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Redding, California - January 19, 2024

Electric Vehicle Market to Be Worth $6,916.43 Billion by 2031

Electric Vehicle Market Size, Share, Forecast, & Trends Analysis by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography - Forecast to 2031


Meticulous Research®—a leading global market research company, published a research report titled, 'Electric Vehicle (EV) Market by Vehicle Type (Passenger Vehicle, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography - Forecast to 2031.’

According to this latest publication from Meticulous Research®, the global Electric Vehicle market is projected to reach $ 6,916.43 billion by 2031, at a CAGR of 28.0% from 2024–2031. By volume, this market is projected to reach 446.54 million units by 2031, at a CAGR of 20.5% from 2024–2031. The growth of the global electric vehicle market is driven by factors such as supportive government policies and regulations, increasing investments in EV development by leading automotive OEMs, rising environmental concerns, decreasing battery prices, and the increasing consumer demand for electric vehicle. The growing adoption of autonomous electric vehicle and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market.

However, the high purchasing costs of electric vehicle and the lack of charging infrastructure in developing countries are expected to obstruct the growth of this market to some extent. The range anxiety among consumers and the low cold weather performance of electric vehicle are major challenges for market growth. Additionally, shared mobility, smart EV charging stations, wireless EV charging, and solar-powered EV charging stations are prominent trends in the global electric vehicle market.

Meticulous Research® has segmented this market based on vehicle type, power output, propulsion type, end use, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at country levels.

Based on vehicle type, the global electric vehicle market is segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle, two-wheelers, and e-scooters & bikes. In 2024, the passenger vehicle segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to increasing favorable government policies and subsidies for promoting the adoption of electric vehicle, growing awareness regarding the role of electric vehicle in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicle.

Based on power output, the global electric vehicle market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the less than 100 kW segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.

Based on propulsion type, the global electric vehicle market is segmented into hybrid electric vehicle and battery electric vehicle. In 2024, the battery electric vehicle segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicle, and increasing adoption of battery electric vehicle as private vehicle, autonomous delivery vehicle, industrial vehicle, and public transport.

Based on end use, the global electric vehicle market is segmented into private, commercial, and industrial use. In 2024, the private use segment is expected to account for the largest share of global electric vehicle. The growth of the segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. Also, supportive government incentives to promote the sales and manufacturing of EVs, tax rebates, and the decline in battery costs are further driving the adoption of EVs among consumers for private use.

Based on geography, the electric vehicle market is segmented into Asia–Pacific, Europe, North America, Latin America, and Middle East & Africa. In 2024, Asia–Pacific is expected to command the largest share of global electric vehicle. In recent years, the electric vehicle (EV) market has grown rapidly in the Asia Pacific region. China, Japan, and South Korea are providing subsidies and tax incentives and implementing regulations to support the development and adoption of EVs and reduce greenhouse gas emissions and air pollution.

Key Players:

The key players operating in the global electric vehicle market are Tesla, Inc. (U.S.), BMW AG (Germany), BYD Company Ltd. (China), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Volvo Group (Sweden), Mercedes-Benz Group AG (Germany), Ford Motor Company (U.S.), Honda Motor Co., Ltd. (Japan), General Motor Company (U.S.), Nissan Motor Co., Ltd. (Japan), Tata Motors Limited (India), Alcraft Motor Company Ltd. (U.K.), Zero Electric Vehicle Inc. (U.S.), and Faraday & Future Inc. (U.S.).

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Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of type, power output, propulsion type, end use, and geography?
  • What is the historical market size for global electric vehicle?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, opportunities, and challenges in the global electric vehicle market?
  • Who are the major players, and what shares do they hold in the global electric vehicle market?
  • What is the competitive landscape like?
  • What are the recent key developments in the global electric vehicle market?
  • What are the strategies adopted by major players in this market?
  • What are the key geographic trends and high-growth countries?

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Electric Vehicle Market - Global Opportunity Analysis and Industry Forecast (2024-2031)
Report ID: MRAUTO - 104485 Pages: 265 Formats*:PDF Category: Automotive and Transportation
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