Market Scenario 

The global electric vehicle market was valued at US$ 340.2 billion in 2023 and is estimated to witness a major leap forward in revenue to US$ 72,798 billion by 2050. The market is registering a CAGR of 21.99% during the forecast period 2023-2050. In terms of volume, the market is registering a CAGR of 21.73% during the forecast period. 

As of Q1 2024, the electric vehicle market has seen a massive YoY growth of 21%, with global sales exceeding 3 million units. The worldwide adoption of electric vehicles has brought about significant environmental advantages, saving over 80 million tons of GHG emissions across the globe. In March alone, there were a staggering number – 1.2M – EVs purchased which represents an ongoing strong upward trend in this industry. Such pace reflects that within this year more than one fifth (20%) all cars sold worldwide will be EVs. China remains the leader for now but U.S and Europe are also very important players; their shares being respectively around 11% and 25%. It’s interesting to see how much different countries contribute towards these numbers: In China it is predicted that they will account for almost half of all car sales while US and EU combined amount somewhere between one third to half.

Consumers across the global electric vehicle market prefer Battery Electric Vehicles (BEVs) with a share of 52% leaving Plug-in Hybrid Electric Vehicles (PHEVs) behind at only 33.6%. This shows that people’s confidence on all-electric cars’ range and performance has been growing steadily year after year. EV Charging stations installed globally increased by more than 40%  in 2023 compared 2022, showing support for this growing market but with 6 times as many required before current infrastructure meets government targets set out till 2035 then there is still quite some way left yet.

EV Market 2024: Mixed Results with Positive Outlook

The first quarter of 2024 was a mixed bag for the US EV market, seeing sales slightly drop compared to the last quarter. Americans bought 268,909 new electric vehicles (EVs), which made up 7.3% of all new-vehicle sales. Tesla — an important company in the field — saw its sales plummet by 13.3% YoY.

In Q1 2024, the average transaction price for a new EV stood at $55,167 — indicating a drop from the previous year in the US electric vehicle market. Leasing rates for EVs experienced significant growth with about 27% of total EVs being leased out. China’s electric cars are becoming more affordable as over 60% of all EVs sold in 2023 were priced lower than their gasoline counterparts — this shows that there is an increasing trend towards cheaper and more accessible EVs. Cadillac and Ford reported impressive YoY increases in sales numbers with Cadillac achieving a whopping increase of 499.2% driven by strong demand for its Lyriq model while Ford recorded an increase of 86.1%.

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Investment in Supply Chains of the Electric Vehicle Industry: A Comprehensive Outlook, China Leads in Battery Manufacturing Capacity 

A total of $52 billion were invested in the North American supply chains for electric vehicle market between August 2022 and March 2023. This market is standing on the verge of a great change, which will be brought about by ambitious electrification targets and a burst of worldwide investment. More than twenty leading automobile manufacturers, who contributed to over 90% of global car sales this year alone, have pledged themselves to electrification goals; these aims are not merely words – there has been significant money put behind them with policy initiatives indicating that over forty million electric cars may be sold by 2030.

The global EV battery manufacturing capacity was at an astonishing level of 2.2 TWh in 2023, which was way higher than the demand of 750 GWh. It is more than enough excess power to meet the predicted need for twelve times as many batteries by 2035 under different policies likely to be adopted around the world. It is estimated that China may have up to 1,500 GWh in battery-making capability by 2030 (accounting for approximately 14%). Thereby remaining dominant player in the electric vehicle market even though other countries would also increase their capacities significantly during this period. Apart from this, recycling facilities could end up having three times more capacity globally than what they can recycle locally until at least another 15 years’ time from now when it might reach parity if not exceed it.

Venture capital investments in EV and battery startups grew 30% YoY reaching nearly USD ~2.1bn which will sustain 65% YoY growth rate through next decade driven partly by passenger vehicle sale growth rate far exceeding overall industry average but also because additional demand drivers such as heavy-duty trucks etc., come online over time. Similarly, demand for key raw materials used in lithium-ion batteries is also on the rise with the global supply of lithium, cobalt and nickel all seeing a surge in their respective percentages consumed by these power cells–60%, 30%, and 10% respectively. 

