Electric Vehicle Market worth $951.9 billion by 2030 – Exclusive Report by MarketsandMarkets™


Electric Vehicle Market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%, according to a new report by MarketsandMarkets™The electric vehicle (EV) market is experiencing a remarkable surge in growth, revolutionizing the global automotive industry. With an increasing focus on sustainability and reducing greenhouse gas emissions, governments and consumers alike are embracing the transition to electric mobility. Advancements in battery technology, charging infrastructure, and improved driving range have alleviated the concerns of range anxiety, boosting consumer confidence in EV adoption. Additionally, favorable government policies, incentives, and advancements in manufacturing processes have contributed to making EVs more accessible and affordable to the masses. At present, companies such as BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others. These companies manufacturers EVs and EV components.

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Browse in-depth TOC on “Electric Vehicle Market“.

130 – Tables
85 – Figures       
310 – Pages

Electric Vehicle Market Scope:

Report Coverage


Market Size

USD 951.9 billion by 2030

Growth Rate

13.7% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period


Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Components, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type, EV Charging Point Type, Vehicle Connectivity, End Use, Propulsion and Region.

Geographies Covered

Asia Pacific, Europe, North America, Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rising demand for electric vehicles in the automotive and transportation sectors

Key Market Drivers

Reducing prices of EV batteries will increase demand for EVs by making them cost effective

Commercial vehicles to be the fastest growing market by volume during forecast period

The commercial vehicle segment includes LCVs and HCVs. HCVs combine two categories of vehicles − heavy trucks and buses & coaches. The nature of these vehicles limits their production volumes and growth rates as they are used in specific applications such as logistics, construction, and mining industries. On the other hand, LCVs have come a long way from having bare-essential features to full-blown utility vehicles that can be used for passengers as well as commercial purposes. The majority of used LCVs and HCV’s include vans, mini-buses, pickups, trucks etc. Various companies such as Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, DAF Trucks, etc. already have EV models available or are currently under development. For instance, in May 2022, Stellantis and Toyota Motor partnered to develop a new large-size commercial van, including a battery electric version. This collaboration completes a full lineup of light commercial vehicles (LCV), consisting of compact, mid-size, and now a large-size LCV. Similarly, ZF’s Commercial Vehicle Solutions (CVS) department unveiled ‘AxTrax 2’ and ‘AxTrax 2 dual’ electric central drive system designed for various types of vehicles, ranging from light delivery vans to heavy-duty trucks and trailers. Increasing sales of electric buses, particularly in China, has contributed to the growth of the electric bus segment. In the near future, several countries are expected to replace their existing fuel-based bus fleets with electric buses. The increasing trend of the replacement of fossil fuel-based public transport fleets with electric buses is expected to drive the growth of electric commercial vehicle market during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility are expected to drive the growth of electric commercial vehicles during the forecast period. Electric vans are expected to witness significant growth in Europe and Asia owing to their extensive use in businesses. In the coming years, EV LCVs are expected to be the fastest-growing market.

FWD to be the largest market during the forecast period

A front wheel drive vehicle has the transmission system attached to its front axle and wheels. It is significantly cheaper to design and produce compared to other wheel drives. The vehicle is therefore cheaper for consumers. Most front wheel drives provide better mileage compared to rear wheel drives as the weight of the drivetrain is lower than that of the rear wheel drive. They also provide better traction as the weight of the engine and transmission are over the front wheels. This makes the vehicle easier to operate in difficult weather conditions such as snow and heavy rain. However, the handling of these vehicles is harder compared to other drives, especially at faster speeds. In 2022, there were total sales of 1.8 million FWD EV cars in Asia Pacific followed by 0.3 million in Europe and 0.04 million in North America. BYD Song Pro/Plus was the second best-selling passenger car worldwide which has a FWD type. Some popular FWD EVs include BYD Qin Plus, BYD Han, Tesla Model Y, BYD Donphin, Tesla Model 3, BYD Yuan Plus EV, BYD  Tang, Tesla Model Y, Tesla  Model 3, GAC Aion Y, GAC Aion S, Changan Benni EV, Chery QQ Ice Cream, Hozon Neta V EV, Chery EQ 1 etc. These vehicles are better suited for places with high traffic, metro cities, etc. Most mini EVs including GW Black Cat, GW White Cat and GW Good Cat are sold under FWD specification. These 3 cars sold well in the past few years. FWD EVs were relatively high in use in the past due to manufacturers simply converting their existing ICE vehicle structure to EV by replacing parts during production. This worked well in the initial shift to EVs when manufacturers were not sure about plans to develop EVs fully.

