PUBLISHER: Roots Analysis | PRODUCT CODE: 1854912
PUBLISHER: Roots Analysis | PRODUCT CODE: 1854912
As per Roots Analysis, the global electric vehicles market size is estimated to grow from USD 561.94 billion in the current year USD 6,158.16 billion by 2035, at a CAGR of 25.32% during the forecast period, till 2035.

The opportunity for electric vehicles market has been distributed across the following segments:
Battery Type
Sensor Propulsion Type
Vehicle Type
Drive Type
Capacity Type
Form Type
Bonding Type
Speed Type
Component Type
Type of Vehicle Class
Type of Material
Type of Application
Company Size
Business Model
End User
Geographical Regions
Electric Vehicles Market: Growth and Trends
As the global focus shifts towards eco-friendly transportation options, electric vehicles (EVs) are experiencing significant growth in the future. These vehicles operate on electricity or utilize lithium-ion batteries for propulsion, positioning them as a greener alternative to traditional gasoline-powered cars. Additionally, EVs provide various benefits compared to fuel-based vehicles, including lower maintenance expenses, quiet operation, and reduced operational costs. It is important to highlight that fully electric vehicles are receiving increased attention from international leaders due to their advantages, such as zero emissions at the tailpipe.
The buzz surrounding electric vehicles has been further amplified by the transition towards sustainable and green fuel alternatives. This movement towards greener fuels enhances the appeal of electric vehicles for both business stakeholders and consumers. However, current market leaders are concentrating on enhancing battery technology, particularly to lower costs and achieve higher energy density. With regulations requiring pedestrian alert systems, solutions like acoustic electric vehicle alert systems are becoming standard features in next-generation EVs.
These ongoing developments are enhancing the cost-effectiveness of EVs, making them more accessible to consumers. Further, the growth of charging infrastructure is significantly boosting the global appeal of electric vehicles. To address the increasing demand for EVs, various industry leaders are promoting research and development activities, investments, and collaborations in this area. Given all these initiatives and advancements in battery technology, we believe the electric vehicle market will grow at a steady pace during the forecast period.
Electric Vehicles Market: Key Segments
Based on battery type, the global electric vehicles market is segmented into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultra-capacitors, solid-state batteries, and other batteries. According to our estimates, currently, the lithium-ion based batteries segment captures the majority of the market share. This can be attributed to the higher energy density these batteries provide in electric vehicles.
Conversely, solid-state batteries are expected to grow at a higher CAGR during the forecast period. This growth can be linked to the advancements such as enhanced efficiency, increased energy density, and a reduction in leakage risks, which are major concerns with lithium-ion batteries.
Based on drive type, the global electric vehicles market is segmented into all-wheel drive, front wheel drive and rear wheel driver. According to our estimates, currently, the front wheel drive captures the majority of the market share, due to its cost-effectiveness and operational convenience. Additionally, rear-wheel drive contributes a notable share in terms of market revenue. It is important to note that this growth trend is expected to persist throughout the forecast period, with all-wheel drive anticipated to experience a higher compound annual growth rate.
Based on propulsion type, the global electric vehicles market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). According to our estimates, currently, the battery electric vehicles segment captures the majority of the market share. This trend can be linked to the growing number of electric vehicle developments by original equipment manufacturers (OEMs). Additionally, battery electric vehicles provide zero carbon emissions, which may contribute to their increasing popularity among consumers.
However, the hybrid electric vehicles is expected to grow at a higher CAGR during the forecast period.
Based on application, the global electric vehicles market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, two-wheeler, and others. According to our estimates, currently, the electric cars segment captures the majority of the market share. This growth is primarily attributed to the increasing adoption of electric cars for personal transport and public transit in North America and Europe
However, the two-wheelers segment is expected to grow at a higher CAGR during the forecast period, propelled by the rising demand for cost-effective and environmentally friendly urban transportation solutions.
Based on geographical regions, the electric vehicles market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia-Pacific captures the majority share of the market. The highest growth share is expected to stem from increasing demand for electric vehicles in Asian nations such as South Korea, Japan, and India. Additionally, the strong presence of automotive manufacturers and widespread charging network companies that are currently working on the introduction of wireless charging technology in Asian countries are significant drivers for this region
Conversely, the market in Europe is expected to experience a relatively higher compound annual growth rate (CAGR) during this forecast period. This growth can be attributed to the supportive government policies encouraging electric vehicle adoption, a well-established charging infrastructure, the European Union's Green Deal, and plans for expanding charging networks.
Electric Vehicles Market: Research Coverage
The report on the electric vehicles market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits
3.2. Market Assessment Framework
4.2.2. Currency Coverage