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Report Highlights
The global market for electric vehicles and fuel cell vehicles was valued at $655.9 billion in 2023. The market is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.
Report Includes
- 84 data tables and 52 additional tables
- Industry analysis of the global markets for electric vehicles (EVs) and fuel cell battery vehicles (FCEVs)
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
- Estimates of the current market size in value and volumetric terms and revenue prospects, along with a market share analysis based on vehicle type, propulsion type, power source, and region
- Facts and figures pertaining to the market dynamics, current and emerging technologies, regulatory scenarios, and the expected impact of macroeconomic factors
- Assessment of unit sales and shipments of EVs, and a review of their power sources
- Insights into the market based on the Porter’s Five Forces model and a value chain analysis
- Overview of ESG and sustainability trends, with a focus on consumer attitudes, companies’ ESG score rankings and their ESG practices
- Analysis of patents related to EVs’ power sources and components
- Insight into the industry structure, including company revenue share analysis, mergers and acquisitions, and venture funding
- Company profiles of leading players, including BYD Co. Ltd., Tesla Inc., Hyundai Motor Co., Volkswagen Group, and Zhejiang Geely Holding Group Co. Ltd.
Report Scope
This report includes key segments of EVs and FCEVs, such as propulsion type, vehicle type, and power source. Additionally, the report discusses the technological, regulatory, and market ranking analysis for top players. It further analyzes the market’s dynamics and current industry trends. The report also covers patent analysis, the ESG development chapter, emerging technologies, and the impact of the Russia-Ukraine war on the EV and FCEV market. The report concludes by providing detailed company profiles of the top manufacturers in the global market.
Industrial vehicles and low-speed electric vehicles are not considered in the scope. The global volume (thousand units) for all the vehicle types is taken from the International Energy Agency (IEA) EV Outlook 2024 report.
The report also includes geographic analysis for North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa).
The base year is 2023, 2024 is an estimated year, and the market values are forecasted for five years until the end of 2029. All market values are in the dollar ($) billion. All market values are nominal.
Report Synopsis
| Report Metrics | Details | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Base year considered | 2023 | ||||||||||||||||
| Forecast period considered | 2024-2029 | ||||||||||||||||
| Base year market size | $655.9 Billion | ||||||||||||||||
| Market size forecast | $1.8 Trillion | ||||||||||||||||
| Growth rate | CAGR of 18.6% from 2024 to 2029 | ||||||||||||||||
| Units considered | $ Billions (Revenue) and Thousand Units (Sales Volume) | ||||||||||||||||
| Segments covered | By Propulsion Type, Vehicle Type, Power Source, and Region | ||||||||||||||||
| Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa) | ||||||||||||||||
| Countries covered | The U.S., Canada, Mexico, Germany, U.K., France, The Netherlands, Belgium, Italy, Spain, China, India, Japan, South Korea and Australia | ||||||||||||||||
| Key Market Drivers |
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| Companies studied |
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Frequently Asked Questions (FAQs)
- Increasing sales of electric cars globally.
- Decreasing battery costs are supporting EV adoption globally.
- Rising petroleum prices drive the shift of consumers toward EVs.
Analyst Credentials
BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.
Consulting Editor’s Credentials
Jason Chen has been an analyst and consultant for the polymer, composite, fibre, textile and energy industries for 19 years. He works as a researcher, writer and/or editor for the American Composites Manufacturers Association (ACMA), China Textile Academy (CTA), China Chemical Fiber Association (CCFA), International Fiber Journal, Filtration News, Platts Emission Daily, Vision Systems Design, Pesticide and Toxic Chemical News and MobileTex. He has a degree in Civil Engineering, Chemicals and Advanced Materials from Shantou University.
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Report Highlights
The global electric vehicles and fuel cell vehicles market should reach $2.5 trillion by 2027 from $816.5 billion in 2022 at a compound annual growth rate (CAGR) of 25.0% for the forecast period of 2022 to 2027.
Report Includes
- 184 data tables and 47 additional tables
- An up-to-date overview and analysis of the global and regional markets for electric vehicles (EVs) and fuel cell vehicles (FCVs) within the industry
- Analyses of the global market trends, with market revenue (sales data) for 2021, estimates for 2022 and 2023, and projections of compound annual growth rates (CAGRs) through 2027
- Estimation of the actual market size for electric vehicles and fuel cell vehicles in value and volumetric terms, revenue forecast, and corresponding market share analysis by vehicle type, configuration, power source and geographic region
- Updated information about the industry standards, government and industry support, regulations, and other factors that will shape this market demand in the coming years (2022-2027)
- Market outlook and market assessment for unit shipments of commercially viable EVs and summary of details of power sources that make these vehicles possible
- Discussion of the industry value chain analysis providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
- In-depth information on increasing investments on R&D activities, key technology issues, industry specific challenges, major types of end-user markets, and COVID-19 implications on the progress of this market
- Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
- Descriptive company profiles of the leading global players, including BMW AG, Ford Motor Co., Honda Motor Co. Ltd., Nissan Motor Co. Ltd., and Tesla Inc.
