Electric Vehicles Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 1.21 Trillion |
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Market Size (2030) | USD 3.15 Trillion |
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CAGR (2024 - 2030) | 17.28 % |
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Largest Share by Region | Asia-Pacific |
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Market Concentration | Low |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
Electric Vehicles Market Analysis
The Electric Vehicles Market size is estimated at 1.21 trillion USD in 2024, and is expected to reach 3.15 trillion USD by 2030, growing at a CAGR of 17.28% during the forecast period (2024-2030).
1.21 Trillion
Market Size in 2024 (USD)
3.15 Trillion
Market Size in 2030 (USD)
34.26 %
CAGR (2017-2023)
17.28 %
CAGR (2024-2030)
Largest Segment by Fuel Category
64.78 %
value share, BEV, 2023
BEVs dominate due to significant government support, extensive charging infrastructure, and increasing consumer preference for zero-emission vehicles globally.
Fastest-growing Segment by Fuel Category
31.62 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to rapid advancements in hydrogen technology, increased investment in hydrogen infrastructure, and the global push towards zero-emission vehicles.
Largest Segment by Vehicle Type
80.63 %
value share, Passenger Vehicles, 2023
Passenger cars dominate due to strong consumer demand for eco-friendly transportation options and extensive government policies that support EV adoption, coupled with advancements in battery technology and charging infrastructure.
Largest Segment by Region
62.53 %
value share, Asia-Pacific, 2023
Asia-Pacific leads due to its large population, growing economies, and high demand for electric vehicles, supported by extensive government policies promoting electric mobility.
Leading Market Player
9.80 %
market share, Tesla Inc., 2023
Tesla is the leading market player with a market share of around 14% in the global electric vehicle market. Tesla sells its products in North America, Europe, and Middle Eastern countries.
EV market is witnessing growth driven by rising environmental concerns, government initiatives, increased awareness of EV benefits, and government subsidies
- The global market for electric vehicles (EVs) has experienced substantial growth in recent years, driven by rising environmental concerns, government initiatives, increased awareness of EV benefits, and government subsidies. Notably, passenger cars dominate the EV market, accounting for 67% of total sales. This is attributed to a wider range of models, higher usage rates, and competitive pricing. Thus, the global demand for EVs increased by a remarkable 758.44% during the historic period.
- Various governments worldwide are actively promoting electric mobility. In 2022, the French government expanded its EV incentives, offering private owners up to EUR 6000 and business customers up to EUR 4000 on purchases of electric vehicles priced at EUR 45,000 or below. Such initiatives, seen in multiple countries, contributed to a 55.07% global increase in EV demand in 2022 compared to the previous year.
- Globally, governments are continually revising their subsidy programs to bolster electric and sustainable transportation. For instance, in May 2023, France introduced updated subsidy requirements, providing a EUR 5000 incentive for purchasing a fully electric car priced at EUR 47,000 or less. These ongoing efforts by governments worldwide are expected to propel the global electric vehicle market during 2024-2030.
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The rising demand for clean energy in the automotive sector is a key driver of the EV market's growth
- Several governments worldwide have proactively implemented policies to incentivize the adoption of electric vehicles (EVs). Notably, China, India, France, and the United Kingdom set targets to phase out the petrol and diesel vehicle sector entirely by 2040.
- The rising demand for clean energy in the automotive sector is a key driver of the EV market's growth. Original equipment manufacturers (OEMs) are reshaping their strategies for EVs. For instance, in March 2022, Kia Motors unveiled plans to enter the electric pickup truck segment, with two models slated for release by 2027. One of these models will directly compete with established players like Tesla's Cybertruck, Ford's F-150 Lightning, Rivian's R1T, and GMC's Hummer EV. In the same month, Ford announced its commitment to launch a new lineup of four electric commercial vehicles by 2024. This lineup includes the all-new Transit Custom one-ton van and Tourneo Custom multi-purpose vehicle in 2023, followed by the next-generation Transit Courier van and Tourneo Courier multi-purpose vehicle in 2024.
