Electric Cars Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

The Electric Cars Market is segmented by Vehicle Configuration (Passenger Cars), by Fuel Category (BEV, FCEV, HEV, PHEV) and by Region (Africa, Asia-Pacific, Europe, Middle East, North America, South America). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

Electric Cars Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

Electric Cars Market Size

Electric Cars Market Summary
Study Period 2017 - 2029
Base Year For Estimation 2024
Forecast Data Period 2025 - 2029
Market Size (2025) USD 1.15 Trillion
Market Size (2029) USD 2.15 Trillion
CAGR (2025 - 2029) 17.00 %
Market Concentration Medium

Major Players

Electric Cars Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Electric Cars Market Analysis

The Electric Cars Market size is estimated at 1.15 trillion USD in 2025, and is expected to reach 2.15 trillion USD by 2029, growing at a CAGR of 17.00% during the forecast period (2025-2029).

The global automotive industry is undergoing a transformative shift driven by technological advancements and sustainability imperatives. Major automotive manufacturers are increasingly converting their production lines from internal combustion engines to electric vehicles and hybrid vehicles, reflecting a fundamental change in industry direction. The industry's transformation is evident in the integration of advanced technologies, with approximately 58 million self-driving cars joining the global fleet by 2022, showcasing the convergence of electric vehicle technology and automation. This technological revolution is reshaping the automotive supply chain, particularly in the realm of automotive electronics, as manufacturers adapt to new production requirements and technological capabilities.


The market landscape is characterized by intense competition and strategic partnerships among established automakers and new entrants. Volkswagen Group, for instance, has demonstrated its commitment to the electric future by expanding in South America with a USD 1.08 billion investment announced in April 2023, aiming to introduce 15 new electric and fuel-cell vehicle models by 2025. Similarly, Mercedes-Benz has strengthened its position by establishing new regional headquarters in Doha, Qatar, in March 2023, reflecting the industry's global expansion strategies. These strategic moves highlight the industry's rapid evolution and the increasing importance of establishing a strong regional presence in the electric vehicle market.


Consumer preferences and regulatory frameworks are significantly influencing market dynamics. The industry is witnessing a notable shift in consumer behavior, with projections indicating that electric vehicles will constitute approximately 26% of global new car sales by 2030. This transition is supported by various government initiatives worldwide, with many countries implementing policies aligned with the Paris Climate Policy targets, which call for a 40% decrease in greenhouse gas emissions by 2030. The regulatory landscape continues to evolve, with countries implementing increasingly stringent emissions standards and providing incentives for electric vehicle adoption.


The industry's supply chain and manufacturing processes are experiencing substantial reorganization to accommodate the shift toward electric vehicles. Major manufacturers are investing heavily in retooling their production facilities and establishing new supply chain partnerships. This transformation is evident in the global automotive market's performance, which saw total car sales reaching 63.8 million units in recent years. The industry's focus has shifted toward developing more efficient production methods, implementing advanced manufacturing technologies, and establishing robust supply chains capable of supporting the unique requirements of electric vehicle production. These changes are fundamentally altering the traditional automotive manufacturing landscape and creating new opportunities for innovation and growth in the electric vehicle industry.

Segment Analysis: Vehicle Configuration

Passenger Cars Segment in Electric Cars Market

The passenger cars segment dominates the global electric cars market, driven by increasing consumer adoption of electric vehicles for personal transportation. This segment encompasses various vehicle types designed for personal and family use, offering a range of options from compact cars to luxury sedans. The growth is supported by the expanding EV charging market size, government incentives, and increasing environmental consciousness among consumers. Major automotive manufacturers are continuously introducing new electric passenger car models with improved range, performance, and features, catering to diverse consumer preferences and price points. The segment's prominence is further reinforced by significant investments in research and development, leading to advancements in electric vehicle technology and overall vehicle efficiency.

Multi-Purpose Vehicle (MPV) Segment in Electric Cars Market

The Multi-Purpose Vehicle (MPV) segment within the passenger cars category is experiencing notable growth, driven by increasing demand for versatile and spacious electric vehicles. MPVs are designed with families and group transportation in mind, offering ample interior space, flexible seating arrangements, and significant cargo capacity. The segment's growth is supported by technological advancements in electric powertrains that maintain performance while accommodating larger vehicle sizes. Manufacturers are increasingly focusing on developing electric MPVs that combine efficiency, functionality, and affordability, making them attractive options for both personal use and commercial applications like taxi services and business fleets.

