Electric Vehicle Market Size, Share, and Trends 2024 to 2034

The global electric vehicle market size is accounted at USD 393.42 billion in 2025 and is forecasted to hit around USD 2,453.48 billion by 2034, representing a CAGR of 22.69% from 2025 to 2034. The Asia Pacific electric vehicle market size was estimated at USD 134.11 billion in 2024 and is expanding at a CAGR of 23.07% during the forecast period. The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year.

  • Last Updated : January 2025
  • Report Code : 1009
  • Category : Automotive

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

5.1. Market Dynamics

5.1.1. Market Drivers

5.1.2. Market Restraints

5.1.3. Market Opportunities

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining power of suppliers

5.2.2. Bargaining power of buyers

5.2.3. Threat of substitute

5.2.4. Threat of new entrants

5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis

6.1.2. Key Strategies Adopted by Players

6.1.3. Vendor Landscape

6.1.3.1. List of Suppliers

6.1.3.2. List of Buyers

Chapter 7. Global Electric Vehicle Market, By Propulsion Type

7.1. Electric Vehicle Market, by Propulsion Type

7.1.1. Hybrid Vehicles

7.1.1.1. Market Revenue and Forecast

7.1.2. Battery Electric Vehicles

7.1.2.1. Market Revenue and Forecast

7.1.3. Fuel Cell Electric Vehicles

7.1.3.1. Market Revenue and Forecast

Chapter 8. Global Electric Vehicle Market, By Components

8.1. Electric Vehicle Market, by Components

8.1.1. Battery Cells & Packs

8.1.1.1. Market Revenue and Forecast

8.1.2. On-Board Charge

8.1.2.1. Market Revenue and Forecast

8.1.3. Motors

8.1.3.1. Market Revenue and Forecast

8.1.4. Reducer

8.1.4.1. Market Revenue and Forecast

8.1.5. Fuel Stack

8.1.5.1. Market Revenue and Forecast

8.1.6. Power Control Unit

8.1.6.1. Market Revenue and Forecast

8.1.7. Battery Management System

8.1.7.1. Market Revenue and Forecast

8.1.8. Fuel Processor

8.1.8.1. Market Revenue and Forecast

8.1.9. Power Conditioner

8.1.9.1. Market Revenue and Forecast

8.1.10. Air Compressor

8.1.10.1. Market Revenue and Forecast

8.1.11. Humidifier

8.1.11.1. Market Revenue and Forecast

Chapter 9. Global Electric Vehicle Market, By Vehicle Type

9.1. Electric Vehicle Market, by Vehicle Type

9.1.1. Passenger Cars

9.1.1.1. Market Revenue and Forecast

9.1.2. Commercial Vehicles

9.1.2.1. Market Revenue and Forecast

9.1.3. Two-Wheelers

9.1.3.1. Market Revenue and Forecast

9.1.4. E-Scooters & Bikes

9.1.4.1. Market Revenue and Forecast

9.1.5. Light Commercial Vehicles

9.1.5.1. Market Revenue and Forecast

Chapter 10. Global Electric Vehicle Market, By Vehicle Class

10.1. Electric Vehicle Market, by Vehicle Class

10.1.1. Mid-priced

10.1.1.1. Market Revenue and Forecast

10.1.2. Luxury

10.1.2.1. Market Revenue and Forecast

Chapter 11. Global Electric Vehicle Market, By Top Speed

11.1. Electric Vehicle Market, by Top Speed

11.1.1. Less Than 100 MPH

11.1.1.1. Market Revenue and Forecast

11.1.2. 100 to 125 MPH

11.1.2.1. Market Revenue and Forecast

11.1.3. More Than 125 MPH

11.1.3.1. Market Revenue and Forecast

Chapter 12. Global Electric Vehicle Market, By Vehicle Drive

12.1. Electric Vehicle Market, by Vehicle Drive

12.1.1. Front-Wheel Drive

12.1.1.1. Market Revenue and Forecast

12.1.2. Rear Wheel Drive

12.1.2.1. Market Revenue and Forecast

12.1.3. All Wheel Drive

12.1.3.1. Market Revenue and Forecast

Chapter 13. Global Electric Vehicle Market, By EV Charging Point

13.1. Electric Vehicle Market, by EV Charging Point

13.1.1. Normal Charging

13.1.1.1. Market Revenue and Forecast

13.1.2. Super Charging

13.1.2.1. Market Revenue and Forecast

Chapter 14. Global Electric Vehicle Market, By V2G

14.1. Electric Vehicle Market, by EV Charging Point

14.1.1. V2B or V2H

14.1.1.1. Market Revenue and Forecast

14.1.2. V2G

14.1.2.1. Market Revenue and Forecast

14.1.3. V2V

14.1.3.1. Market Revenue and Forecast

14.1.4. V2X

14.1.4.1. Market Revenue and Forecast

Chapter 15. Global Electric Vehicle Market, Regional Estimates and Trend Forecast

