The global electric vehicles market has observed a significant growth in the last five years and is expected to witness double digit growth through the forecast period 2021 - 2029. This growth is primarily attributed to introduction of mandatory policies to reduce green house gases and vehicle fuel consumption in several countries. In addition, U.S. and European countries are offering incentives for purchase of a new electric care in order to promote use of electric cars. Rising fuel prices and improving economic conditions are also expected to spur the demand for electric vehicles. Expected exponential growth in electric vehicle market represents a positive outlook for automakers and related component suppliers. This study on “Electric Vehicle Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 – 2029” highlights key opportunities in the global electric vehicles market.

The research study on electric vehicles market includes in-depth analysis of the market driving and restraining factors related to global electric vehicle industry. The report also includes current and future industry trends in the global as well as regional electric vehicle market. The report includes exhaustive information of demand-supply, technology development and pricing trends. High level analysis such as PESTEL, consumer behavior analysis, value chain and market attractive analysis included in the report helps industry players to identify key investment areas in this industry.

The market study of electric vehicles also provides market estimates and forecast of different types of electric vehicles and technology market size in the global, regional and country level markets in terms of both volume (number of units sold) and revenue (US$ Bn). This market is classified on the basis of vehicle type and region. The report also includes cross sectional analysis on the regional and country level i.e. regional market size by vehicle type. This study includes market historical market size (2018 & 2019), market estimate (2020) and forecast for the period 2021 – 2029 in terms of volume and revenue.

The report profiles major players in the global electric vehicle industry. Company profiles include detailed information about business strategies, financial overview, major competitors, product portfolio, recent developments and regional positioning of these manufacturers. The report also provides in-depth analysis about global market competition, regional market players and suppliers and positioning of key market players in the global market along with their market winning strategies.

The global electric vehicle market is classified into four major regions i.e. North America, Europe, Asia Pacific and Rest of the World (RoW). The Rest of the electric vehicle market is further classified into South America, Africa and Middle East.

North America is the largest regional market for electric vehicle and accounted for half of the market share in 2019. The U.S. represents the largest individual market followed by Japan. In addition, U.S. is also the largest country for the sale of light-duty plug-in electric vehicles. The U.S. government is offering tax credit for new electric vehicle which is driving the demand for electric vehicles in the country. In addition, many European countries are promoting the use of electric vehicles to reduce fuel consumption and economic burden. The Asia Pacific is expected to witness the significant growth with increasing registration of electric vehicles in India, China, Japan, Australia and Southeast Asian countries.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Vehicles market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electric Vehicles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electric Vehicles market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electric Vehicles market?
• Which is the largest regional market for Electric Vehicles market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electric Vehicles market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Vehicles market worldwide?