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5pea87uqvk91nols3v16tubm59 GDAE1225MAR SP
5pea87uqvk91nols3v16tubm59 GDAE1225MAR SP
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MARKET REPORT July 2023
Report Code: GDAE1225MAR
Table of Contents
Table of Contents .................................................................................................................................................................. 2
1. Executive Summary..................................................................................................................................................... 17
1.1 The EV market to face battery shortage ............................................................................................................. 17
1.2 China to continue to dominate the EV market .................................................................................................... 17
1.3 Tesla continues to be the top manufacturer of EVs ............................................................................................ 19
1.4 Japan enters the top 10 market for the first time ............................................................................................... 19
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1.5 US exceeds one million publicly available charging points ................................................................................. 20
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2. Introduction ................................................................................................................................................................ 22
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2.1 Electric Vehicles, Technology Definition .............................................................................................................. 22
2.2 Electric Vehicles, Technology Overview .............................................................................................................. 22
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2.3 Electric Vehicle Components ............................................................................................................................... 23
2.4 Electric Vehicles, Value Chain.............................................................................................................................. 23
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3. Electric Vehicles Market, Global ................................................................................................................................. 25
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3.1 Electric Vehicles, Global, Overview ..................................................................................................................... 25
3.2 Electric Vehicles, Global, Snapshot...................................................................................................................... 25
- Electric Vehicles, Global, Incentives, Key Countries ........................................................................................... 26
3.3 Electric Vehicles, Global, Annual Sales, 2018-35 ................................................................................................. 26
- Electric Vehicles, Global, Annual Sales by region ................................................................................................ 28
3.4 Electric Vehicles, Global, Market Size, 2018-35 .................................................................................................. 30
- Electric Vehicles, Global, Market Size by region ................................................................................................. 32
3.5 Electric Vehicles, Global, Segmentation by body type ........................................................................................ 34
3.6 Electric Vehicles, Global, Segmentation by category .......................................................................................... 35
3.7 Electric Vehicles, Global, Segmentation by source .............................................................................................. 36
3.8 Electric Vehicles, Global, Market share ............................................................................................................... 37
3.9 Publicly accessible Charging Points, Global ........................................................................................................ 38
3.10 Electric Vehicles, Global, Cost and Pricing Analysis............................................................................................. 39
3.11 Electric Vehicles, Batteries, Global, Overview ..................................................................................................... 40
www.globaldata.com 2
Electric Vehicles Market Update 2023
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- Regulatory trends ............................................................................................................................................... 59
4.5 Electric Vehicles Market, Global, Market Forces Analysis ................................................................................... 61
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- Drivers ................................................................................................................................................................. 61
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- Restraints ............................................................................................................................................................ 62
- Challenges ........................................................................................................................................................... 63
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5.1 Electric Vehicles, Americas, Overview ................................................................................................................. 64
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5.2 Electric Vehicles, Americas, Snapshot ................................................................................................................. 64
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5.3 Electric Vehicles, Americas, Annual Sales, 2018-2035 ........................................................................................ 65
5.4 Electric Vehicles, Americas, Market Size. 2018-2035 .......................................................................................... 67
5.5 Electric Vehicles, Americas, Segmentation by size .............................................................................................. 68
5.6 Electric Vehicles, Americas, Segmentation by category ...................................................................................... 70
5.7 Electric Vehicles, Americas, Segmentation by source ......................................................................................... 71
5.8 Electric Vehicles, Americas, Market share .......................................................................................................... 72
5.9 Publicly accessible Charging Projects, Americas ................................................................................................. 73
5.10 Electric Vehicles, Americas, Cost and Pricing Analysis ........................................................................................ 75
www.globaldata.com 3
Electric Vehicles Market Update 2023
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7.9 Publicly accessible Charging Projects, Europe ................................................................................................... 101
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7.10 Electric Vehicles, Europe, Cost and Pricing Analysis .......................................................................................... 103
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8. Electric Vehicles Market, the US ............................................................................................................................... 105
8.1 Electric Vehicles, the US, Overview ................................................................................................................... 105
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8.2 Electric Vehicles Market, the US, Policies and Incentives Environment ............................................................ 105
- USA Electrify Forward Act ................................................................................................................................. 105
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- Electric Cars Act ................................................................................................................................................ 105
- Electric Vehicle Targets ..................................................................................................................................... 106
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- Regulations for Greenhouse Gas Emissions ...................................................................................................... 106
- Qualified Plug-in Electric Drive Motor Vehicle Credit ....................................................................................... 106
- Electric Vehicle Incentives in Major States ....................................................................................................... 106
8.3 Electric Vehicles, the US, Snapshot ................................................................................................................... 108
8.4 Electric Vehicles, the US, Annual Sales, 2018–35 .............................................................................................. 108
8.5 Electric Vehicles, the US, Market Size, 2018–35 ............................................................................................... 109
8.6 Electric Vehicles, the US, Segmentation by Size ................................................................................................ 111
8.7 Electric Vehicles, the US, Segmentation by Category ........................................................................................ 113
8.8 Electric Vehicles, the US, Segmentation by Source ........................................................................................... 114
8.9 Electric Vehicles, the US, Market Share ............................................................................................................ 115
8.10 Electric Vehicles, the US, Imports and Exports .................................................................................................. 116
8.11 Publicly Accessible Charging Points, the US ...................................................................................................... 118
8.12 Publicly Accessible Charging Projects, the US ................................................................................................... 119
8.13 Electric Vehicles, the US, Cost and Pricing Analysis .......................................................................................... 122
8.14 Electric Vehicles Market, the US, Drivers and Restraints .................................................................................. 123
- Electric Vehicles Market, the US, Key Drivers ................................................................................................... 123
- Electric Vehicles Market, the US, Major Restraints and Challenges ................................................................. 124
www.globaldata.com 4
Electric Vehicles Market Update 2023
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9.11 Publicly accessible Charging Points, Canada..................................................................................................... 138
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9.12 Publicly accessible Charging Projects, Canada .................................................................................................. 139
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9.13 Electric Vehicles, Canada, Cost and Pricing Analysis ......................................................................................... 141
9.14 Electric Vehicles Market, Canada, Drivers and Restraints ................................................................................ 143
- Electric Vehicles Market, Canada, Major Drivers .............................................................................................. 143
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- Electric Vehicles Market, Canada, Major Restraints and Challenges ................................................................ 143
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10. Electric Vehicles Market, China ................................................................................................................................ 145