15.1. North America

15.1.1. Market Revenue and Forecast, by Propulsion Type

15.1.2. Market Revenue and Forecast, by Components

15.1.3. Market Revenue and Forecast, by Vehicle Type

15.1.4. Market Revenue and Forecast, by Vehicle Class

15.1.5. Market Revenue and Forecast, by Top Speed

15.1.6. Market Revenue and Forecast, by EV Charging Point

15.1.7. Market Revenue and Forecast, by Vehicle Drive

15.1.8. U.S.

15.1.8.1. Market Revenue and Forecast, by Propulsion Type

15.1.8.2. Market Revenue and Forecast, by Components

15.1.8.3. Market Revenue and Forecast, by Vehicle Type

15.1.8.4. Market Revenue and Forecast, by Vehicle Class

15.1.8.5. Market Revenue and Forecast, by Top Speed

15.1.8.6. Market Revenue and Forecast, by EV Charging Point

15.1.8.7. Market Revenue and Forecast, by Vehicle Drive

15.1.9. Rest of North America

15.1.9.1. Market Revenue and Forecast, by Propulsion Type

15.1.9.2. Market Revenue and Forecast, by Components

15.1.9.3. Market Revenue and Forecast, by Vehicle Type

15.1.9.4. Market Revenue and Forecast, by Vehicle Class

15.1.9.5. Market Revenue and Forecast, by Top Speed

15.1.9.6. Market Revenue and Forecast, by EV Charging Point

15.1.9.7. Market Revenue and Forecast, by Vehicle Drive

15.2. Europe

15.2.1. Market Revenue and Forecast, by Propulsion Type

15.2.2. Market Revenue and Forecast, by Components

15.2.3. Market Revenue and Forecast, by Vehicle Type

15.2.4. Market Revenue and Forecast, by Vehicle Class

15.2.5. Market Revenue and Forecast, by Top Speed

15.2.6. Market Revenue and Forecast, by EV Charging Point

15.2.7. Market Revenue and Forecast, by Vehicle Drive

15.2.8. UK

15.2.8.1. Market Revenue and Forecast, by Propulsion Type

15.2.8.2. Market Revenue and Forecast, by Components

15.2.8.3. Market Revenue and Forecast, by Vehicle Type

15.2.8.4. Market Revenue and Forecast, by Vehicle Class

15.2.8.5. Market Revenue and Forecast, by Top Speed

15.2.8.6. Market Revenue and Forecast, by EV Charging Point

15.2.8.7. Market Revenue and Forecast, by Vehicle Drive

15.2.9. Germany

15.2.9.1. Market Revenue and Forecast, by Propulsion Type

15.2.9.2. Market Revenue and Forecast, by Components

15.2.9.3. Market Revenue and Forecast, by Vehicle Type

15.2.9.4. Market Revenue and Forecast, by Vehicle Class

15.2.9.5. Market Revenue and Forecast, by Top Speed

15.2.9.6. Market Revenue and Forecast, by EV Charging Point

15.2.9.7. Market Revenue and Forecast, by Vehicle Drive

15.2.10. France

15.2.10.1. Market Revenue and Forecast, by Propulsion Type

15.2.10.2. Market Revenue and Forecast, by Components

15.2.10.3. Market Revenue and Forecast, by Vehicle Type

15.2.10.4. Market Revenue and Forecast, by Vehicle Class

15.2.10.5. Market Revenue and Forecast, by Top Speed

15.2.10.6. Market Revenue and Forecast, by EV Charging Point

15.2.10.7. Market Revenue and Forecast, by Vehicle Drive

15.2.11. Rest of Europe

15.2.11.1. Market Revenue and Forecast, by Propulsion Type

15.2.11.2. Market Revenue and Forecast, by Components

15.2.11.3. Market Revenue and Forecast, by Vehicle Type

15.2.11.4. Market Revenue and Forecast, by Vehicle Class

15.2.11.5. Market Revenue and Forecast, by Top Speed

15.2.11.6. Market Revenue and Forecast, by EV Charging Point

15.2.11.7. Market Revenue and Forecast, by Vehicle Drive

15.3. APAC

15.3.1. Market Revenue and Forecast, by Propulsion Type

15.3.2. Market Revenue and Forecast, by Components

15.3.3. Market Revenue and Forecast, by Vehicle Type

15.3.4. Market Revenue and Forecast, by Vehicle Class

15.3.5. Market Revenue and Forecast, by Top Speed

15.3.6. Market Revenue and Forecast, by EV Charging Point

15.3.7. Market Revenue and Forecast, by Vehicle Drive

15.3.8. India

15.3.8.1. Market Revenue and Forecast, by Propulsion Type

15.3.8.2. Market Revenue and Forecast, by Components

15.3.8.3. Market Revenue and Forecast, by Vehicle Type

15.3.8.4. Market Revenue and Forecast, by Vehicle Class

15.3.8.5. Market Revenue and Forecast, by Top Speed

