List of Contents

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

The global electric vehicle market size is calculated at USD 1.79 trillion in 2025 and is forecasted to reach around USD 22.58 trillion by 2034, accelerating at a CAGR of 32.54% from 2025 to 2034. The Asia Pacific electric vehicle market size accounted for USD 895 billion in 2025 and is expanding at a CAGR of 32.67% during the forecast period. The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year.

  • Last Updated : April 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 (Premium Insights)

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 Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Electric Vehicle Market 

5.1. COVID-19 Landscape: Electric Vehicle Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Electric Vehicle Market, By Vehicle Type

8.1. Electric Vehicle Market Revenue and Volume, by Vehicle Type

8.1.1. Scooters

8.1.1.1. Market Revenue and Volume Forecast

8.1.2. Motorcycles

8.1.2.1. Market Revenue and Volume Forecast

8.1.3. Three-Wheelers

8.1.3.1. Market Revenue and Volume Forecast

8.1.4. Passenger Cars

8.1.4.1. Market Revenue and Volume Forecast

8.1.5. Buses

8.1.5.1. Market Revenue and Volume Forecast

8.1.6. Trucks

8.1.6.1. Market Revenue and Volume Forecast

Chapter 9. Global Electric Vehicle Market, By Propulsion Type

9.1. Electric Vehicle Market Revenue and Volume, by Propulsion Type

9.1.1. Battery Electric Vehicle (BEV)

9.1.1.1. Market Revenue and Volume Forecast

9.1.2. Plug-in Hybrid Electric vehicle (PHEV)

9.1.2.1. Market Revenue and Volume Forecast

9.1.3. Fuel Cell Electric Vehicle (FCEV)

9.1.3.1. Market Revenue and Volume Forecast

Chapter 10. Global Electric Vehicle Market, By Drive Type

10.1. Electric Vehicle Market Revenue and Volume, by Drive Type

10.1.1. Front-wheel Drive (FWD)

10.1.1.1. Market Revenue and Volume Forecast

10.1.2. Rear-wheel Drive (RWD)

10.1.2.1. Market Revenue and Volume Forecast

10.1.3. All-wheel Drive (AWD)

10.1.3.1. Market Revenue and Volume Forecast

Chapter 11. Global Electric Vehicle Market, By Vehicle Speed

11.1. Electric Vehicle Market Revenue and Volume, by Vehicle Speed

11.1.1. Less Than 100 MPH

11.1.1.1. Market Revenue and Volume Forecast

11.1.2. 100MPH to 125MPH

11.1.2.1. Market Revenue and Volume Forecast

11.1.3. Above 125 MPH

11.1.3.1. Market Revenue and Volume Forecast

Chapter 12. Global Electric Vehicle Market, By Vehicle Class

12.1. Electric Vehicle Market Revenue and Volume, by Vehicle Class

12.1.1. Low Priced

12.1.1.1. Market Revenue and Volume Forecast

12.1.2. Mid-Price

12.1.2.1. Market Revenue and Volume Forecast

12.1.3. High Price

12.1.3.1. Market Revenue and Volume Forecast

Chapter 13. Global Electric Vehicle Market, By End Use

13.1. Electric Vehicle Market Revenue and Volume, by End Use

13.1.1. Personal

13.1.1.1. Market Revenue and Volume Forecast

13.1.2. Commercial

13.1.2.1. Market Revenue and Volume Forecast

Chapter 14. Global Electric Vehicle Market, Regional Estimates and Trend Forecast

14.1. North America

14.1.1. Market Revenue and Volume Forecast, by Vehicle Type

14.1.2. Market Revenue and Volume Forecast, by Propulsion Type

14.1.3. Market Revenue and Volume Forecast, by Drive Type

14.1.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.1.5. Market Revenue and Volume Forecast, by Vehicle Class

14.1.6. Market Revenue and Volume Forecast, by End Use

14.1.7. U.S.

14.1.7.1. Market Revenue and Volume Forecast, by Vehicle Type

14.1.7.2. Market Revenue and Volume Forecast, by Propulsion Type

14.1.7.3. Market Revenue and Volume Forecast, by Drive Type

14.1.7.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.1.8. Market Revenue and Volume Forecast, by Vehicle Class

14.1.8.1. Market Revenue and Volume Forecast, by End Use  

14.1.9. Rest of North America

14.1.9.1. Market Revenue and Volume Forecast, by Vehicle Type

14.1.9.2. Market Revenue and Volume Forecast, by Propulsion Type

14.1.9.3. Market Revenue and Volume Forecast, by Drive Type

14.1.9.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.1.10. Market Revenue and Volume Forecast, by Vehicle Class

14.1.11. Market Revenue and Volume Forecast, by End Use

14.1.11.1.

