GLOBAL ELECTRIC VEHICLES MARKET SIZE & SHARE ANALYSIS – GROWTH TRENDS & FORECASTS (2024

Market Snapshot

The Global Electric Vehicles (EV) Market is segmented by vehicle type (commercial vehicles, passenger vehicles, two-wheelers), fuel category (Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs), Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs)), and region (Africa, Asia-Pacific, Europe, Middle East, North America, South America). The market is driven by technological advancements, increasing environmental awareness, government policies, and declining battery costs, making EVs a viable alternative to traditional internal combustion engine vehicles.

Market Overview

The Global EV Market is experiencing exponential growth due to rising environmental concerns, advancements in battery technology, and supportive government policies. Europe and Asia-Pacific are leading the market, with strong regulatory frameworks and incentives driving EV adoption. The market’s growth is further supported by expanding charging infrastructure, increasing consumer awareness, and OEM investments in electric mobility.

Key Market Trends

Rise of BEVs: BEVs dominate the market due to zero emissions, declining battery costs, and government incentives.
Expansion of Charging Infrastructure: Rapid investments in public and private EV charging networks are alleviating range anxiety and boosting consumer confidence.
Increased Focus on Sustainable Materials: OEMs are prioritizing the use of sustainable and ethically sourced materials for EV components.
Strong Growth in Asia-Pacific: Countries like China, Japan, and South Korea lead in EV production and adoption due to robust policy support and technological advancements.
Electrification of Commercial Vehicles: EV adoption is expanding beyond passenger cars, with electric buses and trucks gaining traction in urban and logistics applications.

Competitive Landscape

The Global EV Market is highly competitive, with major players focusing on innovation, partnerships, and scaling production. Key players are investing in advanced battery technologies and expanding their EV portfolios to cater to diverse market demands.

Major Players

BYD Auto Co. Ltd.: A global leader in EV manufacturing, focusing on affordable EVs and electric buses.
Daimler AG (Mercedes-Benz AG): Innovating in premium electric vehicles, with a strong emphasis on sustainability.
Ford Motor Company: Expanding its EV lineup with models like the Mustang Mach-E and F-150 Lightning.
Groupe Renault: Leading in affordable EVs, particularly in Europe, with models like the Renault Zoe.
Tesla Inc.: A pioneer in electric mobility, dominating the global market with its innovative EV models and battery technology.
Volkswagen AG: Aiming for global leadership in EV production with its ambitious electrification strategy.
Toyota Motor Corporation: Expanding from hybrids to BEVs, focusing on solid-state battery technology.
Nissan Motor Co. Ltd.: Known for the Leaf, a globally popular BEV, and expanding its EV offerings.

Recent Developments

October 2023: Tesla launched a new affordable EV model targeting emerging markets, enhancing its global presence.
July 2023: Volkswagen announced a €1 billion investment in a new battery manufacturing facility in Europe.
May 2023: BYD introduced its latest electric bus model in South America, aiming to capture urban public transport markets.
March 2023: Toyota unveiled its first solid-state battery prototype, promising significant advancements in range and charging speed.
January 2023: Ford expanded its EV assembly line in North America to meet growing demand for electric trucks.

