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Global Electric Vehicles (EV) Market - Share, Size, Growth, Outlook - Industry Trends and ?Forecast to 2028

Global Electric Vehicles (EV) Market - Share, Size, Growth, Outlook - Industry Trends and ?Forecast to 2028

Market Research Reports | Q1 2024 | Report ID: BR0168

About the Report

Blackridge Research foresees exponential growth in global Electric Vehicle (EV) sales during the forecast period. The global EV market share has been growing at an impressive pace from 0.2% in 2013 to 13% in 2021. The rising environmental concerns and an immediate need to reduce the emissions from the transportation sector have pushed several governments to extend fiscal incentives to EV manufacturers and tax deductions to consumers on the sale and purchase of electric vehicles (EVs), coupled with factors such as decreasing price of batteries and technological advancements in the electric vehicles and its charging infrastructure are expected to drive the global electric vehicle market during the forecast period.

 

Global EV sales

 

Electric vehicles are touted as the future of transport because they are at least 2-3 times more efficient than their internal combustion engine counterparts and play a pivotal role in the reduction of GHG emissions. EVs are also critical to the synergy between clean transport and clean energy.

 

Electric Vehicle (EV) Market Definition

Instead of a gasoline engine, an electric vehicle is propelled by an electric motor. An accelerator pedal is used by the driver to manage the amount of power that the controller supplies to the electric motor. The electric automobile, sometimes referred to as an EV or electric vehicle, draws power from its rechargeable batteries, which can be charged using regular household electricity.

 

Regulations and Their Impact

International agreements to limit the CO2 emissions, such as the Paris Agreement, along with national and regional initiatives, are expected to influence environmental legislation in vehicular CO2 emission standards, use of chemical substances, and noise, which will lead to an accelerated introduction of significant volumes of electric vehicles.

 

Many major manufacturers in the automotive industry have introduced a variety of electric vehicles in major geographies, including the U.S., China, and Europe, and other current and prospective automobile manufacturers are also developing electric vehicles.

 

Also, major original equipment manufacturers (OEMs) such as Volvo, Ford, General Motors Company, Volkswagen AG, and Stellantis NV have announced plans to reconfigure their manufacturing lines to produce only electric vehicles.

 

Technological Advancements

A major challenge for electric vehicles has been their limited range as compared to ICE vehicles. While the EVs win in terms of lower operating costs, having higher fuel economy, low carbon emissions & maintenance, an ICE vehicle has a clear advantage in refueling, speed, and convenience.

 

With this background, in the last half-decade, the technological advancements in electric vehicles were concentrated on increasing the vehicle's range. Between 2015 and 2019, the average range of new BEVs climbed at a steady 12 percent per year but then plateaued in 2019-2020, and only mildly increased in 2021 (up by 3.5 percent), to reach 350 kilometers (km). The CAGR for the period 2015-2021 remained high at 9%, indicating continued efforts to enhance vehicle efficiency and battery size.

 

At the same time, the number of EV models introduced in the market climbed from around 100 in 2015 to 450 in 2021, a more than 15% increase over 2020 offerings and more than triple the number of models available in 2018.

 

In the EV charging infrastructure market, advancements have been concentrated on improving charging speed, enhancing the battery design, and diversifying the sources of power for electric vehicles. For example, graphene in batteries has expedited the charging time by 1350 times and reduced its weight to just 55 kg.

 

Electric Passenger Vehicles Market

Despite the Covid-19 epidemic and supply chain issues, including semiconductor chip shortages, electric car sales reached a new high in 2021.

 

About 120,000 electric cars were sold globally in 2012, and more than that many were sold each week in 2021. In 2021, electric cars accounted for about ten percent of worldwide car sales, up by four times the market share in 2019. This increased the overall number of electric cars on the road to around 16.5 million in 2021, more than three times the number in 2018.

 

Electric car sales have continued to grow substantially in 2022, with 2 million sold in the first quarter, up 75% over the same period in 2021.

