Electric Vehicle Market Size to Hit Around USD 1.56 trillion by 2030

The latest study collated and published by Nova one advisor analyzes the historical and present-day scenario of the global Electric Vehicle market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, future scopes, cost analysis and key trends during the forecast timeframe 2022 to 2030.

According to Nova one advisor, the global Electric Vehicle market was valued at USD 287.20 billion in 2021 and it is expected to hit around USD 1.56 trillion by 2030 with a CAGR of  27.52 % during the forecast period 2022 to 2030.

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Key Takeaway

  • By 2040, the Europe is expected to achieve 40% greenhouse gas reduction and net-zero by 2050

  • EV sales increased by 80% in the United States in 2019

  • Asia Pacific electric vehicle market was valued at USD 121.7 billion in 2021

  • By propulsion type, the battery electric vehicles (BEV) accounted largest revenue share 66% in 2021

  • The hybrid electric vehicle segment is expected to reach USD 301.67 billion by 2030 from valued at USD 77,581.7 million in 2021.

  • The plug-in hybrid EV segment is expected to hit revenue USD 385,617 million from 2022 to 2030.

  • The passenger car electric vehicle market was valued at USD 127,394 million in 2021 and is projected to hit at USD 598,735 million by 2030.

  • The commercial vehicle EV market was valued at USD 47,351.9 million in 2021.

  • The luxury EV market is projecte to reach USD 441,273 million by 2030 from valued at USD 104,380 million in 2021.

The reduced operating costs of electric vehicles has emerged as an important growth driver for the global Electric vehicle market.

The awareness initiatives that have been taken to promote the use of electric vehicles, and the rising number of electric vehicle production plants have also contributed to the growth of the electric vehicle market.

Electric vehicles use low emission technologies, which help to decrease the greenhouse gas emission levels and tackle other environmental issues. Several developing economies are opting for sustainable solutions to decrease greenhouse gas emissions.

The rising concerns regarding the emissions from conventional internal combustible (IC) engines have fueled the demand for electric vehicles, which, in turn, has had a positive impact on the Electric vehicle market.

An electric vehicle is better than a conventional IC engine vehicle in many aspects, such as the motors, battery capacities, and other electrical components. Leading Electric vehicle market players are also rising their production capacities to manufacture sustainable electric vehicles.

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Market Dynamics


Growing government initiatives

  • Governments are spending a lot of money on incentives and subsidies to persuade people to buy electric cars. Governments throughout the world are taking initiatives that are likely to boost demand for electric vehicles in the coming decade. Electric vehicles have been regulated in developing countries, and fuel economy criteria have been established in all countries. In addition, they offer incentives and subsidies to electric vehicle makers and buyers. Thus, this factor is driving the market growth.


Lack of standardization

  • The non-presence of standardization among nations may have an effect on charging station connection and hinder market expansion. The usage of several charging standards around the world creates a hurdle to electric vehicle charging station harmonization. Standardization of charging points would make it easier to charge electric vehicles in public and contribute to a faster increase in electric vehicle demand around the world. As a result, lack of standardization is restricting the growth of the market.


Declining costs of electric vehicle batteries

  • Due to technological breakthroughs and the mass production of electric vehicle batteries in huge quantities, the cost of electric vehicle batteries has decreased over the last decade. Because electric vehicle batteries are one of the most expensive components of the car, this has resulted in a reduction in the cost of electric vehicles.


Lack of charging infrastructure

  • In many places around the world, there are few electric vehicle charging facilities. As a result, public electric vehicle charging stations for electric vehicles are becoming less available, lowering uptake. Electric vehicle charging infrastructure is being installed in many countries, although most countries, with the exception of a few states, have not been able to establish the requisite number of charging stations.

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Supportive government policies and regulations to drive the demand for electric vehicles

Governments worldwide are increasingly investing in electric mobility. The increasing government regulations to phase out fossil fuel-powered vehicles, government investments for improving public EV charging infrastructure, and initiatives in the form of subsidies & tax rebates for adopting EVs are expected to support this market growth. Governments are investing in charging infrastructures either through direct investments for public charging stations or by providing subsidies for private charging stations at homes and workplaces.

In 2021, China announced subsidies amounting to USD 1.4 billion for installing charging stations. In the same year, to boost the EV demand, the German government announced all its fuel filling stations to set up electric car charging stations. The chargers are installed under its economic recovery plan with approximately USD 154.9 billion (EUR 130 billion) to help remove refueling concerns and boost consumer demand.