Middle East and Africa is expected to be the fastest growing market in the EV market”

The Middle East & Africa region has started giving importance to the electric vehicle industry in the recent past. Governments of countries such as the UAE, EgyptSouth Africa, and Cyprus have been working on growing their EV demand and EV charging stations across the region. These countries have provided incentives for EV buyers. Companies such as Tesla, Geely, Toyota, Volkswagen, and Nissan are leading this market. A large share of the EVs sold in this region are bought from China and Europe. Due to the low power prices in these regions, the cost of fuel for EVs reduces significantly, but the vehicle ownership costs make up for much of the difference. There is an advantage for the use of EVs in the Middle East: the urban areas are closer together and an 80% charge on a decent EV enables travel wherever needed within the states. The rising disposable incomes of people in this region along with the need for emission reductions has led to an increase in the demand for EVs in the last few years. The UAE for instance, plans to add over 42,000 EVs in Dubai by 2030. The country also plans to be among the world leaders in developing charging stations. It plans to provide free EV charging till 2025 to promote the EV market. The EV market in the Middle East & Africa is led by countries such as South Africa and the UAE while Egypt is a newly growing market. These countries are working towards developing demand and the adoption of EVs to reduce dependence on petrol in the coming years. These countries are also developing EV charging stations across their regions to cater to the upcoming demand for EVs.

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Key Market Players:

The EV companies are BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others.

Recent Developments:

  • In June 2023, PowerCo, a subsidiary of Volkswagen Group, has partnered with Koenig & Bauer to develop a revolutionary technology for battery cell production. The collaboration aims to create a roller press for powder coating electrodes on a large industrial scale, eliminating the need for wet-coating and subsequent drying processes. This Dry Coating procedure significantly reduces energy consumption and eliminates the use of chemical solvents. PowerCo is currently testing and optimizing the technology in a pilot line in Northern Germany. The new procedure has the potential to save approximately 30% of energy and 15% of floor space, and the use of chemical solvents.
  • In June 2023, Stellantis and Foxconn have announced the establishment of a joint venture called SiliconAuto. The 50/50 partnership aims to design and sell advanced semiconductors for the automotive industry, including Stellantis, starting in 2026. By combining Foxconn’s expertise in the ICT industry with Stellantis’ deep understanding of global mobility needs, SiliconAuto will provide a dedicated source of semiconductors for computer-controlled features and modules.
  • In May 2023, BYD and Toyota have formed a strategic partnership to collaborate on the production and sale of electric vehicles (EVs). Toyota aims to leverage the expertise of the well-established local company, BYD, and benefit from their advanced battery technology in this joint venture.
  • In April 2023, Tesla has announced its plan to potentially partner with CATL, a prominent battery manufacturer in China, to establish a US-based factory to comply with the Inflation Reduction Act set forth by the Biden administration. The specific location of the factory is yet to be confirmed, but Texas or California are strong contenders due to their proximity to Tesla’s assembly lines.
  • In April 2023, Volkswagen has announced a partnership with Shell Germany to expand the charging infrastructure for electric mobility. The collaboration has resulted in the installation of the first 150 kW Elli Flexpole charging station at a Shell service station in Göttingen on May 4, 2023. This innovative charging station, developed by Volkswagen’s brand Elli, features a unique battery storage system that allows it to connect to a low-voltage grid. This technology enables easy and flexible installation of charging stations while accelerating grid expansion. Following a successful test operation
  • In January 2023, BMW Group and Solid Power have entered a partnership for the next phase of their joint research and development efforts towards the adoption of solid-state batteries (ASSB) in series production vehicles. As part of an expanded Joint Development Agreement, BMW will establish an ASSB prototype line at its Cell Manufacturing Competence Center (CMCC) in Munich. This collaboration aims to enhance the design and manufacturing capabilities of all-solid-state batteries, with both companies conducting complementary cell development and manufacturing activities.

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Asia Pacific Electric 3-Wheeler Market worth 486,446 units by 2026 – Exclusive Report by MarketsandMarkets™


According to the new market research report Asia Pacific Electric 3-Wheeler Market by End-use (Passenger & Load), Range (Upto 50 Miles & Above 50 Miles), Battery type (Lead Acid & Lithium ion), Battery Capacity (Below 3kWh, 3kWh-6kWh, Above 6kWh), Motor Power and Country – Forecast to 2026″, published by MarketsandMarkets™, the Asia Pacific Electric Three-Wheeler Market is estimated to be 156,397 units in 2021 and is projected to grow to 486,446 units by 2026, at a CAGR of 25.5% during the forecast period. The automotive industry is at the cusp of technological evolution to develop zero-emission vehicles, while electric three-wheelers for daily commuting have become the steppingstone for the same. However, before deploying these as primary usages, electric three-wheelers need to have the necessary charging infrastructure and optimum performance. Electric three-wheelers are also noise-free. They are therefore expected to be the building block for the success of emission-free vehicles of the future.