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10.1 Electric Vehicles, China, Overview ..................................................................................................................... 145
10.2 Electric Vehicles Market, China, Policies and Incentives Environment .............................................................. 145
- New Energy Vehicle Policy in China .................................................................................................................. 145
- Electric Vehicle Targets ..................................................................................................................................... 146
10.3 Electric Vehicles, China, Snapshot ..................................................................................................................... 146
10.4 Electric Vehicles, China, Annual Sales, 2018–35 ............................................................................................... 147
10.5 Electric Vehicles, China, Market Size, 2018–35 ................................................................................................. 149
10.6 Electric Vehicles, China, Segmentation by Size ................................................................................................. 151
10.7 Electric Vehicles, China, Segmentation by Category ......................................................................................... 153
10.8 Electric Vehicles, China, Segmentation by Source ............................................................................................. 154
10.9 Electric Vehicles, China, Market Share .............................................................................................................. 155
10.10 Electric Vehicles, China, Imports and Exports ............................................................................................... 156
10.11 Publicly Accessible Charging Points, China ................................................................................................... 158
10.12 Publicly Accessible Charging Projects, China ................................................................................................. 159
10.13 Electric Vehicles, China, Cost and Pricing Analysis ........................................................................................ 161
10.14 Electric Vehicles Market, China, Drivers and Restraints ................................................................................ 163
- Electric Vehicles Market, China, Major Drivers ................................................................................................. 163
- Electric Vehicles Market, China, Major Restraints and Challenges ................................................................... 164
www.globaldata.com 5
Electric Vehicles Market Update 2023
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11.9 Electric Vehicles, India, Market share ............................................................................................................... 174
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11.10 Electric Vehicles, India, Imports & Exports .................................................................................................... 175
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11.11 Publicly accessible Charging Points, India ..................................................................................................... 175
11.12 Publicly accessible Charging Projects, India .................................................................................................. 176
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11.13 Electric Vehicles, India, Cost and Pricing Analysis ......................................................................................... 179
11.14 Electric Vehicles Market, India, Drivers and Restraints ................................................................................. 180
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- Electric Vehicles Market, India, Major Drivers .................................................................................................. 180
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- Electric Vehicles Market, India, Major Restraints and Challenges .................................................................... 182
www.globaldata.com 6
Electric Vehicles Market Update 2023
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13.8 Electric Vehicles, South Korea, Segmentation by source ................................................................................... 207
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13.9 Electric Vehicles, South Korea, Market share .................................................................................................... 208
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13.10 Electric Vehicles, South Korea, Imports & Exports ........................................................................................ 209
13.11 Publicly accessible Charging Points, South Korea ......................................................................................... 210
13.12 Publicly accessible Charging Projects, South Korea ...................................................................................... 211
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13.13 Electric Vehicles, South Korea, Cost and Pricing Analysis ............................................................................. 212
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13.14 Electric Vehicles Market, South Korea, Drivers and Restraints ..................................................................... 214
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- Electric Vehicles Market, South Korea, Key Drivers .......................................................................................... 214
- Electric Vehicles Market, South Korea, Major Restraints and Challenges ........................................................ 215
www.globaldata.com 7
Electric Vehicles Market Update 2023
14.14 Electric Vehicles Market, Germany, Drivers and Restraints .......................................................................... 234
- Electric Vehicles Market, Germany, Major Drivers ........................................................................................... 234
- Electric Vehicles Market, Germany, Major Restraints and Challenges ............................................................. 234
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15.7 Electric Vehicles, France, Segmentation by category ........................................................................................ 242
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15.8 Electric Vehicles, France, Segmentation by source ........................................................................................... 243
15.9 Electric Vehicles, France, Market share ............................................................................................................ 244
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15.10 Electric Vehicles, France, Imports & Exports ................................................................................................. 245
15.11 Publicly accessible Charging Points, France .................................................................................................. 247
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15.12 Publicly accessible Charging Projects, France ............................................................................................... 248
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15.13 Electric Vehicles, France, Cost and Pricing Analysis ...................................................................................... 250
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15.14 Electric Vehicles Market, France, Drivers and Restraints .............................................................................. 251
- Electric Vehicles Market, France, Major Drivers ............................................................................................... 251
- Electric Vehicles Market, France, Major Restraints and Challenges ................................................................. 252
www.globaldata.com 8
Electric Vehicles Market Update 2023
16.13 Electric Vehicles, the Netherlands, Cost and Pricing Analysis ....................................................................... 269
16.14 Electric Vehicles Market, the Netherlands, Drivers and Restraints ............................................................... 271
- Electric Vehicles Market, the Netherlands, Major Drivers................................................................................ 271
- Electric Vehicles Market, the Netherlands, Major Restraints and Challenges .................................................. 271
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17.6 Electric Vehicles, Norway, Segmentation by size .............................................................................................. 277
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17.7 Electric Vehicles, Norway, Segmentation by category ...................................................................................... 279
17.8 Electric Vehicles, Norway, Segmentation by source.......................................................................................... 280
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17.9 Electric Vehicles, Norway, Market share ........................................................................................................... 281
17.10 Electric Vehicles, Norway, Imports & Exports ............................................................................................... 282
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17.11 Publicly accessible Charging Points, Norway ................................................................................................ 283
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17.12 Publicly accessible Charging Projects, Norway ............................................................................................. 284
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17.13 Electric Vehicles, Norway, Cost and Pricing Analysis .................................................................................... 287
17.14 Electric Vehicles Market, Norway, Drivers and Restraints ............................................................................ 289
- Electric Vehicles Market, Norway, Major Drivers ............................................................................................. 289
- Electric Vehicles Market, Norway, Major Restraints and Challenges ............................................................... 289
www.globaldata.com 9
Electric Vehicles Market Update 2023
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- Internal Combustion Engine (ICE) ..................................................................................................................... 310
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- Lithium-ion Batteries ........................................................................................................................................ 310
- New Energy Vehicle (NEV) ................................................................................................................................ 310
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- Passenger Vehicle ............................................................................................................................................. 311
- Plug-in Hybrid Electric Vehicle (PHEV) .............................................................................................................. 311
- Regenerative Braking ........................................................................................................................................ 311
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19.3 Methodology ..................................................................................................................................................... 311
- Coverage ........................................................................................................................................................... 311
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- Secondary Research .......................................................................................................................................... 311
- Primary Research .............................................................................................................................................. 312
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- Modelling and Forecasting................................................................................................................................ 312
List of Figures
Figure 1: Electric Vehicles Market, China, Annual Sales (‘000s), 2018–2035 ..................................................................... 18
