lovers Worldwide”
| Attribute | BEV |
|---|---|
| Segment Value (2024E) | US$ 230.01 Billion |
| Growth Rate (2024 to 2034) | 13.3% CAGR |
| Projected Value (2034F) | US$ 803.52 Billion |
Battery Electric Vehicle (BEV) propulsion has gained immense popularity among electric vehicle enthusiasts worldwide. With advancements in battery technology and an increasing focus on sustainability, BEVs have garnered significant attention due to their zero-emission operations and the potential to revolutionize the transportation industry. As the infrastructure for charging BEVs continues to expand, more consumers are showing interest in this propulsion type for its environmental benefits and lower long-term operational costs.
Which Application Segment Account for Higher EV Sales?
“Electric Passenger Cars Lead the Charts with High Sales Worldwide”
| Attribute | Passengers Cars |
|---|---|
| Segment Value (2024E) | US$ 296.36 Billion |
| Growth Rate (2024 to 2034) | 12.7% CAGR |
| Projected Value (2034F) | US$ 983.90 Billion |
The convenience, cost savings on fuel, and environmental friendliness of EVs have made them a popular choice for individual commuting and daily transportation needs. Many consumers prefer EVs for their everyday use, such as commuting to work, running errands, and family trips, due to their lower operational costs and the increasing availability of charging stations in urban and suburban areas. Also, the expanding variety of EV models with different features and price points has encouraged more people to integrate EVs into their lifestyles, which is a key electric vehicle market trend that will push sales going forward.
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Market Developments
Key players in the electric vehicle market are continuously launching new models to maximize their profits, including electric trucks.
- Moscow and KAMAZ agreed to a deal in March 2023 for 1,000 electric buses. Plans also exist to buy 200 more electric buses from GAZ Group. At the moment, Moscow operates 1,055 electric buses on 79 routes. Moscow intends to add 29 additional electric bus lines, build over 200 ultra-fast charging stations, and create a second electric bus park in the Mitino neighborhood northwest of the city.
- In February 2023, BYD expanded its dealer network in the European Union by adding two new companies. In Ireland, Motor Distributors Ltd. (MDL) will sell BYD models in a few areas, including Cork and Dublin. RSA is a dealer with whom BYD already works in Norway, and it will offer EVs of Chinese-make in Finland and Iceland.
- Feintool inked a deal with a well-known European company in November 2022 (OEM). The business supplied rotors and stator assemblies to make electric drives for electric cars as per the contract. Additionally, the manufacturing process will rely on innovative and inventive adhesive packaging connectors.
- In October 2022, Gehring Technologies GmbH and Daimler Truck AG inked a strategic collaboration agreement to concentrate on developing expertise in the process development and prototype construction of electric motors specifically designed for commercial vehicles.
Fact.MR provides detailed information about the price points of key manufacturers of electric vehicles positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.