Segment Analysis: Fuel Category

BEV Segment in Electric Cars Market

Battery Electric Vehicles (BEVs) have emerged as the dominant force in the global electric cars market, commanding approximately 60% of the total market share in 2024. This substantial market leadership can be attributed to several factors, including significant technological advancements in the EV battery market size, expanding charging infrastructure networks, and strong government support through incentives and regulations. The segment's growth is further bolstered by increasing consumer awareness about environmental sustainability and the expanding range of BEV models across different price points. Major automotive manufacturers have significantly invested in BEV production capabilities, leading to improved vehicle performance, longer driving ranges, and more competitive pricing. Additionally, the continuous development of fast-charging technologies and the growing availability of charging stations have effectively addressed range anxiety concerns, making BEVs an increasingly practical choice for consumers.

Market Analysis of Electric Cars Market: Chart for Fuel Category

FCEV Segment in Electric Cars Market

The Fuel Cell Electric Vehicle (FCEV) segment is positioned as the fastest-growing category in the electric cars market, with a projected growth rate of approximately 35% during 2024-2029. This remarkable growth trajectory is driven by significant advancements in hydrogen fuel cell technology, making FCEVs increasingly efficient and cost-effective. The segment's expansion is supported by growing investments in hydrogen infrastructure development and increasing collaboration between automotive manufacturers and energy companies. FCEVs are gaining particular traction in markets with established hydrogen infrastructure, especially for long-range applications and heavy-duty vehicles. The technology's appeal lies in its quick refueling times, comparable to conventional vehicles, and its potential to offer longer driving ranges than battery-electric alternatives. Furthermore, government initiatives promoting hydrogen technology and clean energy transitions are creating favorable conditions for FCEV adoption across various regions.

Remaining Segments in Fuel Category

The electric cars market is further segmented by Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), both playing crucial roles in the transition towards sustainable mobility. HEVs continue to serve as an important bridge technology, offering improved fuel efficiency without the need for external charging infrastructure, making them particularly attractive in regions with limited charging networks. PHEVs, combining the benefits of both electric and conventional powertrains, provide flexibility to consumers who desire electric-only capability for daily commuting while maintaining the ability to undertake longer journeys without range anxiety. These segments are particularly significant in markets where full electrification infrastructure is still developing, offering consumers a practical stepping stone towards full electric mobility while contributing to reduced emissions and improved fuel efficiency.

Electric Cars Market Geography Segment Analysis

Electric Cars Market in Africa

The African electric cars market is gaining momentum in the adoption of electric vehicles, driven by growing environmental consciousness and supportive government initiatives. While the continent faces challenges in terms of charging infrastructure development, several countries are making significant strides in creating favorable conditions for EV adoption. The region's transformation is particularly evident in the implementation of policies promoting clean energy transportation and the gradual expansion of charging networks across major urban centers.Electric Cars Market in South Africa (Largest Market)South Africa leads the African electric vehicle market, commanding approximately 75% of the region's market share in 2024. The country's dominance is attributed to its well-established automotive manufacturing base, robust infrastructure, and progressive government policies supporting electric mobility. The nation has made significant investments in charging infrastructure and offers various incentives to promote EV adoption, including tax benefits and reduced registration fees.Electric Cars Market in South Africa (Fastest Growing Market)South Africa continues to demonstrate strong growth potential in the electric vehicle market, with a projected growth rate of approximately 12% from 2024 to 2029. The country's growth trajectory is supported by increasing consumer awareness about environmental sustainability, expanding charging infrastructure, and government initiatives promoting clean transportation. The nation's automotive industry is actively adapting to this transition, with manufacturers introducing new electric models and expanding their EV portfolios.