 

During the Covid-19 pandemic, though the overall car market contracted, the new electric car registrations doubled. This trend continued through 2021, and the EV market share witnessed exponential growth. For instance, sales of electric cars – battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) – nearly doubled year on year to 6.6 million in 2021. This brought the number of total electric cars on the roads to more than 16.5 million. BEVs, like in previous years, accounted for the majority of the rise (about 70 percent).

 

Restraints to Electric Vehicle Market Growth

The electric vehicle market faces the chicken-egg problem concerned with the range of EVs and the availability of charging stations. The immature charging infrastructure and the high initial cost of the electric vehicles relative to the conventional vehicles act as one of the major restraints of the EV market growth. 

 

Market Segmentation

This report segments the global electric vehicle market based on vehicle type:

  • Passenger Electric Vehicles 
  • Commercial Electric Vehicles

Based on the powertrain (propulsion system):

 

Further, the market is segmented based on geography into North America, Europe, Asia Pacific (APAC), and the Middle East and Africa.

 

Electric Vehicle Growth in Regional Markets

Driven by the concerns about vehicular emissions from the use of internal combustion engine (ICE) vehicles and a change in consumer attitude towards buying electric vehicles, the global electric vehicles market grew rapidly in major parts of the world. EV sales throughout the world kept growing. 10,5 million brand-new BEVs and PHEVs were delivered in total in 2022, up +55% from 2021. 

 

EV Market in Europe 

The new battery electric vehicle (BEV) market expanded in 2022 despite a general downturn in the EU car market. As a result, the market share of BEVs increased to 12.1% in 2022, an increase of 3.0 percentage points over 2021. Hybrid vehicles also had a successful year, with a market share of 22.6%. Traditional fossil fuels based vehicles, meanwhile, kept losing ground.

 

Europe New Vehicle Fuel Type

 

EU's greenhouse gas emissions are largely contributed by the transport sector. Therefore, reducing these emissions is the key to meeting European Union's climate neutrality objectives. For most European governments, combating climate change has been on the top of their agenda in the past few years.

 

One of the major objectives of the recent legislation "fit for 55" is to support a smooth transition to cleaner mobility which is expected to further aid in fast-tracking Europe's transportation sector's transition to electric. 

 

In order to encourage the market adoption of electric vehicles, 21 EU member states (four more than in 2021) already provide some type of fiscal support. However, the nature and monetary worth of these tax benefits and purchase incentives still vary greatly among EU member states.

 

The European Union's 95 g/km CO2 emission mandate for passenger cars, the UK's proposal to ban all polluting vehicle sales by 2035, Germany's EUR 6,000 subsidy for the purchase of an EV with an additional EUR 3,000 rebate from electric vehicle dealers, France's EUR 6,000 subsidy for electric cars and EUR 1,000 for plug-in hybrid vehicles and other government initiatives have bolstered the growth of electric vehicle market in the region.

  

Over the 2016-2021 period, Electric vehicle sales in Europe climbed at the world's fastest compound annual growth rate (CAGR) of 61 percent, surpassing China (58%) and the United States (32%).

 

In the Nordic countries and the Netherlands, EV sales have achieved the maximum percent market share in comparison to ICE vehicles. For instance, in Norway, the registers 80% EV sales share in 2022. Further, the availability of electric cars with higher ranges and the continued introduction of new models is expected to boost the EV penetration rate to beyond 10%, with a double-digit percentage increase in EV sales in almost every major European country.

 

Both the EV fleet and the availability of charging infrastructure in Europe have increased. Europe ranks second in terms of charging infrastructure, with over 340,000 chargers as of November 2022. Even though the market for public charging has increased six times since 2015, it still makes up a very modest portion of the overall charging market.

 

EV Market in the United States

Despite an 8% decline in overall vehicle sales, the percentage of electric vehicle sales in the US increased to 5.8% of all vehicles sold in 2022 from 3.2% in 2021. Total EV sales topped 800,000 for the first time.

 

The transportation sector in the US contributes to nearly 30% of US total greenhouse gas emissions, over half of the nitrogen oxides and Carbon monoxide emissions, and about a quarter of hydrocarbons emissions. It also accounts for about three-fourths of US petroleum consumption.