Segmentation of Electric Vehicle Market Research
-
By Technology :
- Hybrid
- Plug-in Hybrid
- Battery
-
By Power Source :
- Stored Electricity
- On Board Electric Generators
-
By Vehicle Type :
- Passenger Cars
- Commercial Cars
- Two Wheelers
- Others
-
By Power Train :
- Series
- Parallel
- Combined
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Power Source 6.2. Vehicle Type 6.3. Technology 6.4. Power Train 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Power Source 7.1. Stored Electricity 7.2. On Board Electric Generators 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Vehicle Type 8.1. Passenger Cars 8.2. Commercial Cars 8.3. Two Wheelers 8.4. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Technology 9.1. Hybrid 9.2. Plug-in Hybrid 9.3. Battery 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Power Train 10.1. Series 10.2. Parallel 10.3. Combined 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. Eastern Europe 11.5. East Asia 11.6. South Asia & Pacific 11.7. Middle East & Africa 12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 19. Sales Forecast 2024 to 2034 by Power Source, Vehicle Type, Technology, Power Train, and Region for 30 Countries 20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 21. Company Profile 21.1. ABB Ltd. 21.2. Alcraft Motor Company 21.3. Baic Motor 21.4. BMW 21.5. BYD 21.6. Canoo 21.7. Chery 21.8. Continental AG 21.9. Daimler 21.10. Ford Motor Company 21.11. Geely 21.12. Tata 21.13. General Motors 21.14. GWM 21.15. Changan 21.16. Leap Motor 21.17. BAIC 21.18. Hozon 21.19. Hitachi Automotive Systems, Ltd. 21.20. Honda Motor Co., Ltd. 21.21. Hyundai 21.22. JAC 21.23. Kia Motors 21.24. Lucid Motors 21.25. Nidec Corp. 21.26. Nissan Motor Corporation Ltd. 21.27. Protean Electric 21.28. REE Auto 21.29. Rivian 21.30. SAIC Motor 21.31. SGMW 21.32. Tesla Motors 21.33. Toyota Motor Corporation 21.34. Volkswagen 21.35. Volvo 21.36. Zotye 21.37. Li Auto 21.38. NIO 21.39. XPeng 21.40. Polestar 21.41. Yadea 21.42. Aima 21.43. Tailg 21.44. Luyuan 21.45. Xinri 21.46. Bajaj Auto 21.47. Ola 21.48. Hero Electric 21.49. TVS Motors 21.50. Okinawa 21.51. Corvus UTV 22. Assumptions and Acronyms Used 23. Research Methodology
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List Of Table
Table 01: Global Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 02: Global Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 03: Global Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 04: Global Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 05: Global Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 06: Global Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 07: Global Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 08: Global Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 09: Global Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 10: Global Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 11: Global Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 12: Global Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 13: Global Market Value (US$ Mn) Analysis, by Region, 2019 to 2023
Table 14: Global Market Value (US$ Mn) Analysis, by Region, 2024 to 2034
Table 15: Global Market Value (US$ Mn) Opportunity Analysis, by Region, 2024 to 2034
Table 16: North America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 17: North America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 18: North America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 19: North America Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 20: North America Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 21: North America Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 22: North America Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 23: North America Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 24: North America Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 25: North America Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 26: North America Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 27: North America Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 28: North America Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 29: North America Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 30: North America Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 31: Latin America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 32: Latin America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 33: Latin America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 34: Latin America Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 35: Latin America Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 36: Latin America Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 37: Latin America Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 38: Latin America Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 39: Latin America Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 40: Latin America Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 41: Latin America Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 42: Latin America Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 43: Latin America Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 44: Latin America Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 45: Latin America Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 46: Western Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 47: Western Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 48: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 49: Western Europe Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 50: Western Europe Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 51: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 52: Western Europe Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 53: Western Europe Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 54: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 55: Western Europe Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 56: Western Europe Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 57: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 58: Western Europe Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 59: Western Europe Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 60: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 61: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 62: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 63: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 64: Eastern Europe Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 65: Eastern Europe Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 66: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 67: Eastern Europe Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 68: Eastern Europe Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 69: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 70: Eastern Europe Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 71: Eastern Europe Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 72: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 73: Eastern Europe Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 74: Eastern Europe Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 75: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 76: East Asia Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 77: East Asia Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 