Over 14 million electric vehicles were sold across the globe in 2023. While this sales volume is expected to increase in the following years, this growth can be affected by a wide array of factors. Sales are projected to be the highest under the Net Zero Emissions by 2050 scenario, which assumes the global energy sector to achieve net zero carbon dioxide emissions by 2050. Under this scenario, nearly 104 million EVs would be sold in 2035, a staggering 40 million more than under the Stated Policies scenario.

In 2028, the Swedish battery-electric vehicle sales volume is forecast to surpass the Swedish plug-in hybrid electric vehicle sales by over double its volume. Battery-electric vehicles overtook their PHEV counterparts in 2022, and are projected to maintain a steady growth curve.

The Electric Commercial Vehicle Market Report is Segmented by Vehicle Type (Buses, Trucks, Pick-Up Trucks, and Vans), Propulsion (Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles), Power Output (Less Than 150 KW, 150 250 KW, and Above 250 KW), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

Electric vehicle sales are forecast to experience significant growth across segments through 2028. Battery-electric vehicles are projected to make up most of the 2028 sales, at around 451,600 sales.

The global electric vehicle market is expected to rise from USD 243.9 billion in 2024 to USD 2.72 trillion by 2037, exhibiting a CAGR of over 20.4% during the forecast timeline, between 2025 and 2037. Key industry players include Toyota Motor Corporation, BYD Motors Inc., Mercedes-Benz Group AG, Ford Motor Company, among others.

The Report Covers Global Automotive High Performance EVs Market Companies and it is segmented by Drive Type (Plug-in Hybrid and Battery or Pure Electric), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography (North America, Europe, Asia-Pacific, and Rest of the world). The report offers market size and forecasts for Automotive High-performance Electric Vehicles Market in value (USD billion) for all the above segments.

The Report Covers Electric Vehicle Forecast in Australia and the Market is segmented by Propulsion Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Fuel Cell Electric Vehicles, and Plug-in Hybrid Electric Vehicles) and Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium-Duty Commercial Vehicles, and Heavy-Duty Commercial Vehicles). The Market size and Value of the Australian Electric Vehicle Market provided in value (USD).

Forecast: Battery Electric Vehicle Registrations in Denmark 2022 - 2026 Discover more data with ReportLinker!

According to Cognitive Market Research, the global Electric Vehicles (EV) market size is USD 389581.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 14.00% from 2024 to 2031.

North America holds the major market of more than 40% of the global revenue with a market size of USD 155832.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Europe accounts for a share of over 30% of the global market size of USD 116874.36 million.
Asia Pacific holds the market of around 23% of the global revenue with a market size of USD 89603.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.
Latin America's market has more than 5% of the global revenue, with a market size of USD 19479.06 million in 2024, and will grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031.
Middle East and Africa holds the market of around 2% of the global revenue with a market size of USD 7791.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.
Mid-priced holds the highest Electric Vehicles (EV) market revenue share in 2024.

Market Dynamics of Electric Vehicles (EV) Market

Key Drivers for Electric Vehicles (EV) Market

Favorable Government Subsidies and Policies to Increase the Demand Globally

One key driver in the Electric Vehicles (EV) market is a surge in the number of companies driven by increasing demand for electric vehicles will likely accelerate the market growth during the projected period. Governments are providing attractive inducements and policies to promote the sales of electric vehicles. Some of these incentives include decreased selling expenses, zero or low registration fees, and free charging infrastructure of EVs at numerous charging stations. Additionally, a number of governments around the globe exclude import, investment, and road taxes based on different subsidies. The production of electric vehicles has improved due to these subsidies for the auto industry. Governments have also made substantial infrastructure investments and developed valuable policies.

Rising Fuel Prices to Propel Market Growth

Another key driver in the Electric Vehicles (EV) market is Surging fossil fuel prices in India, which is one of the major factors that are anticipated to drive the need for EVs in the region. The purchasing expenses of fossil fuel-powered vehicles are lower than that of electric vehicles. However, their operating price is high due to expanding gasoline and diesel prices. In contrast, the operating cost of electric-type automobiles is much less than that of fossil fuel-powered automobiles. Therefore, shifting customer preference towards adopting electric vehicles as a response to increasing fossil fuel expenses is predicted to expand the market's expansion over the projected period.