Figure 2: Electric Vehicles Market, Global, Market Share (%), 2022 .................................................................................. 19
Figure 3: Electric Vehicles Market, Japan, Annual Sales (‘000s), 2018–2035 ..................................................................... 20
Figure 4: Electric Vehicles Market, the US, Publicly Accessible Charging Points (in ‘000s), 2010–2022 ............................ 21
Figure 5: Electric Vehicle Value Chain ................................................................................................................................. 24
Figure 6: Global Electric Vehicles Market, Snapshot, 2022 ................................................................................................ 25
Figure 7: Electric Vehicles Market, Global, Annual Sales (‘000s), 2018–2035 .................................................................... 27
Figure 8: Electric Vehicles Market, Global, Annual Sales by Region (%), 2022 and 2035 ................................................... 29
Figure 9: Electric Vehicles Market, Global, Market Size ($B), 2018–2035 .......................................................................... 30
Figure 10: Electric Vehicles Market, Global, Market Size by Region (%), 2022 and 2035 ................................................... 32
Figure 11: Electric Vehicles Market, Global, Segmentation in Passenger Electric Vehicles body type (%)......................... 34
Figure 12: Electric Vehicles Market, Global, Segmentation in Passenger Electric Vehicles Category (%) .......................... 35
Figure 13: Electric Vehicles Market, Global, Segmentation in Commercial Electric Vehicles Category (%) ....................... 35
Figure 14: Electric Vehicles Market, Global, Segmentation by Passenger Electric Vehicles Source (%) ............................. 36
www.globaldata.com 10
Electric Vehicles Market Update 2023
Figure 15: Electric Vehicles Market, Global, Segmentation by Commercial Electric Vehicles Source (%) .......................... 36
Figure 16: Electric Vehicles Market, Global, Market Share (%), 2022 ................................................................................ 37
Figure 17: Electric Vehicles Market, Global, Publicly Accessible Charging Points (in ‘000s), 2010–2022 ........................... 38
Figure 18: Electric Vehicles Market, Global, Average Selling Price, 2018-35 ...................................................................... 39
Figure 19: Global, Electric Vehicles Market, Drivers, Restraints, and Challenges ............................................................... 61
Figure 20: Americas Electric Vehicles Market, Snapshot, 2022 .......................................................................................... 64
Figure 21: Electric Vehicles Market, Americas, Annual Sales (‘000s), 2018–2035.............................................................. 65
Figure 22: Electric Vehicles Market, Americas, Market Size ($B), 2018–2035 ................................................................... 67
Figure 23: Electric Vehicles Market, Americas, Segmentation by Passenger Electric Vehicles Size (%) ............................. 69
Figure 24: Electric Vehicles Market, Americas, Segmentation by Commercial Electric Vehicles Size (%) .......................... 69
Figure 25: Electric Vehicles Market, Americas, Segmentation by Passenger Electric Vehicles Category (%) ..................... 70
Figure 26: Electric Vehicles Market, Americas, Segmentation by Passenger Electric Vehicles Source (%) ........................ 71
Figure 27: Electric Vehicles Market, Americas, Segmentation by Commercial Electric Vehicles Source (%) ..................... 71
Figure 28: Electric Vehicles Market, Americas, Market Share (%), 2022 ............................................................................ 72
Figure 29: Electric Vehicles Market, Americas, Announced Charging Projects, 2012–2022 .............................................. 73
Figure 30: Electric Vehicles Market, Americas, Public Charging Infrastructure, Capacity by Status and Number of Projects
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(As of May 2023)................................................................................................................................................ 74
Figure 31: Electric Vehicles Market, Americas, Public Charging Infrastructure Project (%), 2022 ..................................... 74
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Figure 32: Electric Vehicles Market, Americas, Average Selling Price, 2018-35 ................................................................. 75
Figure 33: Asia-Pacific Electric Vehicles Market, Snapshot, 2022 ....................................................................................... 78
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Figure 34: Electric Vehicles Market, Asia-Pacific, Annual Sales (’000s), 2018–35 .............................................................. 78
Figure 35: Electric Vehicles Market, Asia-Pacific, Market Size ($B), 2018–35 .................................................................... 80
Figure 36: Electric Vehicles Market, Asia-Pacific, Segmentation by Passenger Electric Vehicles Size (%) .......................... 82
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Figure 37: Electric Vehicles Market, Asia-Pacific, Segmentation by Commercial Electric Vehicles Size (%) ....................... 83
Figure 38: Electric Vehicles Market, Asia-Pacific, Segmentation by Passenger Electric Vehicles Category (%) ................. 83
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Figure 39: Electric Vehicles Market, Asia-Pacific, Segmentation by Commercial Electric Vehicles Category (%) .............. 84
Figure 40: Electric Vehicles Market, Asia-Pacific, Segmentation by Passenger Electric Vehicles Source (%) ..................... 85
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Figure 41: Electric Vehicles Market, Asia-Pacific, Segmentation by Commercial Electric Vehicles Source (%) .................. 85
Figure 42: Electric Vehicles Market, Asia-Pacific, Market Share (%), 2022 ......................................................................... 86
Figure 43: Electric Vehicles Market, Asia Pacific, Announced Charging Projects, 2009–22 ............................................... 87
Figure 44: Electric Vehicles Market, Asia-Pacific, Public Charging Infrastructure, Capacity by Status, and Number of
Projects (As of May 2023) .................................................................................................................................. 88
Figure 45: Electric Vehicles Market, Asia-Pacific, Public Charging Infrastructure Projects (%), 2022 ................................ 88
Figure 46: Electric Vehicles Market, Asia Pacific, Average Selling Price, 2018-35 .............................................................. 89
Figure 47: Europe Electric Vehicles Market, Snapshot, 2022 ............................................................................................. 91
Figure 48: Electric Vehicles Market, Europe, Annual Sales (‘000s), 2018–2035 ................................................................. 92
Figure 49: Electric Vehicles Market, Europe, Market Size ($B), 2018–2035 ....................................................................... 94
Figure 50: Electric Vehicles Market, Europe, Segmentation by Passenger Electric Vehicles Size (%) ................................ 96
Figure 51: Electric Vehicles Market, Europe, Segmentation by Commercial Electric Vehicles Size (%) ............................. 97
Figure 52: Electric Vehicles Market, Europe, Segmentation by Passenger Electric Vehicles Category (%) ........................ 98
Figure 53: Electric Vehicles Market, Europe, Segmentation by Commercial Electric Vehicles Category (%) ..................... 98
Figure 54: Electric Vehicles Market, Europe, Segmentation by Passenger Electric Vehicles Source (%)............................ 99
Figure 55: Electric Vehicles Market, Europe, Segmentation by Commercial Electric Vehicles Source (%) ......................... 99
Figure 56: Electric Vehicles Market, Europe, Market Share (%), 2022 ............................................................................. 100
Figure 57: Electric Vehicles Market, Europe, Announced Charging Projects, 2011–2022 ................................................ 101
Figure 58: Electric Vehicles Market, Europe, Public Charging Infrastructure, Capacity by Status and Number of Projects
(As of May 2023).............................................................................................................................................. 102
Figure 59: Electric Vehicles Market, Europe, Public Charging Infrastructure Projects (%), 2022 ..................................... 102
Figure 60: Electric Vehicles Market, Europe, Average Selling Price, 2018-35................................................................... 103
Figure 61: The US Electric Vehicles Market, Snapshot, 2022............................................................................................ 108
Figure 62: Electric Vehicles Market, the US, Annual Sales (’000s), 2018–35 .................................................................... 108
Figure 63: Electric Vehicles Market, the US, Market Size ($B), 2018–35 .......................................................................... 110
www.globaldata.com 11
Electric Vehicles Market Update 2023
Figure 64: Electric Vehicles Market, the US, Segmentation by Passenger Electric Vehicles Size (%) ............................... 112
Figure 65: Electric Vehicles Market, the US, Segmentation by Commercial Electric Vehicles Size (%) ............................ 112
Figure 66: Electric Vehicles Market, the US, Segmentation by Passenger Electric Vehicles Category (%) ....................... 113
Figure 67: Electric Vehicles Market, the US, Segmentation by Passenger Electric Vehicles Source (%) .......................... 114
Figure 68: Electric Vehicles Market, the US, Market Share (%), 2022 .............................................................................. 115
Figure 69: Electric Vehicles Market, the US Passenger Electric Vehicles, Imports and Exports ....................................... 116
Figure 70: Electric Vehicles Market, the US Commercial Electric Vehicles, Imports and Exports .................................... 117
Figure 71: Electric Vehicles Market, the US, Publicly Accessible Charging Points (in ’000s), 2010–22 ............................ 118
Figure 72: Electric Vehicles Market, the US, Announced Charging Projects, 2012–22 ..................................................... 119
Figure 73: Electric Vehicles Market, the US, Public Charging Infrastructure, Capacity by Status, and Number of Projects
(As of May 2023).............................................................................................................................................. 120
Figure 74: Electric Vehicles Market, the US, Public Charging Infrastructure Projects (%), 2022 ...................................... 121
Figure 75: Electric Vehicles Market, the US, Average Selling Price, 2018–35 ................................................................... 122
Figure 76: Canada Electric Vehicles Market, Snapshot, 2022 ........................................................................................... 126
Figure 77: Electric Vehicles Market, Canada, Annual Sales (‘000s), 2018–2035 .............................................................. 127
Figure 78: Electric Vehicles Market, Canada, Market Size ($B), 2018–2035 .................................................................... 129
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Figure 79: Electric Vehicles Market, Canada, Segmentation by Passenger Electric Vehicles Size (%) .............................. 131
Figure 80: Electric Vehicles Market, Canada, Segmentation by Commercial Electric Vehicles Size (%) ........................... 131
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Figure 81: Electric Vehicles Market, Canada, Segmentation by Passenger Electric Vehicles Category (%) ...................... 132
Figure 82: Electric Vehicles Market, Canada, Segmentation by Passenger Electric Vehicles Source (%) ......................... 133
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Figure 83: Electric Vehicles Market, Canada, Market Share (%), 2022 ............................................................................. 135
Figure 84: Electric Vehicles Market, Canada Passenger Electric Vehicles, Imports & Exports ......................................... 136
Figure 85: Electric Vehicles Market, Canada Commercial Electric Vehicles, Imports & Exports ...................................... 137
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Figure 86: Electric Vehicles Market, Canada, Publicly Accessible Charging Points (in ‘000s), 2012–2022 ....................... 138
Figure 87: Electric Vehicles Market, Canada, Announced Charging Projects, 2015–2022 ............................................... 139