- North America, with its high internet and smartphone penetration, presents significant opportunities for e-commerce companies to tap into the retail e-commerce market. This digital landscape not only aids in expanding their business but also plays a pivotal role in the global EV market's growth. This surge in demand has prompted automakers to ramp up their R&D investments in the electric truck segment, further bolstering the EV market's expansion.
Global Electric Vehicles Market Trends
The rising global demand and government support propel electric vehicle market growth
- Electric vehicles (EVs) have become indispensable in the automotive sector, driven by their potential to enhance energy efficiency and reduce greenhouse gas and pollution emissions. This surge is primarily attributed to growing environmental concerns and supportive government initiatives. Notably, global EV sales witnessed a robust 10.82% growth in 2022 compared to 2021. Projections indicate that annual sales of electric passenger cars will surpass 5 million by the end of 2025, accounting for approximately 15% of total vehicle sales.
- Leading manufacturers and organizations, like the London Metropolitan Police & Fire Service, have been actively pursuing their electric mobility strategies. For instance, they have set a target of a zero-emission fleet by 2025, with a goal of electrifying 40% of their vans by 2030 and achieving full electrification by 2040. Similar trends are expected globally, with the period from 2024 to 2030 witnessing a surge in demand and sales of electric vehicles.
- Asia-Pacific and Europe are poised to dominate electric vehicle production, driven by their advancements in battery technology and vehicle electrification. In a notable move, in May 2020, Kia Motors Europe unveiled its "Plan S," signaling a strategic shift toward electrification. This decision came on the heels of record-breaking sales of Kia's EVs in Europe. Kia has ambitious plans to introduce 11 EV models globally by 2025, spanning various segments like passenger vehicles, SUVs, and MPVs. The company aims to achieve annual global EV sales of 500,000 by 2026.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- Several European countries face population declines, while others grow, indicating a need for targeted policy interventions
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- South Africa's consumer vehicle population shows signs of stabilization
- European countries are experiencing growth in CVP, driven by government incentives for environmentally friendly vehicles
- North America exhibits diverse trends in CVP, and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- The European region is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
- From 2017 to 2023, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022.
- Auto interest rates across Africa, Asia-Pacific, and North America showed significant regional diversity, influenced by a combination of economic policies, market dynamics, and global conditions
- Global efforts to expand and enhance EV infrastructure are signaling a collective push toward electrification
- The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
- The Middle East's battery market: A continuous descent in prices and promising energy trends
- South America’s surging demand for electric vehicle batteries: falling costs and strategic alliances
- The used car sales segment in Asia-Pacific is poised for growth, with China and India leading the expansion, reflecting strong economic signals and shifting consumer demands toward vehicle ownership
- The auto industry's production landscape is witnessing a dramatic shift, with electric vehicle manufacturers like BYD Auto and Tesla seeing remarkable growth while traditional giants like GM adapt to changing market demands
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
- Saudi Arabia and the United Arab Emirates, both pivotal nations in the Middle East, demonstrated population growth from 2017 to 2023. While there were slight dips for both countries in between, the overarching upward trend indicates their significant roles and attractions in the region
- South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Projections for the coming years indicate a steady growth trajectory for both the UAE's diversified sectors and its role as a regional business hub. This growth can be attributed to the country's focus on diversification efforts and strategic partnerships
- During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- In the short term (2022-2023), Saudi Arabia maintained stable consumer spending for vehicle purchases, while the UAE experienced a slight decline, suggesting differing market dynamics
- Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- From 2017 to 2030, the Middle East is expected to display varied inflationary patterns, with countries like Iran facing significant challenges, while others like Saudi Arabia and the UAE will show stability
- Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
- The global MaaS market is growing significantly growth trajectory, indicating sustained expansion across all regions
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Declining battery prices and government initiatives drive demand for electric vehicles in Europe
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- The global automotive industry will undergo a transformative phase, with a pronounced shift toward electrification from 2023 to 2025, followed by a period of refinement and consolidation in the subsequent years
- For over a year, Russia's invasion of Ukraine disrupted global crude oil and petroleum product markets
Electric Vehicles Industry Overview
The Electric Vehicles Market is fragmented, with the top five companies occupying 27.50%. The major players in this market are Ford Motor Company, Stellantis N.V., Tesla Inc., Toyota Motor Corporation and Volkswagen AG (sorted alphabetically).