78: East Asia Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 79: East Asia Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 80: East Asia Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 81: East Asia Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 82: East Asia Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 83: East Asia Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 84: East Asia Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 85: East Asia Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 86: East Asia Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 87: East Asia Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 88: East Asia Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 89: East Asia Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 90: East Asia Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 91: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 92: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 93: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 94: South Asia & Pacific Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 95: South Asia & Pacific Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 96: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 97: South Asia & Pacific Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 98: South Asia & Pacific Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 99: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 100: South Asia & Pacific Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 101: South Asia & Pacific Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 102: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 103: South Asia & Pacific Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 104: South Asia & Pacific Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 105: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
Table 106: MEA Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 107: MEA Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 108: MEA Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 109: MEA Market Value (US$ Mn) Analysis, by Power Source, 2019 to 2023
Table 110: MEA Market Value (US$ Mn) Analysis, by Power Source, 2024 to 2034
Table 111: MEA Market Value (US$ Mn) Opportunity Analysis, by Power Source, 2024 to 2034
Table 112: MEA Market Value (US$ Mn) Analysis, by Vehicle Type, 2019 to 2023
Table 113: MEA Market Value (US$ Mn) Analysis, by Vehicle Type, 2024 to 2034
Table 114: MEA Market Value (US$ Mn) Opportunity Analysis, by Vehicle Type, 2024 to 2034
Table 115: MEA Market Value (US$ Mn) Analysis, by Technology, 2019 to 2023
Table 116: MEA Market Value (US$ Mn) Analysis, by Technology, 2024 to 2034
Table 117: MEA Market Value (US$ Mn) Opportunity Analysis, by Technology, 2024 to 2034
Table 118: MEA Market Value (US$ Mn) Analysis, by Power Train, 2019 to 2023
Table 119: MEA Market Value (US$ Mn) Analysis, by Power Train, 2024 to 2034
Table 120: MEA Market Value (US$ Mn) Opportunity Analysis, by Power Train, 2024 to 2034
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List Of Figures
Figure 01: Global Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 02: Global Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 03: Global Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 04: Global Market Incremental $ Opportunity, 2024 to 2034
Figure 05: Global Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 06: Global Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 07: Global Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 08: Global Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 09: Global Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 11: Global Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 12: Global Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 14: Global Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 15: Global Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 16: Global Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 17: Global Market Share and BPS Analysis by Region, 2024 & 2034
Figure 18: Global Market Y-o-Y Growth Projections by Region, 2024 to 2034
Figure 19: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 20: North America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 21: North America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 22: North America Market Value Y-o-Y Growth and Forecast, 2034
Figure 23: North America Market Incremental $ Opportunity, 2024 to 2034
Figure 24: North America Market Share Analysis by Country, 2024 & 2034
Figure 25: North America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 26: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 27: North America Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 28: North America Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 29: North America Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 30: North America Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 31: North America Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 32: North America Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 33: North America Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 34: North America Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 35: North America Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 36: North America Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 37: North America Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 38: North America Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 39: Latin America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 40: Latin America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 41: Latin America Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 42: Latin America Market Incremental $ Opportunity, 2024 to 2034
Figure 43: Latin America Market Share Analysis by Country, 2024 & 2034
Figure 44: Latin America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 45: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 46: Latin America Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 47: Latin America Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 48: Latin America Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 49: Latin America Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 50: Latin America Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 51: Latin America Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 52: Latin America Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 53: Latin America Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 54: Latin America Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 55: Latin America Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 56: Latin America Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 57: Latin America Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 58: Western Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 59: Western Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 60: Western Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 61: Western Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 62: Western Europe Market Share Analysis by Country, 2024 & 2034
