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Report
Global Electric Vehicle Market Report and Forecast 2024-2032
Market Report I 2023-11-24 I 178 Pages I EMR Inc.
Global Electric Vehicle Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global electric vehicle market is projected to grow at a CAGR of 20.80% between 2023 and 2032. Aided by the growing concerns pertaining to carbon emission, the market is expected to grow significantly by 2032.
The market's rapid growth is primarily driven by increasing environmental concerns and the global push towards reducing carbon emissions. Governments worldwide are implementing stringent emission norms and offering incentives for EV adoption, significantly propelling electric vehicle market growth.
Additionally, advancements in battery technology, leading to reduced costs and improved range, are making EVs more accessible and appealing to consumers. The rising fuel prices are also nudging consumers towards electric alternatives, further fuelling the market's expansion.
Moreover, the emergence of autonomous and connected vehicles presents new opportunities for integration with electric vehicles, opening up avenues for innovative transportation solutions.
The Asia Pacific region, led by China, accounts for a significant portion of the electric vehicle market share, attributed to strong government support, large-scale production, and the presence of major EV manufacturers. Europe follows closely, with stringent emission regulations and high consumer awareness driving EV adoption. North America, with its technological advancements and growing environmental consciousness, also holds a substantial share of the market.
The electric vehicle market is witnessing several trends shaping its future. The shift towards fast charging technology is enhancing user convenience, while the increasing integration of renewable energy sources for charging is promoting sustainability. Additionally, the shared mobility is a critical electric vehicle market trend which is expected to boost the adoption of electric vehicles in the coming years.
The electric vehicle market is poised for significant growth, driven by environmental concerns, technological advancements, and supportive government policies. As the world moves towards sustainable and efficient transportation solutions, electric vehicles are set to play a pivotal role in shaping the future of mobility. With ongoing innovations and increasing consumer acceptance, the EV market is expected to continue its upward trajectory, contributing to a greener and more sustainable future.
Market Segmentation
The market can be divided based on type, vehicle type, and region.
Market Breakup by Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Market Breakup by Vehicle Type
- Two-Wheeler
- Passenger Car
- Commercial Vehicles
- Heavy Commercial Vehicles (HCVs)
o Buses
o Trucks
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric vehicle market. Some of the major players explored in the report by Expert Market Research are as follows:
- Tesla, Inc. (NASDAQ: TSLA)
- Toyota Motor Corporation
- BYD Motors Inc.
- General Motors
- Volkswagen Group
- SAIC Motor Corporation Limited
- BMW AG
- Mercedes-Benz Group AG
- Nissan Motor Corporation
- AB Volvo
- Hyundai Motor Company
- Ford Motor Company
- Great Wall Motor Company Limited
- Chery Automobile Co. Ltd
- Dongfeng Motor Company
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Historical Market (2018-2023)
8.3 Global Electric Vehicle Market Forecast (2024-2032)
8.4 Global Electric Vehicle Market by Type
8.4.1 Battery Electric Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hybrid Electric Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Plug-in Hybrid Electric Vehicle
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle Market by Vehicle Type
8.5.1 Two-Wheeler
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Passenger Car
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Commercial Vehicles
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Heavy Commercial Vehicles (HCVs)
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.4.3 Breakup by Type
8.5.4.3.1 Buses
8.5.4.3.2 Trucks
8.6 Global Electric Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Tesla, Inc. (NASDAQ: TSLA)
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Toyota Motor Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 BYD Motors Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 General Motors
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Volkswagen Group
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 SAIC Motor Corporation Limited
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 BMW AG
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Mercedes-Benz Group AG
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Nissan Motor Corporation
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 AB Volvo
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Hyundai Motor Company
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Ford Motor Company
16.2.12.1 Company Overview
16.2.12.2 Product Portfolio
16.2.12.3 Demographic Reach and Achievements
16.2.12.4 Certifications
16.2.13 Great Wall Motor Company Limited
16.2.13.1 Company Overview
16.2.13.2 Product Portfolio
16.2.13.3 Demographic Reach and Achievements
16.2.13.4 Certifications
16.2.14 Chery Automobile Co. Ltd
16.2.14.1 Company Overview
16.2.14.2 Product Portfolio
16.2.14.3 Demographic Reach and Achievements
16.2.14.4 Certifications
16.2.15 Dongfeng Motor Company
16.2.15.1 Company Overview
16.2.15.2 Product Portfolio
16.2.15.3 Demographic Reach and Achievements
16.2.15.4 Certifications
16.2.16 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle Historical Market: Breakup by Type (Million Units), 2018-2023
3. Global Electric Vehicle Market Forecast: Breakup by Type (Million Units), 2024-2032
4. Global Electric Vehicle Historical Market: Breakup by Vehicle Type (Million Units), 2018-2023
5. Global Electric Vehicle Market Forecast: Breakup by Vehicle Type (Million Units), 2024-2032
6. Global Electric Vehicle Historical Market: Breakup by Region (Million Units), 2018-2023
7. Global Electric Vehicle Market Forecast: Breakup by Region (Million Units), 2024-2032
8. North America Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
9. North America Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
10. Europe Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
11. Europe Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
12. Asia Pacific Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
13. Asia Pacific Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
14. Latin America Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
15. Latin America Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
16. Middle East and Africa Electric Vehicle Historical Market: Breakup by Country (Million Units), 2018-2023
17. Middle East and Africa Electric Vehicle Market Forecast: Breakup by Country (Million Units), 2024-2032
18. Global Electric Vehicle Market Structure
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