Market Analysis of Electric Cars Market: Forecasted Growth Rate by Region

Electric Cars Market in Asia-Pacific

The Asia-Pacific region represents a dynamic and rapidly evolving electric vehicle market, characterized by diverse adoption rates across different countries. The region's transformation is driven by strong government support, technological advancements, and increasing environmental awareness among consumers. Countries across the region are implementing various initiatives to promote EV adoption, including subsidies, tax incentives, and investments in charging infrastructure.Electric Cars Market in India (Largest Market)India emerges as the dominant force in the Asia-Pacific electric vehicle market, holding approximately 65% of the region's market share in 2024. The country's leadership position is supported by robust government initiatives, including the FAME II scheme and various state-level incentives. The nation has also witnessed significant investments in charging infrastructure and local manufacturing capabilities, making electric vehicles increasingly accessible to consumers.Electric Cars Market in India (Fastest Growing Market)India demonstrates exceptional growth potential in the electric vehicle market, with a projected growth rate of approximately 120% from 2024 to 2029. This remarkable growth is driven by favorable government policies, increasing consumer awareness, and significant investments in EV manufacturing and charging infrastructure. The country's automotive industry is undergoing a rapid transformation, with both domestic and international manufacturers expanding their electric vehicle offerings.

Electric Cars Market in Europe

Europe's electric vehicle market showcases strong momentum, supported by stringent emission regulations, comprehensive incentive programs, and well-developed charging infrastructure. The region's commitment to sustainability is evident in its ambitious targets for reducing carbon emissions and promoting clean mobility solutions. Countries across Europe are implementing various measures to accelerate the transition to electric vehicles, including purchase subsidies, tax benefits, and investments in charging networks.Electric Cars Market in UK (Largest Market)The United Kingdom stands as the leader in Europe's electric vehicle market. The country's dominance is attributed to its comprehensive approach to EV adoption, including substantial government incentives, extensive charging infrastructure, and strong consumer awareness. The UK's automotive industry has shown remarkable adaptability, with manufacturers increasingly focusing on electric vehicle production and innovation.Electric Cars Market in Czech Republic (Fastest Growing Market)The Czech Republic emerges as the fastest-growing market in Europe's electric vehicle sector. The country's growth is driven by increasing environmental awareness, supportive government policies, and growing investments in charging infrastructure. The nation's automotive industry is actively embracing the electric revolution, with both domestic and international manufacturers expanding their electric vehicle production capabilities.

Electric Cars Market in Middle East

The Middle East's electric vehicle market is experiencing significant transformation, driven by ambitious sustainability goals and increasing environmental awareness. The UAE leads the region's market and demonstrates the fastest growth rate, supported by comprehensive government initiatives and extensive investments in charging infrastructure. The region's commitment to diversifying away from traditional fossil fuels is evident in various initiatives promoting electric mobility, including tax incentives, free charging stations, and preferential parking for electric vehicles. Countries across the Middle East are actively developing their charging infrastructure and implementing policies to encourage EV adoption, particularly in major urban centers.

Electric Cars Market in North America

North America's electric vehicle market demonstrates strong growth potential, supported by comprehensive government initiatives and increasing environmental consciousness. Mexico emerges as both the largest market and the fastest-growing country in the region, driven by significant investments in manufacturing capabilities and charging infrastructure. The region's transformation is characterized by strong collaboration between government entities and private sector players, resulting in expanded charging networks and improved accessibility to electric vehicles. The market benefits from various incentive programs, including tax credits, rebates, and grants for charging infrastructure development.

Electric Cars Market in South America

The South American electric vehicle market shows promising growth potential, with increasing focus on sustainable transportation solutions. Brazil stands as both the largest market and the fastest-growing country in the region, supported by comprehensive government initiatives and growing environmental awareness. The region's transformation is marked by significant investments in charging infrastructure and various incentive programs to promote electric vehicle adoption. Countries across South America are implementing supportive policies and developing charging networks to facilitate the transition to electric mobility, particularly in major urban areas.

Electric Cars Industry Overview

Top Companies in Electric Cars Market

The electric cars market is led by prominent automotive manufacturers, including Tesla, BYD, Volkswagen, Hyundai, Ford, Toyota, Stellantis, Mercedes-Benz, General Motors, Nissan, and Renault. These electric car companies are heavily investing in research and development to advance battery technology, charging capabilities, and autonomous driving features. Product innovation remains a key focus, with manufacturers regularly introducing new models across different vehicle segments and price points. Companies are demonstrating operational agility through flexible manufacturing processes and supply chain optimization, particularly in response to semiconductor shortages and raw material challenges. Strategic partnerships for battery production, charging infrastructure development, and technology sharing have become increasingly common. Geographic expansion continues through new manufacturing facilities, particularly in emerging markets, while companies simultaneously strengthen their presence in established markets through enhanced dealer networks and direct-to-consumer sales channels.

