Press release
Global Electric Vehicle Market to Expand Rapidly Driven by Demand for Sustainable Mobility
Electric Vehicle (EV) Market
Key Market Drivers
The rising demand for fuel-efficient, high-performance, and low-emission vehicles is a major factor propelling EV adoption worldwide. Unlike petrol or diesel vehicles, EVs produce significantly lower greenhouse gas emissions and can run on renewable energy sources such as wind, hydropower, and solar.
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Automakers are accelerating their shift toward electrification through partnerships and innovative launches. For example, Altigreen teamed up with Exponent Energy to unveil a new three-wheeler cargo EV, while EKA introduced India's first Level 2 ADAS-enabled electric bus in partnership with NuPort Robotics. Ola Electric also announced its long-awaited EV launch, scheduled for 2024.
Challenges in Growth
Despite the momentum, challenges remain. EV batteries tend to degrade faster in hot climates, with temperatures above 35°C reducing their efficiency and lifespan. Fast charging at Level 3 stations can also strain battery performance. Additionally, EVs remain more expensive than conventional vehicles, with limited driving ranges and uneven access to charging infrastructure in many regions.
Advancements in Battery Technology
Battery innovation continues to strengthen EV adoption. Lithium-ion batteries remain dominant due to their high energy density and durability, but companies are also investing in next-generation solutions such as solid-state batteries. Partnerships like that of Nikola Corporation and ChargePoint Holdings are focused on expanding EV charging infrastructure for fleets in the U.S., making adoption more practical and cost-efficient.
Supportive Government Policies
Government action is playing a pivotal role in EV market expansion.
In March 2023, the U.S. launched a multibillion-dollar program to build 500,000 EV charging stations nationwide.
In February 2023, India, the UK, and the U.S. partnered with global organizations to speed up the transition to zero-emission vehicles.
In 2022, India introduced the Toyota Mirai, its first green hydrogen-powered fuel cell EV, to promote alternative technologies.
France has also rolled out a subsidy project to encourage fast-charging station deployment across its highways.
Such initiatives, combined with falling battery costs and increasing vehicle ranges, are making EVs more accessible to consumers. Companies like Uber and Hertz are partnering with automakers and fleet providers to deploy thousands of EVs worldwide, further driving adoption.
Emerging Market Trends
The EV industry is experiencing several key trends:
OCPP 2.0.1 adoption: An updated charging protocol that improves security, payment systems, and smart charging functionalities.
Vehicle-to-Grid (V2G) technology: Allows EVs to return stored energy to the grid, turning cars into distributed energy resources.
AI integration: AI is enabling real-time vehicle health checks, predictive maintenance, and even dynamic insurance pricing.
EV-powered tourism: With more hotels and destinations offering EV-friendly infrastructure, tourism hotspots are supporting cleaner travel experiences.
Wider EV model availability: Automakers are releasing a variety of models across luxury, mid-range, SUVs, and commercial categories, often at more competitive prices.
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Market Segment Insights
By Vehicle Type: Plug-in Hybrid Electric Vehicles (PHEVs) hold the largest share, with sales reaching 10.5 million units globally in 2022-a 55% jump from 2021. Their flexibility, combining electric-only travel with hybrid mode for longer distances, makes them a preferred option. Toyota's launch of the new Prius PHEV in Japan highlights this growing demand.
By Battery Technology: Lithium-ion batteries dominate due to efficiency, high energy density, and long shelf life. They can deliver up to 3.6 volts-three times more than nickel batteries-making them suitable for high-performance EVs.
By Autonomous Capabilities: EVs equipped with Advanced Driver Assistance Systems (ADAS) are expected to see strong demand. Features like adaptive cruise control, automated parking, and collision avoidance make driving safer and more convenient.
Electric Vehicle (EV) Market Top Companies and Competitive Landscape
The global EV market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market.
Some major players included in the market report are:
Greaves Electric Mobility Private Limited
BMW AG
Tesla
Volkswagen Group
BYD Company Ltd.
Toyota Motor Corporation
Ford Motor Company
Nissan Motor Co., Ltd.
Mercedes-Benz Group AG
General Motors
Electric Vehicle (EV) Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global Electric Vehicle (EV) market on the basis of vehicle type, range, price range, battery technology, charging infrastructure, charging infrastructure type, infrastructure provider, charging speed, ownership model, autonomous capabilities, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
Battery Electric Vehicles (BEV)
Plug-in Hybrid Electric Vehicles (PHEV)
Fuel Cell Electric Vehicles (FCEV)
Extended Range Electric Vehicles (EREV)
Hybrid Electric Vehicles (HEV)
Range Outlook (Revenue, USD Billion; 2019-2032)
Compact EV
Midsize EV
Full-Size EV
Ultra-Compact EV
Price Range Outlook (Revenue, USD Billion; 2019-2032)
Economy EVs
Mid-Range EVs
Premium/Luxury EVs
Ultra-Luxury EVs
Battery Technology Outlook (Revenue, USD Billion; 2019-2032)
Lithium-Ion Battery EVs
Solid-State Battery EVs
Other Advanced Battery Technologies
Charging Infrastructure Outlook (Revenue, USD Billion; 2019-2032)
Home Charging
Public Charging
Workplace Charging
Destination Charging
Hotels
Restaurants
Others
Fast Charging
Charging Infrastructure Type Outlook (Revenue, USD Billion; 2019-2032)
CSS
CHAdeMO
Normal Charge
Tesla Supercharge
Type-2 (IEC 62196)
Infrastructure Provider Outlook (Revenue, USD Billion; 2019-2032)
Charging Point Operator
E-Mobility Service Provider
Charging Hubs
Charging Speed Outlook (Revenue, USD Billion; 2019-2032)
Standard Charging
Fast Charging (DC Fast Charging)
Ultra-Fast Charging
Ownership Model Outlook (Revenue, USD Billion; 2019-2032)
Private Ownership
Car Sharing and Ride-Hailing Services
Subscription-Based Ownership
Autonomous Capabilities Outlook (Revenue, USD Billion; 2019-2032)
EVs with Advanced Driver Assistance Systems (ADAS)
EVs with Autonomous Driving Features
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Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The study segments the complete Electric Vehicle (EV) market on the basis of different application, end-use, end-user, and production capability. From a business standpoint, the industry has been thoroughly examined across various countries located in North America, Europe, Asia-Pacific, and others. The size of the industry for the forecast period. is evaluated on the basis of current sales figures and past financial report can be used to forecast the future sales.
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