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Electric Vehicle Market Trends and Forecast
The future of the global electric vehicle market looks promising with opportunities in battery, hybrid, and plug-in-hybrid electric vehicle markets. The global electric vehicle market is expected to grow with a CAGR of 32.2% from 2021 to 2027. The major drivers for this market are increasing fuel prices, government subsidies as tax benefits to promote electric vehicles, and growing concerns for environmental pollution.

Emerging Trends in the Electric Vehicle Market 
Emerging trends, which have a direct impact on the dynamics of the market, include development of wireless charging infrastructure and introduction of multiple long-range EVs with low cost.
A total of 120 figures / charts and 104 tables are provided in this 200-page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope, benefits, companies researched, and other details of the global electric vehicle market report, please download the report brochure.
Electric Vehicle Market by Propulsion, Vehicle, and Component
Electric Vehicle Market by Segments

Electric Vehicle Market by Segments
Lucintel forecasts that battery electric vehicle will remain the largest segment and it is also expected to witness the highest growth over the forecast period. The study includes a forecast for the global electric vehicle market by propulsion type, by vehicle type, by component type, and region, as follows:
 
Electric Vehicle Market by Propulsion Type [Value ($ Billion) and Volume (Million Units) from 2016 to 2027]:
  • Battery Electric Vehicles
  • Hybrid & Plug-in-Hybrid Electric Vehicles
Electric Vehicle Market by Vehicle Type [Value ($ Billion) and Volume (Million Units) from 2016 to 2027]:
  • Small Car
  • Compact Car
  • Mid-size Car
  • Luxury Car
  • SUVs & Crossover
  • Others 
Electric Vehicle Market by Component Type (Value $ Billion from 2016 to 2027):
  • Independent Drive Component
  • Battery
  • Motor and Gearbox
  • Charger
  • Others 
Electric Vehicle Market by Region [Value ($ Billion) and Volume (Million Units) from 2016 to 2027]:
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Norway
    • Germany
    • United Kingdom
    • France
    • The Netherlands
  • Asia Pacific
    • China
    • Japan
    • Korea
    • Australia
    • India
  • The Rest of the World
    • Brazil
    • South Africa
    • Chile
List of Electric Vehicle Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies electric vehicle companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the electric vehicle companies profiled in this report includes. 
Electric Vehicle Market Insights
  • Lucintel forecasts that battery electric vehicle will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to the consumers’ demand for zero emission vehicles, and decreasing electric vehicle battery cost.
  • Within the electric vehicle market, compact car will remain the largest vehicle type and it is expected to witness the highest growth over the forecast period due to increasing features such as, improvement in vehicle range per charge and charging infrastructure.
  • Asia Pacific will remain the largest region and it is also expected to witness the highest growth over the forecast period due to growing concerns on environmental pollution, government subsidies and tax rebates, and heavy investment from automaker in electric vehicle development.
Features of the Global Electric Vehicle Market
  • Market Size Estimates: Global electric vehicle market size estimation in terms of value ($B) and volume (Million Units) shipment.
  • Trend and Forecast Analysis: Market trends (2016-2021) and forecast (2022-2027) by various segments.
  • Segmentation Analysis: Global electric vehicle market size by various segments, such as by propulsion, vehicle and component in terms of value.
  • Regional Analysis: Global electric vehicle market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
  • Growth Opportunities: Analysis of growth opportunities in different by propulsion, vehicle and component, and regions for the global electric vehicle market.
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape of the global electric vehicle market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the electric vehicle market size?
Answer: The global electric vehicle market is expected to reach an estimated $983.1 billion by 2027.
Q2. What is the growth forecast for electric vehicle market?
Answer: The electric vehicle market is expected to grow at a CAGR of 32.2% from 2021 to 2027.
Q3. What are the major drivers influencing the growth of the electric vehicle market?
Answer: The major drivers for this market are increasing fuel prices, government subsidies as tax benefits to promote electric vehicles, and growing concerns for environmental pollution.
Q4. What are the major applications or end use industries for electric vehicle?
Answer: Compact car is the major segment by vehicle type.
Q5. What are the emerging trends in electric vehicle market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, development of wireless charging infrastructure and introduction of multiple long-range EVs with low cost.
Q6. Who are the key electric vehicle companies?
Answer: Some of the key electric vehicles companies are as follows:
Q7.Which electric vehicle product segment will be the largest in future?
Answer: Lucintel forecasts that battery electric vehicle will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to the consumers’ demand for zero emission vehicles, and decreasing electric vehicle battery cost.
Q8: In electric vehicle market, which region is expected to be the largest in next 5 years?
Answer: Asia Pacific will remain the largest region and it is also expected to witness the highest growth over the forecast period due to growing concerns on environmental pollution, government subsidies and tax rebates, and heavy investment from automaker in electric vehicle development.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
 
This report answers following 11 key questions
Q.1. What are some of the most promising, high growth opportunities for the electric vehicle market by propulsion type (battery electric vehicles and hybrid & plug-in-hybrid electric vehicles), by vehicle type (compact car, luxury car, SUVs & crossover, small car, mid-size car, and others), by component type (independent drive component, battery, motor and gearbox, charger, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing services in this market and how big of a threat do they pose for loss of market share by service substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

