Electric Vehicle Market Key Players Analysis 2031
The Electric Vehicle Market is expected to register a CAGR of 7.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
Electric Vehicle Market covers analysis By Component (Battery Pack & High Voltage Components, Motor, Brake, Wheel & Suspension, Body & Chassis, Low Voltage Electric, and Others), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-In Hybrid Electric Vehicles), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive) and Geography
Purpose of the Report
The report Electric Vehicle Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Electric Vehicle Market Segmentation
By Component
- Battery Pack & High Voltage Components
- Motor
- Brake
- Wheel & Suspension
- Body & Chassis
- Low Voltage Electric
- Others
By Vehicle Type
- Passenger Cars and Commercial Vehicles
By Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle and Plug-In Hybrid Electric Vehicles
By Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
By Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
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Electric Vehicle Market: Strategic Insights
| Market Size Value in | US$ 385.25 billion in 2022 |
| Market Size Value by | US$ 1,376.09 billion by 2030 |
| Growth rate | CAGR of 17.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Electric Vehicle Market Growth Drivers
- Rising Favourable Government Policies and Subsidies: For instance, the US Federal Government set target to sell half all new vehicles sold in the US with zero-emissions by 2030. Also, the US government planned to build equitable network of 500,000 chargers to help the EVs accessible to all Americans. Such, rising favourable government policies is driving the sale of electric vehicle market during the forecast period. Further, increasing electric vehicles sale across the globe owing to surge in the global awareness towards the emission free vehicles drives the market growth. According to the International Energy Agency Report in 2023, the electric car sales reached to around 14 million in 2023 which was increased by 35% compared to last year 2022.
- Advances in Battery Technology: The most significant advances in battery technology are reducing costs, increasing energy density, and improving the range of electric vehicles. The development of lithium-ion and solid-state batteries continues, while innovations in charging infrastructure make EVs more affordable and practical for mainstream consumers. As battery technology improves, the performance, affordability, and accessibility of EVs will continue to drive market growth.
- Consumer demand for sustainability and low operating costs: Consumers begin to be more concerned with the environmental aspect and seek cleaner alternatives to traditional, old-fashioned gasoline vehicles. The environmental advantages of EVs contain low carbon emissions, as well as reduced maintenance costs, such as less need for oil changes and fewer moving parts, which are also major selling points. Increased availability and decreasing cost make electric vehicles more accessible to the average customer.
Electric Vehicle Market Future Trends
- Trend Toward Electrification Across Vehicle Segments: The EV market is expanding beyond the traditional passenger vehicle to various other segments, such as commercial vehicles (electric trucks, buses, delivery vans) and luxury electric vehicles. Increasingly, manufacturers are emphasizing the provision of electric models across a wider range of vehicle categories, from compact cars to SUVs and high-performance sports cars. This broadening of the appeal of EVs to different types of consumers, including fleet operators, businesses, and environmentally conscious buyers, is a trend.
- Growth of Charging Infrastructure and Fast Charging Technologies: Development of charging infrastructure is critical to supporting the widespread adoption of electric vehicles. Growing trends to expand public and private charging networks and to take on faster-charging solutions in place, such as ultra-fast chargers or wireless charging, are becoming increasingly popular. Increased charging station availability and decreased time to charge again alleviate range anxiety and the inconvenience of using such vehicles.
Electric Vehicle Market Opportunities
- Rapid Investments in the Charging Infrastructure : Rising investment in the electric charging infrastructure with government investments have created massive demand for the electric vehicle market during the forecast period. For instance, in August, 2024, the US Federal government allocated investment of US$ 7.5 billion for EV charging infrastructure development through the US National Electric Vehicle Infrastructure (NEVI) and the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program. Such, increasing investments across the globe for EV charging infrastructure drives the electric vehicles market growth.
- Stepping into the Emerging Market: While electric vehicles have been largely adopted in developed markets, emerging markets offer a huge growth potential, particularly in countries like China, India, and Latin America. As those regions become increasingly urbanized and their middle class continues to grow, so does the demand for cheap, eco-friendly transportation solutions. For manufacturers of electric vehicles, who can offer cost-effective electric models adapted to local needs, for example compact city cars, two-wheelers, or electric tuk-tuks, there lies huge potential in those markets.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Electric Vehicle Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Electric Vehicle Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Vehicle Type, Propulsion Type, Drive Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Electric Vehicle Market is estimated to witness a CAGR of 7.5% from 2023 to 2031
The major factors driving the Electric Vehicle Market are: Increasing sale of the electric vehicles with rapid growth with favourable government policies drives the market growth.
The high manufacturing cost for the electric vehicles hinders the market growth.
The major players in the market includes BYD Auto Co Ltd, Ford Motor Company, PIAGGIO VEHICLES PRIVATE LIMITED, Daimler AG, The Hyundai Motor Company, Groupe Renault, Groupe PSA, Volkswagen AG, Mahindra Electric Mobility Limited, and Others
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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