Electric Vehicle Market

Analysis by Propulsion (BEV, PHEV, and ECEV); by Components (Motor, Reducer, and Others); by Vehicle Class (Low-priced, Mid-priced, and Luxury); by Speed (>100 MPH, 100 – 125 MPH, and <125 MPH); by Drive Type (Front, Rear, and Others) and by Vehicle Type (Passenger Cars, and Commercial Vehicles) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4476 | Published On: Feb 13, 2023
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Global Electric Vehicle Market Regional Synopsis

Regionally, the global electric vehicle market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the large production of electric vehicles in the region. China is the top producer of electric vehicles as per International Energy Agency. The electric car registration rose from year 2019 with almost 1000 thousand units to year 2020 with around 1300 thousand units. Further, the large population in the region is expected to increase the demand of electric vehicle in the assessment period. The population in East Asia and Pacific as per World Bank was 2.37 billion in 2021. Additionally, technological advancements, growth in Gross Domestic Level (GDP) along with rise in disposable income are another factors that are anticipated to fuel the electric vehicle market size.


The global electric vehicle market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

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Global Electric Vehicle Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Population in the World – As the world population is rising in a steady pace, it generates the need of fuel-efficient vehicles. Thus, the increasing demand by the burgeoning population is expected to raise the production rate of electric vehicles in the forecast period. The World Bank calculated the global population to be 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per United Nations, Department of Economic and Social Affairs.

  • Expansion of Automotive Industry - The recent statistics reveal that the global automotive industry is expected to reach approximately USD 9 trillion by 2030.  

  • Rising Concerns of Carbon Dioxide Emission – A report published recently stated that a passenger vehicle emits about 5 metric tons of carbon dioxide per year. Also, as per International Organization of Motor Vehicle Manufacturers, globally road transport is responsible for about 16% of man-made carbon dioxide emissions.

  • Increasing Prevalence of Electric Cars -  A latest report by International Energy Agency stated the number of electric cars on the road was 16.5 million in 2021.


  • High Costs of End Product
  • Increased Need of Investments and Assets
  • Non presence of Standardization Among Nations

The electric vehicle market is segmented and analyzed for demand and supply by vehicle type into passenger cars and commercial vehicles. Out of these, the passenger cars segment is expected to garner the highest market share by 2033, owing to the high demand of personal vehicles by the burgeoning population. The International Organization of Motor Vehicle Manufacturers (OICA) stated that the global passenger vehicles sales was 56 million in 2021, whereas, the production was 57 million in 2021. Also, the increased preference of electric vehicles over traditional cars by people owing to its advantages is expected to gather highest revenue. The International Energy Agency stated that passenger electric cars are surging in popularity and is estimated that 13% of new car sold in 2022 will be electric.

Market Segmentation

Our in-depth analysis of the global electric vehicle market includes the following segments:

By Propulsion

  • BEV
  • PHEV
  • FCEV

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 Class

  • Low - priced
  • Medium – priced
  • Luxury

By Speed

  • >100 MPH
  • 100 – 125 MPH
  • <125 MPH

By Drive Type

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

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles

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Top Featured Companies Dominating the Global Electric Vehicle Market

    • Toyota Motor Corporation

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • BYD Motors Inc.
    • Mercedes-Benz Group AG
    • Ford Motor Company
    • General Motors
    • Nissan Group
    • Tesla
    • Volkswagen AG
    • Renault Group
    • Hino Motors, Ltd.


In The News

  • BYD Motors Inc. along with Hino Motors, Ltd. has entered into an agreement to set up a new company for commercial battery electric vehicles (BEVs) development.

  • Toyota Motor Corporation has launched Toyota Bz in newly established series of battery electric vehicles (BEVs), following the establishment of electrified vehicles.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the electric vehicle market?

Ans: The rising demand of electric vehicles by the burgeoning population and increased concerns regarding environmental protection is expected to fuel the market growth.

2) What would be the CAGR of electric vehicle market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the electric vehicle market growth?

Ans: The high costs of end product along with the increased need of investments and assets along non presence of standardization among nations is expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of electric vehicle market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the electric vehicle market?

Ans: The major players in the market are Toyota Motor Corporation, BYD Motors Inc., Mercedes-Benz Group AG, Ford Motor Company, General Motors, Nissan Group, Tesla, Volkswagen AG, Renault Group, Hino Motors, Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the electric vehicle market?

Ans: The market is segmented by propulsion, components, vehicle class, speed, drive type, vehicle type, and by region.

8) Which segment captures the largest market size in vehicle type in the electric vehicle market?

Ans: The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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