15.3.8.6. Market Revenue and Forecast, by EV Charging Point

15.3.8.7. Market Revenue and Forecast, by Vehicle Drive

15.3.9. China

15.3.9.1. Market Revenue and Forecast, by Propulsion Type

15.3.9.2. Market Revenue and Forecast, by Components

15.3.9.3. Market Revenue and Forecast, by Vehicle Type

15.3.9.4. Market Revenue and Forecast, by Vehicle Class

15.3.9.5. Market Revenue and Forecast, by Top Speed

15.3.9.6. Market Revenue and Forecast, by EV Charging Point

15.3.9.7. Market Revenue and Forecast, by Vehicle Drive

15.3.10. Japan

15.3.10.1. Market Revenue and Forecast, by Propulsion Type

15.3.10.2. Market Revenue and Forecast, by Components

15.3.10.3. Market Revenue and Forecast, by Vehicle Type

15.3.10.4. Market Revenue and Forecast, by Vehicle Class

15.3.10.5. Market Revenue and Forecast, by Top Speed

15.3.10.6. Market Revenue and Forecast, by EV Charging Point

15.3.10.7. Market Revenue and Forecast, by Vehicle Drive

15.3.11. Rest of APAC

15.3.11.1. Market Revenue and Forecast, by Propulsion Type

15.3.11.2. Market Revenue and Forecast, by Components

15.3.11.3. Market Revenue and Forecast, by Vehicle Type

15.3.11.4. Market Revenue and Forecast, by Vehicle Class

15.3.11.5. Market Revenue and Forecast, by Top Speed

15.3.11.6. Market Revenue and Forecast, by EV Charging Point

15.3.11.7. Market Revenue and Forecast, by Vehicle Drive

15.4. MEA

15.4.1. Market Revenue and Forecast, by Propulsion Type

15.4.2. Market Revenue and Forecast, by Components

15.4.3. Market Revenue and Forecast, by Vehicle Type

15.4.4. Market Revenue and Forecast, by Vehicle Class

15.4.5. Market Revenue and Forecast, by Top Speed

15.4.6. Market Revenue and Forecast, by EV Charging Point

15.4.7. Market Revenue and Forecast, by Vehicle Drive

15.4.8. GCC

15.4.8.1. Market Revenue and Forecast, by Propulsion Type

15.4.8.2. Market Revenue and Forecast, by Components

15.4.8.3. Market Revenue and Forecast, by Vehicle Type

15.4.8.4. Market Revenue and Forecast, by Vehicle Class

15.4.8.5. Market Revenue and Forecast, by Top Speed

15.4.8.6. Market Revenue and Forecast, by EV Charging Point

15.4.8.7. Market Revenue and Forecast, by Vehicle Drive

15.4.9. North Africa

15.4.9.1. Market Revenue and Forecast, by Propulsion Type

15.4.9.2. Market Revenue and Forecast, by Components

15.4.9.3. Market Revenue and Forecast, by Vehicle Type

15.4.9.4. Market Revenue and Forecast, by Vehicle Class

15.4.9.5. Market Revenue and Forecast, by Top Speed

15.4.9.6. Market Revenue and Forecast, by EV Charging Point

15.4.9.7. Market Revenue and Forecast, by Vehicle Drive

15.4.10. South Africa

15.4.10.1. Market Revenue and Forecast, by Propulsion Type

15.4.10.2. Market Revenue and Forecast, by Components

15.4.10.3. Market Revenue and Forecast, by Vehicle Type

15.4.10.4. Market Revenue and Forecast, by Vehicle Class

15.4.10.5. Market Revenue and Forecast, by Top Speed

15.4.10.6. Market Revenue and Forecast, by EV Charging Point

15.4.10.7. Market Revenue and Forecast, by Vehicle Drive

15.4.11. Rest of MEA

15.4.11.1. Market Revenue and Forecast, by Propulsion Type

15.4.11.2. Market Revenue and Forecast, by Components

15.4.11.3. Market Revenue and Forecast, by Vehicle Type

15.4.11.4. Market Revenue and Forecast, by Vehicle Class

15.4.11.5. Market Revenue and Forecast, by Top Speed

15.4.11.6. Market Revenue and Forecast, by EV Charging Point

15.4.11.7. Market Revenue and Forecast, by Vehicle Drive

15.5. Latin America

15.5.1. Market Revenue and Forecast, by Propulsion Type

15.5.2. Market Revenue and Forecast, by Components

15.5.3. Market Revenue and Forecast, by Vehicle Type

15.5.4. Market Revenue and Forecast, by Vehicle Class

15.5.5. Market Revenue and Forecast, by Top Speed

15.5.6. Market Revenue and Forecast, by EV Charging Point

15.5.7. Market Revenue and Forecast, by Vehicle Drive

15.5.8. Brazil

15.5.8.1. Market Revenue and Forecast, by Propulsion Type

15.5.8.2. Market Revenue and Forecast, by Components

15.5.8.3. Market Revenue and Forecast, by Vehicle Type

