The Market Reports

Synopsis
The global market for Electric Vehicles (EVs) was estimated to be worth US$ 464730 million in 2024 and is forecast to a readjusted size of US$ 1257030 million by 2031 with a CAGR of 15.9% during the forecast period 2025-2031.
An electric vehicle (EV) is a vehicle that uses an electric motor as a drive system and a battery pack as a power source. Unlike traditional internal combustion engine vehicles (ICE), electric vehicles do not have a fuel engine. Instead, they have a battery pack and an electric drive system that stores electrical energy through batteries and drives the motor for power output. The core technologies of electric vehicles involve battery technology, electric drive systems, charging infrastructure, and power electronic control systems.
The core components of electric vehicles:
Battery packs: Usually lithium-ion batteries or solid-state batteries are used as the main carrier for storing electrical energy. The energy density, cycle life, and charging speed of the battery pack directly affect the range and efficiency of electric vehicles. Batteries with high energy density help to improve battery life, while fast charging technology solves the problem of charging time.
Electric motors: As the core of the drive system, electric motors have extremely high energy efficiency and can usually convert more than 85% of electrical energy into mechanical energy, which is much higher than the 20%-30% efficiency of traditional internal combustion engines. The advantages of electric motor drive are zero emissions, high efficiency, fast torque response, and extremely low noise.
Power electronic control system: used to regulate the energy flow between the battery and the motor to ensure the smooth and efficient power output of the electric vehicle, mainly including the battery management system (BMS), inverter, charging system, etc. The battery management system (BMS) ensures the health of the battery and balances the power of the battery cells through real-time monitoring to avoid overcharging or over-discharging.
Charging system: The charging system of electric vehicles mainly relies on charging piles for power replenishment. At present, charging facilities are gradually becoming popular. DC fast charging and AC slow charging are the main charging methods. The charging method, charging speed and coverage of charging infrastructure of electric vehicles directly affect the consumer's experience.
Vehicle control and intelligent system: With the development of electric vehicles, more and more electric vehicles are equipped with technologies such as intelligent driving, vehicle networking, and automatic driving. These systems enhance the safety, convenience and intelligence of driving by integrating sensors, AI algorithms and cloud computing.
Global electric vehicle sales will continue to grow, and China will continue to lead the electric vehicle market. China has become the world's first country with an annual production of electric vehicles exceeding 10 million, and has rapidly grown into the world's largest electric vehicle market. The European automotive industry is accelerating its transition to zero-emission vehicles to achieve the goal of carbon neutrality in 2050. Various incentives for electric vehicle purchases, such as subsidies and tax cuts, have been introduced, and new electric vehicle models have been launched one after another, so electric vehicle sales have grown steadily. However, since the second half of 2023, the subsidy plan has ended or been reduced, the economic situation has deteriorated, and electric vehicle deliveries have begun to slow down. In the US market, the IRA Act makes it more difficult to obtain electric vehicle tax credits, and political uncertainty may affect the sales of electric vehicles. The biggest opportunities for new energy vehicles in the future are in the Asia-Pacific region and emerging regions. As the world's largest electric vehicle market, China's policy promotion, infrastructure construction and the rise of independent brands have provided strong impetus for its market growth. Emerging markets such as India, Southeast Asia and Latin America are also gradually promoting the electrification process. Government support and environmental protection needs have made these regions a rapid growth point for new energy vehicles. Although the current penetration rate of electric vehicles is low, with the advancement of battery technology, the popularization of charging facilities and the increase in policy support, the electric vehicle market in these regions is expected to usher in explosive growth in the next few years and become a key driving force for the global electrification transformation.
As the global automotive industry transforms to electrification, BEV (pure electric vehicle) and PHEV (plug-in hybrid vehicle) have become the two main models in the new energy vehicle market. BEV accounts for more than 70% of the production market share. With the maturity of battery technology, the popularization of charging infrastructure and the support of government policies, the share of BEV in the global new energy vehicle market has gradually increased, among which the penetration rate of BEV is particularly prominent in the European and Chinese markets. China and Europe have strong policy support, especially subsidies and incentives for zero-emission vehicles, which makes consumers prefer pure electric models when choosing. The market share of PHEV is slightly lower, but it is also growing, especially in some transitional markets, such as those where the infrastructure is not yet perfect and consumers have a high demand for long driving range. PHEV accounts for less than 30% of the global new energy vehicle market, but still maintains a certain market share in some regions (such as North America and Japan). The advantage of PHEV models is that they can use both internal combustion engines and batteries, solving the problem of range anxiety. However, as the global charging facility network improves and battery technology continues to break through, the market share of PHEVs is expected to gradually decline in the next 10 years, especially when the range of pure electric vehicles is sufficient to cover the daily use of most consumers.
The world's major electric vehicle manufacturers include Tesla, BYD, BMW, Volkswagen, Mercedes-Benz, Stellantis, Volvo, Hyundai Kia, Renault, SAIC, Ford, Weilai, ONE, Xiaopeng, Toyota, GAC Motors, GM, JAC, Nissan, Great Wall Motors, Chery, Geely, Honda Motors, etc. Tesla and BYD will maintain their leading position in electric vehicle sales, while traditional automakers are still relatively backward.
The electric vehicle market continues to expand, and the advancement of battery technology, the decline in costs, and the increasing availability of charging infrastructure are expected to drive further growth in the next few years. As the electric vehicle market develops, monitoring policy changes, technological advances, and consumer preferences in various countries are key factors that will affect the development of electric vehicles in the future.
This report aims to provide a comprehensive presentation of the global market for Electric Vehicles (EVs), focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Electric Vehicles (EVs) by region & country, by Type, and by Application.
The Electric Vehicles (EVs) market size, estimations, and forecasts are provided in terms of sales volume (K Units) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Electric Vehicles (EVs).
Market Segmentation
By Company
Tesla
BYD
BMW
Volkswagen
Mercedes-Benz
Stellantis
VOLVO
Hyundai & Kia
Renault
SAIC
Ford
NIO
ONE
XPeng
TOYOTA
GAC Motor
GM
JAC
Nissan
Great Wall Motors
Chery
GEELY
Honda Motor
Segment by Type
BEV
PHEV
Segment by Application
Home Use
Commercial Use
By Region
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Netherlands
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Electric Vehicles (EVs) manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Electric Vehicles (EVs) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Electric Vehicles (EVs) in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Index