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Global Electric Vehicle Market by Vehicle Type (Passenger Cars, Two-Wheeler, Three Wheeler& Commercial Vehicles), By Vehicle Class (Mid-priced and Luxury), By Propulsion Type(Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV) and Hybrid Electric Vehicle (HEV)), By Power Output (Less Than 100 Kw, 100-250 Kw and Above 250 Kw), By Charging Station (AC EV Charging Station and DC EV Charging Station) and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Global Electric Vehicle Market Overview:
Electric vehicles refer to vehicles that are powered by on-board power and driven by motors to meet the requirements of road traffic and safety regulations. Electric vehicles are equipped with electric motors and batteries that replace engines, on-board chargers, accumulators, control devices, etc., and powered by rechargeable batteries instead of gasoline. It is not equipped with a gasoline engine, so it does not emit exhaust gas during driving. Compared with gasoline, cars, noise, and vibration are lower. The most significant feature and the advantage is that when decelerating, the energy is renewable and reused.
Electric cars can be an AC motor car and a DC electric vehicle. Generally speaking, electric vehicles use batteries as energy sources, through controllers, motors, and other components, to convert electrical energy into mechanical energy movement, to control the size of the current to change the speed of the vehicle.
Global Electric Vehicle Market Insights
The global electric vehicle market generated USD 165.76 Billion in 2019 and projected to reach USD 811.82 Billion by 2027, registering a CAGR of 18.61%. The major factors attributed to the shifting of consumer preferences towards electric vehicles due to socio-economic variables, psychological factors, mobility condition, social influence, etc. Moreover, favorable government policies and support in terms of subsidies and grants and growing concern toward environmental pollution will impact the growth of the global electric vehicle market in the upcoming periods. European Climate Foundation stated that EVs’ smaller models have already helped to reduce environmental pollution. Additionally, oil prices will increase over the forecast period, which will accelerate market demand for the global electric vehicles industry.
Furthermore, the growing prevalence of greenhouse gases and carbon emissions across the globe, along with governments taking stringent steps and introduce policies to curb pollution levels significantly, will accelerate the global electric vehicles market size. Further, growing demand for electric vehicles due to its benefits such as no emissions, noise, along with higher efficiency, lower maintenance cost associated with the vehicles along with reduced vibrations, supported by the availability of instant torque and power output, will foster the global electric vehicles market share.
Growth Driver
Government supportive initiatives to drive the EV industry
Government policies towards Electric Vehicles are one of the possibilities to overcome the challenges of an emerging market. For instance, the Indian government under the Ministry of Heavy Industries and Public Enterprises has launched the FAME scheme (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) in India) in 2015 under the National Electric Mobility Mission Plan 2020 (NEMMP 2020), to promote faster transformation from Internal Combustion Engines (ICE) to EVs.
The US federal government has supported financial terms such as a tax credit for plug-in electric vehicles purchased after December 31, 2009. The tax credit is available until a manufacturer sells 200,000 EVs.
Increasing prices of fuel urging the need for alternative energy-efficient source
BP Plc. a British multinational oil company has reported that oil prices will increase over the forecast period, which will accelerate market demand for electric vehicles. The company projected that the amount of oil used by cars would remain unchanged until 2040, which was 18.7 million barrels a day in 2016. Due to rising fuel prices, market demand for electric vehicles will accelerate to balance the global demand for car travel.
Growing concern toward environmental pollution
There are burning fossil fuels like diesel and gasoline releases carbon dioxide, a greenhouse gas, into the atmosphere. The build-up carbon dioxide (CO2) and other greenhouse gases such as nitrous oxide, hydrofluorocarbons, and methane are causing global warming, resulting in climatic changes which are impacting human and environments. Such instances are generating higher demand for environmentally friendly electric vehicles.
European Climate Foundation stated that EVs’ smaller models have already helped to reduce environmental pollution. In the UK, transportation contributes a major portion to greenhouse gas emissions. Further, the committee on climate change has urged government authorities to prohibit diesel and petrol vehicles from 2040.