Restraint Factor for the Electric Vehicles (EV) Market

Higher Manufacturing and Battery Costs to Limit Market

Electric vehicles are superior to fossil fuel-based automobiles, but their expenses are higher than those of the latter. These cars have not yet achieved economies of scale as they are not mass-produced. Moreover, the absence of electric vehicles charging infrastructure has been demonstrated to be a negative factor, which has impacted the market's expansion. The manufacturers also require a lot of investment and assets, which may restrain the market's progress. Streamlining production processes and investing in battery innovation can help mitigate costs, making EVs more accessible and competitive in the automotive market.

Impact of Covid-19 on the Electric Vehicles (EV) Market

The COVID-19 pandemic significantly impacted the electric vehicles market. Initially, lockdowns and economic uncertainty led to a decrease in demand and disrupted supply chains. However, as awareness of environmental issues grew and governments incentivized clean energy initiatives, the electric vehicles market rebounded. Consumers sought sustainable transportation options, driving increased adoption of electric vehicles. Moreover, the pandemic underscored the importance of resilience, spurring investments in electric vehicle infrastructure. Consequently, the electric vehicles market experienced fluctuations but ultimately showed resilience and accelerated growth amidst the crisis. Introduction of the ...

Forecast: Electric Vehicles Sales in the US 2024 - 2028 Discover more data with ReportLinker!

Singapore Electric Vehicle Market is segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Drive Train Technology (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle). The report offers the market size and forecast for Singapore Electric Vehicle Market in terms of value (USD Million) for all the above segments.

Electric Vehicle Market is projected to 72,798 billion by 2050, growing at a CAGR of 21.99% from 2025-2050.

The Electric Vehicle Market estimated size and share is projected to exceed USD 1422.35 billion by 2034, with a forecasted CAGR of 12.5 during the period.

Forecast: Electric Vehicle Registrations in the Netherlands 2022 - 2026 Discover more data with ReportLinker!

The EV Powertrain Market Report is Segmented by Component Type (Transmission, Motors, and Battery), Propulsion Type (Battery Electric Vehicle and Plug-In Hybrid Electric Vehicle), Vehicle Type (Passenger Car and Commercial Vehicle), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Size and Forecasts for Electric Vehicle Powertrains in Terms of Value (USD) for all the Above Segments.

Electric Motors for Electric Vehicle Market are segmented by assembly type (wheel hub and central powertrain), by application (passenger cars and commercial vehicles), motor type (brushless DC motor, permanent magnet DC motor, asynchronous electric motor, synchronous reluctance motor and other motor types {Axial Flux Ironless Permanent Magnet Motor, Switched Reluctance Motors, etc.}), by power (up to 100 KW, 101-250 KW and above 250 KW), and geography (North America, Europe, Asia Pacific and rest of the world). The report offers market size and forecast for Electric motors for the EV market in value (USD billion) for all the above segments.

The GCC Electric Vehicle Market is likely to witness an exponential growth in the coming years, says MarkNtel Advisors.

The global electric vehicle market is estimated to be valued at USD 561.94 billion in 2024 and is poised to reach USD 6158.16 billion by 2035, representing a higher CAGR of 25.32% during the forecast period.

Electric vehicles are projected to account for 45 percent of the market in 2035, up from a forecast of 32 percent in 2030. Overall, American motorists bought some 14.9 million light vehicles in 2020, a volume which is tipped to keep growing.  Tesla sparks sales growth   Tesla accounted for the majority of plug-in electric vehicles sold in the United States in 2020. As of now, Tesla is leading the race towards the electrification of transport in the United States. The California-based carmaker reported 2020 sales nearing 79,000 units of its most recent model addition, the Model Y. The Model 3 came first in the ranking, at 90,000 sales. The latter was introduced in July 2017 at a starting price of 35,000 U.S. dollars and has become Tesla’s most successful model so far. Overall, consumers in the U.S. bought 302,000 Tesla-badged vehicles in 2021.

 The great brand divide   The Tesla brand exerts such dominance in the market that it plays in a league of its own. Even though there are other brands competing with Tesla globally, it looks like they do not stand a chance to bite into Tesla’s U.S. market share. U.S. car shoppers only bought 21,000 Chevrolet Bolt EV and just 10,000 Nissan-badged LEAF battery electric vehicles in 2020.

Forecast: Electric Vehicle Registrations in Denmark 2022 - 2026 Discover more data with ReportLinker!