Electric Vehicle Market Size to Reach USD 1.9 billion, at a 29.5% CAGR By 2031 – Transparency Market Research Inc.

Increasing power stations and infrastructure investments are expected to drive demand for electric vehicles.

WILMINGTON, Del., Jan. 3, 2024 /PRNewswire/ — The electric vehicles market was valued at US$ 147.8 billion in 2021. The market is expected to reach US$ 1.9 trillion by the end of 2031, expanding at a CAGR of 29.5%. Cleaner transportation options are becoming more popular as awareness of climate change grows. Governments are offering incentives worldwide to encourage electric vehicle adoption.

Fast-charging stations will be installed in cities to enable electric vehicles to be recharged conveniently. Urban planning may change as electric vehicles are incorporated into urban transportation systems, including policies and infrastructure designed to accommodate electric vehicles.

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Electric Vehicle Market Report Scope:

Report Coverage


Forecast Period


Base Year


Size in 2021

US$ 147.8 Bn

Forecast (Value) in 2031

US$ 1.9 Trn

Growth Rate (CAGR)

29.5 %

No. of Pages


Segments covered

By Vehicle Type, By Application, By Motor Type, By Propulsion Technology

Key Findings of the Market Report

  • Since passenger vehicles are more reliable, safe, and comfortable, they will dominate the global market in the coming years.
  • Based on motor type, AC motors are expected to dominate the market.
  • The development of last-mile delivery vehicles is likely to present sales opportunities for electric vehicles in the near future.
  • Based on propulsion technology, battery electric vehicles (BEVs) will create a demand for electric vehicles in the future.
  • With the rapid growth of electric vehicles in China and India, the Asia Pacific region is one of the fastest growing regions for electric vehicles.

Global Electric Vehicle Market: Growth Drivers

  • Electric vehicle production and technology investments by major automakers have resulted in a wide range of models and increased competition. With the advent of autonomous vehicles, electric vehicles are becoming increasingly popular. Increasing battery energy density has improved performance and increased driving range.
  • The development of new battery technologies has reduced production costs for electric vehicles, making them more affordable. Consumers are encouraged to purchase electric vehicles by governments by offering incentives such as rebates, tax credits, and subsidies. To overcome range anxiety and make EVs more widely adopted, governments may also invest in the development of charging infrastructure.
  • A growing awareness of the environment is prompting consumers to choose electric vehicles as a more sustainable and environmentally friendly transportation option. With their stylish designs and features, electric vehicles are appealing to a broader range of consumers. Oil prices can fluctuate traditional fuel costs, making electric vehicles a stable and affordable alternative.
  • Fast charging stations have become increasingly common in the past few years, making electric vehicles more practical. The integration of smart grids and innovative charging solutions makes electric vehicle charging more convenient and efficient. Several companies are implementing green initiatives, including electric vehicles, contributing to cleaner transportation.

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Global Electric Vehicle Market: Regional Landscape

  • Asia Pacific is experiencing a rapid increase in the demand for electric vehicles (EVs). EV sales in China have grown significantly in the last decade. Recent years have seen a rapid increase in the number of battery electric vehicles (BEVs) in the Asia-Pacific region, followed by plug-in hybrid electric vehicles (PHEVs).
  • Laws and regulations governing vehicle emissions have increased as a result of the demand for performance-driven, fuel-efficient, low-emission vehicles. Electric vehicles are becoming more affordable as the prices of EV batteries decline, thereby increasing their popularity. EVs will need a lot more charging infrastructure in the Asia Pacific region, opening opportunities for investors and owners of real estate in the EV public charging infrastructure market.
  • Indian authorities have introduced various incentives and initiatives to encourage the adoption of electric vehicles. In addition to tax incentives, subsidies, and incentives, the government also promotes sustainable transportation and reduces pollution levels. As a result, the EV market has grown rapidly.

Global Electric Vehicle Market: Key Players

With a majority of the market controlled by the largest players, the global market is fairly consolidated. Research and development efforts are being invested heavily by most of companies, especially in the development of advanced electric drive systems. The key strategies adopted by leading vehicle manufacturers are product portfolio expansion and mergers & acquisitions.

  • ABB Ltd.
  • Alcraft Motor Company
  • Baic Motor
  • BMW
  • BYD
  • Canoo
  • Chery
  • Continental AG
  • Daimler
  • Ford Motor Company
  • Geely
  • Others

Key Developments

  • In December 2023, Zeekr, unveiled fast-charging lithium iron phosphate batteries. Announcing an electric vehicle battery, Zeekr joins the list of manufacturers offering such a product in a competitive market. The company is making strides to reduce the amount of external suppliers it relies upon.
  • In December 2023, South Tyneside Council partnered with Connected Kerb, to install up to 2,000 new charging points across the Borough, resulting in the largest electric vehicle charger rollout in the North of England ever.

Global Electric Vehicle Market: Segmentation

By Vehicle Type

  • Two Wheelers
  • Passenger Vehicles
    • Hatchbacks
    • Sedans
    • Utility Vehicles
  • Light Commercial Vehicles
  • Commercial Vehicles
    • Class 6 Trucks
    • Class 7 Trucks
    • Class 8 Trucks
  • Buses

By Application

  • Last-mile Delivery Vehicles
  • Powersports Applications
    • ATVs (All-Terrain Vehicles) and Quads
    • Golf Carts
    • Boats/Watersports
    • Snowmobiles
    • UTVs (Utility Terrain Vehicles)
  • Aerospace
  • AGVs

By Motor Type

  • DC Motor
  • AC Motor

By Propulsion Technology

  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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