Electric Vehicles Market Growth, Size, Trends, Revenue, Demand, Challenges and Future Outlook
Electric Vehicle (EV) Market Size- By Component, By Vehicle Type, By Vehicle Class, By Top Speed, By Vehicle Drive Type, By EV Charging Point Type, By Vehicle Connectivity, By End Use, By Propulsion- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jul-2021 | Report ID: AMIN2101 | Pages: 1 - 368 | Formats*: |
| Category : Automotive & Transportation | |||
Global Electric Vehicle Market Overview
According to SPER Market Research, the Global Electric Vehicle Market is estimated to reach USD 1472.8 billion by 2033 with a CAGR of 18.45%.
Electric vehicles differ from traditional vehicles in that they rely on electricity rather than fuel to operate. Instead of using an internal combustion engine, these vehicles utilize an electric motor powered by batteries, which provide a constant supply of energy. Electric vehicles utilize a variety of battery types such as molten salt, zinc-air, nickel-based, and various lithium-ion models. The primary purpose of electric vehicles is to offer an alternative to conventional modes of transportation that contribute to environmental pollution. Thanks to technological advancements, electric vehicles have become increasingly popular. They surpass traditional vehicles by offering advantages such as improved fuel efficiency, lower carbon emissions and maintenance requirements, the convenience of home charging, smoother driving experiences, and reduced engine noise. Electric vehicles can be classified into three types based on their battery systems: hybrid, battery electric, and plug-in hybrid electric vehicles. Furthermore, electric vehicles do not require engine oil changes, but they tend to be slightly more expensive than their gasoline counterparts.
Exploring the Growth Drivers of the Global Electric Vehicle Industry.
Several factors have contributed to the popularity and growth of the electric vehicle market. First and foremost, addressing environmental issues is important because electric vehicles reduce greenhouse gas emissions and aid in the fight against climate change. Improved batteries and charging infrastructure are just two examples of how technology has advanced. Electric vehicle adoption has been sparked by the rising cost of fossil fuels and the lower operating costs of these vehicles. Government initiatives, such as tax breaks and subsidies, have helped promote electric vehicles even more. Last but not least, consumers have been drawn to innovations and alluring features like instant torque and quieter operation. These elements work together to increase the acceptance of electric cars as environmentally friendly forms of transportation.
What challenges does the Global Electric Vehicle Market face?
The global electric vehicle market is facing challenges that are impeding its growth and adoption. Major challenges include insufficient charging infrastructure, high manufacturing costs, range anxiety, serviceability issues, and policy uncertainty. Electric vehicle owners are inconvenienced and potential buyers are discouraged by the lack of charging stations. Expensive technologies used in the production of electric vehicles contribute to higher upfront costs, discouraging some consumers. Range anxiety is caused by electric vehicles' limited driving range, which raises concerns about their single-charge distance. Serviceability issues arise as a result of the need for specialised knowledge and the scarcity of trained technicians and service centres. The affordability and attractiveness of electric vehicles are influenced by policy uncertainties. Addressing these challenges requires investment in charging infrastructure, battery technology advancements, cost reduction, expanded service networks, and stable supportive policies to drive electric vehicle adoption and achieve sustainable transportation.
In what ways has the COVID-19 pandemic affected Global Electric Vehicle Market?