Market Consolidation Drives Industry Evolution and Growth

The electric cars market exhibits a moderately consolidated structure, with global automotive conglomerates holding significant market share alongside specialized electric vehicle manufacturers. Traditional automakers leverage their established manufacturing capabilities, brand recognition, and extensive dealer networks while adapting their business models to accommodate electric vehicle production. Pure-play electric vehicle companies differentiate themselves through technological innovation and direct-to-consumer sales approaches. The market has witnessed increased collaboration between automotive companies and technology firms, particularly in areas such as battery development, autonomous driving systems, and connected car features. Regional players, especially in China, have emerged as strong contenders by focusing on domestic market needs while gradually expanding internationally.


The industry is characterized by strategic alliances and joint ventures rather than outright acquisitions, as companies seek to share development costs and technological expertise. Partnerships between automotive manufacturers and battery suppliers have become increasingly important for securing supply chain stability. Vertical integration strategies are evident as manufacturers invest in battery production facilities and charging infrastructure. The market also sees collaboration between traditional competitors to develop common platforms and standards for electric vehicle charging and autonomous driving technologies. These partnerships help companies manage the substantial investments required for electric vehicle development while accelerating time-to-market for new products.

Innovation and Adaptation Key to Market Success

Success in the electric cars market requires a comprehensive strategy encompassing technological innovation, cost optimization, and market positioning. Incumbent manufacturers must balance their existing internal combustion engine business while scaling up electric vehicle operations, requiring careful resource allocation and timing. Companies need to develop differentiated product offerings across various price points and vehicle segments to capture diverse consumer preferences. Supply chain resilience has become crucial, with successful companies establishing direct relationships with raw material suppliers and investing in local production capabilities. Building strong charging infrastructure partnerships and offering innovative charging solutions helps address consumer range anxiety and enhances market acceptance.


Market contenders can gain ground by focusing on specific market segments or regions where they can establish competitive advantages. Success factors include developing innovative battery technologies that improve range and charging speeds while reducing costs. Companies must also navigate evolving regulatory landscapes, particularly regarding emissions standards and government incentives for electric vehicle adoption. Building strong relationships with technology partners and suppliers helps ensure access to critical components and systems. Customer experience and after-sales service have become increasingly important differentiators, with successful companies offering comprehensive digital services and maintenance support. The ability to adapt quickly to changing market conditions and consumer preferences while maintaining operational efficiency will determine long-term success in this dynamic market.

Electric Cars Market Leaders

  1. BYD Auto Co. Ltd.

  2. Hyundai Motor Company

  3. Tesla Inc.

  4. Toyota Motor Corporation

  5. Volkswagen AG

  6. *Disclaimer: Major Players sorted in no particular order
Electric Cars Market Concentration
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Electric Cars Market News

  • September 2023: Daimler AG's subsidiary, Mercedes-Benz Research & Development North America Inc. and Xtelligent entered a partnership with the City of Long Beach to develop transportation technology systems.
  • September 2023: Stellantis inaugurated the first battery technology center at Mirafiori plant in Turin, Italy.
  • September 2023: Stellantis announced the forthcoming world premiere of the new Peugeot E-3008, an all-electric fastback SUV on September 12, 2023, in the Sochaux factory, France, where it will be manufactured.

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Electric Cars Market
Electric Cars Market
Electric Cars Market
Electric Cars Market

Electric Cars Market Report - Table of Contents

1. EXECUTIVE SUMMARY & KEY FINDINGS

2. REPORT OFFERS

3. INTRODUCTION

  • 3.1 Study Assumptions & Market Definition
  • 3.2 Scope of the Study​
  • 3.3 Research Methodology