 

The electrification of the transport industry through the spread of EVs combined with cleaner electricity generation is being viewed as a possible avenue to reduce air pollution from on-road vehicles and increase energy security.

 

The United States (US) EV market has grown rapidly in the last decade. More recently, President Joe Biden's goal of half of new passenger vehicle sales in the United States to be electric vehicles by 2030 is expected to result in the growth of EV sales in the country.

 

However, in the United States, the number of EVs on the road surpassed the number of public charging points in 2021, with approximately 18 EVs per charge point. Currently, the country has around 160,000 EV chargers. With the addition of around 54,000 Level 2 and 10,000 Level 3 chargers in 2022, the number of charging ports climbed more in that year than in the previous three years combined.

 

On the contrary, a lack of government support for electric vehicles in certain states, lower oil prices in the country, and a paucity of electric charging stations are expected to hold back an exponential growth of EVs.

 

Asia-Pacific EV Market

China dominates both the global and Asia-Pacific electric vehicle market in terms of EV sales and EV charging infrastructure. With 59% of worldwide EV sales in 2022, China is by far the largest EV market. With 6.7 million units, or 64% of the worldwide volume, produced in China.

 

Following the doubling of its BEV purchase subsidies the previous year, Japan proposed a significant financing package for EV purchase subsidies in 2021. Korea has nearly quadrupled eligible funding for slow chargers compared to last year while also extending EV subsidies until 2025.

 

Thailand and Indonesia intend to become regional leaders in EV markets and to meet rising demand in other Asian countries. Thailand, a new participant in the EV industry, said in 2021 that it wants ZEVs to account for 30% of domestic vehicle manufacturing by 2030 and 100% of new EV registrations by 2035. It also offered a set of incentives to encourage EV deployment. Indonesia recently established a government-owned battery firm with the goal of constructing 140 gigawatt-hours (GWh) of battery capacity by 2030, 50 GWh of which will be exported.

 

EV Market in India

The Indian electric vehicle market is undergoing a paradigm shift with upcoming new manufacturing hubs, a renewed push to improve electric vehicle charging infrastructure, and a 100% foreign direct investment (FDI).

 

EV sales in India

 

Favorable government policies, especially for Indian-made electric two-wheelers, are one of the most important growth drivers. Furthermore, multiple production-linked incentive schemes are expected to boost the manufacturing of electric vehicles and fuel cell vehicles. This will, in turn, boost the demand for electric vehicles in the Indian market.

 

The Indian government set an ambitious target for EV sales penetration with 70% for commercial vehicles, 30% for private cars, 40% for buses, and 80% for two- and three-wheelers by 2030.

 

During the forecast period, it is estimated that Asia-Pacific will hold the maximum share of electric vehicles, followed by Europe and North America.


Trends in Charging Infrastructure

In 2021, the number of publicly accessible charging points globally surpassed 1.8 million, with fast chargers accounting for one-third of the total. In 2021, almost 500,000 chargers were added, which is higher than the entire number of public chargers available in 2017.

 

Global EV charging stations

 

As in previous years, China continues to be the global leader in the number of publicly available chargers, accounting for about 85% of the world's fast chargers and 55% of slow chargers. 

 

According to China's electric vehicle charging alliance, 650,000 public chargers will be deployed in 2022, bringing the country's total to 1.8 million. There are 383,000 public chargers in Guangdong province alone, which is more than twice as many as there are in the entire United States. This demonstrates China's leadership in the EV sector as well as its very densely populated urban characteristics.

 

The worldwide average EV to charger-ratio in 2021 was 10 EVs per charger and 2.4 kW per EV, but China is pulling the global averages downwards with 7 EVs per charger and 3.8 kW per EV, along with 40% of fast charging.