The COVID-19 pandemic has had a negative impact on both the automotive industry and the electric vehicle sector. According to the Society of Electric Vehicle Manufacturers (SMEV), the number of new electric vehicle registrations in FY21 decreased by 20 percent compared to FY20. Furthermore, in response to the pandemic, various entities are exploring different strategies to adapt, including the utilization of electric vehicles for the transportation of medical supplies. Electric vehicles offer affordable transportation options with excellent maneuverability. As an illustration, Omega Seiki Mobility recently introduced the Rage+frost, a refrigerated three-wheeler designed specifically for delivering vaccines, pharmaceuticals, and food during these challenging times.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Component, By Vehicle Type, By Vehicle Class, By Top Speed, By Vehicle Drive Type, By EV Charging Point Type, By Vehicle Connectivity, By End Use, By Propulsion |
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | Ampere Vehicles, Benling India Energy and Technology Pvt Ltd, BMW AG, BYD Company Limited, Chevrolet Motor Company, Daimler AG, Energica Motor Company S.p.A., Ford Motor Company, General Motors, Hero Electric, Hyundai Motor Company, Karma Automotive, Kia Corporation, Lucid Group Inc., Mahindra Electric Mobility Limited, NIO, Nissan Motors Co. Ltd., Okinawa Autotech Pvt. Ltd., Rivain, Tata Motors, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, WM Motor, Xiaopeng Motors, Others |
Key Target Audience:
- Urban dwellers and commuters seeking environmentally-friendly transportation options
- Fleet operators and logistics companies looking to adopt electric vehicles for cost savings and operational efficiency
- Automakers and manufacturers of electric vehicles, as well as their suppliers and partners
Global Electric Vehicle Market Segmentation:
1. By Component:
- Global Electric Vehicle Market Value Share and Forecast, By Component, 2023-2033
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
2. By Vehicle Type:
- Global Electric Vehicle Market Value Share and Forecast, By Vehicle Type, 2023-2033
- Passenger Cars
- Commercial Vehicles
3. By Vehicle Class:
- Global Electric Vehicle Market Value Share and Forecast, By Vehicle Class, 2023-2033
- Low-Priced
- Mid-Priced
- Luxury
4. By Top Speed:
- Global Electric Vehicle Market Value Share and Forecast, By Top Speed, 2023-2033
- Less than 125 MPH
- Greater than 125 MPH
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Global Electric Vehicle Market Size (FY’2023-FY’2033)
- Overview of Global Electric Vehicle Market
- Segmentation of Global Video Editing Platform Market By Component (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, Humidifier)
- Segmentation of Global Video Editing Software Market By Vehicle Type (Passenger Cars, Commercial Vehicles)
- Segmentation of Global Video Editing Software Market By Vehicle Class (Low-Priced, Mid-Priced, Luxury)
- Segmentation of Global Video Editing Software Market By Top Speed (Less than 125 MPH, Greater than 125 MPH)
- Segmentation of Global Video Editing Software Market By Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive)
- Segmentation of Global Video Editing Software Market By EV Charging Point Type (Normal Charging, Super Charging)
- Segmentation of Global Video Editing Software Market By Vehicle Connectivity (V2B or V2H, V2G, V2V, V2X)
- Segmentation of Global Video Editing Software Market By Propulsion (BEV, PHEV, FCEV)
- Segmentation of Global Video Editing Software Market By End Use (Private, Commercial Fleets)
- Statistical Snap of Global Electric Vehicle Market
- Growth Analysis of Global Electric Vehicle Market
- Problems and Challenges in Global Electric Vehicle Market
- Competitive Landscape in the Global Electric Vehicle Market
- Impact of COVID-19 and Demonetization on Global Electric Vehicle Market
- Details on Recent Investment in Global Electric Vehicle Market
- Competitive Analysis of Global Electric Vehicle Market
- Key Players in the Global Electric Vehicle Market
- SWOT Analysis of Global Electric Vehicle Market
- Global Electric Vehicle Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Electric Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Electric Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electric Vehicle Market
7. Global Electric Vehicle Market, By Component (USD Million)
7.1. Global Electric Vehicle Market Value Share and Forecast, By Component, 2023-20337.2. Battery Cells & Packs7.3. On-Board Charge7.4. Motor7.5. Reducer7.6. Fuel Stack7.7. Power Control Unit7.8. Battery Management System7.9. Fuel Processor7.10. Power Conditioner7.11. Air Compressor7.12. Humidifier
8. Global Electric Vehicle Market, By Vehicle Type (USD Million)
