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Global Electric Vehicle Market Size & Share Projected to Hit at USD 980 Billion and Rise at a CAGR of 24.5% By 2028: Industry Trends, Demand, Value, Analysis & Forecast Report | Facts and Factors
[February 07, 2023]

Global Electric Vehicle Market Size & Share Projected to Hit at USD 980 Billion and Rise at a CAGR of 24.5% By 2028: Industry Trends, Demand, Value, Analysis & Forecast Report | Facts and Factors

NEW YORK, Feb. 7, 2023 /PRNewswire/ -- As per Facts and Factors study, The global electric vehicle market was valued at roughly USD 185 billion in 2021 and is expected to reach USD 980 billion by 2028 at a CAGR of 24.5% during the forecast period 2022-2028.

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Electric Vehicle Market: Overview

An electric vehicle, as opposed to a gasoline-powered vehicle, runs on electricity. Instead of a petrol engine, these vehicles are powered by an electric motor that needs a good amount of energy from batteries to function. These vehicles make use of a variety of batteries. Molten salt, lithium-ion, zinc-air, and other nickel-based designs are among them. The electric vehicle was created largely to replace traditional modes of transportation, which pollute the environment. It has grown in prominence as a result of several technological breakthroughs.

It surpasses traditional automobiles by offering better fuel economy, lower carbon emissions & maintenance, ease of charging at homes, a smoother drive, and lower engine noise. There are three main types of electric car batteries: pure, hybrid, and plug-in hybrid. Furthermore, while electric vehicles do not require engine oil changes, they are slightly more expensive than gasoline-powered counterparts.

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Key Insights:

  • As per the analysis shared by our research analyst, the global Electric Vehicle market is estimated to grow annually at a CAGR of around 24.5% over the forecast period (2022-2028)
  • In terms of revenue, the global Electric Vehicle market size was valued at around USD 185 billion in 2021 and is projected to reach USD 980 billion, by 2028.

Facts and Factors published the latest report titled "Electric Vehicle Market By Module (On-Board Charger, Battery Cells & Packs, Infotainment System, and Others), By Charging Station (Super and Normal), By Propulsion (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Plug-In Electric Vehicles, and Hybrid Electric Vehicles), By Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles), By Drivetrain (Series Hybrid, Parallel Hybrid, and Combined Hybrid), By Vehicle Class (Luxury and Mid-Priced), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028" into their research database.

Industry Dynamics:

Global Electric Vehicle Market: Growth Drivers

  • Strict government restrictions and regulations toward vehicle emission are expected to drive the market's growth.

Governments and regulatory agencies around the world are establishing strict emission rules and laws to minimize vehicle emissions in response to growing ecological issues. Stringent emission targets for carbon dioxide (CO2) and nitrogen oxides (NOx) in the air are major regulatory measures. Vehicles release large amounts of greenhouse gases, and the state & federal governments in the United States are making intensifying attempts to make transportation sustainable.

For instance, the United States Environmental Protection Agency (EPA) has announced that it is developing new guidelines to reduce nitrogen oxide (NOx) and other emissions emitted by heavy-duty trucks. Furthermore, the California Air Resources Board (CARB) is implementing the heavy-duty Low NOx Omnibus Regulation, which intends to reduce NOx emissions by 90% by 2027 compared to existing standards. Furthermore, the European Union (EU) promised in the Paris Agreement (COP21) to meet its 20% greenhouse gas emission reduction target in 2020 for the Kyoto Protocol's second phase. The EU has also set a goal of reducing greenhouse gas emissions by 40% by 2040 and reaching net-zero by 2050.

As a result, the demand for vehicle manufacturers, particularly commercial vehicle manufacturers, has increased as a result of the passage of emission restrictions for fossil fuel-powered vehicles. As a result, demand for electric vehicles is projected to rise. Thus, strict emission standards placed on fossil-fuel-driven commercial vehicles are propelling the global electric vehicle market forward. 

Global Electric Vehicle Market: Restraints

  • High production costs will impede market expansion.

Electric vehicles are preferable to regular fuel vehicles, but they are more expensive than gasoline-powered vehicles. Because these vehicles aren't mass-produced, they haven't yet attained economies of scale. Furthermore, the absence of charging points linked to the development of electric vehicles has proven to be a deterrent to market expansion. Similarly, producers require a significant amount of financial assets, which may stifle the global electric vehicle market growth. However, the battery costs are likely to drop in the coming years as part of the increased mass production of electric vehicle batteries in huge volumes and technological developments.