Vehicle Type Segmental Analysis
Based on vehicle type, the global electric vehicle market classified into passenger cars, two-wheeler, three-wheeler, and commercial vehicles. The passenger cars will witness significant growth in the forecast period. It is primarily attributed to the government’s adoption towards more aggressive actions to encourage EV purchases like EVs are exempt from purchase taxes coupled with the rising concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness.
Commercial vehicles will be the fastest-growing segment in the estimated period due to the growing adoption of fossil fuel-based public transport fleet with electric buses and the growth of e-commerce, logistics, and shared mobility.
Propulsion Type Segmental Analysis
Based on propulsion type, the global electric vehicle market segregated into Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV) and Hybrid Electric Vehicle (HEV). The Hybrid electric vehicle segment held a lucrative share in 2019 and projected to dominate the global electric vehicle market by 2027. It is due to auto manufacturers focusing on developing vehicles in compliance with several regulations to decrease vehicle CO2 emission, and consumers seek to lower fuel expenditure.
The plug-in hybrid electric vehicle will be the fastest-growing segment in the forecast period. It is owing to plug-in cars have several benefits compared to conventional internal combustion engine vehicles, and they have lower maintenance and operating costs produce little or no local air pollution.
Vehicle Class Segmental Analysis
Based on Vehicle Class, the global electric vehicle market bifurcated into Mid-priced and Luxury. The Mid-priced segment estimated to lead the market by 2027 due to mid-priced vehicles has a normal price with limited features such as infotainment, instrument cluster, and other expensive features.
The luxury segment will grow with a significant rate during the forecast period owing to luxury vehicles provides better features such as 100kW battery pack, 470 horsepower, and 350kW ultra-fast charging.
Power Output Segmental Analysis
Based on power output, the global electric vehicle market categorized into Less Than 100 Kw, 100-250 Kw, and above 250 Kw. Less than 100 kW segment held for a significant market share in 2019 and will witness to gain maximum market revenue by 2027. It is attributable to the dominance of SME players, as most of these players produce low-cost rickshaws with a battery capacity of less than 100 kW. Battery capacity less than 100 kW meets mainly charging requirements for e-bikes, scooters, electric wheelchairs in which it is taking 7-8 hours charging a depleted battery.
Charging Station Segmental Analysis
Based on the charging station, the global electric vehicle market bifurcated into AC EV Charging Station and DC EV Charging Station. The DC EV Charging Station held higher market potential in 2019. It is attributed to the growing awareness regarding DC charging’s rapid charging feature and other properties, the segment is expected to a prominent market share over the forecast period.
AC EV Charging Station market exhibits a lucrative market share in 2019 and expected to generate significant revenue during 2020-2027. Due to its lower costs than DC EV Charging station, these are the more commonly found chargers. It is much economical to charge at AC chargers, making them more popular for general day to day charging.
Region Segmental Analysis
Based on geography, the global electric vehicle market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s share in the electric vehicle market by 2027. It is owing to increasing investments in the manufacturing of electric vehicles by automotive manufacturers in the U.S. With favorable government initiatives and incentives such as Federal incentives, include a tax credit for purchase electric drive motor vehicles, and reduced license fees, etc. North America anticipated propelling the electric vehicle market over the forecast period.
The Asia Pacific holds a prominent share of the electric vehicle market and projected to remain dominant by 2027. Rising sales of electric vehicles in these regions and the huge upsurge in electric vehicle networks, especially in China and South Korea, and several programs and initiatives by governments that promote awareness regarding the adoption of electric vehicles.