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Figure 88: Electric Vehicles Market, Canada, Public Charging Infrastructure, Capacity by Status and Number of Projects
(As of May 2023).............................................................................................................................................. 140
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Figure 89: Electric Vehicles Market, Canada, Public Charging Infrastructure Project (%), 2022 ...................................... 140
Figure 90: Electric Vehicles Market, Canada, Average Selling Price, 2018-35 .................................................................. 141
Figure 91: China Electric Vehicles Market, Snapshot, 2022 .............................................................................................. 146
Figure 92: Electric Vehicles Market, China, Annual Sales (’000s), 2018–35 ..................................................................... 147
Figure 93: Electric Vehicles Market, China, Market Size ($B), 2018–35 ........................................................................... 149
Figure 94: Electric Vehicles Market, China, Segmentation by Passenger Electric Vehicles Size (%) ................................. 151
Figure 95: Electric Vehicles Market, China, Segmentation by Commercial Electric Vehicles Size (%) .............................. 152
Figure 96: Electric Vehicles Market, China, Segmentation by Passenger Electric Vehicles Category (%) ......................... 153
Figure 97: Electric Vehicles Market, China, Segmentation by Commercial Electric Vehicles Category (%) ...................... 153
Figure 98: Electric Vehicles Market, China, Segmentation by Passenger Electric Vehicles Source (%) ............................ 154
Figure 99: Electric Vehicles Market, China, Market Share (%), 2022 ................................................................................ 155
Figure 100: Electric Vehicles Market, China Passenger Electric Vehicles, Imports and Exports ....................................... 156
Figure 101: Electric Vehicles Market, China Commercial Electric Vehicles, Imports and Exports .................................... 157
Figure 102: Electric Vehicles Market, China, Publicly Accessible Charging Points (in ’000s), 2014–22 ............................ 158
Figure 103: Electric Vehicles Market, China, Announced Charging Projects, 2015–22 .................................................... 159
Figure 104: Electric Vehicles Market, China, Public Charging Infrastructure, Capacity by Status, and Number of Projects
(As of May 2023).............................................................................................................................................. 160
Figure 105: Electric Vehicles Market, China, Average Selling Price, 2018–35 .................................................................. 161
Figure 106: India Electric Vehicles Market, Snapshot, 2022 ............................................................................................. 167
Figure 107: Electric Vehicles Market, India, Annual Sales (‘000s), 2018–2035 ................................................................ 168
Figure 108: Electric Vehicles Market, India, Market Size ($B), 2018–2035 ...................................................................... 170
Figure 109: Electric Vehicles Market, India, Segmentation by Passenger Electric Vehicles Size (%) ................................ 172
Figure 110: Electric Vehicles Market, India, Segmentation by Passenger Electric Vehicles Category (%) ........................ 173
Figure 111: Electric Vehicles Market, India, Segmentation by Passenger Electric Vehicles Source (%) ........................... 174
Figure 112: Electric Vehicles Market, India, Market Share (%), 2022 ............................................................................... 174
www.globaldata.com 12
Electric Vehicles Market Update 2023
Figure 113: Electric Vehicles Market, India Passenger Electric Vehicles, Imports & Exports ........................................... 175
Figure 114: Electric Vehicles Market, India, Publicly Accessible Charging Points (in ‘000s), 2016–2022 ......................... 176
Figure 115: Electric Vehicles Market, India, Announced Charging Projects, 2018–2022 ................................................. 177
Figure 116: Electric Vehicles Market, India, Public Charging Infrastructure, Capacity by Status and Number of Projects
(As of May 2023).............................................................................................................................................. 177
Figure 117: Electric Vehicles Market, India, Public Charging Infrastructure Project (%), 2022 ........................................ 178
Figure 118: Electric Vehicles Market, India, Average Selling Price, 2018-35 .................................................................... 179
Figure 119: Japan Electric Vehicles Market, Snapshot, 2022............................................................................................ 184
Figure 120: Electric Vehicles Market, Japan, Annual Sales (’000s), 2018–35 ................................................................... 184
Figure 121: Electric Vehicles Market, Japan, Market Size ($B), 2018–35 ......................................................................... 186
Figure 122: Electric Vehicles Market, Japan, Segmentation by Passenger Electric Vehicles Size (%) ............................... 188
Figure 123: Electric Vehicles Market, Japan, Segmentation by Commercial Electric Vehicles Size (%) ............................ 189
Figure 124: Electric Vehicles Market, Japan, Segmentation by Passenger Electric Vehicles Category (%) ...................... 189
Figure 125: Electric Vehicles Market, Japan, Segmentation by Commercial Electric Vehicles Category (%) ................... 190
Figure 126: Electric Vehicles Market, Japan, Segmentation by Passenger Electric Vehicles Source (%) .......................... 190
Figure 127: Electric Vehicles Market, Japan, Segmentation by Commercial Electric Vehicles Source (%) ....................... 191
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Figure 128: Electric Vehicles Market, Japan, Market Share (%), 2022.............................................................................. 191
Figure 129: Electric Vehicles Market, Japan Passenger Electric Vehicles, Imports and Exports ....................................... 192
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Figure 130: Electric Vehicles Market, Japan Commercial Electric Vehicles, Imports and Exports .................................... 193
Figure 131: Electric Vehicles Market, Japan, Publicly Accessible Charging Points (in ’000s), 2010–22 ............................ 194
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Figure 132: Electric Vehicles Market, Japan, Announced Charging Projects, 2009–22 .................................................... 195
Figure 133: Electric Vehicles Market, Japan, Average Selling Price, 2018–35 .................................................................. 196
Figure 134: South Korea Electric Vehicles Market, Snapshot, 2022 ................................................................................. 200
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Figure 135: Electric Vehicles Market, South Korea, Annual Sales (‘000s), 2018–2035 ..................................................... 201
Figure 136: Electric Vehicles Market, South Korea, Market Size ($B), 2018–2035........................................................... 203
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Figure 137: Electric Vehicles Market, South Korea, Segmentation by Passenger Electric Vehicles Size (%) .................... 205
Figure 138: Electric Vehicles Market, South Korea, Segmentation by Passenger Electric Vehicles Category (%) ............ 206
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Figure 139: Electric Vehicles Market, South Korea, Segmentation by Passenger Electric Vehicles Source (%) ............... 207
Figure 140: Electric Vehicles Market, South Korea, Segmentation by Commercial Electric Vehicles Source (%) ............ 207
Figure 141: Electric Vehicles Market, South Korea, Market Share (%), 2022 ................................................................... 208
Figure 142: Electric Vehicles Market, South Korea Passenger Electric Vehicles, Imports & Exports ................................ 209
Figure 143: Electric Vehicles Market, South Korea, Publicly Accessible Charging Points (in ‘000s), 2016–2022 ............. 210
Figure 144: Electric Vehicles Market, South Korea, Announced Charging Projects, 2021–2022...................................... 211
Figure 145: Electric Vehicles Market, South Korea, Average Selling Price, 2018-35 ........................................................ 212
Figure 146: Germany Electric Vehicles Market, Snapshot, 2022 ...................................................................................... 217
Figure 147: Electric Vehicles Market, Germany, Annual Sales (’000s), 2018–35 .............................................................. 218
Figure 148: Electric Vehicles Market, Germany, Market Size ($B), 2018–35 ................................................................... 220
Figure 149: Electric Vehicles Market, Germany, Segmentation by Passenger Electric Vehicles Size (%) ......................... 222
Figure 150: Electric Vehicles Market, Germany, Segmentation by Commercial Electric Vehicles Size (%) ...................... 223
Figure 151: Electric Vehicles Market, Germany, Segmentation by Passenger Electric Vehicles Category (%) ................. 224
Figure 152: Electric Vehicles Market, Germany, Segmentation by Commercial Electric Vehicles Category (%) .............. 225
Figure 153: Electric Vehicles Market, Germany, Segmentation by Passenger Electric Vehicles Source (%) .................... 225
Figure 154: Electric Vehicles Market, Germany, Segmentation by Commercial Electric Vehicles Source (%) ................. 226
Figure 155: Electric Vehicles Market, Germany, Market Share (%), 2022 ........................................................................ 226
Figure 156: Electric Vehicles Market, Germany Passenger Electric Vehicles, Imports and Exports ................................. 227
Figure 157: Electric Vehicles Market, Germany Commercial Electric Vehicles, Imports and Exports .............................. 228
Figure 158: Electric Vehicles Market, Germany, Publicly Accessible Charging Points (in ’000s), 2012–22 ...................... 229
Figure 159: Electric Vehicles Market, Germany, Announced Charging Projects, 2016–22 .............................................. 230
Figure 160: Electric Vehicles Market, Germany, Public Charging Infrastructure, Capacity by Status, and Number of
Projects (As of May 2023) ................................................................................................................................ 231
Figure 161: Electric Vehicles Market, Germany, Average Selling Price, 2018–35 ............................................................ 232
Figure 162: France Electric Vehicles Market, Snapshot, 2022 .......................................................................................... 236
www.globaldata.com 13
Electric Vehicles Market Update 2023
Figure 163: Electric Vehicles Market, France, Annual Sales (‘000s), 2018–2035.............................................................. 236
Figure 164: Electric Vehicles Market, France, Market Size ($B), 2018–2035 ................................................................... 238
Figure 165: Electric Vehicles Market, France, Segmentation by Passenger Electric Vehicles Size (%) ............................. 240
Figure 166: Electric Vehicles Market, France, Segmentation by Commercial Electric Vehicles Size (%) .......................... 241
Figure 167: Electric Vehicles Market, France, Segmentation by Passenger Electric Vehicles Category (%) ..................... 242
Figure 168: Electric Vehicles Market, France, Segmentation by Commercial Electric Vehicles Category (%) .................. 243
Figure 169: Electric Vehicles Market, France, Segmentation by Passenger Electric Vehicles Source (%) ........................ 243
Figure 170: Electric Vehicles Market, France, Segmentation by Commercial Electric Vehicles Source (%) ..................... 244
Figure 171: Electric Vehicles Market, France, Market Share (%), 2022 ............................................................................ 244
Figure 172: Electric Vehicles Market, France Passenger Electric Vehicles, Imports & Exports ........................................ 245
Figure 173: Electric Vehicles Market, France Commercial Electric Vehicles, Imports & Exports ..................................... 246
Figure 174: Electric Vehicles Market, France, Publicly Accessible Charging Points (in ‘000s), 2012–2022 ...................... 247
Figure 175: Electric Vehicles Market, France, Announced Charging Projects, 2018–2022 .............................................. 248