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Global Electric Vehicle Market: Opportunities

  • Government initiatives to promote electric vehicles offer significant growth opportunities.

Vehicle emissions reduction objectives have been set for 2050 in many countries across the world. They have begun to promote the production and sale of electric vehicles, as well as the infrastructure that supports them. For instance, the US government spent USD 5 billion in 2017 to support electric vehicle infrastructure like charging points. Many countries are offering minimal or even no registration fees and also exemptions from import duties, road tax, and sales tax. Furthermore, countries such as Germany and Norway are heavily investing in electric vehicle sales promotion.

As a result of the huge incentives and benefits in Europe, there is a rapid increase in the market for electric vehicles. This has resulted in an increase in demand for electric vehicle charging equipment and materials such as connectors, charging cables, portable chargers, and adapters. A 2020 vision for a nationwide fast-charging channel is also scheduled to be created as part of an agreement between the US departments of energy and transportation, with potential longer-term developments including up to 350 kW of DC power supercharging. As a result of stricter CO2 emission regulations, electric vehicles have become more popular.

Global Electric Vehicle Market: Challenges

  • Lack of standardization of electric vehicles remains a challenge.

The necessity for the standardization of electric car charging stations has been highlighted by factors like the development of the electric vehicle market and variances in charging loads. Certain electric vehicle charging outlets may only work with a specific voltage. For instance, level 1 charging points provide a voltage of 120V AC, whereas level 2 charging points provide a voltage of 208V AC or 240V AC. DC charging stations, on the other hand, use 480V AC to provide quick charging. For the establishment of a favorable ecology and a rise in electric vehicle sales, governments must standardize charge stations. Different countries have different quick-charging standards. CHAdeMO is used in Japan; CCS is used in Europe, the United States, & Korea; and GB/T is used in China. Because India has yet to achieve standardization in fast charging systems, the Indian government has ordered the deployment of both CHAdeMO and CCS methods.

However, because this rule increased the cost of installing charging stations, the government amended the guidelines in July 2019 and enabled charging station operators to choose their preferred method. Tesla, a California-based electric vehicle manufacturer, employs high-performance superchargers that are exclusive to Tesla and cannot be utilized by other electric vehicles. The absence of standardization between countries may have an influence on charging station installation and stifle the market for electric vehicle charging stations.

Global Electric Vehicle Market: Segmentation

  • The global electric vehicle market is segregated on the basis of module, charging station, propulsion, vehicle type, drivetrain, vehicle class, and region.

By module, the market is divided into on-board chargers, battery cells & packs, infotainment systems, and others. Rising demand for electric vehicles boosts battery cells and pack manufacturing unexpectedly. As a result of this element, automotive battery makers or suppliers are always focused on research and development, which has helped to reduce battery costs. This aspect enables the market to develop at the fastest CAGR.

By charging station, the market is segmented in super and normal. Normal charging stations dominate the market, as the majority of customers choose to charge their vehicle at home while it is idle.

By propulsion, the market is classified into battery electric vehicles, fuel cell electric vehicles, plug-in electric vehicles, and hybrid electric vehicles. The battery electric vehicle segment dominates the market, but hybrid electric vehicles are predicted to increase at the fastest rate in the forecasted year.

By vehicle type, the global electric vehicle market is divided into two-wheelers, passenger cars, and commercial vehicles. Passenger cars dominate the market and have the highest CAGR.

By drivetrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. The series hybrid drivetrain segment dominates the market because it provides maximum efficiency when driving on city streets or in congested areas. In comparison to parallel hybrid vehicles, series hybrid vehicles have higher fuel efficiency and lower emissions.

By vehicle class, the market is segmented into luxury and mid-priced. Mid-priced vehicles segment dominates the market and also have the highest CAGR. 

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List of Key Players in Electric Vehicle Market:

  • Chevrolet Motor Company
  • Karma Automotive
  • Okinawa Autotech Pvt. Ltd.
  • WM Motor
  • Ford Motor Company
  • Benling India Energy and Technology Pvt Ltd
  • Hyundai Motor Company
  • Mahindra Electric Mobility Limited
  • Toyota Motor Corporation
  • Energica Motor Company S.p.A.
  • Kia Corporation
  • Ampere Vehicles
  • Lucid Group Inc.
  • Tata Motors
  • Xiaopeng Motors
  • NIO
  • BYD Company Limited
  • Hero Electric
  • Nissan Motors Co.Ltd.
  • Volkswagen AG
  • General Motors
  • Rivain
  • Daimler AG
  • Tesla Inc.
  • BMW AG.