14.2. Europe

14.2.1. Market Revenue and Volume Forecast, by Vehicle Type

14.2.2. Market Revenue and Volume Forecast, by Propulsion Type

14.2.3. Market Revenue and Volume Forecast, by Drive Type

14.2.4. Market Revenue and Volume Forecast, by Vehicle Speed  

14.2.5. Market Revenue and Volume Forecast, by Vehicle Class

14.2.6. Market Revenue and Volume Forecast, by End Use

14.2.7.

14.2.8. UK

14.2.8.1. Market Revenue and Volume Forecast, by Vehicle Type

14.2.8.2. Market Revenue and Volume Forecast, by Propulsion Type

14.2.8.3. Market Revenue and Volume Forecast, by Drive Type

14.2.9. Market Revenue and Volume Forecast, by Vehicle Speed  

14.2.10. Market Revenue and Volume Forecast, by Vehicle Class

14.2.10.1. Market Revenue and Volume Forecast, by End Use  

14.2.11. Germany

14.2.11.1. Market Revenue and Volume Forecast, by Vehicle Type

14.2.11.2. Market Revenue and Volume Forecast, by Propulsion Type

14.2.11.3. Market Revenue and Volume Forecast, by Drive Type

14.2.12. Market Revenue and Volume Forecast, by Vehicle Speed

14.2.13. Market Revenue and Volume Forecast, by Vehicle Class

14.2.14. Market Revenue and Volume Forecast, by End Use

14.2.14.1.

14.2.15. France

14.2.15.1. Market Revenue and Volume Forecast, by Vehicle Type

14.2.15.2. Market Revenue and Volume Forecast, by Propulsion Type

14.2.15.3. Market Revenue and Volume Forecast, by Drive Type

14.2.15.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.2.16. Market Revenue and Volume Forecast, by Vehicle Class

14.2.16.1. Market Revenue and Volume Forecast, by End Use

14.2.17. Rest of Europe

14.2.17.1. Market Revenue and Volume Forecast, by Vehicle Type

14.2.17.2. Market Revenue and Volume Forecast, by Propulsion Type

14.2.17.3. Market Revenue and Volume Forecast, by Drive Type

14.2.17.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.2.18. Market Revenue and Volume Forecast, by Vehicle Class

14.2.18.1. Market Revenue and Volume Forecast, by End Use

14.3. APAC

14.3.1. Market Revenue and Volume Forecast, by Vehicle Type

14.3.2. Market Revenue and Volume Forecast, by Propulsion Type

14.3.3. Market Revenue and Volume Forecast, by Drive Type

14.3.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.3.5. Market Revenue and Volume Forecast, by Vehicle Class

14.3.6. Market Revenue and Volume Forecast, by End Use

14.3.7. India

14.3.7.1. Market Revenue and Volume Forecast, by Vehicle Type

14.3.7.2. Market Revenue and Volume Forecast, by Propulsion Type

14.3.7.3. Market Revenue and Volume Forecast, by Drive Type

14.3.7.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.3.8. Market Revenue and Volume Forecast, by Vehicle Class

14.3.9. Market Revenue and Volume Forecast, by End Use

14.3.10. China

14.3.10.1. Market Revenue and Volume Forecast, by Vehicle Type

14.3.10.2. Market Revenue and Volume Forecast, by Propulsion Type

14.3.10.3. Market Revenue and Volume Forecast, by Drive Type

14.3.10.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.3.11. Market Revenue and Volume Forecast, by Vehicle Class

14.3.11.1. Market Revenue and Volume Forecast, by End Use

14.3.12. Japan

14.3.12.1. Market Revenue and Volume Forecast, by Vehicle Type

14.3.12.2. Market Revenue and Volume Forecast, by Propulsion Type

14.3.12.3. Market Revenue and Volume Forecast, by Drive Type

14.3.12.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.3.12.5. Market Revenue and Volume Forecast, by Vehicle Class

14.3.12.6. Market Revenue and Volume Forecast, by End Use

14.3.13. Rest of APAC

14.3.13.1. Market Revenue and Volume Forecast, by Vehicle Type

14.3.13.2. Market Revenue and Volume Forecast, by Propulsion Type

14.3.13.3. Market Revenue and Volume Forecast, by Drive Type

14.3.13.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.3.13.5. Market Revenue and Volume Forecast, by Vehicle Class

14.3.13.6. Market Revenue and Volume Forecast, by End Use

14.4. MEA

14.4.1. Market Revenue and Volume Forecast, by Vehicle Type

14.4.2. Market Revenue and Volume Forecast, by Propulsion Type

14.4.3. Market Revenue and Volume Forecast, by Drive Type

14.4.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.4.5. Market Revenue and Volume Forecast, by Vehicle Class

14.4.6. Market Revenue and Volume Forecast, by End Use

14.4.7. GCC

14.4.7.1. Market Revenue and Volume Forecast, by Vehicle Type

14.4.7.2. Market Revenue and Volume Forecast, by Propulsion Type

14.4.7.3. Market Revenue and Volume Forecast, by Drive Type

14.4.7.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.4.8. Market Revenue and Volume Forecast, by Vehicle Class

