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Global Electric Vehicle Market


Electric-Vehicle-Innovius Research
  • 19-05-2021
  • By Innovius Research
  • Market Report

Global Electric Vehicle Market

Overview

An Electric Vehicle (EV) is one that runs on electricity rather than an internal-combustion engine, which produces power by burning a mixture of gasoline and gases. As a result, such a vehicle is seen as a potential substitute for current-generation automobiles in order to solve issues such as increasing emissions, global warming, depleting natural resources, and so on.

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In 2020, the Global Electric Vehicle market was valued at $246.74 billion. The global Electric vehicle market is expected to grow and reach $1299.3 billion by 2030.

During the forecasted period 2021-2030, the global Electric Vehicle market will be growing approximately at a CAGR of 18.07%.

In order to solve issues such as increasing emissions, global warming, depleting natural resources and the investment by the world’s leading companies have fueled the development of the EV sector.

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Global Electric Vehicle Market Size During 2020-2030 ($Billion)
Market Segmentation
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Market Share
Global Electric Vehicle Market Share, By Type

In 2020, it is estimated that the Hybrid Electric Vehicle (HEV) segment captured a market share of 66% out of the total global EV market by Type. Whereas, the Battery Electric Vehicle (BEV) segment and Plug-in Hybrid Electric Vehicle (PHEV) held approximately 17% each.

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Global Electric Vehicle Market Share, By Type 2020 (%)
Global Electric Vehicle Market Share, By Vehicles

In 2020, it is estimated that the Passenger Vehicle segment captured the market share of approximately 45 % out of the total global EV market by vehicles. Whereas, the Commercial vehicles segment held approximately 33% and the Others Vehicle segment held approximately 22%.

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Global Electric Vehicle Market Share, By Vehicles 2020 (%)
Global Electric Vehicle Market Share, By Region

In 2020, it is estimated that the Europe region captured the highest market share of approximately 45% out of the total global Electric Vehicle market. Whereas, the Asia-Pacific region held approximately 39% of the total market share followed by North America (10%) and the Rest of the world (6%).

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Global Electric Vehicle Market Share, By Region 2020 (%)

Data Sources: Modor Intelligence, Science Direct, PRNewswire, AlliedMarketResearch, Fortune Business Insights, Markets and Markets, Verified Market Research

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