According to our (Global Info Research) latest study, the global Electric Vehicles (EVs) market size was valued at US$ 478180 million in 2024 and is forecast to a readjusted size of USD 1268680 million by 2031 with a CAGR of 15.5% during review period.
An electric vehicle (EV) is a vehicle that uses an electric motor as a drive system and a battery pack as a power source. Unlike traditional internal combustion engine vehicles (ICE), electric vehicles do not have a fuel engine. Instead, they have a battery pack and an electric drive system that stores electrical energy through batteries and drives the motor for power output. The core technologies of electric vehicles involve battery technology, electric drive systems, charging infrastructure, and power electronic control systems.
The core components of electric vehicles:
Battery packs: Usually lithium-ion batteries or solid-state batteries are used as the main carrier for storing electrical energy. The energy density, cycle life, and charging speed of the battery pack directly affect the range and efficiency of electric vehicles. Batteries with high energy density help to improve battery life, while fast charging technology solves the problem of charging time.
Electric motors: As the core of the drive system, electric motors have extremely high energy efficiency and can usually convert more than 85% of electrical energy into mechanical energy, which is much higher than the 20%-30% efficiency of traditional internal combustion engines. The advantages of electric motor drive are zero emissions, high efficiency, fast torque response, and extremely low noise.
Power electronic control system: used to regulate the energy flow between the battery and the motor to ensure the smooth and efficient power output of the electric vehicle, mainly including the battery management system (BMS), inverter, charging system, etc. The battery management system (BMS) ensures the health of the battery and balances the power of the battery cells through real-time monitoring to avoid overcharging or over-discharging.
Charging system: The charging system of electric vehicles mainly relies on charging piles for power replenishment. At present, charging facilities are gradually becoming popular. DC fast charging and AC slow charging are the main charging methods. The charging method, charging speed and coverage of charging infrastructure of electric vehicles directly affect the consumer's experience.
Vehicle control and intelligent system: With the development of electric vehicles, more and more electric vehicles are equipped with technologies such as intelligent driving, vehicle networking, and automatic driving. These systems enhance the safety, convenience and intelligence of driving by integrating sensors, AI algorithms and cloud computing.
Global electric vehicle sales will continue to grow, and China will continue to lead the electric vehicle market. China has become the world's first country with an annual production of electric vehicles exceeding 10 million, and has rapidly grown into the world's largest electric vehicle market. The European automotive industry is accelerating its transition to zero-emission vehicles to achieve the goal of carbon neutrality in 2050. Various incentives for electric vehicle purchases, such as subsidies and tax cuts, have been introduced, and new electric vehicle models have been launched one after another, so electric vehicle sales have grown steadily. However, since the second half of 2023, the subsidy plan has ended or been reduced, the economic situation has deteriorated, and electric vehicle deliveries have begun to slow down. In the US market, the IRA Act makes it more difficult to obtain electric vehicle tax credits, and political uncertainty may affect the sales of electric vehicles. The biggest opportunities for new energy vehicles in the future are in the Asia-Pacific region and emerging regions. As the world's largest electric vehicle market, China's policy promotion, infrastructure construction and the rise of independent brands have provided strong impetus for its market growth. Emerging markets such as India, Southeast Asia and Latin America are also gradually promoting the electrification process. Government support and environmental protection needs have made these regions a rapid growth point for new energy vehicles. Although the current penetration rate of electric vehicles is low, with the advancement of battery technology, the popularization of charging facilities and the increase in policy support, the electric vehicle market in these regions is expected to usher in explosive growth in the next few years and become a key driving force for the global electrification transformation.
