The global electric vehicles market size reached 13.8 million units in 2021, according to a new report by GlobalData Plc. Rising awareness about global warming, agreements to ban sales of combustion-powered cars, and drive to lower carbon dioxide emissions are expected to push the market growth over the forecast period. Furthermore, investments by EV companies in the development of advanced and alternate battery technologies are anticipated to propel market growth in the next few years.
Global Electric Vehicles Market Share By Propulsion, 2021 – 2030 (%)
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The disruptions caused by COVID-19 pandemic had a negative impact on the electric vehicles market growth. Due to strict enforcement of stay-at-home orders by governments globally, automotive manufacturers had to halt production. Also, the pandemic had a significant effect on the supply chain.
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Electric vehicles Market Report Highlights
- The global electric vehicles market is projected to witness a CAGR of 18.7% from 2021 to 2030, reaching a market size of 64.3 million units. The market is mainly driven by the introduction of policies and measures to promote the adoption of electric vehicles by governments worldwide.
- In 2021, the battery electric vehicles (BEV) segment captured a significant share with a market size projected to reach 36.7 million units by 2030 at a CAGR of over 20%. The growth of this segment is mainly driven by zero tailpipe emissions and enhanced battery safety offered by battery electric vehicles.
- The personal vehicles segment held the dominant share in the electric vehicles market capturing over 90% of the market in 2021. However, the commercial vehicles segment is expected to witness the fastest growth over the forecast period.
- The COVID-19 pandemic resulted in supply chain disruptions and suspension of manufacturing activities as governments globally enforced strict social distancing measures. As a result of this, electric vehicles, an industry characterized by high capital expenditure and low margins, witnessed a significant decline in sales.
- Asia Pacific captured over 40% of the overall electric vehicle demand in 2021, mainly driven by the availability of low-cost options and the demand from countries such as China, Japan, and India.
- The key electric vehicle market players analyzed in this report include Toyota Motor Corp, Volkswagen AG, Tesla Inc, Stellantis NV, Hyundai Motor Co, SAIC Motor Corp Ltd, Mercedes-Benz Group AG, Geely Automobile Holdings Ltd, BYD Co Ltd, Renault SA.
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GlobalData Plc has segmented the Electric Vehicles market report by propulsion type, end-user type, and region:
Electric Vehicles Market – Opportunity Forecast, by Propulsion Type segments 2021-2030 (Units)
- Battery electric vehicle (BEV)
- Fuel cell electric vehicle (FCEV)
- Full hybrid electric vehicle (FHEV)
- Plug-in hybrid electric vehicle (PHEV)
- Extended-range electric vehicle (EREV)
- Mild hybrid electric vehicle (MHEV)
Electric Vehicles Market – Opportunity Forecast, by End User Type segments 2021-2030 (Units)
- Personal Vehicles
- Commercial Vehicles
Electric Vehicles vs Internal Combustion Engine Vehicles – Opportunity Forecast 2021-2030 (Units)
- Electric Vehicles
- Internal Combustion Engine Vehicles
Electric Vehicles Market – Opportunity Forecast by Regions, 2021-2030 (Units)
- Asia Pacific
- South Korea
- The Philippines
- North America
- The US
- South America
- Western Europe
- The UK
- The Netherlands
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Rest of the World
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