Global Electric Vehicle Market to Reach US$ 4,918.7 Billion by 2032, Impelled by Escalating Environment Concerns

March 01, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “­­Electric Vehicle Market Report by Component (Battery Cells & Packs, On-Board Charger, Fuel Stack), Charging Type (Slow Charging, Fast Charging), Propulsion Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), Vehicle Type (Passenger Vehicles, Commercial Vehicles, and Others), and Region 2024-2032,” the global electric vehicle market size reached US$ 618.9 Billion in 2023. Electric Vehicles (EVs) are automobiles powered by an electric motor instead of a gasoline engine. They include a battery or fuel cell to store energy that can be charged through self-charging devices, such as wireless inductive charging. Some other charging methods include solar panels, wind turbines, and other renewable energy sources. Propelled entirely by electricity, EVs emit no harmful emissions, making them an environmentally friendly alternative to traditional gasoline-powered cars. They also offer enhanced efficiency and convenience, lower running costs, and longer life span. Apart from this, they feature advanced safety features, including regenerative braking, lane departure warning, and adaptive cruise control, making them a safer option than conventional cars. Currently, they are available in various models, such as cars, trucks, motorcycles, scooters, and boats.

Global Electric Vehicle Market Trends:

Escalating consumer concerns about the detrimental environmental effects of greenhouse gas (GHG) emissions is primarily driving the electric vehicle market growth. Besides this, the implementation of favorable government initiatives supporting the adoption of EVs through subsidies, tax credits, and investments in charging infrastructure are favoring the market growth. Moreover, shifting preference for EVs over conventional cars due to their relatively cheaper operating costs since they do not require oil changes, spark plug replacements, or other regular maintenance is creating a positive outlook for the market. In addition to this, innovative technological advancements in terms of power, efficiency, and cost of EVs and the integration of global positioning systems (GPS) navigation, remote sensors, and anti-theft locking systems are aiding in market expansion. Furthermore, continuous breakthroughs in battery technology enabling EVs to travel long distances on a single charge, the adoption of lithium-ion and graphene-based batteries, and the advent of magnetic resonance for wireless charging are contributing to the market growth. Other factors, such as rapid urbanization, inflating per capita incomes, the thriving automotive industry, and extensive investments in EV technology by leading market players, are strengthening the market growth. Looking forward, the market volume is projected to reach US$ 4,918.7 Billion by 2032, expanding at a CAGR of 22.1% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been segregated into battery cells and packs, on-board chargers, and fuel stacks.
  • Based on the charging type, the market is bifurcated into slow and fast charging. Between these, slow charging is the most popular segment.
  • On the basis of the propulsion type, the market has been categorized into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). At present, hybrid electric vehicles (HEV) currently account for the largest market share.
  • Based on the vehicle type, the market is classified into passenger, commercial, and other vehicles. Among these, passenger vehicles dominate the market, holding the largest share.
  • On the basis of region, the market has been segmented into Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Norway, Netherlands, Sweden, the United Kingdom, France, Germany, and others), North America (the United States and Canada), Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, and others), and Latin America (Brazil, Mexico, Argentina, Colombia, and others). Currently, Asia Pacific represents the biggest market for electric vehicles.
  • The competitive landscape of the market has also been examined, with some of the key players being Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc. Toyota Motor Corporation and Volkswagen.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Units
Segment Coverage Component, Charging Type, Propulsion Type, Vehicle Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered China, Japan, India, South Korea, Australia, Indonesia, Norway, Netherlands, Sweden, United Kingdom, France, Germany, United States, Canada, Turkey, Saudi Arabia, Iran, United Arab Emirates, Brazil, Mexico, Argentina, Colombia
Companies Covered Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc. Toyota Motor Corporation and Volkswagen
Customization Scope 10% Free Customization
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Global Electric Vehicle Market to Reach US$ 4,918.7 Billion by 2032, Impelled by Escalating Environment Concerns
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