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.

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.

Around 6.3 billion electric vehicles are forecast to be sold in Europe in 2025, representing a significant increase in the sales volume of electric vehicles across the region in 2019. A similar story is projected in China: sales in 2025 will be almost double the number of electric vehicles currently in use across the country.

More miles, more smiles Growing demand from consumers is among the reasons why electric vehicle sales are expected to surge globally over the next few years. They are becoming a more attractive option because of an increased range: only a small number of electric vehicles currently have a range of around 236 miles (380 kilometers), but this is projected to be the average distance of electric vehicles in 2025.

China’s electric car boom In recent years, quarterly sales of electric vehicles in China have exceeded those of the rest of the world, and this trend looks set to continue with China projected to produce double the amount of electric cars than the next ranked country in 2021. The projected success of the Chinese market is one reason why the size of the global market for electric vehicles in 2025 is estimated to be around five times bigger than in 2017.

The market share of electric vehicles is growing rapidly: by 2030, one in four new cars sold will be battery-powered. It is projected that this figure will increase to over 80 percent by 2050. Electric vehicles are tipped to account for almost 70 percent of the global car parc by 2050.

The size and share of the market is categorized based on Type (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), ) and Application (Passenger Vehicles, Commercial Vehicles, ) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

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 ...

The size and share of the market is categorized based on Type (Hybrid Electric Vehicles, Battery Electric Vehicles;) and Application (Passenger Vehicles, Commercial Vehicles;) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This statistic shows projected sales of battery electric vehicles in the United States from 2015 to 2025. It is expected that almost 180,000 battery electric vehicles will be sold to customers in the United States in 2020.

United States EIA Projection: New Light Truck Sales: Alternative Fuel: 300 Mile Electric Vehicle data was reported at 870.356 Unit th in 2050. This records an increase from the previous number of 857.546 Unit th for 2049. United States EIA Projection: New Light Truck Sales: Alternative Fuel: 300 Mile Electric Vehicle data is updated yearly, averaging 737.482 Unit th from Dec 2022 (Median) to 2050, with 29 observations. The data reached an all-time high of 870.356 Unit th in 2050 and a record low of 89.423 Unit th in 2022. United States EIA Projection: New Light Truck Sales: Alternative Fuel: 300 Mile Electric Vehicle data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RA010: New Vehicle Sales: Projection.

The size and share of the market is categorized based on Type (Electric Sports Cars, Electric Sport Utility Vehicles (SUVs);) and Application (Racing, Adventure Sports;) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

United States Electric Vehicle Sales: Year to Date: Tesla: Tesla Cybertruck data was reported at 38,965.000 Unit in Dec 2024. This records an increase from the previous number of 28,250.000 Unit for Sep 2024. United States Electric Vehicle Sales: Year to Date: Tesla: Tesla Cybertruck data is updated quarterly, averaging 19,904.000 Unit from Mar 2024 (Median) to Dec 2024, with 4 observations. The data reached an all-time high of 38,965.000 Unit in Dec 2024 and a record low of 2,803.000 Unit in Mar 2024. United States Electric Vehicle Sales: Year to Date: Tesla: Tesla Cybertruck data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