Browse in-depth TOC on “Asia Pacific Electric 3-Wheeler Market”

93 – Tables
63 – Figures
185 – Pages

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The recent developments in the electric three-wheeler market have introduced batteries with improved specifications that are said to be at the heart of any electric three-wheeler. These advancements in batteries are expected to increase the performance and range of electric vehicles. The range is one of the most important reasons that users are still a bit hesitant to prefer electric three-wheelers over ICE three-wheelers. However, government bodies are working with manufacturers to provide the necessary charging infrastructure network. Because of all these benefits, electric three-wheelers are the future of the automotive industry.

Passenger Carrier is estimated to hold the largest market share by end use during the forecast period

The passenger carrier segment has experienced growth, especially in India and Bangladesh. This is because electric three-wheelers are used for taxi services for short-distance commutes in these countries. India has always been a large market for three-wheelers for public transport. As a result, e-rickshaws, by default, find huge scope in the passenger carrier segment. Governments have been encouraging the use of electric three-wheelers to reduce the number of petrol-fueled three-wheelers for emission reduction. During the forecast period, the passenger carrier segment will have the largest market due to lower maintenance and operation costs.

Electric three-wheeler-based services are provided by Ola Auto, UberAuto, DiDi Chuxing, and Jugnoo. Currently, electric three-wheelers have a very limited use case compared to traditional ICE three-wheelers, but various initiatives taken by the mobility solution providers are driving the passenger carrier segment of the electric three-wheeler market. For instance, in April 2018, Ola announced the addition of 10,000 electric three-wheelers to its Indian fleet by 2020. Also, in November 2020, Uber launched 500 electric three-wheelers on its platform as affordable last-mile connectivity. This is expected to drive the electric three-wheeler passenger carrier market over the estimated period.

Upto 50 miles segment is estimated to be the largest segment by range from 2018 to 2026

Most electric three-wheeler manufacturers provide electric three-wheelers with a range of up to 50 miles. Electric three-wheelers are considered an alternative to daily city commuting within the range of 10­–12 km. Hence, many electric three-wheelers have ranges up to 50 miles, making them more popular in the market.

Low-performance and affordable electric three-wheelers usually have a range of up to 50 miles. Many OEMs are offering electric three-wheelers with low-cost batteries with a restricted range. Mostly, electric three-wheelers with lead-acid batteries lie in this range. Lower energy density, poor performance at low temperatures, and short lifecycle of the battery put these electric three-wheelers in the lower performing range category.

Adoption of shared mobility is the major driver for electric three-wheelers with a range of up to 50 miles. Moreover, they consume comparatively less electricity, and as electricity is less expensive than gasoline, electric three-wheelers are more fuel-efficient than conventional vehicles. The total cost to travel in an electric three-wheeler with a range up to 50 miles is half of traveling in a gasoline-powered electric three-wheeler.

COVID-19 has distrusted public transportation due to lockdowns and social distancing, and this has affected the adoption of electric three-wheelers. However, it is expected that market adoption for shared mobility would grow in the future.

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India is estimated to show highest CAGR growth in Asia Pacific electric three-wheeler

India is the largest market in the region, followed by Bangladesh and the PhilippinesIndia is the largest market in the region due to its government policies to support the adoption of electric three-wheelers. In August 2020, the government introduced the new Delhi Electric Vehicle Policy, 2020, intending to increase the adoption of EVs in the national capital region. The new policy proposed tax waivers, charging and swapping infrastructure establishment, battery cycling ecosystem, and creating a non-lapsable State EV Fund. In 2019, Delhi proposed open permits for electric three-wheelers. Moreover, India already has a well-established market for three-wheelers. This is because of the country’s high taxes on petrol, which increases the demand for alternative fuel vehicles. The government’s new vehicle scrappage policies will also support the growth of electric three-wheelers, besides lowering the cost by providing subsidiaries in the country. In 2020, the purchasers of e-carriers were eligible for a scrapping incentive for scrapping and then registering the old ICE goods carriers registered in Delhi. Up to ~USD 104 (INR 7,500) of the incentive shall be reimbursed by the GNCTD for the purchase of e-carriers.

Regulatory support would play a key role in electric three-wheeler adoption. A combination of both fiscal and non-fiscal incentives is critical in the medium term. In terms of charging infrastructure, a mix of plug-in charging and battery swapping models must be carefully deployed for the growth of electric three-wheelers. For instance, in 2021, electric vehicle startup Zypp plans to set up 5,000 battery swapping stations for three-wheelers across India over the next three years. The last-mile delivery company, now operational in six cities, has set up 50 battery swapping stations across Delhi NCR and Jaipur.

Key Market Players:

The report analyzes all major players in the Asia Pacific Electric Three-Wheeler Market including Mahindra & Mahindra Ltd. (India), Atul Auto Ltd. (India), Piaggio Group (Italy), Lohia Auto Industries (India), and Kinetic Engineering Limited (India).

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