Report Description

According to Constrack360, Global electric vehicle market is expected to grow by 76.5% on an annual basis to reach US$730.5 billion in 2023.

The medium to long term growth story of the global electric vehicle market remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 29.4% during 2023-2027. The global electric vehicle market will increase from US$413.8 billion in 2022 to reach US$2,049.6 billion by 2027.

The global electric vehicle market is undergoing a seismic shift, with the sales set to surge to yet another record in 2023. The policy initiatives announced by major economies, such as the Inflation Reduction Act in the United States and the Fit for 55 package in the European Union, are expected to aid the growth of the electric vehicles market over the next five years and beyond.

Although China, the European Union, and the United States are leading the global EV market and will continue to do so over the next three to four years, other nations are also making rapid strides in the sector. Supportive policy measures in emerging and developing economies like India have driven the investment of the private sector in the EV market, thereby supporting the growth of the domestic industry. Overall, ConsTrack360 maintains a robust growth outlook for the EV market over the next three to four years in the global market.

China, Europe, and the United States lead the growth of the global electric vehicles market in 2023

Globally, sales of electric vehicles are expected to reach new highs in 2023, on the back of growing adoption in markets like China, Europe, and the United States. According to a report from the International Energy Agency, over 10 million electric cars were sold globally in 2022, and the number is projected to rise by another 35% in 2023.

  • China accounts for 60% of total electric cars sold in the global market in 2022. More than half of the electric cards running on the roads worldwide are in China, according to the report from the International Energy Agency. Europe and the United States are following China in second and third place. Both of these markets experienced a strong increase in sales of electric vehicles in 2022.
  • In Europe and the United States, government policies like the Inflation Reduction Act and Fit for 55 package, are expected to drive the future growth of the electric vehicles industry. China, Europe, and the United States, notably, are expected to have a market share of nearly 60% in the global industry by 2030, based on the report from the International Energy Agency.


The rising adoption of electric vehicles in these markets is also having a positive impact on other sectors like battery production and supply chains. China currently dominates the battery production and component trade. However, the United States is seeking to reduce its reliance on the Chinese market, and is, therefore, offering tax credits to manufacturers to boost domestic production capacity.

Electric vehicles are gaining strong traction among consumers in India in 2023

Efforts to reduce carbon emissions and combat climate change are among the major factors driving the growth of the electric vehicles market in India. Government policies, growing charging infrastructure, and the emergence of new players in the market have made electric vehicles more accessible to consumers in India over the last 12 months.

  • Based on the data from Vahan, the overall sales of electric vehicles reached 1.17 million units, as of March 2023. This is a clear indication that the electric vehicle market is growing at a rapid pace in India. ConsTrack360 expects the trend to continue over the next three to four years, with adoption driven by certain cost factors and financial incentives offered by the Indian government.


The emergence of new players, especially in the two-wheeler category, has also driven investment from existing firms into the EV market in India. The growing competitive landscape is, therefore, expected to have a positive impact on the growth of the overall market from the short to medium-term perspective.

Charging infrastructure needs big improvements for an accelerated growth of the electric vehicles market

A growing population, especially in the United States, is still hesitant to purchase electric vehicles due to their concerns about charging capabilities and infrastructure. A June 2023 report from Cox Automotive revealed that 32% of the consumers who were thinking of buying an EV cited the lack of charging infrastructure in nearby areas as a barrier to their purchase decision.

  • Even though automakers have announced billion-dollar investments in ramping up their production capacity, ConsTrack360 expects the investment for the development of charging infrastructure will determine the growth rate of the EV market over the next three to four years. The recent announcement is also a testament to the projections of ConsTrack360.


In the United States, automakers, including BMW Group, General Motors, Hyundai, Honda, Kia, Mercedes-Benz Group, and Stellantis, have announced an initial investment of at least US$1 billion in a joint venture in July 2023. This initiative is set to pave the way for the creation of 30,000 fast-charging ports strategically positioned along key highways and various locations across the United States and Canada. Going forward, ConsTrack360 expects more such strategic collaborations and investments in the sector, thereby aiding the growth of the global industry.

This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.

This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Electric vehicle further breaks down market opportunity by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.

The electric vehicle charging infrastructure provides market size data by number of charging stations, and number of charging points. It breaks down market opportunity by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.