Figure 176: Electric Vehicles Market, France, Public Charging Infrastructure, Capacity by Status and Number of Projects
(As of May 2023).............................................................................................................................................. 249
Figure 177: Electric Vehicles Market, France, Average Selling Price, 2018-35 ................................................................. 250
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Figure 178: The Netherlands Electric Vehicles Market, Snapshot, 2022 .......................................................................... 254
Figure 179: Electric Vehicles Market, the Netherlands, Annual Sales (’000s), 2018–35 .................................................. 254
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Figure 180: Electric Vehicles Market, the Netherlands, Market Size ($B), 2018–35 ........................................................ 256
Figure 181: Electric Vehicles Market, the Netherlands, Segmentation by Passenger Electric Vehicles Size (%) .............. 258
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Figure 182: Electric Vehicles Market, the Netherlands, Segmentation by Commercial Electric Vehicles Size (%) ........... 259
Figure 183: Electric Vehicles Market, the Netherlands, Segmentation by Passenger Electric Vehicles Category (%) ...... 260
Figure 184: Electric Vehicles Market, the Netherlands, Segmentation by Commercial Electric Vehicles Category (%) ... 261
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Figure 185: Electric Vehicles Market, the Netherlands, Segmentation by Passenger Electric Vehicles Source (%) ......... 262
Figure 186: Electric Vehicles Market, the Netherlands, Segmentation by Commercial Electric Vehicles Source (%) ...... 263
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Figure 187: Electric Vehicles Market, the Netherlands, Market Share (%), 2022 ............................................................. 263
Figure 188: Electric Vehicles Market, the Netherlands Passenger Electric Vehicles, Imports and Exports ...................... 264
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Figure 189: Electric Vehicles Market, the Netherlands Commercial Electric Vehicles, Imports and Exports ................... 265
Figure 190: Electric Vehicles Market, the Netherlands, Publicly Accessible Charging Points (in ’000s), 2012–22 ........... 266
Figure 191: Electric Vehicles Market, the Netherlands, Announced Charging Projects, 2016–21 ................................... 267
Figure 192: Electric Vehicles Market, the Netherlands, Public Charging Infrastructure, Capacity by Status, and Number of
Projects (As of May 2023) ................................................................................................................................ 268
Figure 193: Electric Vehicles Market, the Netherlands, Average Selling Price, 2018–35 ................................................. 269
Figure 194: Norway Electric Vehicles Market, Snapshot, 2022 ........................................................................................ 273
Figure 195: Electric Vehicles Market, Norway, Annual Sales (‘000s), 2018–2035 ............................................................ 273
Figure 196: Electric Vehicles Market, Norway, Market Size ($B), 2018–2035 .................................................................. 275
Figure 197: Electric Vehicles Market, Norway, Segmentation by Passenger Electric Vehicles Size (%) ........................... 277
Figure 198: Electric Vehicles Market, Norway, Segmentation by Commercial Electric Vehicles Size (%) ........................ 278
Figure 199: Electric Vehicles Market, Norway, Segmentation by Passenger Electric Vehicles Category (%) ................... 279
Figure 200: Electric Vehicles Market, Norway, Segmentation by Commercial Electric Vehicles Category (%) ................ 279
Figure 201: Electric Vehicles Market, Norway, Segmentation by Passenger Electric Vehicles Source (%)....................... 280
Figure 202: Electric Vehicles Market, Norway, Segmentation by Commercial Electric Vehicles Source (%) .................... 280
Figure 203: Electric Vehicles Market, Norway, Market Share (%), 2022 .......................................................................... 281
Figure 204: Electric Vehicles Market, Norway Passenger Electric Vehicles, Imports & Exports ....................................... 282
Figure 205: Electric Vehicles Market, Norway Commercial Electric Vehicles, Imports & Exports .................................... 283
Figure 206: Electric Vehicles Market, Norway, Publicly Accessible Charging Points (in ‘000s), 2012–2022 .................... 284
Figure 207: Electric Vehicles Market, Norway, Announced Charging Projects, 2019–2021 ............................................. 285
Figure 208: Electric Vehicles Market, Norway, Public Charging Infrastructure, Capacity by Status and Number of Projects
(As of May 2023).............................................................................................................................................. 286
Figure 209: Electric Vehicles Market, Norway, Average Selling Price, 2018-35 ............................................................... 287
Figure 210: The UK Electric Vehicles Market, Snapshot, 2022 ......................................................................................... 291
Figure 211: Electric Vehicles Market, the UK, Annual Sales (’000s), 2018–35.................................................................. 292
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Electric Vehicles Market Update 2023
Figure 212: Electric Vehicles Market, the UK, Market Size ($B), 2018–35 ....................................................................... 294
Figure 213: Electric Vehicles Market, the UK, Segmentation by Passenger Electric Vehicles Size (%) ............................. 296
Figure 214: Electric Vehicles Market, the UK, Segmentation by Commercial Electric Vehicles Size (%) .......................... 297
Figure 215: Electric Vehicles Market, the UK, Segmentation by Passenger Electric Vehicles Category (%) ..................... 298
Figure 216: Electric Vehicles Market, the UK, Segmentation by Commercial Electric Vehicles Category (%) .................. 298
Figure 217: Electric Vehicles Market, the UK, Segmentation by Passenger Electric Vehicles Source (%) ........................ 299
Figure 218: Electric Vehicles Market, the UK, Segmentation by Commercial Electric Vehicles Source (%) ..................... 299
Figure 219: Electric Vehicles Market, the UK, Market Share (%), 2022 ............................................................................ 300
Figure 220: Electric Vehicles Market, the UK Passenger Electric Vehicles, Imports and Exports ..................................... 301
Figure 221: Electric Vehicles Market, the UK Commercial Electric Vehicles, Imports and Exports .................................. 302
Figure 222: Electric Vehicles Market, the UK, Publicly Accessible Charging Points (in ’000s), 2011–22 .......................... 303
Figure 223: Electric Vehicles Market, the UK, Announced Charging Projects, 2011–22 .................................................. 304
Figure 224: Electric Vehicles Market, the UK, Public Charging Infrastructure, Capacity by Status, and Number of Projects
(As of May 2023).............................................................................................................................................. 305
Figure 225: Electric Vehicles Market, the UK, Public Charging Infrastructure Projects (%), 2022 .................................... 305
Figure 226: Electric Vehicles Market, the UK, Average Selling Price, 2018–35 ................................................................ 306
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List of Tables
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Table 1: Electric Vehicle, Key Countries, Incentives............................................................................................................ 26
Table 2: Electric Vehicles Market, Global, Annual Sales (‘000s), 2018–2035 ..................................................................... 28
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Table 3: Electric Vehicles Market, Global, Annual Sales by Region (‘000s), 2018–2035..................................................... 29
Table 4: Electric Vehicles Market, Global, Market Size ($B), 2018–2035 ........................................................................... 31
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Table 5: Electric Vehicles Market, Global, Market Size by Region ($B), 2018–2035 .......................................................... 33
Table 6: Electric Vehicles Market, Global, Average Selling Price ($), 2018–2035 ............................................................... 40
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Table 7: Electric Vehicle, Major Participants in the Electric Vehicle Value Chain ............................................................... 42
Table 8: Electric Vehicle Market, Global, Company Profile, Tesla Inc. (Tesla) .................................................................... 44
Table 9: Electric Vehicle Market, Global, Company Profile, BYD Company Ltd. (BYD) ....................................................... 45
Table 10: Electric Vehicle Market, Global, Company Profile, SAIC Group (SAIC Motor) .................................................... 46
Table 11: Electric Vehicle Market, Global, Company Profile, Volkswagen Group .............................................................. 47
Table 12: Electric Vehicle Market, Global, Company Profile, Zhejiang Geely Holding Group Co., Ltd. (Geely Group) ....... 48
Table 13: Electric Vehicle Market, Global, Company Profile, The Hyundai Motor Group .................................................. 49
Table 14: Electric Vehicle Market, Global, Company Profile, Guangzhou Automobile Group Co., Ltd. (GAC Group) ........ 50
Table 15: Electric Vehicle Market, Global, Company Profile, Stellantis N.V. ...................................................................... 51
Table 16: Electric Vehicle Market, Global, Company Profile, Chery Automobile Co Ltd (Chery)........................................ 52
Table 17: Electric Vehicle Market, Global, Company Profile, Changan Automobile Company Limited ............................. 53
Table 18: Electric Vehicles, Global, Deals ........................................................................................................................... 53
Table 19: Electric Vehicle Milestones ................................................................................................................................. 57
Table 20: Electric Vehicles Market, Americas, Annual Sales (‘000s), 2018–2035 ............................................................... 66
Table 21: Electric Vehicles Market, Americas, Market Size ($B), 2018–2035 ..................................................................... 68
Table 22: Electric Vehicles Market, Americas, Average Selling Price ($), 2018–2035 ........................................................ 76
Table 23: Electric Vehicles Market, Asia-Pacific, Annual Sales (’000s), 2018–35 ............................................................... 79
Table 24: Electric Vehicles Market, Asia-Pacific, Market Size ($B), 2018–35 ..................................................................... 81
Table 25: Electric Vehicles Market, Asia-Pacific, Average Selling Price ($), 2018–35 ......................................................... 90
Table 26: Electric Vehicles Market, Europe Annual Sales (‘000s), 2018–2035 ................................................................... 93
Table 27: Electric Vehicles Market, Europe, Market Size ($B), 2018–2035 ........................................................................ 95
Table 28: Electric Vehicles Market, Europe, Average Selling Price ($), 2018–2035 .......................................................... 104
Table 29: Electric Vehicles Market, the US Annual Sales (’000s), 2018–35 ...................................................................... 109
Table 30: Electric Vehicles Market, the US, Market Size ($B), 2018–35 ........................................................................... 111
Table 31: Electric Vehicles Market, the US imports and exports ($M) ............................................................................. 117
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Electric Vehicles Market Update 2023
Table 32: Electric Vehicles Market, the US, Average Selling Price ($), 2018–35............................................................... 123
Table 33: Electric Vehicles Market, Canada Annual Sales (‘000s), 2018–2035 ................................................................. 128
Table 34: Electric Vehicles Market, Canada, Market Size ($B), 2018–2035...................................................................... 130