Recent Developments in the Electric Vehicle Market

• In 2022, 5.9% of all cars sold in the United States were electric vehicles, but that number jumped to 7.6% in 2023 with nearly 1.2 million units. The fourth quarter set records for both volume (317,168 EVs) and share (8.1%).
• Tesla maintained its top spot in the U.S., accounting for a little more than half of all EV sales (55%), though its market share fell slightly from an all-time high of 4.20% in 2023 as other manufacturers gained ground on the EV producer led by CEO Elon Musk.
• 9 other automakers each increased their U.S. EV sales by at least 35%, led by Ford's 86% rise YoY.
• Globally, about one in five new cars sold was electric last year, totaling about 14 million vehicles — mainly across China, Europe and the U.S. electric vehicle market, which accounted for 95% of those sales. China saw new EV registrations rise 35% to about 8.1 million in 2023 and the sub-segment made up more than a two-fifths of total car sales there during Q1 this year. Europe registrations rose almost 20% to some 3.2 million cars.
• India, Thailand and Vietnam saw strong growth in electric vehicle (EV) registrations last year. EV registrations in India were up 70% YoY to 80,000, while in Thailand they increased more than fourfold to nearly 90,000. In Vietnam, EV sales accounted for a 15% share of total vehicle sales.
• The US is set to achieve a 10% share for the first time in 2024 with sales growing by a 20% on last year’s record performance. The average transaction price paid for a new EV in the US was $50,789 in 2023 but fell to $55,167 (-9.0%) by Q1 2024 compared to the prior year. Additionally, lease penetration more than doubled and incentive spend grew significantly higher.

Driving Change: The Unstoppable Growth of Battery Electric Vehicles to Contribute Over 52% Market Share

There is a surging global appetite for Battery Electric Vehicles (BEVs) in the electric vehicle market that represented 64% of all electric vehicle sales worldwide in 2023. This year, BEVs doubled their market share to over 10% in Europe, while China’s BEV market expanded dramatically with a 150% increase in sales YoY for H1-2023 and the US saw an 80% rise in BEV sales the same year. Norway remains the world leader: in 2023, BEVs constituted 74% of all new car sales there.

In the UK, where the government aims to eliminate internal combustion engines by 2030, BEV registrations jumped by 90% this year. Over $150bn has been invested into battery capacity for BEVs to meet this demand. From last year to this year average range of BEVs improved by +15%, and number of charging points compatible with them has grown x1.5 globally. Consumers now have a choice between over two hundred models of these vehicles; major companies are increasingly pledging to electrify their fleets too — more than one fifth (20%) of government vehicle purchases were electric last year.

More than 30% of all owners in the electric vehicle market now integrate their cars with renewable energy sources; additionally, over 60% would consider buying such vehicle next time around according consumer sentiment surveys conducted recently on behalf on various parties interested these results which also found out about strict emission regulations imposed across globe which caused 66% more units sold annually since then as well as prices soared only 10% higher than first day they entered secondhand dealer lots signaling greater faith among investors towards future success stories involving EVs even though it may not seem like much right now but wait until tomorrow comes when everyone's already talking about yesterday.

The automakers around the world electric vehicle market are not doing nothing; they plan to spend more than $ 300 billion on electrification, mainly BEVs, over the next ten years. The price of lithium-ion batteries declined by 8% from 2022 to 2023, which made electric vehicles cheaper. Tax breaks and subsidies offered by governments have boosted sales of these cars by 20% in countries where such incentives exist. Finally, technology has improved their efficiency by 12%, so now people want them even more – electric cars are here to stay.

Passenger Cars Sales Valuation Reached 53% of Electric Vehicle Market

In 2024, electric vehicles sales have hit another all-time high. According to Astute Analytica’s analysts, there was a huge increase in global sales of electric passenger cars — estimated at around 17 million units likely to be sold worldwide in 2024 compared to the 14 million units recorded in 2023. This shows that people are starting to embrace EVs as a main stream option. Meanwhile in Europe, adoption of electric vehicles continued its growth spurt with EVs accounting for about 30% of new car sales. The European Union charging network also grew significantly by surpassing half a million public charging points while stricter emission regulations were implemented favoring low emission vehicles.

