Global Electric Vehicle (EV) Market Analysis and Insights
The global Electric Vehicle (EV) market estimated at 10.2 million units in the year 2022 is now projected to grow at a CAGR of 31.6% and reach 53.1 million units by 2028. The number of electric vehicles on the road has increased in recent years and will only continue to grow as demand increases worldwide. This shift toward electric vehicles is driven by both industry and consumer influences.
Rapid urbanization, the thriving automotive industry, and the shifting consumer preferences for hybrid and electric vehicles (H/EVs) represent one of the key factors positively influencing the market. In addition, the increasing consumer consciousness about maintaining ecological sustainability and the growing concerns among individuals about the detrimental environmental effects due to emissions of greenhouse gases (GHGs) is catalyzing the demand for EVs.
Along with this, the implementation of favorable government initiatives encouraging sustainable development is strengthening the market growth. For instance, numerous benefits, such as tax exemptions, subsidies, low buying costs, and free charging facilities, are some of the government privileges increasing their overall adoption rates.
In line with this, the improving electronic charging infrastructure and the integration of magnetic resonance for wireless vehicle charging are bolstering the market growth. Besides this, the rising integration of EVs with advanced technologies, which include GPS navigation, remote sensors, and anti-theft locking systems, is offering a favorable market outlook. Furthermore, increasing investments by leading market players in extensive research and development (R&D) activities are anticipated to propel market growth.
Electric Vehicle (EV) Market Regional Insights
North American electric vehicle market is expected to grow significantly over the forecast period. This growth is attributed to the well developed and extensive charging infrastructure along with the incentives provided by the governments of these regions. U.S. contributed around 78% of the total North American electric vehicle market and is estimated to have a market value of 972.0 thousand units in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 28.21% and 25.94% respectively over the 2022-2028 period.
Asia-Pacific electric vehicle market is anticipated to witness an upsurge owing to the rapid urbanization and industrialization in the region. China is the major electric vehicle market globally as it accounted nearly half i.e. 45% of the global electric vehicle sale. Other countries such as Japan, Korea, and India are also opportunistic markets as the governments of these countries are significantly investing in the EV startup to promote the manufacturing and sale of EVs across the globe. China is expected to reach a market size of 29.7 million units by 2028.
Within Europe, Germany, Italy, Spain and France are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 29.3% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Gulf Cooperation Council nations such as Qatar, U.A.E, Saudi Arabia and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include BYD Co., Ltd., Tesla Inc., VW Group, GM incl. Wuling, Stellantis N.V., Hyundai Motor Co., BMW Group, Geely Auto, Mercedes-Benz, R-N-M Alliance, GAC Motor, SAIC Motor Corp, Ltd., Chery Automobile Co., Ltd., Volvo Car & Polestar, Changan Automobile Group, Dongfeng Motor, Ford Motor Co., Hozon Auto, CHJ Automotive, Great Wall Motors, NIO Inc., Xiaopeng, Toyota Motor Corp., Leap Motor, Sokon, among others.
Competitive Landscape
New EV entrants disrupt Europe’s automotive market
New Asian electric-vehicle (EV) OEMs are entering the European market in unprecedented numbers. Many have already established footholds in European countries and are planning their expansion (for example, NIO had already hired more than 700 employees in Europe in September 2022). Others intend to enter soon—Geely announced it will start selling with its brand Zeekr in 2023 and NETA (owned by Hozon Group) has announced that a European market entry is on the horizon. In this article, we explore which go-to-market (GTM) strategies these new entrants are deploying and discuss what they should consider when serving European customers. We also look at the consequences for incumbent players.
Electric vehicle market scope
- By Technology
- Battery electric vehicle (BEV)
- Fuel cell electric vehicle (FCEV)
- Hybrid electric vehicle (HEV)
- By Component
- Battery packs/cells
- Electric motor
- Reducer
- Onboard Charger
- Battery Management System (BMS)
- Others
- By Vehicle Type
- Two wheelers
- Three-wheeled
- Passenger cars
- Commercial vehicles
- By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 315 |
| Published | Mar-23 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | 10.2 million units |
| Forecasted Market Size by 2028 | 53.1 million units |
| CAGR | 31.60% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | BYD Co., Ltd., Tesla Inc., VW Group, GM incl. Wuling, Stellantis N.V., Hyundai Motor Co., BMW Group, Geely Auto, Mercedes-Benz, R-N-M Alliance, GAC Motor, SAIC Motor Corp, Ltd., Chery Automobile Co., Ltd., Volvo Car & Polestar, Changan Automobile Group, Dongfeng Motor, Ford Motor Co., Hozon Auto, CHJ Automotive, Great Wall Motors, NIO Inc., Xiaopeng, Toyota Motor Corp., Leap Motor, Sokon, among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
