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
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N A
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Electric Vehicle Market to Reach US$ 4,918.7 Billion by 2032, Impelled by Escalating Environment Concerns
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More