Electric Vehicles Market Leaders
Ford Motor Company
Stellantis N.V.
Tesla Inc.
Toyota Motor Corporation
Volkswagen AG
Other important companies include BYD Auto Co. Ltd., Daimler AG (Mercedes-Benz AG), Gac Aion New Energy Automobile Co.Ltd, General Motors Company, Groupe Renault, Nissan Motor Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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Electric Vehicles Market News
- December 2023: Toyota have a plan to spend $35bn to introduce 30 battery electric vehicle line-up by 2030.
- December 2023: Tesla has introduced the Software Version 11.0 with new user interface, games, updated navigation and many features.
- November 2023: Ford motors and manufacturers 2030 have entered into a strategic Partnerships to help its suppliers achieve their CO2 reduction targets in line with Ford Motor Co.'s global objective of becoming carbon neutral by 2050.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Electric Vehicles Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.1.1. Africa
2.1.2. Asia-Pacific
2.1.3. Europe
2.1.4. Middle East
2.1.5. North America
2.1.6. South America
2.2. GDP Per Capita
2.2.1. Africa
2.2.2. Asia-Pacific
2.2.3. Europe
2.2.4. Middle East
2.2.5. North America
2.2.6. South America
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.3.1. Africa
2.3.2. Asia-Pacific
2.3.3. Europe
2.3.4. Middle East
2.3.5. North America
2.3.6. South America
2.4. Inflation
2.4.1. Africa
2.4.2. Asia-Pacific
2.4.3. Europe
2.4.4. Middle East
2.4.5. North America
2.4.6. South America
2.5. Interest Rate For Auto Loans
2.6. Shared Rides
2.7. Impact Of Electrification
2.8. EV Charging Station
2.9. Battery Pack Price
2.9.1. Africa
2.9.2. Asia-Pacific
2.9.3. Europe
2.9.4. Middle East
2.9.5. North America
2.9.6. South America
2.10. New Xev Models Announced
2.11. Used Car Sales
2.12. Fuel Price
2.13. Oem-wise Production Statistics
2.14. Regulatory Framework
2.15. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Type
3.1.1. Commercial Vehicles
3.1.1.1. Heavy-duty Commercial Trucks
3.1.1.2. Medium-duty Commercial Trucks
3.1.2. Passenger Vehicles
3.1.2.1. Multi-purpose Vehicle
3.1.3. Two-Wheelers
3.2. Fuel Category
3.2.1. BEV
3.2.2. FCEV
3.2.3. HEV
3.2.4. PHEV
3.3. Region
3.3.1. Africa
3.3.2. Asia-Pacific
3.3.3. Europe
3.3.3.1. Austria
3.3.3.2. Belgium
3.3.3.3. Czech Republic
3.3.3.4. Denmark
3.3.3.5. Estonia
3.3.3.6. France
3.3.3.7. Germany
3.3.3.8. Ireland
3.3.3.9. Italy
3.3.3.10. Latvia
3.3.3.11. Lithuania
3.3.3.12. Norway
3.3.3.13. Poland
3.3.3.14. Russia
3.3.3.15. Spain
3.3.3.16. Sweden
3.3.3.17. UK
3.3.3.18. Rest-of-Europe
3.3.4. Middle East
3.3.5. North America
3.3.6. South America
3.3.6.1. Brazil
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. BYD Auto Co. Ltd.
