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PUBLISHER: Market Research Future | PRODUCT CODE: 1272632

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PUBLISHER: Market Research Future | PRODUCT CODE: 1272632

Global Electric Vehicle Market Market Forecast to 2030

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Market Overview

As per MRFR, the global electric vehicle market has been growing rapidly in the past couple of years and is expected to reach 33,691 thousand units by 2030, at a CAGR of 18.6% during the forecast period 2022–2030. Furthermore in terms of sales, the global electric vehicle market is valued at 2,74,749.3 US$ Mn in 2021 and is anticipated to grow with a CAGR of 20.0% during the forecast period. The global electric vehicle market has experienced a high growth potential over the past couple of years and is predicted to grow at a robust rate during the forecast period. The electric vehicle market looks promising during the projected timeframe owing to the factors such as increasing fuel prices, government initiatives, and expansion of global electric vehicle manufacturers into new emerging markets. However, this market growth is expected to be hampered by the high prices of electric vehicles and the underdeveloped aftermarket services. Nevertheless, the emerging economies present more opportunities for electric vehicles due to the rise in awareness regarding zero-emission vehicles. The market faces challenges such as stringent rules for the installation of charging stations.

Segment Overview

The global electric vehicle market has been segmented based on technology, vehicle type, and region. Based on technology, the global electric vehicle market is segmented into Battery Electric Vehicles (BEVs) and Plug-In Hybrid Electric Vehicles (PHEVs). Based on vehicle type, the global electric vehicle market is segmented into passenger cars and commercial vehicles. The commercial vehicles segment is further bifurcated into Light & Medium Trucks, Heavy Trucks, and Buses. The regions are segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Regional Analysis

The global electric vehicle market reported sales of 6,891 thousand units in 2021 and is expected to reach a market volume of 33,691thousand units by 2030, growing at a CAGR of 18.6%. Asia-Pacific has accounted for 54.8% of the market share in the electric vehicle market in 2021, owing to the increasing fuel prices, government initiatives, expansion of global electric vehicle manufacturers into new emerging markets. The expansion of the manufacturing sector and the advancement of infrastructure in developing countries have opened new opportunities for automotive manufacturers. As a result, Asia-Pacific is expected to be the fastest-growing market for electric vehicles in the region.

Major Players

During the study, MRFR has analyzed major players that contributed a significant share to the growth of the global electric vehicle market. These include Daimler AG, Nissan Motor Corporation, Tesla, Inc., toyota motor corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Hyundai Motor Company, Mitsubishi Motors Corporation, and BYD Motors Inc. These players focus on innovation and invest in research & development to present a cost-effective, long-range, technologically advanced, and world-class product portfolio. There have been recent strategic developments among the key players, a strategy the business entities leverage to strengthen their reach to the customers and enhance the brand value.

1 Executive Summary

2 Introduction

  • 2.1 Scope Of The Study 13
  • 2.2 Assumptions 13
  • 2.3 Market Structure 13

3 Research Methodology

  • 3.1 Research Process 15
  • 3.2 Primary Research 16
  • 3.3 Secondary Research 16
  • 3.4 Market Size Estimation 16
  • 3.5 Forecast Model 18

4 Market Dynamics

  • 4.1 Introduction 19
  • 4.2 Market Drivers 20
    • 4.2.1 Surge In Demand Of Electric Vehicle Worldwide 20
    • 4.2.2 Increasing Fuel Prices Will Boost Demand Of Electric Vehicles 21
    • 4.2.3 Government Initiatives 21
    • 4.2.4 Expansion Of Global Auto-Manufacturers Into New Emerging Markets 22
  • 4.3 Market Restraints 22
    • 4.3.1 High Prices Of Electric Vehicles 22
    • 4.3.2 Underdeveloped Aftermarket Services 23
  • 4.4 Market Opportunities 23
    • 4.4.1 Emerging Economies Seeks More Opportunities For Electric Vehicles 23

5 Market Factor Analysis

  • 5.1 Porter's Five Forces Analysis 24
    • 5.1.1 Threat From New Entrants 24
    • 5.1.2 Bargaining Power Of Buyers 25
    • 5.1.3 Bargaining Power Of Supplier 25
    • 5.1.4 Threat From Substitutes 25
    • 5.1.5 Threat Of Rivalry 25
  • 5.2 Value Chain Analysis 26f