 
Report Scope
Key Features Description
Base Year for Estimation 2021
Trend Period
(Actual Estimates)
2016-2021
Forecast Period 2022-2027
Pages 200
Market Representation / Units Revenue in US $ Billion
Regional Scope North America (USA, Mexico, and Canada), Europe (Germany and United Kingdom), Asia (China, Japan, and India), and ROW (Middle East and Brazil)
Report Coverage Market Trends & Forecasts, Competitor Analysis, New Product Development, Company Expansion, Merger, Acquisitions & Joint Venture, and Company Profiling
Market Segments Propulsion Type (Battery Electric Vehicles and Hybrid & Plug-in-Hybrid Electric Vehicles), by Vehicle Type (Compact Car, Luxury Car, SUVs & Crossover, Small Car, Mid-Size Car, and Others), by Component Type (Independent Drive Component, Battery, Motor and Gearbox, Charger, and Others),
Customization 10% Customization without Any Additional Cost

Table of Contents
1. Executive Summary
 
2. Market Background and Classifications
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
 
3. Market Trends and Forecast Analysis from 2016 to 2027
3.1: Macroeconomic Trends (2016-2021) and Forecast (2022-2027)
3.2: Global Electric Vehicle Market Trends (2016-2021) and Forecast (2022-2027)
3.3: Global Electric Vehicle Market by Propulsion Type
3.3.1: Battery Electric Vehicles 
3.3.2.:  Hybrid and Plug-in Hybrid Electric Vehicles 
3.4: Global Electric Vehicle Market by Vehicle Type 
3.4.1: Small Cars
3.4.2: Compact Cars
3.4.3: Mid-size Car
3.4.4: Luxury Cars
3.4.5: SUVs and Crossovers
3.4.6: Others
3.5: Global Electric Vehicle Market by Component Type
3.5.1: Independent Drive Component
3.5.2: Battery
3.5.3: Motor and Gearbox
3.5.4: Charger
3.5.5: Others
 
4. Market Trends and Forecast Analysis by Region from 2016 to 2027
4.1: Global Electric Vehicle Market by Region
4.2: North American Electric Vehicle Market
4.2.1: North American Electric Vehicle Market by Propulsion Type
4.2.2: North American Electric Vehicle Market by Vehicle Type
4.2.3: North American Electric Vehicle Market by Component Type
4.2.4: United States Electric Vehicle Market
4.2.5: Canadian Electric Vehicle Market
4.2.6: Mexican Electric Vehicle Market
4.3: European Electric Vehicle Market
4.3.1: European Electric Vehicle Market by Propulsion Type
4.3.2: European Electric Vehicle Market by Vehicle Type
4.3.3: European Electric Vehicle Market by Component Type
4.3.4: German Electric Vehicle Market
4.3.5: French Electric Vehicle Market
4.3.6: United Kingdom Electric Vehicle Market
4.3.7: Netherlands Electric Vehicle Market
4.3.8: Norwegian Electric Vehicle Market
4.4: APAC Electric Vehicle Market
4.4.1: APAC Electric Vehicle Market by Propulsion Type
4.4.2: APAC Electric Vehicle Market by Vehicle Type
4.4.3: APAC Electric Vehicle Market by Component Type
4.4.4: Chinese Electric Vehicle Market
4.4.5: Japanese Electric Vehicle Market
4.4.6: Korean Electric Vehicle Market
4.4.7: Australian Electric Vehicle Market
4.5: ROW Electric Vehicle Market
4.5.1: ROW Electric Vehicle Market by Propulsion Type
4.5.2: ROW Electric Vehicle Market by Vehicle Type
4.5.3: ROW Electric Vehicle Market by Component Type
4.5.4: South African Electric Vehicle Market
4.5.5: Brazilian Electric Vehicle Market
 
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Geographical Reach
5.3: Porter’s Five Forces Analysis
 
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Electric Vehicle Market by Propulsion 
6.1.2: Growth Opportunities for the Global Electric Vehicle Market by Vehicle
6.1.3: Growth Opportunities for the Global Electric Vehicle  Market by Component
6.1.4: Growth Opportunities for the Global Electric Vehicle Market by Region 
6.2: Emerging Trends in the Global Electric Vehicle Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Electric Vehicle Market
6.3.3: Technology Development
6.3.4: Mergers and Acquisitions in the Global Electric Vehicle Industry
 
7. Company Profiles of Leading Players
7.1: Tesla Inc.
7.2: General Motors
7.3: Nissan Motor Co., Ltd.
7.4: Mitsubishi Motors
7.5: Volkswagen AG
7.6: Bayerische Motoren Werke AG (BMW)
7.7: Ford Motor Company
7.8: Mercedes Benz
7.9: Hyundai Motor Company
7.10: Kia Motors
 
.

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Full Report: Electric Vehicle Market: Trends, Forecast and Competitive Analysis Full Report $ 4,850
120 figures/charts and 104 tables are provided in this 200 - page report
Lucintel has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted in the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts in the electric vehicles market. Some of the leading electric vehicle manufacturers are Tesla Inc., General Motors, Nissan Motors, Mitsubishi, and the Volkswagen Group. 
 
Below is a brief summary of the primary interviews that were conducted by job function for this report.
 

 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.

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