4. KEY INDUSTRY TRENDS

  • 4.1 Population
    • 4.1.1 Africa
    • 4.1.2 Asia-Pacific
    • 4.1.3 Europe
    • 4.1.4 Middle East
    • 4.1.5 North America
    • 4.1.6 South America
  • 4.2 GDP Per Capita
    • 4.2.1 Africa
    • 4.2.2 Asia-Pacific
    • 4.2.3 Europe
    • 4.2.4 Middle East
    • 4.2.5 North America
    • 4.2.6 South America
  • 4.3 Consumer Spending For Vehicle Purchase (cvp)
    • 4.3.1 Africa
    • 4.3.2 Asia-Pacific
    • 4.3.3 Europe
    • 4.3.4 Middle East
    • 4.3.5 North America
    • 4.3.6 South America
  • 4.4 Inflation
    • 4.4.1 Africa
    • 4.4.2 Asia-Pacific
    • 4.4.3 Europe
    • 4.4.4 Middle East
    • 4.4.5 North America
    • 4.4.6 South America
  • 4.5 Interest Rate For Auto Loans
  • 4.6 Shared Rides
  • 4.7 Impact Of Electrification
  • 4.8 EV Charging Station
  • 4.9 Battery Pack Price
    • 4.9.1 Africa
    • 4.9.2 Asia-Pacific
    • 4.9.3 Europe
    • 4.9.4 Middle East
    • 4.9.5 North America
    • 4.9.6 South America
  • 4.10 New Xev Models Announced
  • 4.11 Used Car Sales
  • 4.12 Fuel Price
  • 4.13 Oem-wise Production Statistics
  • 4.14 Regulatory Framework
  • 4.15 Value Chain & Distribution Channel Analysis

5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

  • 5.1 Vehicle Configuration
    • 5.1.1 Passenger Cars
    • 5.1.1.1 Multi-purpose Vehicle
  • 5.2 Fuel Category
    • 5.2.1 BEV
    • 5.2.2 FCEV
    • 5.2.3 HEV
    • 5.2.4 PHEV
  • 5.3 Region
    • 5.3.1 Africa
    • 5.3.1.1 South Africa
    • 5.3.2 Asia-Pacific
    • 5.3.2.1 India
    • 5.3.3 Europe
    • 5.3.3.1 Czech Republic
    • 5.3.3.2 UK
    • 5.3.4 Middle East
    • 5.3.4.1 UAE
    • 5.3.5 North America
    • 5.3.5.1 Mexico
    • 5.3.6 South America
    • 5.3.6.1 Brazil

6. COMPETITIVE LANDSCAPE

  • 6.1 Key Strategic Moves
  • 6.2 Market Share Analysis
  • 6.3 Company Landscape
  • 6.4 Company Profiles
    • 6.4.1 BYD Auto Co. Ltd.
    • 6.4.2 Daimler AG (Mercedes-Benz AG)
    • 6.4.3 Ford Motor Company
    • 6.4.4 General Motors Company
    • 6.4.5 Groupe Renault
    • 6.4.6 Hyundai Motor Company
    • 6.4.7 Nissan Motor Co. Ltd.
    • 6.4.8 Stellantis N.V.
    • 6.4.9 Tesla Inc.
    • 6.4.10 Toyota Motor Corporation
    • 6.4.11 Volkswagen AG
  • *List Not Exhaustive

7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

8. APPENDIX

  • 8.1 Global Overview
    • 8.1.1 Overview
    • 8.1.2 Porter’s Five Forces Framework
    • 8.1.3 Global Value Chain Analysis
    • 8.1.4 Market Dynamics (DROs)
  • 8.2 Sources & References
  • 8.3 List of Tables & Figures
  • 8.4 Primary Insights
  • 8.5 Data Pack
  • 8.6 Glossary of Terms
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List of Tables & Figures