4.4.2. Daimler AG (Mercedes-Benz AG)
4.4.3. Ford Motor Company
4.4.4. Gac Aion New Energy Automobile Co.Ltd
4.4.5. General Motors Company
4.4.6. Groupe Renault
4.4.7. Nissan Motor Co. Ltd.
4.4.8. Stellantis N.V.
4.4.9. Tesla Inc.
4.4.10. Toyota Motor Corporation
4.4.11. Volkswagen AG
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- GLOBAL ELECTRIC VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- GLOBAL ELECTRIC VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 3:
- GLOBAL ELECTRIC VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 4:
- GLOBAL ELECTRIC VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 5:
- GLOBAL ELECTRIC VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 6:
- GLOBAL ELECTRIC VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 7:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 13:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 14:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 15:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 16:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 17:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 18:
- SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 19:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 20:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 21:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 22:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 23:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 24:
- GLOBAL ELECTRIC VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 25:
- GLOBAL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 26:
- GLOBAL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 27:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 28:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 29:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 30:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 31:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 32:
- SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 33:
- GLOBAL ELECTRIC VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 34:
- GLOBAL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 35:
- GLOBAL ELECTRIC VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- GLOBAL ELECTRIC VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 37:
- GLOBAL ELECTRIC VEHICLES MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- GLOBAL ELECTRIC VEHICLES MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 40:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 41:
- GLOBAL ELECTRIC VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- GLOBAL ELECTRIC VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 44:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 45:
- GLOBAL ELECTRIC VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- GLOBAL ELECTRIC VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 48:
- GLOBAL ELECTRIC VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- GLOBAL ELECTRIC VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 51:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 54:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 55:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 56:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 57:
- GLOBAL ELECTRIC VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 58:
- GLOBAL ELECTRIC VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 59:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 60:
- GLOBAL ELECTRIC VEHICLES MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 61:
- GLOBAL ELECTRIC VEHICLES MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2017 - 2030
- Figure 62:
- GLOBAL ELECTRIC VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 63:
- GLOBAL ELECTRIC VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 64:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 65:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 66:
- GLOBAL ELECTRIC VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 67:
- GLOBAL ELECTRIC VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 68:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 69:
- GLOBAL ELECTRIC VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 70:
- GLOBAL ELECTRIC VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 71:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 72:
- GLOBAL ELECTRIC VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 73:
- GLOBAL ELECTRIC VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 74:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 75:
- GLOBAL ELECTRIC VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 76:
- GLOBAL ELECTRIC VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 77:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 78:
- GLOBAL ELECTRIC VEHICLES MARKET, BY REGION, BY VOLUME IN UNITS, 2017 - 2030
- Figure 79:
- GLOBAL ELECTRIC VEHICLES MARKET, BY REGION, BY VALUE IN USD, 2017 - 2030
- Figure 80:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 81:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 82:
- GLOBAL ELECTRIC VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 83:
- GLOBAL ELECTRIC VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 84:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 85:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 86:
- GLOBAL ELECTRIC VEHICLES MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 87:
- GLOBAL ELECTRIC VEHICLES MARKET, BY AUSTRALIA, BY VALUE IN USD, 2017 - 2030
- Figure 88:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 89:
- GLOBAL ELECTRIC VEHICLES MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 90:
- GLOBAL ELECTRIC VEHICLES MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 91:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 92:
- GLOBAL ELECTRIC VEHICLES MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 93:
- GLOBAL ELECTRIC VEHICLES MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 94:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 95:
- GLOBAL ELECTRIC VEHICLES MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 96:
- GLOBAL ELECTRIC VEHICLES MARKET, BY INDONESIA, BY VALUE IN USD, 2017 - 2030
- Figure 97:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 98:
- GLOBAL ELECTRIC VEHICLES MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 99:
- GLOBAL ELECTRIC VEHICLES MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 100:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 101:
- GLOBAL ELECTRIC VEHICLES MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 102:
- GLOBAL ELECTRIC VEHICLES MARKET, BY MALAYSIA, BY VALUE IN USD, 2017 - 2030
- Figure 103:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 104:
- GLOBAL ELECTRIC VEHICLES MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 105:
- GLOBAL ELECTRIC VEHICLES MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
- Figure 106:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 107:
- GLOBAL ELECTRIC VEHICLES MARKET, BY THAILAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 108:
- GLOBAL ELECTRIC VEHICLES MARKET, BY THAILAND, BY VALUE IN USD, 2017 - 2030
- Figure 109:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 110:
- GLOBAL ELECTRIC VEHICLES MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 111:
- GLOBAL ELECTRIC VEHICLES MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2017 - 2030
- Figure 112:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 113:
- GLOBAL ELECTRIC VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 114:
- GLOBAL ELECTRIC VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 115:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 116:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 117:
- GLOBAL ELECTRIC VEHICLES MARKET, BY AUSTRIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 118:
- GLOBAL ELECTRIC VEHICLES MARKET, BY AUSTRIA, BY VALUE IN USD, 2017 - 2030
- Figure 119:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 120:
- GLOBAL ELECTRIC VEHICLES MARKET, BY BELGIUM, BY VOLUME IN UNITS, 2017 - 2030
- Figure 121:
- GLOBAL ELECTRIC VEHICLES MARKET, BY BELGIUM, BY VALUE IN USD, 2017 - 2030
- Figure 122:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 123:
- GLOBAL ELECTRIC VEHICLES MARKET, BY CZECH REPUBLIC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 124:
- GLOBAL ELECTRIC VEHICLES MARKET, BY CZECH REPUBLIC, BY VALUE IN USD, 2017 - 2030
- Figure 125:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 126:
- GLOBAL ELECTRIC VEHICLES MARKET, BY DENMARK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 127:
- GLOBAL ELECTRIC VEHICLES MARKET, BY DENMARK, BY VALUE IN USD, 2017 - 2030
- Figure 128:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 129:
- GLOBAL ELECTRIC VEHICLES MARKET, BY ESTONIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 130:
- GLOBAL ELECTRIC VEHICLES MARKET, BY ESTONIA, BY VALUE IN USD, 2017 - 2030
- Figure 131:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 132:
- GLOBAL ELECTRIC VEHICLES MARKET, BY FRANCE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 133:
- GLOBAL ELECTRIC VEHICLES MARKET, BY FRANCE, BY VALUE IN USD, 2017 - 2030
- Figure 134:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 135:
- GLOBAL ELECTRIC VEHICLES MARKET, BY GERMANY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 136:
- GLOBAL ELECTRIC VEHICLES MARKET, BY GERMANY, BY VALUE IN USD, 2017 - 2030
- Figure 137:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 138:
- GLOBAL ELECTRIC VEHICLES MARKET, BY IRELAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 139:
- GLOBAL ELECTRIC VEHICLES MARKET, BY IRELAND, BY VALUE IN USD, 2017 - 2030
- Figure 140:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 141:
- GLOBAL ELECTRIC VEHICLES MARKET, BY ITALY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 142:
- GLOBAL ELECTRIC VEHICLES MARKET, BY ITALY, BY VALUE IN USD, 2017 - 2030
- Figure 143:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 144:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LATVIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 145:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LATVIA, BY VALUE IN USD, 2017 - 2030
- Figure 146:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 147:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LITHUANIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 148:
- GLOBAL ELECTRIC VEHICLES MARKET, BY LITHUANIA, BY VALUE IN USD, 2017 - 2030
- Figure 149:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 150:
- GLOBAL ELECTRIC VEHICLES MARKET, BY NORWAY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 151:
- GLOBAL ELECTRIC VEHICLES MARKET, BY NORWAY, BY VALUE IN USD, 2017 - 2030
- Figure 152:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 153:
- GLOBAL ELECTRIC VEHICLES MARKET, BY POLAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 154:
- GLOBAL ELECTRIC VEHICLES MARKET, BY POLAND, BY VALUE IN USD, 2017 - 2030
- Figure 155:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 156:
- GLOBAL ELECTRIC VEHICLES MARKET, BY RUSSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 157:
- GLOBAL ELECTRIC VEHICLES MARKET, BY RUSSIA, BY VALUE IN USD, 2017 - 2030
- Figure 158:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 159:
- GLOBAL ELECTRIC VEHICLES MARKET, BY SPAIN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 160:
- GLOBAL ELECTRIC VEHICLES MARKET, BY SPAIN, BY VALUE IN USD, 2017 - 2030
- Figure 161:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 162:
- GLOBAL ELECTRIC VEHICLES MARKET, BY SWEDEN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 163:
- GLOBAL ELECTRIC VEHICLES MARKET, BY SWEDEN, BY VALUE IN USD, 2017 - 2030
- Figure 164:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 165:
- GLOBAL ELECTRIC VEHICLES MARKET, BY UK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 166:
- GLOBAL ELECTRIC VEHICLES MARKET, BY UK, BY VALUE IN USD, 2017 - 2030
- Figure 167:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 168:
- GLOBAL ELECTRIC VEHICLES MARKET, BY REST-OF-EUROPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 169:
- GLOBAL ELECTRIC VEHICLES MARKET, BY REST-OF-EUROPE, BY VALUE IN USD, 2017 - 2030
- Figure 170:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 171:
- GLOBAL ELECTRIC VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 172:
- GLOBAL ELECTRIC VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 173:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 174:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 175:
- GLOBAL ELECTRIC VEHICLES MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 176:
- GLOBAL ELECTRIC VEHICLES MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
- Figure 177:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 178:
- GLOBAL ELECTRIC VEHICLES MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 179:
- GLOBAL ELECTRIC VEHICLES MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
- Figure 180:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 181:
- GLOBAL ELECTRIC VEHICLES MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 182:
- GLOBAL ELECTRIC VEHICLES MARKET, BY US, BY VALUE IN USD, 2017 - 2030
- Figure 183:
- GLOBAL ELECTRIC VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 184:
- GLOBAL ELECTRIC VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 185:
- GLOBAL ELECTRIC VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 186:
- GLOBAL ELECTRIC VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Electric Vehicles Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
- The global market for electric vehicles (EVs) has experienced substantial growth in recent years, driven by rising environmental concerns, government initiatives, increased awareness of EV benefits, and government subsidies. Notably, passenger cars dominate the EV market, accounting for 67% of total sales. This is attributed to a wider range of models, higher usage rates, and competitive pricing. Thus, the global demand for EVs increased by a remarkable 758.44% during the historic period.
- Various governments worldwide are actively promoting electric mobility. In 2022, the French government expanded its EV incentives, offering private owners up to EUR 6000 and business customers up to EUR 4000 on purchases of electric vehicles priced at EUR 45,000 or below. Such initiatives, seen in multiple countries, contributed to a 55.07% global increase in EV demand in 2022 compared to the previous year.
- Globally, governments are continually revising their subsidy programs to bolster electric and sustainable transportation. For instance, in May 2023, France introduced updated subsidy requirements, providing a EUR 5000 incentive for purchasing a fully electric car priced at EUR 47,000 or less. These ongoing efforts by governments worldwide are expected to propel the global electric vehicle market during 2024-2030.
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| Fuel Category | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
| Region | ||||||||||||||||||||
| Africa | ||||||||||||||||||||
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Market Definition
- Vehicle Type - The category includes passenger cars, commercial vehicles, and two-wheelers.
- Vehicle Body Type - TUnder Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses; and for Two-Wheelers, it encompasses Scooters and Motorcycles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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