8.1. Global Electric Vehicle Market Value Share and Forecast, By Vehicle Type, 2023-20338.2. Passenger Cars8.3. Commercial Vehicles
9. Global Electric Vehicle Market, By Vehicle Class (USD Million)
9.1. Global Electric Vehicle Market Value Share and Forecast, By Vehicle Class, 2023-20339.2. Low-Priced9.3. Mid-Priced9.4. Luxury
10. Global Electric Vehicle Market, By Top Speed (USD Million)
10.1. Global Electric Vehicle Market Value Share and Forecast, By Top Speed, 2023-203310.2. Less than 125 MPH10.3. Greater than 125 MPH
11. Global Electric Vehicle Market, By Vehicle Drive Type (USD Million)
11.1. Global Electric Vehicle Market Value Share and Forecast, By Vehicle Drive Type, 2023-203311.2. Front Wheel Drive11.3. Rear Wheel Drive11.4. All Wheel Drive
12. Global Electric Vehicle Market, By EV Charging Point Type (USD Million)
12.1. Global Electric Vehicle Market Value Share and Forecast, By EV Charging Point Type, 2023-203312.2. Normal Charging12.3. Super Charging
13. Global Electric Vehicle Market, By Vehicle Connectivity (USD Million)
13.1. Global Electric Vehicle Market Value Share and Forecast, By Vehicle Connectivity, 2023-203313.2. V2B or V2H13.3. V2G13.4. V2V13.5. V2X
14. Global Electric Vehicle Market, By Propulsion (USD Million)
14.1. Global Electric Vehicle Market Value Share and Forecast, By Propulsion, 2023-203314.2. BEV14.3. PHEV14.4. FCEV
15. Global Electric Vehicle Market, By End Use (USD Million)
15.1. Global Electric Vehicle Market Value Share and Forecast, By End Use, 2023-203315.2. Private15.3. Commercial Fleets
16. Global Electric Vehicle Market Forecast, 2019-2033 (USD Million)
16.1. Global Electric Vehicle Market Size and Market Share
17. Global Electric Vehicle Market, By Component, 2019-2033 (USD Million)
17.1. Global Electric Vehicle Market Size and Market Share By Component (2019-2026)17.2. Global Electric Vehicle Market Size and Market Share By Component (2027-2033)
18. Global Electric Vehicle Market, By Vehicle Type, 2019-2033 (USD Million)
18.1. Global Electric Vehicle Market Size and Market Share By Vehicle Type (2019-2026)18.2. Global Electric Vehicle Market Size and Market Share By Vehicle Type (2027-2033)
19. Global Electric Vehicle Market, By Vehicle Class, 2019-2033 (USD Million)
19.1. Global Electric Vehicle Market Size and Market Share By Vehicle Class (2019-2026)19.2. Global Electric Vehicle Market Size and Market Share By Vehicle Class (2027-2033)
20. Global Electric Vehicle Market, By Top Speed, 2019-2033 (USD Million)
20.1. Global Electric Vehicle Market Size and Market Share By Top Speed (2019-2026)20.2. Global Electric Vehicle Market Size and Market Share By Top Speed (2027-2033)21. Global Electric Vehicle Market, By Vehicle Drive Type, 2019-2033 (USD Million)
21.1. Global Electric Vehicle Market Size and Market Share By Vehicle Drive Type (2019-2026)
21.2. Global Electric Vehicle Market Size and Market Share By Vehicle Drive Type (2027-2033)
22. Global Electric Vehicle Market, By EV Charging Point Type, 2019-2033 (USD Million)
22.1. Global Electric Vehicle Market Size and Market Share By EV Charging Point Type (2019-2026)22.2. Global Electric Vehicle Market Size and Market Share By EV Charging Point Type (2027-2033)
23. Global Electric Vehicle Market, By Vehicle Connectivity, 2019-2033 (USD Million)
23.1. Global Electric Vehicle Market Size and Market Share By Vehicle Connectivity (2019-2026)23.2. Global Electric Vehicle Market Size and Market Share By Vehicle Connectivity (2027-2033)
24. Global Electric Vehicle Market, By Propulsion, 2019-2033 (USD Million)
24.1. Global Electric Vehicle Market Size and Market Share By Propulsion (2019-2026)24.2. Global Electric Vehicle Market Size and Market Share By Propulsion (2027-2033)25. Global Electric Vehicle Market, By End Use, 2019-2033 (USD Million)
25.1. Global Electric Vehicle Market Size and Market Share By End Use (2019-2026)
25.2. Global Electric Vehicle Market Size and Market Share By End Use (2027-2033)
26. Global Electric Vehicle Market, By Region, 2019-2033 (USD Million)
26.1. Global Electric Vehicle Market Size and Market Share By Region (2019-2026)26.2. Global Electric Vehicle Market Size and Market Share By Region (2027-2033)26.3. Asia-Pacific26.3.1. Australia26.3.2. China26.3.3. India26.3.4. Japan26.3.5. South Korea26.3.6. Rest of Asia-Pacific26.4. Europe26.4.1. France26.4.2. Germany26.4.3. Italy26.4.4. Spain26.4.5. United Kingdom26.4.6. Rest of Europe26.5. Middle East and Africa26.5.1. Kingdom of Saudi Arabia26.5.2. United Arab Emirates26.5.3. Rest of Middle East & Africa26.6. North America26.6.1. Canada26.6.2. Mexico26.6.3. United States26.7. Latin America26.7.1. Argentina26.7.2. Brazil26.7.3. Rest of Latin America
27. Company Profile