Figure 63: Western Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 64: Western Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 65: Western Europe Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 66: Western Europe Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 67: Western Europe Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 68: Western Europe Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 69: Western Europe Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 70: Western Europe Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 71: Western Europe Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 72: Western Europe Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 73: Western Europe Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 74: Western Europe Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 75: Western Europe Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 76: Western Europe Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 77: Eastern Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 78: Eastern Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 79: Eastern Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 80: Eastern Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 81: Eastern Europe Market Share Analysis by Country, 2024 & 2034
Figure 82: Eastern Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 83: Eastern Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 84: Eastern Europe Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 85: Eastern Europe Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 86: Eastern Europe Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 87: Eastern Europe Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 88: Eastern Europe Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 89: Eastern Europe Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 90: Eastern Europe Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 91: Eastern Europe Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 92: Eastern Europe Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 93: Eastern Europe Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 94: Eastern Europe Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 95: Eastern Europe Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 96: East Asia Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 97: East Asia Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 98: East Asia Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 99: East Asia Market Incremental $ Opportunity, 2024 to 2034
Figure 100: East Asia Market Share Analysis by Country, 2024 & 2034
Figure 101: East Asia Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 102: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 103: East Asia Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 104: East Asia Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 105: East Asia Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 106: East Asia Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 107: East Asia Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 108: East Asia Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 109: East Asia Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 110: East Asia Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 111: East Asia Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 112: East Asia Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 113: East Asia Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 114: East Asia Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 115: South Asia & Pacific Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 116: South Asia & Pacific Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 117: South Asia & Pacific Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 118: South Asia & Pacific Market Incremental $ Opportunity, 2024 to 2034
Figure 119: South Asia & Pacific Market Share Analysis by Country, 2024 & 2034
Figure 120: South Asia & Pacific Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 121: South Asia & Pacific Market Attractiveness Analysis by Country, 2024 to 2034
Figure 122: South Asia & Pacific Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 123: South Asia & Pacific Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 124: South Asia & Pacific Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 125: South Asia & Pacific Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 126: South Asia & Pacific Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 127: South Asia & Pacific Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 128: South Asia & Pacific Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 129: South Asia & Pacific Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 130: South Asia & Pacific Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 131: South Asia & Pacific Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 132: South Asia & Pacific Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 133: South Asia & Pacific Market Attractiveness Analysis by Power Train, 2024 to 2034
Figure 134: MEA Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 135: MEA Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 136: MEA Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 137: MEA Market Incremental $ Opportunity, 2024 to 2034
Figure 138: MEA Market Share Analysis by Country, 2024 & 2034
Figure 139: MEA Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 140: MEA Market Attractiveness Analysis by Country, 2024 to 2034
Figure 141: MEA Market Share and BPS Analysis by Power Source, 2024 & 2034
Figure 142: MEA Market Y-o-Y Growth Projections by Power Source, 2024 to 2034
Figure 143: MEA Market Attractiveness Analysis by Power Source, 2024 to 2034
Figure 144: MEA Market Share and BPS Analysis by Vehicle Type, 2024 & 2034
Figure 145: MEA Market Y-o-Y Growth Projections by Vehicle Type, 2024 to 2034
Figure 146: MEA Market Attractiveness Analysis by Vehicle Type, 2024 to 2034
Figure 147: MEA Market Share and BPS Analysis by Technology, 2024 & 2034
Figure 148: MEA Market Y-o-Y Growth Projections by Technology, 2024 to 2034
Figure 149: MEA Market Attractiveness Analysis by Technology, 2024 to 2034
Figure 150: MEA Market Share and BPS Analysis by Power Train, 2024 & 2034
Figure 151: MEA Market Y-o-Y Growth Projections by Power Train, 2024 to 2034
Figure 152: MEA Market Attractiveness Analysis by Power Train, 2024 to 2034
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- FAQs -
What is the current size of the electric vehicle market?
The global market for electric vehicles is estimated at US$ 442.34 billion in 2024.
What is the demand forecast for electric vehicles by 2034?
Worldwide demand for electric vehicles is expected to reach a market value of US$ 1,639.84 billion by 2034.
At what rate is the demand for electric vehicles projected to accelerate?
The global market for electrical vehicles is forecasted to expand at a CAGR of 14% from 2024 to 2034.
What is the contribution of North America to global market revenue?
North America is anticipated to account for 32.8% share of the global market by 2034-end.
What is the projected growth rate of EV vehicle sales in Japan?
Demand for electric vehicles in Japan is projected to increase at a CAGR of 14.9% from 2024 to 2034.
How much share of the global market is projected to be held by PHEV propulsion variants?
The PHEV propulsion segment is anticipated to account for 16.2% share of global market revenue by 2034-end.
Who are the prominent market players in the EV vehicle business?
Key players in this market are Tesla, Toyota Motor Corporation, Volkswagen, and Volvo.
Electric Vehicle Market