Key questions answered in this report:

  • What are the growth rate forecast and market size for ELECTRIC VEHICLE Market?
  • What are the key driving factors propelling the ELECTRIC VEHICLE Market forward?
  • What are the most important companies in the ELECTRIC VEHICLE Market Industry?
  • What segments does the ELECTRIC VEHICLE Market cover?
  • How can I receive a free copy of the ELECTRIC VEHICLE Market sample report and company profiles?

Report Scope:

Report Attribute


Market size value in 2021

USD 185 Billion

Revenue forecast in 2028

USD 980 Billion

Growth Rate

CAGR of almost 24.5 % 2022-2028

Base Year


Historic Years

2016 – 2021

Forecast Years

2022 – 2028

Segments Covered

By Module, Charging Station, Propulsion, Vehicle Type, Drivetrain, Vehicle Class, and Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

Chevrolet Motor Company, Karma Automotive, Okinawa Autotech Pvt. Ltd., WM Motor, Ford Motor Company, Benling India Energy and Technology Pvt Ltd, Hyundai Motor Company, Mahindra Electric Mobility Limited, Toyota Motor Corporation, Energica Motor Company S.p.A., Kia Corporation, Ampere Vehicles, Lucid Group, Inc., Tata Motors, Xiaopeng Motors, NIO, BYD Company Limited, Hero Electric, Nissan Motors Co., Ltd., Volkswagen AG, General Motors, Rivain, Daimler AG, Tesla Inc., BMW AG., and Others

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Customization Scope

Avail of customized purchase options to meet your exact research needs.


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Recent Developments

  • April 2021: Toyota Motor Corporation introduced Toyota bZ, a new BEV product line that includes a comprehensive range of models. By 2025, the business plans to introduce 15 BEV models, including seven new Toyota bZ BEV variants.
  • October 2020: Hino Motors, Ltd. (Hino) and BYD Firm Ltd. formed a joint venture agreement to establish a new company dedicated to the development of commercial BEVs.

Regional Dominance:

  • Asia Pacific region dominates the electric vehicle market.

Asia Pacific electric vehicle industry is dominated by China, which is the world's leading manufacturer of electric vehicles and exporter of significant component parts for electric vehicles. According to the IEA's worldwide electric vehicle projection, China will be the market leader in 2028, with a share of roughly 57 percent. Furthermore, foreign manufacturers such as General Motors and Volkswagen are stepping up their operations in China. Tesla has a manufacturing site in China for one of its models, which will help meet the growing demand for electric sedans.

The company intends to release SUV models all over the world. The corporation will also open a battery manufacturing facility in China that will be utilized in its electric vehicles, lowering operational costs, increasing customer reach, and building a barrier to potential entrants. Because of rising population consumption, the European area is predicted to increase at the fastest rate during the forecast period.

Global ELECTRIC VEHICLE Market is segmented as follows:

Electric Vehicle Market: By Module Outlook (2022-2028)

  • On-Board Charger
  • Battery Cells & Packs
  • Infotainment System
  • Others

Electric Vehicle Market: By Charging Station Outlook (2022-2028)

  • Normal
  • Super

Electric Vehicle Market: By Propulsion Outlook (2022-2028)

  • Battery Electric Vehicles
  • Fuel Cell Electric Vehicles
  • Plug-In Electric Vehicles
  • Hybrid Electric Vehicles

Electric Vehicle Market: By Vehicle Type Outlook (2022-2028)

  • Two-wheelers
  • Passenger Cars
  • Commercial Vehicles

Electric Vehicle Market: By Drivetrain Outlook (2022-2028)

  • Series Hybrid
  • Parallel Hybrid
  • Combined Hybrid

Electric Vehicle Market: By Vehicle Class Outlook (2022-2028)

  • Luxury
  • Mid-Priced

Electric Vehicle Market: By Region Outlook (2022-2028)

North America

  • The U.S.
  • Canada


  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Press Release for Electric Vehicle Market: 

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