27.1. Ampere Vehicles27.1.1. Company details27.1.2. Financial outlook27.1.3. Product summary27.1.4. Recent developments27.2. Benling India Energy and Technology Pvt Ltd27.2.1. Company details27.2.2. Financial outlook27.2.3. Product summary27.2.4. Recent developments27.3. BMW AG27.3.1. Company details27.3.2. Financial outlook27.3.3. Product summary27.3.4. Recent developments27.4. BYD Company Limited27.4.1. Company details27.4.2. Financial outlook27.4.3. Product summary27.4.4. Recent developments27.5. Chevrolet Motor Company27.5.1. Company details27.5.2. Financial outlook27.5.3. Product summary27.5.4. Recent developments27.6. Daimler AG27.6.1. Company details27.6.2. Financial outlook27.6.3. Product summary27.6.4. Recent developments27.7. Energica Motor Company S.p.A.27.7.1. Company details27.7.2. Financial outlook27.7.3. Product summary27.7.4. Recent developments27.8. Ford Motor Company27.8.1. Company details27.8.2. Financial outlook27.8.3. Product summary ‘27.8.4. Recent developments27.9. General Motors27.9.1. Company details27.9.2. Financial outlook27.9.3. Product summary27.9.4. Recent developments27.10. Hero Electric27.10.1. Company details27.10.2. Financial outlook27.10.3. Product summary27.10.3. Recent developments27.11. Hyundai Motor Company27.11.1. Company details27.11.2. Financial outlook27.11.3. Product summary27.11.4. Recent developments27.12. Karma Automotive27.12.1. Company details27.12.2. Financial outlook27.12.3. Product summary27.12.4. Recent developments27.13. Kia Corporation27.13.1. Company details27.13.2. Financial outlook27.13.3. Product summary27.13.4. Recent developments27.14. Lucid Group, Inc.27.14.1. Company details27.14.2. Financial outlook27.14.3. Product summary27.14.4. Recent developments27.15. Mahindra Electric Mobility Limited27.15.1. Company details27.15.2. Financial outlook27.15.3. Product summary27.15.4. Recent developments27.16. NIO27.16.1. Company details27.16.2. Financial outlook27.16.3. Product summary27.16.4. Recent developments27.17. Nissan Motors Co. Ltd.27.17.1. Company details27.17.2. Financial outlook27.17.3. Product summary27.17.4. Recent developments27.18. Okinawa Autotech Pvt. Ltd.27.18.1. Company details27.18.2. Financial outlook27.18.3. Product summary27.18.4. Recent developments27.19. Rivain27.19.1. Company details27.19.2. Financial outlook27.19.3. Product summary27.19.4. Recent developments27.20. Tata Motors27.20.1. Company details27.20.2. Financial outlook27.20.3. Product summary27.20.4. Recent developments27.21. Tesla Inc.27.21.1. Company details27.21.2. Financial outlook27.21.3. Product summary27.21.4. Recent developments27.22. Toyota Motor Corporation27.22.1. Company details27.22.2. Financial outlook27.22.3. Product summary27.22.4. Recent developments27.23. Volkswagen AG27.23.1. Company details27.23.2. Financial outlook27.23.3. Product summary27.23.4. Recent developments27.24. WM Motor27.24.1. Company details27.24.2. Financial outlook27.24.3. Product summary27.24.4. Recent developments27.25. Xiaopeng Motors27.25.1. Company details27.25.2. Financial outlook27.25.3. Product summary27.25.4. Recent developments27.26. Others
28. List of Abbreviations
29. Reference Links
30. Conclusion
31. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Electric Vehicle Market CAGR of 18.45% during the forecast period.
You can get the sample pages by clicking the link -Click Here
Electric Vehicle Market size is USD 1472.8 billion from 2023 to 2033.
Electric Vehicle Market Segment is Covered By Component, By Vehicle Type, By Vehicle Class, By Top Speed, By Vehicle Drive Type, By EV Charging Point Type, By Vehicle Connectivity, By End Use, By Propulsion
The North America region is anticipated to have the highest market share in Electric Vehicle Market
The key players in the market include Companies Covered Ampere Vehicles, Benling India Energy and Technology Pvt Ltd, BMW AG, BYD Company Limited, Chevrolet Motor Company, Daimler AG, Energica Motor Company S.p.A., Ford Motor Company, General Motors, Hero Electric, Hyundai Motor Company, Karma Automotive, Kia Corporation, Lucid Group Inc., Mahindra Electric Mobility Limited, NIO, Nissan Motors Co. Ltd., Okinawa Autotech Pvt. Ltd., Rivain, Tata Motors, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, WM Motor, Xiaopeng Motors, Others
First and foremost, addressing environmental issues is important because electric vehicles reduce greenhouse gas emissions and aid in the fight against climate change.
Electric Vehicle Market is projected to reach USD 1472.8 billion by 2033, growing at a CAGR of 18.45% during the forecast period.
Electric Vehicle Market grew in market size from 2023. The Market is expected to reach USD 1472.8 billion by 2033, at a CAGR of 18.45% during the forecast period.
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