Electric Vehicles (EVs) Market Analysis & Forecast 2024-2030

Global Electric Vehicles (EVs) Market is expected to reach USD 1306098.81 million by 2031 with CAGR of 10 % between 2025 and 2031

Electric vehicles (EVs) are the vehicles operates by power stored in the batteries instead an Internal Combustion Engine (ICE) that uses fossil fuels. Typical fossil emission vehicles are responsible for anywhere between 50 and 90 percent of air pollution while EVs are known as zero emissions vehicles (ZEVs). Emissions from burning fossil fuels vehicles such as gasoline or LPG powered vehicles produce harmful greenhouse gases. On other hand Electric vehicles (EVs) produce no smelly fumes or harmful greenhouse gases. Electric vehicles (EVs) are one the most important innovation in recent years.  

Automotive industry is the one of the fastest growing industry globally. EVS are more fuel / energy efficient than typical gasoline engines. As EVs contains no engine there is no exhaust, oil changes, tune-ups or timing belt change. Tesla the leading manufacturer of EVs Model S has fewer than 150 moving parts which are far lesser than 10000 moving parts in typical internal combustion engine car. Apart from environment friendliness EVs are fast, smooth, light in weight and smart vehicle choice, ability to conveniently charge at home.  

Gasoline vehicles cost around USD 3800 to operate annually while electric vehicle (EV) cost around USD 350 per year. EVs can drive at least 100km before needing to be recharged. A good charger is a very important component in electric vehicle (EV) system. Largest selling Input chargers includes 220 V and 110 V input chargers. 220 V are heavier but charge vehicle faster while 110 V chargers are compatible, small in shape but charging takes little more time. Cables forms vital part in safety of EVs, use of improper cables could cause the fire or in worst case explosion. In EVs high-current connections are made up with 2/0 cable.  

Electric vehicle (EV) are broadly divided into Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV) and Plugin Hybrid Electric Vehicle (PHEV). A hybrid electric vehicle (HEV) has two types of energy storage units, electricity and fuel. Hybrids are relatively the most efficient during stop-and-go city driving. Extensive research efforts and investments have been given to the advanced battery technologies that are suitable for EVs all over the world. The EV battery modeling will be introduced in the way that it is suitable for power engineers to appreciate and use it for power electronic interfacing converter design, battery management, and system level studies. Plugin Hybrid Electric Vehicle (PHEV). combines a gasoline or diesel engine with an electric motor with large battery that can be recharged by plugging into an electrical outlet.  

Asia is the largest market for Electric vehicle (EV) due to large population, government initiative and technological advancement. China contributes highest share in Asia Pacific market with 198,000 units of Electric passenger vehicle sold in 2023, till August 510,000 units sold in China. India, Japan and South Korea also showing significant high growth rate. By 2025, it is expected that more than half of new vehicle sales will likely be EV Models. The U.S. government has been strongly supporting its R&D activities in advanced batteries through the Department of Energy (DOE): about $2 billion grants to accelerate the manufacturing and development of the next generation of U.S. batteries and EVs. Electric vehicle (EV) market in Europe, Middle East and South America increasing at healthy rate in recent years.  

Electric Vehicles (EVs) Market: Product Type

• Hybrid Electric Vehicle (HEV)
• Battery Electric Vehicle (BEV)
• Plugin Hybrid Electric Vehicle (PHEV)

Electric Vehicles (EVs) Market : Application

• Passenger Cars
• Buses
• Commercial Vehicles

Global Electric Vehicles (EVs) Market: Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study consists of following key players in Global Electric Vehicles (EVs) Market:

• Tesla Inc
• Honda Motor Co., Ltd
• Nissan Motor Corporation
• Ford Motor Company
• Toyota Motor Corporation
• Bayerische Motoren Werke AG
• General Motors
• Volkswagen
• Groupe Renault
• Daimler AG

Geographical analysis of Electric Vehicles (EVs) Market:

• North America
  • U.S.A
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Electric Vehicles (EVs) Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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