Table 35: Electric Vehicles Market, Canada imports & exports ($M) ............................................................................... 137
Table 36: Electric Vehicles Market, Canada, Average Selling Price ($), 2018–2035 ......................................................... 142
Table 37: Electric Vehicles Market, China Annual Sales (’000s), 2018–35 ........................................................................ 148
Table 38: Electric Vehicles Market, China, Market Size ($B), 2018–35 ............................................................................ 150
Table 39: Electric Vehicles Market, China imports and exports ($M) ............................................................................... 157
Table 40: Electric Vehicles Market, China, Average Selling Price ($), 2018–35 ................................................................ 162
Table 41: Electric Vehicles Market, India Annual Sales (‘000s), 2018–2035 ..................................................................... 169
Table 42: Electric Vehicles Market, India, Market Size ($B), 2018–2035.......................................................................... 171
Table 43: Electric Vehicles Market, India imports & exports ($M) ................................................................................... 175
Table 44: Electric Vehicles Market, India, Average Selling Price ($), 2018–2035 ............................................................. 180
Table 45: Electric Vehicles Market, Japan Annual Sales (’000s), 2018–35 ....................................................................... 185
Table 46: Electric Vehicles Market, Japan, Market Size ($B), 2018–35 ............................................................................ 187
Table 47: Electric Vehicles Market, Japan imports & exports ($M) .................................................................................. 193
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Table 48: Electric Vehicles Market, Japan, Average Selling Price ($), 2018–35 ................................................................ 197
Table 49: Electric Vehicles Market, South Korea Annual Sales (‘000s), 2018–2035 ......................................................... 202
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Table 50: Electric Vehicles Market, South Korea, Market Size ($B), 2018–2035 .............................................................. 204
Table 51: Electric Vehicles Market, South Korea imports & exports ($M) ....................................................................... 209
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Table 52: Electric Vehicles Market, South Korea, Average Selling Price ($), 2018–2035 ................................................. 213
Table 53: Electric Vehicles Market, Germany Annual Sales (’000s), 2018–35 .................................................................. 219
Table 54: Electric Vehicles Market, Germany, Market Size ($B), 2018–35 ....................................................................... 221
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Table 55: Electric Vehicles Market, Germany imports and exports ($M) ......................................................................... 228
Table 56: Electric Vehicles Market, Germany, Average Selling Price ($), 2018–35 .......................................................... 233
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Table 57: Electric Vehicles Market, France Annual Sales (‘000s), 2018–2035 .................................................................. 237
Table 58: Electric Vehicles Market, France, Market Size ($B), 2018–2035 ....................................................................... 239
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Table 59: Electric Vehicles Market, France imports & exports ($M) ................................................................................ 246
Table 60: Electric Vehicles Market, France, Average Selling Price ($), 2018–2035 .......................................................... 251
Table 61: Electric Vehicles Market, the Netherlands Annual Sales (’000s), 2018–35....................................................... 255
Table 62: Electric Vehicles Market, the Netherlands, Market Size ($B), 2018–35 ........................................................... 257
Table 63: Electric Vehicles Market, the Netherlands imports and exports ($M).............................................................. 265
Table 64: Electric Vehicles Market, the Netherlands, Average Selling Price ($), 2018–35 ............................................... 270
Table 65: Electric Vehicles Market, Norway Annual Sales (‘000s), 2018–2035 ................................................................ 274
Table 66: Electric Vehicles Market, Norway, Market Size ($B), 2018–2035 ..................................................................... 276
Table 67: Electric Vehicles Market, Norway imports & exports ($M) .............................................................................. 283
Table 68: Electric Vehicles Market, Norway, Average Selling Price ($), 2018–2035 ......................................................... 288
Table 69: Electric Vehicles Market, the UK Annual Sales (’000s), 2018–35 ...................................................................... 293
Table 70: Electric Vehicles Market, the UK, Market Size ($B), 2018–35 ........................................................................... 295
Table 71: Electric Vehicles Market, the UK imports and exports ($M) ............................................................................. 302
Table 72: Electric Vehicles Market, the UK, Average Selling Price ($), 2018–35 .............................................................. 307
Table 73: Abbreviations .................................................................................................................................................... 309
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1. Executive Summary
1.1 The EV market faces battery shortage
The global battery production capacity needs to be raised substantially to match the increase in the sales of EVs. The
increase in prices of raw materials used in battery production and its increased demand due to production shortage has
led to rise in prices which has eventually led to increase in cost of electric vehicles. The price increase is expected to
continue for the next four to five years after which it is expected to stabilize by which a substantial production ecosystem
is expected to take shape.
E
of EVs in 2007 with an investment of about $XX million.
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Purchase the report to get full access
P
The following figure illustrates the annual sales of electric vehicles in China during 2018–35:
A M
S
Source: GlobalData
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Electric Vehicles Market Update 2023
The following figure illustrates the global market share of electric vehicles by volume, 2022:
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M P
S A
Source: GlobalData
Note: The share given is by volume and not value
1.4 Japan enters the top 10 market for the first time
Japan is home to several renowned electric vehicle manufacturers such as Mitsubishi, Honda, Nissan, and Mazda. The
country is the third largest car maker in the world, only behind China and the US. However, the adoption of battery
electric vehicles has not been as anticipated. Companies such as Mitsubishi and Nissan launched EVs a decade ago and
in 2010, Tesla announced that Japan could be the second biggest market for Tesla. But the Japanese government leaned
towards plug-in hybrid electric vehicles (PHEVs) and even public perception at adopting clean vehicles in general led to
reduction in the adoption of EVs. In Japan, environment-friendly cars are known as Clean Energy Vehicles (CEVs).
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Electric Vehicles Market Update 2023
The following figure illustrates the annual sales of electric vehicles in Japan during 2018–35:
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M P
A
Source: GlobalData
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1.5 US exceeds one million publicly available charging points
The US was slow in the installation of publicly accessible charging points with only XX charging points available at the
beginning of the previous decade, which rose to XX in 2021. The spurt in the number of charging points occurred in 2022
when the country reported more than one million publicly accessible charging points, to become the only country to do
so after China. This will aid the growth of EVs and lays a strong foundation for the future. However, it is to be noted that
only XX fast charging points were available, and the rest were all slow charging points.
www.globaldata.com 19
Electric Vehicles Market Update 2023
The following figure illustrates the publicly accessible charging points for electric vehicles in the US during 2010–22:
Figure 4: Electric Vehicles Market, the US, Publicly Accessible Charging Points (in ‘000s), 2010–2022
L E
M P
A
Source: GlobalData, IEA
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2. Introduction
2.1 Electric Vehicles, Technology Definition
An electric vehicle (EV) is a type of vehicle that is either partially or fully powered by electric power. An EV uses one or
more electric motors or traction motors for propulsion. Major components of an EV include a battery pack, electric motor,
power electronics controller, DC/DC converter, and thermal system. Electric vehicles are a viable replacement for internal
combustion engine (ICE) vehicles.
Hybrid electric vehicles (HEVs) are powered by an internal combustion engine and an electric motor. The electric energy
is generated by the car’s braking system to recharge the battery. This is known as regenerative braking, a process where
the electric motor helps slow the vehicle using some of the energy normally converted to heat by the brakes.
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Electric Vehicles Market Update 2023
Plug-in hybrid electric vehicles are similar to HEVs but have much larger batteries that can be charged by plugging into
an external electricity supply and can run in full electric mode. When the battery gets depleted, the vehicle switches to a
series/parallel hybrid propulsion system.
Battery electric vehicles completely run-on electric motors. These vehicles store power onboard with high-capacity
battery packs that run the electric motor as well as all onboard electronics. BEVs do not emit any harmful emissions.
Fuel cell electric vehicles run on electricity generated by hydrogen fuel cells. These vehicles are more efficient than
conventional ICE vehicles and emit no gas. However, the technology is still in the early stages of implementation and
would require a few years to get traction.
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2.3 Electric Vehicle Components
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A battery electric vehicle comprises the following major components:
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Electric Motor – Electric motor is among the critical components in an EV. The electric motor converts electric energy
into kinetic energy that moves the wheels. The electric motor makes less noise compared to the engine in ICE vehicles.
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Battery Pack – Battery pack is made up of numerous lithium-ion cells and stores the energy needed to run the electric
vehicle. The battery pack offers direct current (DC) output. EVs with larger battery packs have a longer range compared
A
to vehicles with smaller battery packs.
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2.4 Electric Vehicles, Value Chain
Automakers are facing disruptions in the value chain with EVs becoming more mainstream. EVs use battery packs to
power the vehicle as opposed to a traditional ICE vehicle. EVs contain fewer parts but require more electronic
components. The major components of the EV value chain can be classified as hardware, software, and service. The
hardware component includes batteries, semiconductors, auto components, and assembly.
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Electric Vehicles Market Update 2023
E
Source: GlobalData
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M
3.1 Electric Vehicles, Global, Overview
A
The electric vehicles’ sector has registered exponential growth during the last decade due to the depleting fossil fuel
S
reserves and growing awareness about the effect of global warming. The electric vehicles are a viable option to replace
ICE vehicles as they do not cause environmental pollution, unlike ICE vehicles. The global EV market recorded significant
growth in 2022, with the annual sales of battery electric passenger car sales reaching nearly XX million. EV sales increased
substantially in several countries despite the automotive industry facing supply chain constraints in 2020 due to the
COVID-19 pandemic.