ConsTrack360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

This title from ConsTrack360 is a bundled offering, combining the following 22 reports (2134 tables and 2618 charts):

1. Global Electric Vehicle Business and Investment Opportunities Databook
2. Brazil Electric Vehicle Business and Investment Opportunities Databook
3. Mexico Electric Vehicle Business and Investment Opportunities Databook
4. Turkey Electric Vehicle Business and Investment Opportunities Databook
5. Israel Electric Vehicle Business and Investment Opportunities Databook
6. South Africa Electric Vehicle Business and Investment Opportunities Databook
7. Australia Electric Vehicle Business and Investment Opportunities Databook
8. China Electric Vehicle Business and Investment Opportunities Databook
9. India Electric Vehicle Business and Investment Opportunities Databook
10. New Zealand Electric Vehicle Business and Investment Opportunities Databook
11. Japan Electric Vehicle Business and Investment Opportunities Databook
12. South Korea Electric Vehicle Business and Investment Opportunities Databook
13. Belgium Electric Vehicle Business and Investment Opportunities Databook
14. Denmark Electric Vehicle Business and Investment Opportunities Databook
15. Finland Electric Vehicle Business and Investment Opportunities Databook
16. France Electric Vehicle Business and Investment Opportunities Databook
17. Germany Electric Vehicle Business and Investment Opportunities Databook
18. Italy Electric Vehicle Business and Investment Opportunities Databook
19. Netherlands Electric Vehicle Business and Investment Opportunities Databook
20. Spain Electric Vehicle Business and Investment Opportunities Databook
21. Switzerland Electric Vehicle Business and Investment Opportunities Databook
22. United Kingdom Electric Vehicle Business and Investment Opportunities Databook


Scope

This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:

Overall Vehicle Market Size and Future Growth Dynamics

  • Market size by value
  • Market size by volume




Electric Vehicle Market Size and Forecast

  • Market size by value
  • Market size by volume



Electric Vehicle Market Volume By Drive Segment

  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive



Electric Vehicle Market Value and Volume By Car Segment

  • Passenger Car
  • Commercial Vehicle



Electric Vehicle Market Value and Volume By Passenger Car Segment

  • Small Car
  • Medium Car
  • Crossover Car
  • Large Car
  • SUV



Electric Vehicle Market Value and Volume By Commercial Vehicle Segment

  • Light Duty Vehicle (Class 1-Class 3)
  • Medium Duty Vehicle (Class 4-Class 6)
  • Heavy Duty Vehicle (Class 7-Class 8)



Electric Vehicle Market Value By Vehicle Class

  • Low-Priced
  • Mid-Priced
  • Luxury Class



Electric Vehicle Market Value By Powertrain

  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid



Electric Vehicle Market Value By Distance Range

  • Up to 150 Miles
  • 151-300 Miles
  • Above 300 Miles



Electric Vehicle Market Value By Charging Type

  • Normal Charging
  • Super Charging



Electric Vehicle Market Value By Propulsion Type

  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Fuel Cell Electric Vehicles (FCEVs)



Electric Vehicle Market Value and Volume By Vehicle Type

  • Two Wheelers (e2W)
  • Three-Wheeler (e3W)
  • Four Wheelers (e4W)
  • Electric Buses



Electric Vehicle Market Value By Cities

  • Tier 1 Cities
  • Tier 2 Cities
  • Tier 3 Cities



Electric Vehicle Market Value By Components

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier



Electric Vehicle Infrastructure Market Value

Electric Vehicle Infrastructure Market Volume

  • Number of Charging Points
  • Number of Charging Stations



Electric Vehicle - Number of Charging Points By Charging Type

  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)



Electric Vehicle - Number of Charging Stations By Charging Type

  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)



Electric Vehicle - Number of Charging Points By Location

  • Residential and Destination
  • Streets
  • Workplaces
  • Flew depots



Electric Vehicle - Number of Charging Points By Charging Speed

  • Slow
  • Fast
  • Rapid
  • Ultrarapid



Electric Vehicle - Number of Charging Stations By Charging Speed

  • Slow
  • Fast
  • Rapid
  • Ultrarapid



Electric Vehicle - Number of Charging Points By Vehicle

  • Passenger Cars
  • Buses
  • Trucks
  • Light Commercial Vehicles



Electric Vehicle - Number of Charging Points By Connection Phase

  • Single Phase
  • Three Phase



Electric Vehicle - Number of Charging Points By Infrastructure Type

  • CSS
  • CHAdeMO
  • GB/T
  • Other



Electric Vehicle - Number of Charging Points By Connectivity

  • Smart Charging Station
  • Non-Connected Charging Station




Reasons To Buy

The report provides a comprehensive overview of the global electric vehicle market and infrastructure, covering the following key aspects:

  • Market size by value and volume: This report provides detailed global market size and forecast data for electric vehicles, by value and volume. This data is essential for understanding the current and future potential of the market.
  • Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
  • EV infrastructure: This report also provides a comprehensive overview of the global electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the global electric vehicle infrastructure market.
  • Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Global electric vehicle and infrastructure market.