As the global automotive industry transforms to electrification, BEV (pure electric vehicle) and PHEV (plug-in hybrid vehicle) have become the two main models in the new energy vehicle market. BEV accounts for more than 70% of the production market share. With the maturity of battery technology, the popularization of charging infrastructure and the support of government policies, the share of BEV in the global new energy vehicle market has gradually increased, among which the penetration rate of BEV is particularly prominent in the European and Chinese markets. China and Europe have strong policy support, especially subsidies and incentives for zero-emission vehicles, which makes consumers prefer pure electric models when choosing. The market share of PHEV is slightly lower, but it is also growing, especially in some transitional markets, such as those where the infrastructure is not yet perfect and consumers have a high demand for long driving range. PHEV accounts for less than 30% of the global new energy vehicle market, but still maintains a certain market share in some regions (such as North America and Japan). The advantage of PHEV models is that they can use both internal combustion engines and batteries, solving the problem of range anxiety. However, as the global charging facility network improves and battery technology continues to break through, the market share of PHEVs is expected to gradually decline in the next 10 years, especially when the range of pure electric vehicles is sufficient to cover the daily use of most consumers.
The world's major electric vehicle manufacturers include Tesla, BYD, BMW, Volkswagen, Mercedes-Benz, Stellantis, Volvo, Hyundai Kia, Renault, SAIC, Ford, Weilai, ONE, Xiaopeng, Toyota, GAC Motors, GM, JAC, Nissan, Great Wall Motors, Chery, Geely, Honda Motors, etc. Tesla and BYD will maintain their leading position in electric vehicle sales, while traditional automakers are still relatively backward.
The electric vehicle market continues to expand, and the advancement of battery technology, the decline in costs, and the increasing availability of charging infrastructure are expected to drive further growth in the next few years. As the electric vehicle market develops, monitoring policy changes, technological advances, and consumer preferences in various countries are key factors that will affect the development of electric vehicles in the future.
This report is a detailed and comprehensive analysis for global Electric Vehicles (EVs) market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
Key Features:
Global Electric Vehicles (EVs) market size and forecasts, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2020-2031
Global Electric Vehicles (EVs) market size and forecasts by region and country, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2020-2031
Global Electric Vehicles (EVs) market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (K Units), and average selling prices (US$/Unit), 2020-2031
Global Electric Vehicles (EVs) market shares of main players, shipments in revenue ($ Million), sales quantity (K Units), and ASP (US$/Unit), 2020-2025
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for Electric Vehicles (EVs)
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global Electric Vehicles (EVs) market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Tesla, BYD, BMW, Volkswagen, Mercedes-Benz, Stellantis, VOLVO, Hyundai & Kia, Renault, SAIC, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Market Segmentation
Electric Vehicles (EVs) market is split by Type and by Application. For the period 2020-2031, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
Market segment by Type
BEV
PHEV
Market segment by Application
Home Use
Commercial Use
Major players covered
Tesla
BYD
BMW
Volkswagen
Mercedes-Benz
Stellantis
VOLVO
Hyundai & Kia
Renault
SAIC
Ford
NIO
ONE
XPeng
TOYOTA
GAC Motor
GM
JAC
Nissan
Great Wall Motors
Chery
GEELY
Honda Motor
Market segment by region, regional analysis covers
North America (United States, Canada, and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The content of the study subjects, includes a total of 15 chapters:
Chapter 1, to describe Electric Vehicles (EVs) product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top manufacturers of Electric Vehicles (EVs), with price, sales quantity, revenue, and global market share of Electric Vehicles (EVs) from 2020 to 2025.
Chapter 3, the Electric Vehicles (EVs) competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the Electric Vehicles (EVs) breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2020 to 2031.
Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2020 to 2031.
Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2020 to 2025.and Electric Vehicles (EVs) market forecast, by regions, by Type, and by Application, with sales and revenue, from 2026 to 2031.
Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.
Chapter 13, the key raw materials and key suppliers, and industry chain of Electric Vehicles (EVs).
Chapter 14 and 15, to describe Electric Vehicles (EVs) sales channel, distributors, customers, research findings and conclusion.
Summary:
Get latest Market Research Reports on Electric Vehicles (EVs). Industry analysis & Market Report on Electric Vehicles (EVs) is a syndicated market report, published as Global Electric Vehicles (EVs) Market 2025 by Manufacturers, Regions, Type and Application, Forecast to 2031. It is complete Research Study and Industry Analysis of Electric Vehicles (EVs) market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.