Source: GlobalData
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China
Japan
E
India
South Korea
P L
Purchase the report to get full access
M
Germany
A
France
S
The UK
Norway
The Netherlands
Source: GlobalData
EUR1=$1.05, INR1=$0.013, GBP1=$1.241, 1NOK=$0.104
The following figure illustrates the global annual sales of electric vehicles during 2018–35:
www.globaldata.com 23
Electric Vehicles Market Update 2023
L E
Source: GlobalData
M P
S A
www.globaldata.com 24
Electric Vehicles Market Update 2023
The following table illustrates the global annual sales of electric vehicles during 2018–35:
2020
2021
2022
2023
2024
E
2025
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2026
P
2027 Purchase the report to get full access
2028
M
2029
A
2030
S
2031
2032
2033
2034
2035
Source: GlobalData
www.globaldata.com 25
Electric Vehicles Market Update 2023
The following figure illustrates the global annual sales percentage of electric vehicles by region:
Figure 8: Electric Vehicles Market, Global, Annual Sales by Region (%), 2022 and 2035
L E
M P
A
Source: GlobalData
www.globaldata.com 26
Electric Vehicles Market Update 2023
The following table illustrates the global annual sales electric vehicles by region during 2018–35:
Table 3: Electric Vehicles Market, Global, Annual Sales by Region (‘000s), 2018–2035
Years Americas Europe Asia Pacific Rest of the World
2018
2019
2020
2021
2022
2023
2024
2025
2026
E
Purchase the report to get full access
2027
L
2028
P
2029
2030
2031
M
2032
A
2033
S
2034
2035
Source: GlobalData
The following figure illustrates the global market size of electric vehicles during 2018–35:
www.globaldata.com 27
Electric Vehicles Market Update 2023
L E
Source: GlobalData
M P
S A
www.globaldata.com 28
Electric Vehicles Market Update 2023
The following table illustrates the global market size of electric vehicles during 2018–35:
2020
2021
2022
2023
2024
E
2025
L
2026
Purchase the report to get full access
P
2027
2028
M
2029
A
2030
S
2031
2032
2033
2034
2035
Source: GlobalData
The following figure illustrates the global market size percentage of electric vehicles by region:
www.globaldata.com 29
Electric Vehicles Market Update 2023
Figure 10: Electric Vehicles Market, Global, Market Size by Region (%), 2022 and 2035
L E
M P
A
Source: GlobalData
www.globaldata.com 30
Electric Vehicles Market Update 2023
The following table illustrates the global market size of electric vehicles by region during 2018–35:
Table 5: Electric Vehicles Market, Global, Market Size by Region ($B), 2018–2035
Year Americas Europe Asia Pacific Rest of the World
2018
2019
2020
2021
2022
2023
2024
2025
2026
E
Purchase the report to get full access
2027
L
2028
P
2029
2030
2031
M
2032
A
2033
S
2034
2035
Source: GlobalData
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The following figure illustrates the segmentation of passenger electric vehicles by body type globally:
Figure 11: Electric Vehicles Market, Global, Segmentation in Passenger Electric Vehicles body type (%)
L E
M P
S A
Source: GlobalData
www.globaldata.com 32
Electric Vehicles Market Update 2023
The following figure illustrates the segmentation of passenger electric vehicles by category globally:
Figure 12: Electric Vehicles Market, Global, Segmentation in Passenger Electric Vehicles Category (%)
L E
M P
Source: GlobalData S A
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Electric Vehicles Market Update 2023
The following figure illustrates the segmentation of commercial electric vehicles by category globally:
Figure 13: Electric Vehicles Market, Global, Segmentation in Commercial Electric Vehicles Category (%)
L E
M P
S A
Source: GlobalData
www.globaldata.com 34
Electric Vehicles Market Update 2023
The following figure illustrates the segmentation of passenger electric vehicles by source globally:
Figure 14: Electric Vehicles Market, Global, Segmentation by Passenger Electric Vehicles Source (%)
L E
P
Source: GlobalData
M
Note: Rest of the World (RoW) countries are not included in this chart
The following figure illustrates the segmentation of commercial electric vehicles by source globally:
A
Figure 15: Electric Vehicles Market, Global, Segmentation by Commercial Electric Vehicles Source (%)
Source: GlobalData
Note: Rest of the World (RoW) countries are not included in this chart
www.globaldata.com 35
Electric Vehicles Market Update 2023
The following figure illustrates the global market share electric vehicles by volume, 2022:
Figure 16: Electric Vehicles Market, Global, Market Share (%), 2022
L E
M P
S A
Source: GlobalData
Note: The share given is by volume and not value
www.globaldata.com 36
Electric Vehicles Market Update 2023
The following figure illustrates the publicly accessible charging points for electric vehicles globally during 2010–22:
Figure 17: Electric Vehicles Market, Global, Publicly Accessible Charging Points (in ‘000s), 2010–2022
L E
M P
Source: GlobalData, IEA S A
3.10 Electric Vehicles, Global, Cost and Pricing Analysis
The global average price of an EV in 2022 was around $XX. This was due to the high volume and low prices recorded in
China. The Chinese market accounts for over XX% of the sales, which has a strong effect on global average prices.
Excluding China, the average price ranges between $XX and $XX. The price of electric vehicles has increased over the
years due to technology upgrades and an increase in the raw materials used in battery production.
The following figure illustrates the global average selling price of electric vehicles during 2018–35:
www.globaldata.com 37
Electric Vehicles Market Update 2023
Figure 18: Electric Vehicles Market, Global, Average Selling Price, 2018-35
L E
Source: GlobalData
M P
S A
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The following table illustrates the global average selling price of electric vehicles during 2018–35:
Table 6: Electric Vehicles Market, Global, Average Selling Price ($), 2018–2035
Year Battery electric passenger Battery electric Total electric vehicles
cars commercial vehicles
2018
2019
2020
2021
2022
2023
E
2024
L
2025
P
2026
M
2028
A
2029
S
2030
2031
2032
2033
2034
2035
Source: GlobalData
www.globaldata.com 39
Electric Vehicles Market Update 2023
Table 7: Electric Vehicle, Major Participants in the Electric Vehicle Value Chain
Value Chain Role Major participants
Executing supply of raw materials such as lithium
and cobalt, and carbon-based materials such as
Integrated graphite and nickel from mines to production hubs. Ganfeng Lithium Co., Ltd. And Sechuan Yahua
supply chain
E
Development of new technologies to produce EVs. Group among others.
companies
Development of materials that facilitate the
L
reduction in the cost of EV production.
M P
A
EV
components
Battery pack
S Purchase the report to get full access
manufacturers
EV production
Source: GlobalData
www.globaldata.com 40
Electric Vehicles Market Update 2023
Recent News:
- In May 2023, Tesla announced that it had decided to give access to a portion of its Canadian supercharger
network to non-Tesla EVs with a target to expand access to EV chargers in the country.
- In May 2023, Tesla collaborated with Ford to integrate Tesla's NACS (North American Charging Standard) plugs
on all potential Ford EVs, which is a continuing effort of Tesla to develop its supercharger network.
E
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L
Company Profile:
P
Table 8: Electric Vehicle Market, Global, Company Profile, Tesla Inc. (Tesla)
M
Headquarters Austin, Texas, US
Tesla Inc (Tesla) designs, develops, markets, and leases complete electric vehicles. It also
installs and maintains energy systems, sells solar electricity, and delivers comprehensive clean
A
Company Overview
energy products, including generation, storage, and consumption.
S
Geographies Served
Revenue ($ Million)
in 2022 Purchase the report to get full access
Product and Service
Offerings
Source: GlobalData
Similar analysis has been provided for the following company profiles:
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Electric Vehicles Market Update 2023
E
Altus Power Completes
Acquisition of Solar
L
Asset
Projects in the US from
16-Feb-2023 Transacti Altus Power Inc XX
True Green Capital
P
ons
Management for $XX
million
M
15-Feb-2023
06-Feb-2023
A
01-Feb-2023
S
27-Jan-2023
27-Jan-2023
19-Dec-
2022
21-Nov-
2022
17-Nov-
2022
03-Nov- Purchase the report to get full access
2022
20-Oct-2022
13-Oct-2022
12-Oct-2022
05-Oct-2022
26-Aug-
2022
23-Aug-
2022
19-Aug-
2022
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Electric Vehicles Market Update 2023
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Electric Vehicles Market Update 2023
- Major Milestones
The following table illustrates the significant milestones in the history of electric vehicles:
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2011
2021
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2022
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Source: GlobalData
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The following are the major trends expected in the electric vehicle technology in the coming few years as the EV theme
develops. The trends are grouped into three categories: key market trends, macroeconomic trends, and regulatory
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trends.
- Market Trends
Smart battery charging facilities on the rise
Electric vehicle charging infrastructure is improving and the number of private and public charging stations is also rising.
In 2021, the US recorded XX publicly available charging points, including fast charging points and slow points, which
increased to XX in 2022. For instance, in February 2023, BP Pulse, BP’s EV charging business, announced an investment
of $XX billion by 2030 in EV charging points across the US.
The evolution and increasing efficiencies of batteries is one of the key technology trends which is having a positive effect
on demand for EVs. Lithium-ion batteries are the most widely used technology in EVs. The growing innovations focusing
on energy density have led to the development of more efficient batteries, enabling travel over longer distances before
requiring recharging.
The need to lessen the dependence on fossil fuels and transition to clean energy options is becoming more apparent
globally. Military vehicles are about to get an electric modernization. GM Defense, a business division of General Motors
aiming at advanced defense mobility requirements, was chosen by the Defense Innovation Unit (DIU) to develop a battery
pack that can be applied to functional electric military vehicles.