 

Major Companies and their Strategies

In the electric cars segment, the major companies covered in the report are Tesla Inc., Volvo, Ford Motor Company, General Motors Company, Volkswagen AG, Stellantis NV, Toyota Motor Corporation, BYD, SAIC Motor Corp., Ltd., Mercedes Benz, BMW, etc. The major companies covered in the electric trucks and buses segment are Daimler AG, MAN, Renault, Scania, etc.

 

With the introduction of the Tesla Model 3 outside of the United States, Tesla Inc. leads the global market in EV sales, followed by the Volkswagen Group and General Motors.

 

Automobile manufacturers and suppliers are strategically increasing their global footprint by locally producing electric vehicles and their components. Tesla Inc. successfully entered the Chinese market with its EV production plant in Shanghai. At the same time, the Volkswagen Group and Toyota Motor Corporation would soon set up their EV plants in the country.

 

In March 2022, EV Maker Tesla entered the European market by establishing its plant Giga factory near Berlin, while Jaguar Land Rover will invest GBP 1 billion to build electric cars in the UK. Honda has preponed its target of electrifying its mainstream models in Europe from 2025 to 2022, while the consortium of Renault-Nissan-Mitsubishi has taken an ambitious target of selling 42% electric vehicles in Europe.

 

With aggressive goals, Volkswagen, Ford, and General Motors are aiming to grab the top market position in the EV segment, which is currently being held by Tesla Inc.

 

One of the key strategies adopted by the automotive industry it to convert their existing ICE vehicles to hybrid electric vehicles or fully battery electric vehicle. This strategy will aid in maintaining brand loyalty among the consumers.

 

Recent Trends and Developments

  • Automaker General Motors Company announced its plans to invest USD 650 million in lithium production company Lithium Americas in Jan 2023. As lithium is one of the most significant battery metals for the EV industry. The investment is touted to be a major mile stone for GM.
  • To allow more electric vehicles from Tesla, General Motors, and other manufacturers to qualify for up to USD 7,500 in federal tax credits at higher costs, the U.S. Treasury is revising its definition of an SUV.
  • In May 2022, Volkswagen launched a new all-electric car manufacturing facility in Germany. The plant is the newest electric vehicle manufacturing facility for Volkswagen and is another major milestone in the company's plan to expand its global manufacturing footprint for electric vehicles.
  • In May 2022, Stellantis and Samsung SDI announced their plan to establish a USD 2.5 billion EV battery plant in Indiana. The joint venture plant is expected to begin operations in 2025.
  • Volkswagen and Ford expand their electric vehicle partnership for supplying EV architecture for a second Ford EV model for the European market.
  • Badve Engineering, an Indian Tier-1 automotive manufacturer, and Israeli startup EVR Motors have announced a strategic commercial agreement to manufacture electric motor technology for India's fast increasing two-and-three-wheeler electric vehicle industry.
  • In India, through the Faster Adoption and Manufacturing of Electric Vehicles FAME-II program, the government is targeting the electrification of buses. About 86% of the program's budget is earmarked for direct vehicle subsidies, which is expected to generate demand for 7000 battery electric vehicle buses. Under the program, the national government recently approved the addition of 5595 new electric buses in various states.
  • South Korea announced an investment of USD 870 million in developing eco-friendly shipping to address marine pollution. Named 2030 Green Ship-k strategy, it targets the advancement of LNG, electric, and hybrid core technologies to promote low carbon ship technology.
  • Jaguar Land Rover, a subsidiary of Tata Motors, announced that all their models under the Jaguar and Land Rover brands will have an electrified vehicles version by 2030.

 

Impact of COVID-19

The Covid-19 pandemic has wreaked havoc on worldwide supply chains, particularly in the automotive industry. EV delivery delays to clients are expected to slow the sales growth in various areas in the near future. However, in the long run, government and business efforts to electrify transportation are laying a solid foundation for future EV sales growth.

 

Further details available in the Report

The new report from Blackridge Research on Global Electric Vehicle Market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market. 

 

What do we cover in the report?

 

Electric Vehicle Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

 

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

 

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

 

Electric Vehicle Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

 

This section also provides an assessment of COVID-19 impact on EV Market demand.