  1. Figure 1:  
  2. POPULATION TRENDS, VOLUME IN UNITS, AFRICA, 2017 - 2030
  1. Figure 2:  
  2. POPULATION TRENDS, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2030
  1. Figure 3:  
  2. POPULATION TRENDS, VOLUME IN UNITS, EUROPE, 2017 - 2030
  1. Figure 4:  
  2. POPULATION TRENDS, VOLUME IN UNITS, MIDDLE EAST, 2017 - 2030
  1. Figure 5:  
  2. POPULATION TRENDS, VOLUME IN UNITS, NORTH AMERICA, 2017 - 2030
  1. Figure 6:  
  2. POPULATION TRENDS, VOLUME IN UNITS, SOUTH AMERICA, 2017 - 2030
  1. Figure 7:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, AFRICA, 2017 - 2030
  1. Figure 8:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
  1. Figure 9:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, EUROPE, 2017 - 2030
  1. Figure 10:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, MIDDLE EAST, 2017 - 2030
  1. Figure 11:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, NORTH AMERICA, 2017 - 2030
  1. Figure 12:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
  1. Figure 13:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, AFRICA, 2017 - 2030
  1. Figure 14:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
  1. Figure 15:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, EUROPE, 2017 - 2030
  1. Figure 16:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, MIDDLE EAST, 2017 - 2030
  1. Figure 17:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, NORTH AMERICA, 2017 - 2030
  1. Figure 18:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
  1. Figure 19:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, AFRICA, 2017 - 2030
  1. Figure 20:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, ASIA-PACIFIC, 2017 - 2030
  1. Figure 21:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, EUROPE, 2017 - 2030
  1. Figure 22:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, MIDDLE EAST, 2017 - 2030
  1. Figure 23:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, NORTH AMERICA, 2017 - 2030
  1. Figure 24:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, SOUTH AMERICA, 2017 - 2030
  1. Figure 25:  
  2. AUTO LOAN INTEREST RATES, PERCENTAGE, GLOBAL, 2017 - 2022
  1. Figure 26:  
  2. ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, GLOBAL, 2017 - 2030
  1. Figure 27:  
  2. CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, GLOBAL, 2017 - 2022
  1. Figure 28:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, AFRICA, 2017 - 2030
  1. Figure 29:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
  1. Figure 30:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, EUROPE, 2017 - 2030
  1. Figure 31:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, MIDDLE EAST, 2017 - 2030
  1. Figure 32:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, NORTH AMERICA, 2017 - 2030
  1. Figure 33:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
  1. Figure 34:  
  2. ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, GLOBAL, 2023 - 2027
  1. Figure 35:  
  2. FUEL PRICE, BY FUEL TYPE, USD/LITER, GLOBAL, 2017 - 2022
  1. Figure 36:  
  2. GLOBAL ELECTRIC CARS MARKET, VOLUME IN UNITS, 2017 - 2030
  1. Figure 37:  
  2. GLOBAL ELECTRIC CARS MARKET, VALUE IN USD, 2017 - 2030
  1. Figure 38:  
  2. GLOBAL ELECTRIC CARS MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 39:  
  2. GLOBAL ELECTRIC CARS MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 40:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 41:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 42:  
  2. GLOBAL ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 43:  
  2. GLOBAL ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
  1. Figure 44:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 45:  
  2. GLOBAL ELECTRIC CARS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 46:  
  2. GLOBAL ELECTRIC CARS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
  1. Figure 47:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 48:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 49:  
  2. GLOBAL ELECTRIC CARS MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 50:  
  2. GLOBAL ELECTRIC CARS MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 51:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 52:  
  2. GLOBAL ELECTRIC CARS MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 53:  
  2. GLOBAL ELECTRIC CARS MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 54:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 55:  
  2. GLOBAL ELECTRIC CARS MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 56:  
  2. GLOBAL ELECTRIC CARS MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 57:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 58:  
  2. GLOBAL ELECTRIC CARS MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 59:  
  2. GLOBAL ELECTRIC CARS MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 60:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 61:  
  2. GLOBAL ELECTRIC CARS MARKET, BY REGION, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 62:  
  2. GLOBAL ELECTRIC CARS MARKET, BY REGION, BY VALUE IN USD, 2017 - 2030
  1. Figure 63:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
  1. Figure 64:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
  1. Figure 65:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 66:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 67:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 68:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 69:  
  2. GLOBAL ELECTRIC CARS MARKET, BY SOUTH AFRICA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 70:  
  2. GLOBAL ELECTRIC CARS MARKET, BY SOUTH AFRICA, BY VALUE IN USD, 2017 - 2030
  1. Figure 71:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 72:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 73:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 74:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 75:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 76:  
  2. GLOBAL ELECTRIC CARS MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 77:  
  2. GLOBAL ELECTRIC CARS MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
  1. Figure 78:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 79:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 80:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 81:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 82:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 83:  
  2. GLOBAL ELECTRIC CARS MARKET, BY CZECH REPUBLIC, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 84:  
  2. GLOBAL ELECTRIC CARS MARKET, BY CZECH REPUBLIC, BY VALUE IN USD, 2017 - 2030
  1. Figure 85:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 86:  
  2. GLOBAL ELECTRIC CARS MARKET, BY UK, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 87:  
  2. GLOBAL ELECTRIC CARS MARKET, BY UK, BY VALUE IN USD, 2017 - 2030
  1. Figure 88:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 89:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 90:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 91:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 92:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 93:  
  2. GLOBAL ELECTRIC CARS MARKET, BY UAE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 94:  
  2. GLOBAL ELECTRIC CARS MARKET, BY UAE, BY VALUE IN USD, 2017 - 2030
  1. Figure 95:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 96:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 97:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 98:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 99:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 100:  
  2. GLOBAL ELECTRIC CARS MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 101:  
  2. GLOBAL ELECTRIC CARS MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
  1. Figure 102:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 103:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 104:  
  2. GLOBAL ELECTRIC CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 105:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 106:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 107:  
  2. GLOBAL ELECTRIC CARS MARKET, BY BRAZIL, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 108:  
  2. GLOBAL ELECTRIC CARS MARKET, BY BRAZIL, BY VALUE IN USD, 2017 - 2030
  1. Figure 109:  
  2. GLOBAL ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 110:  
  2. GLOBAL ELECTRIC CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
  1. Figure 111:  
  2. GLOBAL ELECTRIC CARS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
  1. Figure 112:  
  2. GLOBAL ELECTRIC CARS MARKET SHARE(%), BY MAJOR PLAYERS