Table of Content

1. INTRODUCTION

1.1. Study Assumptions & Market Definition

1.2. Scope of the Study

1.3. Research Methodology

1.3.1. Secondary Research

1.3.2. Primary Research

1.4. Executive Summary & Key Findings Report

1.5. Global Overview

1.5.1. Porter’s Five Forces Framework

1.5.2. Global Value Chain Analysis

1.5.3. Global Market Size and Drivers, Restraints, and Opportunities

2. KEY INDICATIVE METRICS

2.1. Population

2.1.1. Africa

2.1.2. Asia-Pacific

2.1.3. Europe

2.1.4. Middle East

2.1.5. North America

2.1.6. South America

2.2. GDP Per Capita

2.2.1. Africa

2.2.2. Asia-Pacific

2.2.3. Europe

2.2.4. Middle East

2.2.5. North America

2.2.6. South America

2.3. Consumer Spending For Vehicle Purchase (CVP)

2.3.1. Africa

2.3.2. Asia-Pacific

2.3.3. Europe

2.3.4. Middle East

2.3.5. North America

2.3.6. South America

2.4. Inflation

2.4.1. Africa

2.4.2. Asia-Pacific

2.4.3. Europe

2.4.4. Middle East

2.4.5. North America

2.4.6. South America

2.5. Interest Rate For Auto Loans

2.6. Shared Rides

2.7. Impact Of Electrification

2.8. EV Charging Station

2.9. Battery Pack Price

2.9.1. Africa

2.9.2. Asia-Pacific

2.9.3. Europe

2.9.4. Middle East

2.9.5. North America

2.9.6. South America

2.10. New XEV Models Announced

2.11. Used Car Sales

2.12. Fuel Price

2.13. OEM-wise Production Statistics

2.14. Regulatory Framework

2.15. Value Chain & Distribution Channel Analysis

3. MARKET SEGMENTATION (INCLUDES MARKET SIZE, FORECASTS AND ANALYSIS OF GROWTH PROSPECTS)

3.1. Vehicle Type

3.1.1. Commercial Vehicles

3.1.1.1. Heavy-duty Commercial Trucks

3.1.1.2. Medium-duty Commercial Trucks

3.1.2. Passenger Vehicles

3.1.2.1. Multi-purpose Vehicle

3.1.3. Two-Wheelers

3.2. Fuel Category

3.2.1. BEV

3.2.2. FCEV

3.2.3. HEV

3.2.4. PHEV

3.3. Region

3.3.1. Africa

3.3.2. Asia-Pacific

3.3.3. Europe

3.3.3.1. Austria

3.3.3.2. Belgium

3.3.3.3. Czech Republic

3.3.3.4. Denmark

3.3.3.5. Estonia

3.3.3.6. France

3.3.3.7. Germany

3.3.3.8. Ireland

3.3.3.9. Italy

3.3.3.10. Latvia

3.3.3.11. Lithuania

3.3.3.12. Norway

3.3.3.13. Poland

3.3.3.14. Russia

3.3.3.15. Spain

3.3.3.16. Sweden

3.3.3.17. UK

3.3.3.18. Rest-of-Europe

3.3.4. Middle East

3.3.5. North America

3.3.6. South America

3.3.6.1. Brazil

4. COMPETITIVE LANDSCAPE

4.1. Key Strategic Moves

4.2. Market Share Analysis

4.3. Company Landscape

4.4. Company Profiles

4.4.1. BYD Auto Co. Ltd.

4.4.2. Daimler AG (Mercedes-Benz AG)

4.4.3. Ford Motor Company

4.4.4. GAC Aion New Energy Automobile Co. Ltd.

4.4.5. General Motors Company

4.4.6. Groupe Renault

4.4.7. Nissan Motor Co. Ltd.

4.4.8. Stellantis N.V.

4.4.9. Tesla Inc.

4.4.10. Toyota Motor Corporation

4.4.11. Volkswagen AG

5. KEY STRATEGIC QUESTIONS FOR INDUSTRY PROFESSIONALS IN ELECTRIC VEHICLES MARKET

6. APPENDIX

Research Methodology

Data Collection and Analysis Methods

Datanumero’s research methodology encompasses a thorough approach aimed at ensuring accuracy and reliability in market estimation and forecasting. Our process begins with preliminary data mining, where we gather raw market data from a diverse range of validated sources. This data undergoes rigorous filtration to ensure authenticity, with inputs also drawn from reputable reports, paid databases, and our repository. Our goal is to map the complete market value chain, gathering insights from raw material suppliers, distributors, and buyers.Additionally, we delve into technical issues and trends through surveys, technical symposia, and trade journals, focusing on intellectual property perspectives such as white space and freedom of movement. Industry dynamics, including drivers, restraints, and pricing trends, are thoroughly examined. This approach ensures that our material is rich in original data, further cross-validated and authenticated with published sources for accuracy.

Market estimates and forecasts are derived using sophisticated statistical models tailored to each study. These models incorporate inputs on market dynamics, technology landscapes, application development, and pricing trends. We analyze these factors comparatively, quantifying their impact using correlation, regression, and time series analysis. Our forecasting techniques combine economic tools, technological analysis, industry experience, and domain expertise.Primary validation represents the final step, involving exhaustive interviews with key industry participants. These interviews, conducted globally and across various language barriers, validate our findings and assumptions. Key industry participants include market-leading companies, raw material suppliers, product distributors, and buyers. This primary research not only ensures data accuracy but also provides critical insights into the current market scenario, business landscape, and future expectations, enhancing the quality of our reports.

Industry Analysis Approach

In our analysis, we employ both qualitative and quantitative methodologies. Qualitatively, we delve into the industry landscape, trends, market dynamics, and key issues. We explore the technology landscape and identify market opportunities for our clients. Our approach includes Porter’s analysis and PESTEL analysis to understand the competitive landscape and conduct component benchmarking.On the quantitative front, we provide market revenue estimates and forecasts up to specified timeframes, including breakdowns by technology, application, type, and component. Regional market revenue forecasts are also provided, giving clients a comprehensive view of market dynamics across different geographical areas.By integrating these methodologies, DataNumero ensures a holistic, unbiased, and accurate assessment of market trends, opportunities, and future expectations, positioning us as a professional and reliable market research partner.

GLOBAL ELECTRIC VEHICLES MARKET SIZE & SHARE ANALYSIS – GROWTH TRENDS & FORECASTS (2024 – 2030)