China maintained its position as the largest electric vehicle market where it is estimated to sale more than 8 million vehicles by the end of 2024. The government’s continuous push for EVs through various measures such as subsidies and investments into battery technology and production capacity played a major role in achieving this feat. Chinese manufacturers also increased their international presence with an increasing number of exported units being shipped off to different parts of the globe.

The US experienced unprecedented growth in passenger EV sales, which rose by over 40% from last year resulting into approximately 3 million units sold during 2024 alone. This can be attributed partially because new laws extended federal tax credits given out when purchasing an electric vehicle plus some states implementing incentives or mandates aimed at fostering greater adoption of these types of cars among motorists. Furthermore since 2020 number available passenger models more than doubled in the global electric vehicle market, giving buyers wider range options across various price brackets and vehicle classes while on top this average range for battery electric vehicles (BEVs) went beyond 350 miles per single charge. Thereby, overcoming any anxieties related to distance capability thus making them become more attractive vis-à-vis traditional internal combustion engine automobiles not just only locally but globally too.

Countries Around the World are Socking Up to Improve Charging Infrastructure, Normal Chargers Take Up Over 87.5% Share

By the end of 2022, there was a significant growth in the global electric vehicle market for charging infrastructure. The world achieved 2.7 million public charging points with an astonishing increase of over 900,000 new installations within one year which equated to a massive 55% growth from the previous year; this is a clear sign that we are accelerating towards electrifying transport systems globally.

This boom was mainly driven by China where they installed more than 600k slow chargers alone last year making it have the largest number in any country around the world at over one million slow chargers as part its plan to support their fast-growing EV population. On top of these figures, fast charger numbers grew by 330k internationally led mostly by Chinese additions, which accounted for nearly 90% thus bringing total number invested into rapid charging stations up until now to about 760k units there– this shows how much priority they give towards meeting needs for quick energy replenishment among users of electric cars in this country.

By 2022, Europe electric vehicle market had taken a giant leap as it ended the year with over 70,000 fast chargers; this was an increment of 55% from the previous year. The said growth is part of a wider program by Europe to bolster its EV charging system and enable long-range electric vehicle travel throughout the continent.

In America, expansion of quick-charging stations continued in 2022 where 6,300 were installed bringing the total number of such stations to 28,000 by end of that year. This expansion aims at alleviating concerns on range anxiety among users while also making ownership appealing and practical for many customers who may wish to buy electric vehicles. Norway which has high adoption rates for EVs had 25 battery-electric light duty vehicles (LDVs) per public charging point implying well-established charging infrastructure.

The ratio between number of electric cars and chargers is an important indicator used to determine whether there are enough charging facilities available or not in the electric vehicle market. On average, globally during 2022, there were about 10 EV’s for each charger although China, Korea, and the Netherlands maintained ratios below 10 EVs per charger each. Conversely United States recorded the highest ratio with 24 EVs assigned to one charger whereas Norway exceeds 30. Thus, suggesting that more investments should be made towards establishment of new charging points in order to keep pace with increased use of Electrical Vehicles.

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Power Output of 100–250 KW is Sweet Spot in Electric Vehicle Market Holds Over 41.8% Market Share 

100 to 250 kW electric vehicles (EVs) are now seen as the optimum performance, charging speed and efficiency balance. In terms of fast-charging stations, Europe has over 40,000 DC units that can deliver up to 350 kW — which is suitable for these high-power EVs — as of 2023. Most vehicles in this power range have battery sizes between 60-100 kWh that offer a good blend of range (200-350 miles per charge) and performance. On average, they consume about 15-20 kWh for every 100 km traveled.

High-powered electric vehicles (EVs), such as those with outputs between 100 kW and 250 kW, accounted for roughly one in every eight EV sales in Europe electric vehicle market this year. Sales of cars over 100 kW are up about 40% YoY in big markets like Europe and North America. High-power EVs have become cheaper after lithium-ion battery costs dropped to around $137 per kWh this year. They also have zero tailpipe emissions – which helps reduce CO2 from the transport sector – and their regenerative braking systems are more energy efficient because they can recover more kinetic energy.