Electric Cars Industry Segmentation

Passenger Cars are covered as segments by Vehicle Configuration. 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.
Vehicle Configuration Passenger Cars Multi-purpose Vehicle
Fuel Category BEV
FCEV
HEV
PHEV
Region Africa South Africa
Asia-Pacific India
Europe Czech Republic
UK
Middle East UAE
North America Mexico
South America Brazil
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Market Definition

  • Vehicle Type - The category includes passenger cars.
  • Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
  • 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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Electric Cars Market Research FAQs

How big is the Global Electric Cars Market?

The Global Electric Cars Market size is expected to reach USD 1148.19 billion in 2025 and grow at a CAGR of 17.00% to reach USD 2151.32 billion by 2029.

What is the current Global Electric Cars Market size?

In 2025, the Global Electric Cars Market size is expected to reach USD 1148.19 billion.

Who are the key players in Global Electric Cars Market?

BYD Auto Co. Ltd., Hyundai Motor Company, Tesla Inc., Toyota Motor Corporation and Volkswagen AG are the major companies operating in the Global Electric Cars Market.

Which segment has the biggest share in the Global Electric Cars Market?

In the Global Electric Cars Market, the Sports Utility Vehicle segment accounts for the largest share by vehicle body type.

Which region has the biggest share in the Global Electric Cars Market?

In 2025, Asia-Pacific accounts for the largest share by region in the Global Electric Cars Market.

What years does this Global Electric Cars Market cover, and what was the market size in 2025?

In 2025, the Global Electric Cars Market size was estimated at 1148.19 billion. The report covers the Global Electric Cars Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Global Electric Cars Market size for years: 2025, 2026, 2027, 2028 and 2029.

Electric Cars Market Research

Mordor Intelligence provides a comprehensive electric vehicle industry analysis through detailed research and consulting expertise in the electric mobility sector. Our extensive coverage includes electric vehicle technology, developments in battery electric vehicles, and trends in sustainable transportation. The report is available as an easy-to-download PDF, offering in-depth insights into electric vehicle market trends, industry statistics, and a detailed cost analysis of electric vehicles.

The report offers stakeholders valuable insights into electric vehicle industry growth patterns, market segmentation of electric vehicles, and electric vehicle sales forecast data. Our analysis covers crucial aspects such as electric vehicle charging infrastructure, developments in electric powertrain, and alternative fuel vehicle technologies. The research particularly focuses on commercial electric vehicle segments, luxury electric vehicle markets, and innovations in zero emission vehicles. This provides stakeholders with actionable intelligence for strategic decision-making in the rapidly evolving electric vehicle industry.