15.5.8.4. Market Revenue and Forecast, by Vehicle Class

15.5.8.5. Market Revenue and Forecast, by Top Speed

15.5.8.6. Market Revenue and Forecast, by EV Charging Point

15.5.8.7. Market Revenue and Forecast, by Vehicle Drive

15.5.9. Rest of LATAM

15.5.9.1. Market Revenue and Forecast, by Propulsion Type

15.5.9.2. Market Revenue and Forecast, by Components

15.5.9.3. Market Revenue and Forecast, by Vehicle Type

15.5.9.4. Market Revenue and Forecast, by Vehicle Class

15.5.9.5. Market Revenue and Forecast, by Top Speed

15.5.9.6. Market Revenue and Forecast, by EV Charging Point

15.5.9.7. Market Revenue and Forecast, by Vehicle Drive

Chapter 16. Company Profiles

16.1. Ampere Vehicles

16.1.1. Company Overview

16.1.2. Product Offerings

16.1.3. Financial Performance

16.1.4. Recent Initiatives

16.2. Benling India Energy and Technology Pvt Ltd

16.2.1. Company Overview

16.2.2. Product Offerings

16.2.3. Financial Performance

16.2.4. Recent Initiatives

16.3. BMW AG

16.3.1. Company Overview

16.3.2. Product Offerings

16.3.3. Financial Performance

16.3.4. Recent Initiatives

16.4. BYD Company Limited

16.4.1. Company Overview

16.4.2. Product Offerings

16.4.3. Financial Performance

16.4.4. Recent Initiatives

16.5. Chevrolet Motor Company

16.5.1. Company Overview

16.5.2. Product Offerings

16.5.3. Financial Performance

16.5.4. Recent Initiatives

16.6. Daimler AG

16.6.1. Company Overview

16.6.2. Product Offerings

16.6.3. Financial Performance

16.6.4. Recent Initiatives

16.7. Energica Motor Company S.p.A.

16.7.1. Company Overview

16.7.2. Product Offerings

16.7.3. Financial Performance

16.7.4. Recent Initiatives

16.8. Ford Motor Company

16.8.1. Company Overview

16.8.2. Product Offerings

16.8.3. Financial Performance

16.8.4. Recent Initiatives

16.9. General Motors

16.9.1. Company Overview

16.9.2. Product Offerings

16.9.3. Financial Performance

16.9.4. Recent Initiatives

16.10. Hero Electric

16.10.1. Company Overview

16.10.2. Product Offerings

16.10.3. Financial Performance

16.10.4. Recent Initiatives

16.11. Hyundai Motor Company

16.11.1. Company Overview

16.11.2. Product Offerings

16.11.3. Financial Performance

16.11.4. Recent Initiatives

16.12. Karma Automotive

16.12.1. Company Overview

16.12.2. Product Offerings

16.12.3. Financial Performance

16.12.4. Recent Initiatives

16.13. Kia Corporation

16.13.1. Company Overview

16.13.2. Product Offerings

16.13.3. Financial Performance

16.13.4. Recent Initiatives

16.14. Lucid Group, Inc.

16.14.1. Company Overview

16.14.2. Product Offerings

16.14.3. Financial Performance

16.14.4. Recent Initiatives

16.15. Tesla Inc.

16.15.1. Company Overview

16.15.2. Product Offerings

16.15.3. Financial Performance

16.15.4. Recent Initiatives

Chapter 17. Research Methodology

17.1. Primary Research

17.2. Secondary Research

17.3. Assumptions

Chapter 18. Appendix

18.1. About Us

18.2. Glossary of Terms

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Frequently Asked Questions

The electric vehicle market size was reached at USD 317.26 billion in 2024 and is anticipated to surpass USD 2,453.48 billion by 2034.

The electric vehicle market is growing at a CAGR of 22.69% over the forecast period 2025 to 2034.

On the basis of product they are categorized into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV).

The Battery Electric Vehicles (BEV) led the global market and accounted for more than 67.8% of the overall revenue share in 2024.

Asia Pacific dominated the global electric vehicle market in 2024 and expected to be the most lucrative region during the forecast period.

The top key companies are contributing in the electric vehicle market are BYD Company Ltd., Ford Motor Company , Daimler AG , General Motors Company, Mitsubishi Motor Corporation and Groupe Renault, etc.

Europe and North America are the prominent electric vehicles market with around 50.86% combined revenue share globally.

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