Tax incentives for electric vehicles help governments encourage people to buy them, particularly higher-cost, high-power models. But there’s also another financial benefit: EVs within the 100-to-250-kW power output range have lower maintenance costs than internal combustion engine (ICE) cars, saving an average of $4,600 during the life of the vehicle. High-performance EVs also retain more value after three years than average EVs in the electric vehicle market; some models keep up to 60% of their original price by that time. More than half of new electric models released this year have a high-performance variant with a power output between 100 kW and 250 kW. Fast-charging points rose 45% worldwide during this year alone, making it easier to drive these longer-range vehicles further distances without stopping for long periods to recharge. And although they have bigger batteries on board than other types of EVs do, those emitting between 100 kW and 250 kW have competitive weights: many weigh less than 2,200 kg.

Unstoppable Rise of Electric Vehicles in Asia Pacific Command Over 50% Market Valuation 

In 2024, Asia Pacific and Europe have seen an electric vehicle (EV) market that is growing at an impressive rate. It is projected that about 17 million electric cars will be sold worldwide with China leading the way by accounting for around 10 million of these sales which will account for approximately 45% of all car sales in the country. This jump shows how quickly this region has adopted EVs as they become more affordable; already in 2023 over 60% of electric vehicles sold in China were cheaper to buy than their conventional equivalents.

The Asia Pacific electric vehicle market is being shook up by India. This year, from FY 2022-23, the country recorded sales of 12,43,258 EVs which is an increase of 154% YoY (Year on Year) compared to the previous fiscal. The Indian EV market is rapidly expanding and although it still remains relatively small, electric models account for two percent of total car sales in the year 2023. The Indian government has targeted that 30% electric vehicles will be on roads by 2030 and to make this happen they have rolled out several schemes such as FAME India scheme along with tax benefits too. Within just six months since Jan’23 till Jun’23 over 700,000 units were sold indicating people’s growing interest towards eco-friendly transportation systems like these ones here! Tata Motors currently holds more than two-thirds share in domestic markets but faces tough competition against Mahindra & Mahindra as well as Chinese manufacturer BYD.

Europe electric vehicle market is also not far behind, with electric cars expected to account for around 25% of all cars sold. The world saw a 35% boost in overall electric car sales in the past year to nearly 14 million — with China, Europe and the US leading the pack. In the Asia Pacific, promising growth has been observed in emerging markets such as Vietnam and Thailand, where EVs made up 15% of all cars sold and 10% respectively.

Globally, 2023 recorded a 40% rise in the number of public charging points for electric vehicles (EVs) compared with the previous year. Faster chargers grew at an even faster rate. This growth is essential as government commitments dictate that by 2035 charging networks must increase six-fold. Manufacturers are committing themselves and governments are aligning their policies behind a future in which electric vehicle market represent half of all car sales worldwide by 2035. This change should have a huge impact on oil demand, possibly saving up to 12 million barrels per day – more than current consumption for road transport in China and Europe combined – from being burned.

List of Key Companies Profiled:

• Tesla Motors
• BMW Group
• Nissan Motor Corporation
• Toyota Motor Corporation
• Volkswagen AG
• General Motors
• Daimler AG
• Energica Motor Company S.p.A.
• BYD Company Motors
• Ford Motor Company
• Zhejiang Geely Holding Group
• Tata Motors Limited
• Mahindra & Mahindra Limited
• MG Motor India
• Olectra Greentech Ltd.
• JBM Auto Limited
• Other Prominent Players

Market Segmentation Overview:

By Type:

• Battery electric vehicle (BEV)
• Fuel cell electric vehicle (FCEV)
• Plug-in hybrid electric vehicle (PHEV)
• Hybrid electric vehicle (HEV)

By Vehicle Type:

• Commercial Vehicle
• Passenger Car
• Two & Three Wheelers

By Charger:

• Normal
• Fast

By Power Output:

• Less than 100 KW
• 100-250 KW
• Above 250 KW

By Region:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
  • ASEAN
    • Indonesia
    • Malaysia
    • Philippines
    • Thailand
    • Vietnam
    • Singapore
    • Cambodia
    • Rest of ASEAN
• Middle East & Africa (MEA)
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America