14.4.9. Market Revenue and Volume Forecast, by End Use

14.4.10. North Africa

14.4.10.1. Market Revenue and Volume Forecast, by Vehicle Type

14.4.10.2. Market Revenue and Volume Forecast, by Propulsion Type

14.4.10.3. Market Revenue and Volume Forecast, by Drive Type

14.4.10.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.4.11. Market Revenue and Volume Forecast, by Vehicle Class

14.4.12. Market Revenue and Volume Forecast, by End Use

14.4.13. South Africa

14.4.13.1. Market Revenue and Volume Forecast, by Vehicle Type

14.4.13.2. Market Revenue and Volume Forecast, by Propulsion Type

14.4.13.3. Market Revenue and Volume Forecast, by Drive Type

14.4.13.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.4.13.5. Market Revenue and Volume Forecast, by Vehicle Class

14.4.13.6. Market Revenue and Volume Forecast, by End Use

14.4.14. Rest of MEA

14.4.14.1. Market Revenue and Volume Forecast, by Vehicle Type

14.4.14.2. Market Revenue and Volume Forecast, by Propulsion Type

14.4.14.3. Market Revenue and Volume Forecast, by Drive Type

14.4.14.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.4.14.5. Market Revenue and Volume Forecast, by Vehicle Class

14.4.14.6. Market Revenue and Volume Forecast, by End Use

14.5. Latin America

14.5.1. Market Revenue and Volume Forecast, by Vehicle Type

14.5.2. Market Revenue and Volume Forecast, by Propulsion Type

14.5.3. Market Revenue and Volume Forecast, by Drive Type

14.5.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.5.5. Market Revenue and Volume Forecast, by Vehicle Class

14.5.6. Market Revenue and Volume Forecast, by End Use

14.5.7. Brazil

14.5.7.1. Market Revenue and Volume Forecast, by Vehicle Type

14.5.7.2. Market Revenue and Volume Forecast, by Propulsion Type

14.5.7.3. Market Revenue and Volume Forecast, by Drive Type

14.5.7.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.5.8. Market Revenue and Volume Forecast, by Vehicle Class

14.5.8.1. Market Revenue and Volume Forecast, by End Use

14.5.9. Rest of LATAM

14.5.9.1. Market Revenue and Volume Forecast, by Vehicle Type

14.5.9.2. Market Revenue and Volume Forecast, by Propulsion Type

14.5.9.3. Market Revenue and Volume Forecast, by Drive Type

14.5.9.4. Market Revenue and Volume Forecast, by Vehicle Speed

14.5.9.5. Market Revenue and Volume Forecast, by Vehicle Class

14.5.9.6. Market Revenue and Volume Forecast, by End Use

Chapter 15. Company Profiles

15.1. Ampere Vehicles

15.1.1. Company Overview

15.1.2. Product Offerings

15.1.3. Financial Performance

15.1.4. Recent Initiatives

15.2. Hyundai Motor Company

15.2.1. Company Overview

15.2.2. Product Offerings

15.2.3. Financial Performance

15.2.4. Recent Initiatives

15.3. Benling India Energy and Technology Pvt Ltd

15.3.1. Company Overview

15.3.2. Product Offerings

15.3.3. Financial Performance

15.3.4. Recent Initiatives

15.4. BMW AG

15.4.1. Company Overview

15.4.2. Product Offerings

15.4.3. Financial Performance

15.4.4. Recent Initiatives

15.5. BYD Company Limited

15.5.1. Company Overview

15.5.2. Product Offerings

15.5.3. Financial Performance

15.5.4. Recent Initiatives

15.6. Chevrolet Motor Company

15.6.1. Company Overview

15.6.2. Product Offerings

15.6.3. Financial Performance

15.6.4. Recent Initiatives

15.7. Energica Motor Company S.p.A.

15.7.1. Company Overview

15.7.2. Product Offerings

15.7.3. Financial Performance

15.7.4. Recent Initiatives

15.8. Ford Motor Company

15.8.1. Company Overview

15.8.2. Product Offerings

15.8.3. Financial Performance

15.8.4. Recent Initiatives

15.9. General Motors

15.9.1. Company Overview

15.9.2. Product Offerings

15.9.3. Financial Performance

15.9.4. Recent Initiatives

15.10. Hero Electric

15.10.1. Company Overview

15.10.2. Product Offerings

15.10.3. Financial Performance

15.10.4. Recent Initiatives

Chapter 16. Research Methodology

16.1. Primary Research

16.2. Secondary Research

16.3. Assumptions

Chapter 17. Appendix

17.1. About Us

17.2. Glossary of Terms

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Frequently Asked Questions

The electric vehicle market size was reached at USD 1.35 trillion in 2024 and is anticipated to surpass USD 22.58 trillion by 2034.

The electric vehicle market is growing at a CAGR of 32.54% 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.

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