Competitor Analysis
Companies such as General Motors, Nissan Motor, Tesla Motor, Toyota, BYD, Daimler AG, Mitsubishi Motors Corporation, Renault S.A., Smith Electric Vehicles, Volkswagen, BMW, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental AG, and Energica Motor Company SpA, are the key players in the Global Electric Vehicle Market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Electric Vehicle manufacturing firm
- Research organizations and consulting companies
- Organizations, associations, and alliances related to electric vehicle
- Regulatory bodies
- Suppliers
- Retailers
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
By Vehicle Class
- Mid-priced
- Luxury
By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Power Output
- Less Than 100 Kw
- 100-250 Kw
- Above 250 Kw
By Charging Station
- AC EV Charging Station
- DC EV Charging Station
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Global Electric Vehicle Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Supply Chain Analysis
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Global Electric Vehicle Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Thousands Unit)
- Supply/Production
- By Volume (Thousands Unit)
- Market Share & Forecast, 2016-2027
- By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
- By Vehicle Class
- Mid-priced
- Luxury
- By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Power Output
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
- By Charging Station
- AC EV Charging Station
- DC EV Charging Station
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Vehicle Type
- Demand
- Market Size & Forecast, 2016-2027
- North America Electric Vehicle Market Overview
- North America Electric Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Thousands Unit)
- Supply/Production
- By Volume (Thousands Unit)
- North America Electric Vehicle Market Share & Forecast, 2016-2027
- By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
- By Vehicle Class
- Mid-priced
- Luxury
- By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Power Output
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
- By Charging Station
- AC EV Charging Station
- DC EV Charging Station
- By Country
- US
- Canada
- Mexico
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Electric Vehicle Market
- By Vehicle Type
- Demand
- North America Electric Vehicle Market Size & Forecast, 2016-2027
- Europe Electric Vehicle Market Overview
- Europe Electric Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Thousands Unit)
- Supply/Production
- By Volume (Thousands Unit)
- Europe Electric Vehicle Market Share & Forecast, 2016-2027
- By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
- By Vehicle Class
- Mid-priced
- Luxury
- By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Power Output
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
- By Charging Station
- AC EV Charging Station
- DC EV Charging Station
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Electric Vehicle Market
- By Vehicle Type
- Demand
- Europe Electric Vehicle Market Size & Forecast, 2016-2027
- Asia Pacific Electric Vehicle Market Overview
- Asia Pacific Electric Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Thousands Unit)
- Supply/Production
- By Volume (Thousands Unit)
- Asia Pacific Electric Vehicle Market Share & Forecast, 2016-2027
- By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
- By Vehicle Class
- Mid-priced
- Luxury
- By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Power Output
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
- By Charging Station
- AC EV Charging Station
- DC EV Charging Station
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Electric Vehicle Market
- By Vehicle Type
- Demand
- Asia Pacific Electric Vehicle Market Size & Forecast, 2016-2027
- South America Electric Vehicle Market Overview
- South America Electric Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Thousands Unit)
- Supply/Production
- By Volume (Thousands Unit)
- South America Electric Vehicle Market Share & Forecast, 2016-2027
- By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
- By Vehicle Class
- Mid-priced
- Luxury
- By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Power Output
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
- By Charging Station
- AC EV Charging Station
- DC EV Charging Station
- By Country
- Brazil
- Argentina
- Rest of South America
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Electric Vehicle Market
- By Vehicle Type
- Demand
- South America Electric Vehicle Market Size & Forecast, 2016-2027
- Middle East & Africa Electric Vehicle Market Overview
- Middle East & Africa Electric Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Thousands Unit)
- Supply/Production
- By Volume (Thousands Unit)
- Middle East & Africa Electric Vehicle Market Share & Forecast, 2016-2027
- By Vehicle Type
- Passenger Cars
- Two-Wheeler
- Three Wheeler
- Commercial Vehicles
- By Vehicle Class
- Mid-priced
- Luxury
- By Propulsion Type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- By Power Output
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
- By Charging Station
- AC EV Charging Station
- DC EV Charging Station
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Price-Point Analysis
- Manufacturer & Distributor List (Top 5)
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Electric Vehicle Market
- By Vehicle Type
- Demand
- Middle East & Africa Electric Vehicle Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- General Motors
- Nissan Motor
- Tesla Motor
- Toyota
- BYD
- Daimler AG
- Mitsubishi Motors Corporation
- Renault S.A.
- Smith Electric Vehicles
- Volkswagen
- BMW
- Ford
- Volvo
- Dailmer
- Hyundai
- Honda
- Continental AG
- Energica Motor Company SpA
- Other Prominent Players
