Electric Vehicle Market Size & Share, by Propulsion (BEV, PHEV, ECEV); Components (Motor, Reducer); Vehicle Class (Low-priced, Mid-priced, Luxury); Speed (>100 MPH, 100 - 125 MPH, <125 MPH); Drive Type (Front, Rear); Vehicle Type (Passenger Cars, Commercial Vehicles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4476
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Electric Vehicle Market size is expected to cross USD 1 Trillion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of electric vehicle was USD 170 Billion.The primary factor attributed to the market growth is the increased production of electric vehicles across the world. As per the reports by the International Energy Agency, the number of electric vehicles sales in 2021 surpassed sales of year 2020, with nearly doubling to 6.6 million.

Recently, there has been growing demand for low emission vehicles and rising government policies supporting long range, zero emission vehicles through subsidies & tax rebates. This trend is expected to compel the manufacturers to produce more electric vehicles. This has led to an employment generation in the automotive sector. The growing employment rate is thus anticipated to increase the sales of electric vehicles in the forecast period. The calculation of total employees in the Indian automotive industry approximately stood at 2 million in 2018.

Electric Vehicle Market
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Electric Vehicle Sector: 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

Electric Vehicle Market Highlights Over 2023 - 2033

Base Year


Forecast Year




Base Year Market Size (2022)

~USD 170 Billion

Forecast Year Market Size (2033)

~USD 1 Trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Vehicle Segmentation

Vehicle Type (Passenger Cars, Commercial Vehicles)

The EV 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.

Our in-depth analysis of the global 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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Electric Vehicle Industry - Regional Synopsis

Regionally, the global EV 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 market size.

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Electric Vehicle Market Size
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Companies Dominating the Electric Vehicle Landscape

    • 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.

Author Credits:  Saima Khursheed

  • Report ID: 4476
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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

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

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.

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.

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.

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.

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

The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Electric Vehicle Market Report Scope

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