Global Electric Car Market Research Report 2025

Electric Car Market

The global market for Electric Car was valued at US$ 490040 million in the year 2024 and is projected to reach a revised size of US$ 2371010 million by 2031, growing at a CAGR of 25.6% during the forecast period.

Electric Cars are vehicles that are either partially or fully powered on electric power. Electric vehicles have low running costs as they have less moving parts for maintaining and also very environmentally friendly as they use little or no fossil fuels (petrol or diesel).

Global EV sales continued strong. A total of 10,5 million new BEVs and PHEVs were delivered during 2022, an increase of +55 % compared to 2021. China and Europe emerged as the main drivers of strong growth in global EV sales. In 2022, the production and sales of new energy vehicles in China reach 7.0 million and 6.8 million respectively, a year-on-year increase of 96.9% and 93.4%, with a market share of 25.6%. The production and sales of new energy vehicles have ranked first in the world for eight consecutive years. Among them, the sales volume of pure electric vehicles was 5.365 million, a year-on-year increase of 81.6%. In 2022, sales of pure electric vehicles in Europe will increase by 29% year-on-year to 1.58 million.

Report Scope
This report aims to provide a comprehensive presentation of the global market for Electric Car, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Electric Car.

The Electric Car market size, estimations, and forecasts are provided in terms of output/shipments (K Units) and revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. This report segments the global Electric Car market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.

For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

The report will help the Electric Car manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.

Electric Car Market Trends

Over the next few years, the global market size of electric cars is anticipated to continue to grow mainly driven by technological developments in batteries and the lower cost of lithium-ion (Li-ion) cells. A rise in the quantity of production is a significant factor leading to lower Li-ion battery prices along with the relocation of production units from Japan to China. This relocation allows manufacturers to benefit from a wide range of rare earth materials such as dysprosium and terbium for the production of batteries for electric vehicles. Furthermore, vehicle companies are presently targeting greater battery capacity, increasing the variety of electric vehicles (EVs) to 200 miles on a single charge. Some of the significant developments in the electric car market that will gain traction in the next five years include a rise in the amount of new electric car launches worldwide, the development of wireless charging facilities for EVs, and OEMs ' increasing in-house electric motors manufacturing.

Electric Car Market Segmentation

By Region

• North America
• Europe
• China
• Japan

By Type

• PHEV
• BEV

By Application

• Home Use
• Commercial Use

Top Companies

The global electric car market is highly competitive, with significant organizations leading the market. Some of the notable electric car companies discussed in this report are,

• BYD
• Geely
• BAIC
• Tesla
• Renault-Nissan
• BMW
• GM
• VW
• Toyota
• SAIC
• Zotye
• Daimler
• Chery
• JMCG
• Changan
• JAC
• Hyundai
• Mitsubishi
• Yutong
• Ford 
• Others.