6 Global Electric Vehicle Market, By Technology

  • 6.1 Introduction 27
    • 6.1.1 Battery Electric Vehicles 28
    • 6.1.2 Hybrid Electric Vehicles 29
    • 6.1.3 Plug-In Hybrid Electric Vehicles 29

7 Global Electric Vehicle Market, By Vehicle Type

  • 7.1 Introduction 30
    • 7.1.1 Passenger Cars 31
    • 7.1.2 Commercial Vehicles 31
    • 7.1.3 Two Wheelers 31

8 Global Electric Vehicle Market, By Region

  • 8.1 Introduction 32
  • 8.2 North America 34
    • 8.2.1 US. 36
    • 8.2.2 Canada 37
  • 8.3 Europe 39
    • 8.3.1 Germany 41
    • 8.3.2 UK. 42
    • 8.3.3 France 43
    • 8.3.4 Italy 44
    • 8.3.5 Rest Of Europe 45
  • 8.4 Asia-Pacific 47
    • 8.4.1 China 49
    • 8.4.2 Japan 50
    • 8.4.3 India 51
    • 8.4.4 Rest Of Asia-Pacific 53
  • 8.5 Rest Of The World 54
    • 8.5.1 Middle East & Africa 56
    • 8.5.2 Latin America 57

9 Competitive Landscape

  • 9.1 Introduction 59
  • 9.2 Expansion 60

10 Company Profiles

  • 10.1 Nissan Motor Company Ltd 61
    • 10.1.1 Company Overview 61
    • 10.1.2 Products/Services Offering 61
    • 10.1.3 Financial Overview 62
    • 10.1.4 Key Developments 63
    • 10.1.5 Strategy 63
    • 10.1.6 SWOT Analysis 64
  • 10.2 Tesla, Inc. 65
  • 10.3 Toyota Motor Corporation 68
  • 10.4 Ford Motor Company 71
  • 10.5 Volkswagen 75
  • 10.6 BMW 78
  • 10.7 General Motors 81
  • 10.8 Daimler AG 83
  • 10.9 Hyundai Motor Company 85
  • 10.10 Mitsubishi Motors Corporation 87

LIST OF TABLES

  • TABLE 1 GLOBAL ELECTRIC VEHICLES BATTERY MARKET: BY REGION, 2018-2030
  • TABLE 2 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET: BY COUNTRY, 2018-2030
  • TABLE 3 EUROPE ELECTRIC VEHICLES BATTERY MARKET: BY COUNTRY, 2018-2030
  • TABLE 4 ASIA PACIFIC ELECTRIC VEHICLES BATTERY MARKET: BY COUNTRY, 2018-2030
  • TABLE 5 ROW ELECTRIC VEHICLES BATTERY MARKET: BY COUNTRY, 2018-2030
  • TABLE 6 GLOBAL ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE, BY REGIONS, 2018-2030
  • TABLE 7 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE, BY COUNTRY, 2018-2030
  • TABLE 8 EUROPE ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE, BY COUNTRY, 2018-2030
  • TABLE 9 ASIA PACIFIC ELECTRIC VEHICLES BATTERY MARKET BY BATTERY TYPE, BY COUNTRY, 2018-2030
  • TABLE 10 ROW ELECTRIC VEHICLES BATTERY MARKET BY BATTERY TYPE, BY COUNTRY, 2018-2030
  • TABLE 11 GLOBAL ELECTRIC VEHICLES BATTERY BY VEHICLE TECHNOLOGY MARKET: BY REGIONS, 2018-2030
  • TABLE 12 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET BY VEHICLE TECHNOLOGY : BY COUNTRY, 2018-2030
  • TABLE 13 EUROPE ELECTRIC VEHICLES BATTERY MARKET BY VEHICLE TECHNOLOGY : BY COUNTRY, 2018-2030
  • TABLE 14 ASIA PACIFIC ELECTRIC VEHICLES BATTERY MARKET BY VEHICLE TECHNOLOGY : BY COUNTRY, 2018-2030
  • TABLE 15 ROW ELECTRIC VEHICLES BATTERY MARKET BY VEHICLE TECHNOLOGY : BY COUNTRY, 2018-2030
  • TABLE 16 GLOBAL ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET, BY REGIONS, 2018-2030
  • TABLE 17 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET, BY COUNTRY, 2018-2030
  • TABLE 18 EUROPE ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET, BY COUNTRY, 2018-2030
  • TABLE 19 ASIA PACIFIC ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET, BY COUNTRY, 2018-2030
  • TABLE 20 ROW ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET, BY COUNTRY, 2018-2030
  • TABLE 21 GLOBAL BATTERY TYPE MARKET: BY REGION, 2018-2030
  • TABLE 22 GLOBAL VEHICLE TECHNOLOGY MARKET: BY REGION, 2018-2030
  • TABLE 23 GLOBAL END MARKET MARKET: BY REGION, 2018-2030
  • TABLE 24 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET, BY COUNTRY
  • TABLE 25 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE
  • TABLE 26 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET, BY VEHICLE TECHNOLOGY
  • TABLE 27 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET
  • TABLE 28 EUROPE: ELECTRIC VEHICLES BATTERY MARKET, BY COUNTRY
  • TABLE 29 EUROPE: ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE
  • TABLE 30 EUROPE: ELECTRIC VEHICLES BATTERY MARKET, BY VEHICLE TECHNOLOGY
  • TABLE 31 EUROPE: ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET
  • TABLE 32 ASIA PACIFIC: ELECTRIC VEHICLES BATTERY MARKET, BY COUNTRY
  • TABLE 33 ASIA PACIFIC: ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE
  • TABLE 34 ASIA PACIFIC: ELECTRIC VEHICLES BATTERY MARKET, BY VEHICLE TECHNOLOGY
  • TABLE 35 ASIA PACIFIC: ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET
  • TABLE 36 ROW: ELECTRIC VEHICLES BATTERY MARKET, BY REGION
  • TABLE 37 ROW ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE
  • TABLE 38 ROW ELECTRIC VEHICLES BATTERY MARKET, BY VEHICLE TECHNOLOGY
  • TABLE 39 ROW ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET

LIST OF FIGURES

  • FIGURE 1 RESEARCH PROCESS OF MRFR
  • FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
  • FIGURE 3 MARKET DYNAMICS
  • FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
  • FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
  • FIGURE 6 PORTER'S FIVE FORCES ANALYSIS
  • FIGURE 7 VALUE CHAIN ANALYSIS
  • FIGURE 8 GLOBAL ELECTRIC VEHICLES BATTERY MARKET SHARE, BY BATTERY TYPE, 2020 (%)
  • FIGURE 9 GLOBAL ELECTRIC VEHICLES BATTERY MARKET, BY BATTERY TYPE, 2018-2030 (USD MILLION)
  • FIGURE 10 GLOBAL ELECTRIC VEHICLES BATTERY MARKET SHARE, BY END MARKET, 2020 (%)
  • FIGURE 11 GLOBAL ELECTRIC VEHICLES BATTERY MARKET, BY END MARKET, 2018-2030 (USD MILLION)
  • FIGURE 12 GLOBAL ELECTRIC VEHICLES BATTERY MARKET SHARE (%), BY REGION, 2020
  • FIGURE 13 GLOBAL ELECTRIC VEHICLES BATTERY MARKET, BY REGION, 2018-2030 (USD MILLION)
  • FIGURE 14 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET SHARE (%), 2020
  • FIGURE 15 NORTH AMERICA ELECTRIC VEHICLES BATTERY MARKET BY COUNTRY, 2018-2030 (USD MILLION)
  • FIGURE 16 EUROPE ELECTRIC VEHICLES BATTERY MARKET SHARE (%), 2020
  • FIGURE 17 EUROPE ELECTRIC VEHICLES BATTERY MARKET BY COUNTRY, 2018-2030 (USD MILLION)
  • FIGURE 18 ASIA PACIFIC ELECTRIC VEHICLES BATTERY MARKET SHARE (%), 2020
  • FIGURE 19 ASIA PACIFIC ELECTRIC VEHICLES BATTERY MARKET BY COUNTRY, 2018-2030 (USD MILLION)
  • FIGURE 20 REST OF THE WORLD ELECTRIC VEHICLES BATTERY MARKET SHARE (%), 2020
  • FIGURE 21 REST OF THE WORLD ELECTRIC VEHICLES BATTERY MARKET BY COUNTRY, 2018-2030 (USD MILLION)
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