In the fourth quarter of 2024, over 365,800 battery-electric vehicles were sold in the United States. This was a year-over-year increase of around 15.2 percent compared to the sales recorded in the fourth quarter of 2023. The fourth quarter of 2024 also recorded a hike in sales compared to the third quarter of that same year, making it the best quarter for BEV sales in the country across the past two years. Global EV Race - Where does the U.S. stand? Over the last few years, consumers have perceived Electric Vehicles (EVs) as a far more appealing option due to their increased range, battery life, variety of models, and affordability. Therefore, the EV market has grown fast in recent years and is forecast to expand to 1.1 trillion U.S. dollars in 2029. Though the global demand for electric cars has been escalating, American sales lag behind Europe and the Asia-Pacific regions. In 2023, Chinese customers bought around 8.1 million plug-in EVs, considerably more than American customers' purchases,around 1.4 million that year. China is the leader of the global EV race, with a substantial 36 percent growth in sales year-on-year in 2023. However, given the market share of electric vehicles in the global automotive industry, this still can be anyone's race. Outlook of the U.S. market There is still a lack of interest in electric vehicles among American buyers compared to European and Asian consumers. In the first quarter of 2021, the share of the battery electric vehicle was 55.1 percentage points more in Norway than in the U.S.. One of the main reasons is that American consumers still anticipate that EVs are more expensive than gasoline vehicles and diesel internal combustion engine cars (ICE). This perception is partially true in the U.S. since the battery production market is highly concentrated in Asia, where the companies have logistical advantages, leading automotive makers to offer better prices. On the other hand, high licensing fees for electric vehicles are another factor affecting the consumption behaviors of automobile purchasers. In many states, the licensing fees for electric cars are considerably higher than their ICE counterparts. EV licensing fees were around 345 U.S. dollars compared to 25 U.S. dollars for standard vehicles in Georgia in 2021. Together, these factors significantly impact the individual perception of electric cars in the United States.

The size and share of the market is categorized based on Type (Lithium-ion Batteries, Nickel Metal Hydride (NiMH) Batteries) and Application (Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs)) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

In 2022, the total sales of electric vehicles in Thailand is projected to amount to approximately 15.6 thousand cars. Around 113.2 thousand electric vehicles are forecast to be sold in Thailand in 2030, representing a significant increase in the sales volume of electric vehicles across the country.

The market size of the Fuel Cell Electric Vehicle Sales Market is categorized based on Type (Polymer Electrolyte Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC);) and Application (Passenger Cars, Commercial Vehicles;) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This report provides insights into the market size and forecasts the value of the market, expressed in USD million, across these defined segments.

The size and share of the market is categorized based on Type (Electric Sports Cars, Electric Supercars, ) and Application (Personal, ) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Light vehicle sales are projected to increase by about 1.8 percent in 2024 year-on-year. Projections for 2025 are equally optimistic. It is expected that in 2025, light vehicle sales will grow by 2.5 percent year-on-year. Global market recovery Car sales slumped during the second quarter of 2020 due to the outbreak of the coronavirus pandemic in key markets. However, there were strong signs of improvement from the next quarter onwards. Worldwide, Ford Motor's vehicle wholesales were higher in 2020's third quarter than in the first quarter of that same year. November 2020 showed the highest level of monthly automobile sales in China in 12 months. In 2022, global sales contracted by 0.6 percent year-on-year. The electric vehicle opportunity In 2023, the EU's share of new passenger electric vehicles accounted for over 22 percent, a significant year-on-year increase. How the transition from conventional cars to electric vehicles will affect sales is open to question. That said, investments in charging infrastructure and the extension of current and new governmental subsidy programs for purchasing electric vehicles could facilitate even higher numbers soon.

United States Electric Vehicle Sales: Year to Date: Tesla: Tesla Model X data was reported at 19,855.000 Unit in Dec 2024. This records an increase from the previous number of 15,515.000 Unit for Sep 2024. United States Electric Vehicle Sales: Year to Date: Tesla: Tesla Model X data is updated quarterly, averaging 14,495.000 Unit from Mar 2021 (Median) to Dec 2024, with 16 observations. The data reached an all-time high of 26,121.000 Unit in Dec 2022 and a record low of 5,607.000 Unit in Mar 2024. United States Electric Vehicle Sales: Year to Date: Tesla: Tesla Model X data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

United States Electric Vehicle Sales: Brightdrop data was reported at 537.000 Unit in Dec 2024. This records an increase from the previous number of 246.000 Unit for Sep 2024. United States Electric Vehicle Sales: Brightdrop data is updated quarterly, averaging 246.000 Unit from Mar 2022 (Median) to Dec 2024, with 9 observations. The data reached an all-time high of 537.000 Unit in Dec 2024 and a record low of 19.000 Unit in Mar 2022. United States Electric Vehicle Sales: Brightdrop data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA007: Electric Vehicle Sales: by Brand and Model.

Global Electric Vehicle Sales market size 2025 was XX Million. Electric Vehicle Sales Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.