 

Electric Vehicle Market Size and Demand Forecast

The report provides the Global Electric Vehicle Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

 

Electric Vehicle Market Industry Analysis

The report examines the critical elements of the Electric Vehicle industry supply chain, its structure, and the participants.

 

Using Porter's five forces framework, the report covers the assessment of the Electric Vehicle industry's state of competition and profitability.

 

Electric Vehicle Market Segmentation & Forecast

The report dissects the Global Electric Vehicle Market into various segments based on vehicle type (passenger vehicles, and commercial vehicles), by propulsion type (BEVs, PHEVs, FCEVs). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

 

Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

 

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth.Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

 

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

 

In addition, market size, demand forecast, and growth rates will be provided for all regions. Following are the notable countries covered under each region.

 

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), and the Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

 

Key Company Profiles

This report presents detailed profiles of Key companies in the Electric Vehicle industry. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

 

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

 

The study also discusses the strategies adopted by leading players in the industry.

 

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

 

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

 

Analysis of the impact of Covid-19 on the electric vehicle market is an integral part of the report, which helps companies navigate a rapidly changing market landscape.

 

Get a free sample copy of the Global Electric Vehicle Market report by clicking the "Download a Free Sample Now!" button at the top of the page.

 

Also check our latest report on the Global Electric Two Wheelers Market to discover key insights and trends in the industry, along with an in-depth analysis of the market's growth drivers and challenges. Stay ahead of the competition and make informed decisions with our comprehensive and up-to-date research. Order your copy now!

 

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunitiest
  • 3.6 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Propulsion System
    • 5.1.1 Battery Electric Vehicles (BEVs)
    • 5.1.2 Plug-in Hybrid Electric Vehicles(PHEVs)
    • 5.1.3 Fuel Cell Electric Vehicles(FCEVs)
  • 5.2 By Vehicle Type
    • 5.2.1 Passenger Vehicles
    • 5.2.2 Commercial & Industrial Vehicles

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 Passenger Vehicle Companies
    • 7.1.1 Tesla Inc.
    • 7.1.2 BYD Co Ltd
    • 7.1.3 Hyundai Motor Company
    • 7.1.4 Ford Motor Company
    • 7.1.5 General Motors Company
    • 7.1.6 Mercedes-Benz
    • 7.1.7 BYD, SAIC Motor Corporation
    • 7.1.8 Other Notable Players
  • 7.2 Commercial Vehicle Companies
    • 7.2.1 Daimler AG
    • 7.2.2 Nikola Corporation
    • 7.2.3 Zhengzhou Yutong Bus Co., Ltd.
    • 7.2.4 Volvo AB
    • 7.2.5 Dongfeng Motor Company
    • 7.2.6 Proterra
    • 7.2.7 Other Notable Players

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

  This report helps to:-

  • Gain a deeper understanding of the impact of COVID 19, and oil & gas prices crash on the global electric vehicle (EV) market.
  • Equip yourself with rigorous analysis and forward-looking insight into the electric vehicle market across various regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • Automotive Manufacturers
  • EV Component Manufacturers
  • EV Battery Manufacturers
  • EV charging station manufacturers
  • EVSE Companies
  • Government Organizations
  • Investor and Financing companies

  Tables and charts

Global Annual Electric Vehicle Sales (2013-2022)

Total Annual Passenger Electric Vehicle Sales in India (2013-2022), by no of Units

Global Electric Vehicles Market Revenue (in USD million), 2021-2028

Global Electric Vehicles Market Revenue (in USD million), by Vehicle Type, 2021-2028

Global Installed Electric Vehicle Public Chargers (2015-2022)

Others

Detailed list of Tables and Charts are available in the full report.

  What's included

Report - Global Electric Vehicle Market Outlook to 2028.pdf
Market Data - Global Electric Vehicle Market Outlook to 2028.xls

  Why buy this report?

  • Gain a deeper understanding of the impact of Covid-19 on the <Global Electric Vehicle Market>.
  • Equip yourself with rigorous analysis and forward-looking insights into the <Global Electric Vehicle Market> across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

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