Decreasing prices of batteries to support the market growth

Battery electric vehicles majorly include autonomous delivery vehicles, industrial vehicles, and public transport vehicles. However, the cost and range limitations associated with EV batteries are a major restraining factor for the complete transition to electric mobility. Its capacity determines the cost of an electric vehicle battery in kilowatt-hours (kWh), which dictates its range and the power level of the motor that it supplies. Technological advancements have brought down the cost of EVs. EV battery manufacturers are focusing on providing high-capacity batteries and reducing battery prices to ensure the overall cost of a vehicle falls under the subsidized range. Government regulations to phase out fossil fuel-powered vehicles, increasing concerns raised over conventional vehicles' environmental impact, improvement in battery capacity, and supporting government policies and regulations are promoting the market growth.

Regional Insights

Asia Pacific dominated the global electric vehicle market in 2021 and expected to be the most lucrative region during the forecast period. China is the major electric vehicle market globally as it accounted nearly half i.e. 45% of the global electric vehicle sale. Other countries such as Japan, Korea, and India are also opportunistic markets as the governments of these countries are significantly investing in the EV startup to promote the manufacturing and sale of EVs across the globe. In July 2019, a Japanese firm Mitsui & Co. invested USD 13.3 million in an Indian e-Vehicle startup company, SmartE. The investment would help SmartE to bring multiple synergies in global EV market for its long term growth. Similarly, in June 2019, Toyota Motor Corp. invested USD 2 Bn for the development of electric vehicle in Indonesia.

North America is anticipated to be the fastest-growing region in the electric vehicle (EV) market. This proportion is attributed to the US's rising interest in electric vehicles. In addition, a modern nonprofit organization called Veloz has been established by automakers, nonprofits, legislators, and charging network firms. These new businesses had as their goals the development of electric vehicles in North America and obtaining capital, marketing, and growth. These elements have contributed to the increase in EV use in this area. By constructing a nationwide charging station network, the Department of Energy (DOE) hopes to promote the market for electric cars. As a result, North America maintains its position as the market's fastest-growing region.

The U.S. is dominating the electric vehicle market in the North America region. The rising demand for electric automobiles in the U.S. accounts for this proportion. In addition, Electrify America, a non-profit organization dedicated to promoting electric vehicle adoption, announced intentions to invest $200.0 million in California in 2018. As a result, over the projection period, demand for electric vehicles in North America is expected to rise.

Some of the prominent players in the Electric Vehicle market include:

  • Ampere Vehicles

  • Benling India Energy and Technology Pvt Ltd

  • BMW AG

  • BYD Company Limited

  • Chevrolet Motor Company

  • Daimler AG

  • Energica Motor Company S.p.A.

  • Ford Motor Company

  • General Motors

  • Hero Electric

  • Hyundai Motor Company

  • Karma Automotive

  • Kia Corporation

  • Lucid Group, Inc.

  • Mahindra Electric Mobility Limited

  • NIO

  • Nissan Motors Co., Ltd.

  • Okinawa Autotech Pvt. Ltd.

  • Rivain

  • Tata Motors

  • Tesla Inc.

  • Toyota Motor Corporation

  • Volkswagen AG

  • WM Motor

  • Xiaopeng Motors

Segments Covered in the Report

This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2017 to 2030. This research study analyzes market thoroughly by classifying electric vehicle market report on the basis of different parameters including product and region as follows:

By Propulsion Type

  • Hybrid Vehicles

    • Pure Hybrid Vehicles

    • Plug-in Hybrid Vehicles

  • Battery Electric Vehicles

  • Fuel Cell Electric Vehicles

By Components

  • Battery Cells & Packs

  • On-Board Charge

  • Motor

  • Reducer

  • Fuel Stack

  • Power Control Unit

  • Battery Management System

  • Fuel Processor

  • Power Conditioner

  • Air Compressor

  • Humidifier

By Vehicle Type

  • Passenger Cars

  • Commercial Vehicles

  • Two-Wheelers

  • E-Scooters & Bikes

  • Light Commercial Vehicles

  • Others

By Vehicle Class

  • Mid-priced

  • Luxury

By Top Speed

  • Less Than 100 MPH

  • 100 to 125 MPH

  • More Than 125 MPH

By Vehicle Drive

  • Front-Wheel Drive

  • Rear Wheel Drive

  • All Wheel Drive

By EV Charging Point Type

  • Normal Charging

  • Super Charging

By V2G

  • V2B or V2H

  • V2G

  • V2V

  • V2X

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

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