Report Highlights
The global electric vehicle market should reach $550.4 billion by 2024 from $257.4 billion in 2019 at a compound annual growth rate (CAGR) of 16.4% for the forecast period of 2019 to 2024.
Report Includes
- 71 data tables and 65 additional tables
- Descriptive study of the global markets for electric vehicles (EVs) and fuel cell vehicles (FCVs)
- Data corresponding to market value and unit shipments of commercially viable EVs, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and pure battery-powered electric vehicles (BEVs)
- Summary of details pertaining to power sources that make these vehicles possible, including lead-acid, nickel-metal hydride, lithium-ion batteries, and proton-exchange membrane fuel cells
- Identification of the companies that are best positioned to meet this demand because of their proprietary technologies, strategic alliances or other advantages
- Company profiles of leading market participants within the industry, including AC Propulsion, BMW, Eaton Corp., Detroit Electric, General Motors, Hyundai, Kia Motors, Mazda, Nissan Motor Co. and Porsche
Report Highlights
The global electric vehicles market reached $94.9 billion in 2019 and should reach $183.7 billion by 2024, at a compound annual growth rate (CAGR) of 14.1% for the period of 2019-2024.
Report Includes
- 75 data tables and 67 additional tables
- Descriptive study of the global markets for electric vehicles (EVs) and fuel cell vehicles (FCVs)
- Analyses of global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Data corresponding to market value and unit shipments of commercially viable EVs, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and pure battery-powered electric vehicles (BEVs)
- Summary of details pertaining to power sources that make these vehicles possible, including lead-acid, nickel-metal hydride, lithium-ion batteries, and proton-exchange membrane fuel cells
- Identification of the companies that are best positioned to meet this demand because of their proprietary technologies, strategic alliances or other advantages
- Company profiles of leading market participants within the industry, including Automotive Fuel Cell Cooperation Corp., Bae Systems, China Motor Corp., Ferrari, General Motors, Harley Davidson, Hyundai Motor, Mitsubishi, Nissan Motor Co., Skoda, Tata Motors, and Yamaha
Report Highlights
The global market for electric vehicle (EV) will grow from $75.7 billion in 2017 to around $127.7 billion by 2022 with a compound annual growth rate (CAGR) of 11.0% for the period of 2017-2022.
Report Includes
- 158 data tables and 69 additional tables
- An overview of the global market for electric vehicles, including battery-powered vehicles, fuel-cell-powered vehicles, and hybrid vehicles.
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
- Details on many types of electric vehicles being considered, including passenger cars, trucks, buses, e-bikes and scooters, motorcycles, and material handling and industrial vehicles.
- Discussion on the developing EV markets, such as military vehicles, locomotives, marine vehicles, and vehicle auxiliary power units.
- A summary of the power sources that make these vehicles possible, including lead-acid, nickel-metal hydride, lithium-ion batteries and proton-exchange membrane fuel cells; niche power source possibilities are also considered.
- Profiles of leading companies in the industry, including: AC Propulsion, AMZ-Kutno, Arcimoto, AstonBus USA, BAE Systems, Bentley Motors Inc., Blue Sky Design LLC, BNSF Railway, Bolloré, Boulder Electric Vehicle, Brammo Inc.
Report Highlights
The global electric vehicle (EV) market was worth over $73.0 billion in 2014. This market is expected to reach about $109.8 billion by 2019, with a compound annual growth rate (CAGR) of 8.5% from 2014 to 2019.
Report Includes
- An overview of the global market for electric vehicles including battery-powered vehicles, fuel cell-powered vehicles, and hybrid vehicles.
- Analyses of global market trends, with data from 2013 and 2014, and projections of CAGRs through 2019. Both value and units shipped are provided.
- Details on many types of electric vehicles being considered including passenger cars, trucks, buses, eBikes and scooters, motorcycles, and material handling and industrial vehicles.
- Discussion on developing EV markets like military vehicles, locomotives, marine vehicles, and vehicle auxiliary power units.
- A summary of the power sources that make these vehicles possible; power sources considered include lead-acid, nickel metal hydride, lithium-ion batteries and proton exchange membrane fuel cells, and developmental and niche power source possibilities are also considered.
- Detailed profiles of leading companies in the industry.
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