Product Code: SR0222A07_Report
The global electric vehicles market reached a volume of 12.7 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 106.6 Million Units by 2027, exhibiting a CAGR of 41.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
An electrical vehicle (EV) is a self-propelling automobile that is used for transporting passengers and goods. It can be charged by self-charging devices, including turbochargers and regenerative braking systems that can convert the kinetic energy into electrical energy or can be powered by a large traction battery pack present at charging stations. Battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) are the most common types of EVs available in the market. In comparison to the traditionally used automobiles, EVs do not emit tailpipe emissions, reduce the dependency on oil and are more economical to operate. The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the growth of the market. Furthermore, growing concerns regarding the detrimental environmental effects due to greenhouse gases (GHGs) emissions, along with the implementation of favorable government policies encouraging sustainable development, are also providing a boost to the market growth. For instance, various benefits, including tax exemptions, subsidies, low buying costs and free charging facilities, are some of the government privileges offered to those utilizing EVs, thus encouraging their overall adoption rates. Additionally, manufacturers are focusing on the development of advanced technologies to produce zero- and low-emission vehicles with improved fuel efficiency and soundless operations. Also, enhancements in the EV charging infrastructure are leading to more investments in utilities, charging hardware manufacturers and other power sector stakeholders. Other factors, including rapid urbanization, increasing disposable incomes and extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicles market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, charging type, propulsion type and vehicle type.
- Breakup by Component: Battery Cells & Packs
- On-Board Charger
- Fuel Stack
- Based on the component, battery cells & packs currently account for the highest market share.
Breakup by Charging Type:
- Slow Charging
- Fast Charging
- Based on the charging type, slow charging represents the largest category.
Breakup by Propulsion Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Based on the propulsion type, hybrid electric vehicle currently account for the largest market share.
Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Others
- Based on the vehicle type, passenger vehicles currently account for majority of the market share.
Breakup by Region:
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Norway
- Netherlands
- Sweden
- United Kingdom
- France
- Germany
- Others
- North America
- United States
- Canada
- Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Others
- On the geographical front, Asia Pacific currently represents the biggest market for electric vehicles.
Competitive Landscape:
- The competitive landscape of the industry has also been examined with some of the top electric vehicles companies 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, etc.
- IMARC Group's latest report provides a deep insight into the global electric vehicles market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the electric vehicles industry in any manner. Key Questions Answered in this Report
- 1. What was the size of the global electric vehicles market in 2021?
- 2. What is the expected growth rate of the global electric vehicles market during 2022-2027?
- 3. What are the key factors driving the global electric vehicles market?
- 4. What has been the impact of COVID-19 on the global electric vehicles market?
- 5. What is the breakup of the global electric vehicles market based on the component?
- 6. What is the breakup of the global electric vehicles market based on the charging type?
- 7. What is the breakup of the global electric vehicles market based on the propulsion type?
- 8. What is the breakup of the global electric vehicles market based on the vehicle type?
- 9. What are the key regions in the global electric vehicles market?
- 10. Who are the key players/companies in the global electric vehicles market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Electric Vehicles Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Battery Cells & Packs
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 On-Board Charger
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Fuel Stack
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Charging Type
- 7.1 Slow Charging
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Fast Charging
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Propulsion Type
- 8.1 Battery Electric Vehicle (BEV)
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Fuel Cell Electric Vehicle (FCEV)
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Plug-In Hybrid Electric Vehicle (PHEV)
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Hybrid Electric Vehicle (HEV)
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Vehicle Type
- 9.1 Passenger Vehicles
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Commercial Vehicles
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Others
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by Region
- 10.1 Asia Pacific
- 10.1.1 China
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Japan
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.3 India
- 10.1.3.1 Market Trends
- 10.1.3.2 Market Forecast
- 10.1.4 South Korea
- 10.1.4.1 Market Trends
- 10.1.4.2 Market Forecast
- 10.1.5 Australia
- 10.1.5.1 Market Trends
- 10.1.5.2 Market Forecast
- 10.1.6 Indonesia
- 10.1.6.1 Market Trends
- 10.1.6.2 Market Forecast
- 10.1.7 Others
- 10.1.7.1 Market Trends
- 10.1.7.2 Market Forecast
- 10.2 Europe
- 10.2.1 Norway
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Netherlands
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 Sweden
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 United Kingdom
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 France
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Germany
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 North America
- 10.3.1 United States
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 Canada
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.4 Middle East and Africa
- 10.4.1 Turkey
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Saudi Arabia
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Iran
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.4 United Arab Emirates
- 10.4.4.1 Market Trends
- 10.4.4.2 Market Forecast
- 10.4.5 Others
- 10.4.5.1 Market Trends
- 10.4.5.2 Market Forecast
- 10.5 Latin America
- 10.5.1 Brazil
- 10.5.1.1 Market Trends
- 10.5.1.2 Market Forecast
- 10.5.2 Mexico
- 10.5.2.1 Market Trends
- 10.5.2.2 Market Forecast
- 10.5.3 Argentina
- 10.5.3.1 Market Trends
- 10.5.3.2 Market Forecast
- 10.5.4 Colombia
- 10.5.4.1 Market Trends
- 10.5.4.2 Market Forecast
- 10.5.5 Others
- 10.5.5.1 Market Trends
- 10.5.5.2 Market Forecast
11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
12 Value Chain Analysis
- 12.1 Overview
- 12.2 Raw Materials/Components Suppliers
- 12.3 Manufacturers
- 12.4 Distributors
- 12.5 Exporters
- 12.6 End-Users
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Bayerische Motoren Werke AG
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 BYD Auto
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 Chery
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.4 Daimler AG
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 Financials
- 15.3.4.4 SWOT Analysis
- 15.3.5 Ford Motor Company
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 Financials
- 15.3.5.4 SWOT Analysis
- 15.3.6 Geely
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.7 General Motors
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.8 Honda Motor Company
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9 Hyundai Motor Company
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.9.4 SWOT Analysis
- 15.3.10 Nissan
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.10.4 SWOT Analysis
- 15.3.11 Renault
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.11.3 Financials
- 15.3.11.4 SWOT Analysis
- 15.3.12 SAIC Motor
- 15.3.12.1 Company Overview
- 15.3.12.2 Product Portfolio
- 15.3.13 Tesla Inc.
- 15.3.13.1 Company Overview
- 15.3.13.2 Product Portfolio
- 15.3.13.3 Financials
- 15.3.13.4 SWOT Analysis
- 15.3.14 Toyota Motor Corporation
- 15.3.14.1 Company Overview
- 15.3.14.2 Product Portfolio
- 15.3.14.3 Financials
- 15.3.14.4 SWOT Analysis
- 15.3.15 Volkswagen
- 15.3.15.1 Company Overview
- 15.3.15.2 Product Portfolio
- 15.3.15.3 Financials
- 15.3.15.4 SWOT Analysis