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Electric Vehicles Market Update 2023
The time required for charging EV batteries is considered one of the major challenges for users. While this issue is being
managed with fast chargers and batteries with more power capacity. This process works similar to how a vehicle pulls
into a bay at a swapping station before a programmed system removes the depleted battery pack from the vehicle.
The increase in energy prices has made consumers concerned about how the national grid will deal with the growing
pressure of charging EVs. However, the steps towards making the grid greener and more competent have been initiated.
Smart schemes such as Intelligent Octopus use tariffs to boost charging when there is minimal demand on the grid, which
means less energy is required to be generated to meet the demand.
• Macroeconomic Trends
•
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Regulatory trends
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4.5 Electric Vehicles Market, Global, Market Forces Analysis
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The following figure illustrates drivers, restraints, and challenges in the electric vehicles market:
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Figure 19: Global, Electric Vehicles Market, Drivers, Restraints, and Challenges
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Electric Vehicles Market Update 2023
- Drivers
Falling prices of electric vehicles
Electric vehicles have been widely publicized as the prospect of low-carbon transportation. However, like any technology,
the cost of EVs is related to raw materials. Due to decreasing prices, EVs are becoming more affordable as the raw
material costs are declining. Lithium, the primary ingredient in manufacturing EV battery packs, is showing a declining
price trend, leading to the decrease in the overall cost and increasing the demand for EVs.
- Restraints
Raw material supply constraints
EV manufacturers are having a challenging time meeting consumer demand, with waiting times for vehicles stretching
between nine and 12 months. This issue is likely to worsen as automakers struggle to secure lithium, cobalt, nickel, and
other materials required for EV batteries. The sluggish supply chain improvement is one of the primary restraints for the
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EV market. In 2021, demand for lithium, cobalt, and nickel outstripped supply as the battery-making increases.
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- Challenges
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Possible threat from hydrogen fuel cells
Most EV projects are concerned with battery-powered electric vehicles. However, hydrogen fuel cells could be a feasible
alternative if more R&D is conducted. Emissions from diesel and gasoline vehicles, such as nitrogen oxides and
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hydrocarbons, are major sources of pollution. Hydrogen-driven fuel cell vehicles emit none of these harmful substances
and are good for the environment.
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5. Electric Vehicles Market, Americas
5.1 Electric Vehicles, Americas, Overview
In the Americas region, the US and Canada accounted for the largest sales of the BEVs. However, there has been an
increase in sales in Argentina, Brazil, and Mexico. The US and Canada accounted for over XX% of the annual sales of
battery electric vehicles in the Americas region. There is a strong ecosystem in place established by the market leaders
in the US and Canada, which could be the reason for the penetration of electric vehicles in the Americas. The low-price
electric vehicles offered by Tesla could be a decisive factor in the adoption of BEVs in other countries in the Americas
region.
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Source: GlobalData
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5.3 Electric Vehicles, Americas, Annual Sales, 2018-2035
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The annual sales of electric vehicles in the Americas reached XX million units in 2022 from XX million in 2018 and are
anticipated to reach XX million by 2035. The annual sales of battery electric passenger cars were XX million in 2022 and
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are expected to reach XX million units by 2035. The annual sales of battery electric commercial vehicles were XX units in
2022 and are anticipated to reach XX million units by 2035.
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The following figure illustrates the annual sales of electric vehicles in the Americas during 2018–35:
Figure 21: Electric Vehicles Market, Americas, Annual Sales (‘000s), 2018–2035
Source: GlobalData
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Electric Vehicles Market Update 2023
The following table illustrates the annual sales of electric vehicles in the Americas during 2018–35:
Table 11: Electric Vehicles Market, Americas, Annual Sales (‘000s), 2018–2035
Year Battery electric passenger cars Battery electric commercial vehicles
2018
2019
2020
2021
2022
2023
2024
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2025
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2026
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Purchase the report to get full access
2027
2028
M
2029
A
2030
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2031
2032
2033
2034
2035
Source: GlobalData
The following figure illustrates the annual sales of electric vehicles in the Americas during 2018–35:
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Electric Vehicles Market Update 2023
Figure 22: Electric Vehicles Market, Americas, Market Size ($B), 2018–2035
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Source: GlobalData
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S A
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Electric Vehicles Market Update 2023
The following table illustrates the market size of electric vehicles in the Americas during 2018–35:
Table 12: Electric Vehicles Market, Americas, Market Size ($B), 2018–2035
Year Battery electric passenger cars Battery electric commercial vehicles
2018
2019
2020
2021
2022
2023
2024
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2025
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2026
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2027
2028
M
2029
A
2030
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2031
2032
2033
2034
2035
Source: GlobalData
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Electric Vehicles Market Update 2023
The following figure illustrates the segmentation of passenger electric vehicles in the Americas by size:
Figure 23: Electric Vehicles Market, Americas, Segmentation by Passenger Electric Vehicles Size (%)
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Source: GlobalData
The following figure illustrates the segmentation of commercial electric vehicles in the Americas by size:
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Figure 24: Electric Vehicles Market, Americas, Segmentation by Commercial Electric Vehicles Size (%)
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Source: GlobalData
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Electric Vehicles Market Update 2023
The following figure illustrates the segmentation of passenger electric vehicles in the Americas by category:
Figure 25: Electric Vehicles Market, Americas, Segmentation by Passenger Electric Vehicles Category (%)
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Source: GlobalData
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5.7 Electric Vehicles, Americas, Segmentation by source
In 2022, domestic source led the market for passenger electric vehicles with a share of XX%, followed by imports with
XX% in the Americas. However, this is anticipated to remain the same in the future with domestic source as the major
shareholder in the passenger electric vehicles with XX% share, followed by imports with XX% share by 2035.
The following figure illustrates the segmentation of passenger electric vehicles in the Americas by source:
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Electric Vehicles Market Update 2023
Figure 26: Electric Vehicles Market, Americas, Segmentation by Passenger Electric Vehicles Source (%)
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Source: GlobalData
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The following figure illustrates the segmentation of commercial electric vehicles in the Americas by source:
Figure 27: Electric Vehicles Market, Americas, Segmentation by Commercial Electric Vehicles Source (%)
A M
S
Source: GlobalData
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The following figure illustrates the market share of electric vehicles in the Americas in 2022:
Figure 28: Electric Vehicles Market, Americas, Market Share (%), 2022
L E
M P
Source: GlobalData
S A
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Electric Vehicles Market Update 2023
The following figure illustrates the announced charging projects for electric vehicles during 2012–22 in the Americas:
Figure 29: Electric Vehicles Market, Americas, Announced Charging Projects, 2012–2022
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M P
S A
Source: GlobalData, IEA
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Electric Vehicles Market Update 2023
the following figure illustrates the public charging infrastructure for electric vehicles, capacity by status and number of
projects in the Americas:
Figure 30: Electric Vehicles Market, Americas, Public Charging Infrastructure, Capacity by Status and Number of
Projects (As of May 2023)
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M P
S A
Source: GlobalData
The following figure illustrates the public charging infrastructure projects for electric vehicles in the Americas (%):
Figure 31: Electric Vehicles Market, Americas, Public Charging Infrastructure Project (%), 2022
Source: GlobalData
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Electric Vehicles Market Update 2023
The following figure illustrates the average selling price of electric vehicles in the Americas during 2018–35:
Figure 32: Electric Vehicles Market, Americas, Average Selling Price, 2018-35
L E
M P
S A
Source: GlobalData
The following table illustrates the average selling price of electric vehicles in the Americas during 2018–35:
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Electric Vehicles Market Update 2023
Table 13: Electric Vehicles Market, Americas, Average Selling Price ($), 2018–2035
Year Battery electric passenger Battery electric Total electric vehicles
cars commercial vehicles
2018
2019
2020
2021
2022
2023
2024
E
2025
L
2026
P
2027 Purchase the report to get full access
2028
M
2029
A
2030
S
2031
2032
2033
2034
2035
Source: GlobalData
Similar analysis has been provided for the following:
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• Electric vehicle and charging infrastructure policy analysis in each of the key
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6. Appendix
6.1 Abbreviations
Table 14: Abbreviations
Abbreviation Expanded Form
AC Alternating Current
ATVM Advanced Technology Vehicles Manufacturing
BEV Battery Electric Vehicle
BMS Battery Management System
CEV Clean Energy Vehicle
CNG Compressed Natural Gas
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COP26 Conference of the Parties 26
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DC Direct Current
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DIU Defense Innovation Unit
E-CSP E-pit Charging Service Platform
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ECU Electronic Control Unit
ELC Electronic Leveling Control
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EV Electric Vehicle
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FAME Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
FCEV Fuel Cell Electric Vehicle
GO Government Order
GST Goods and Services Tax
HEV Hybrid Electric Vehicle
ICE Internal Combustion Engine
IEA International Energy Agency
IZEV Incentives for Zero-Emission Vehicle
LCV Light Commercial Vehicle
LNG Liquefied Natural Gas
MoU Memorandum of Understanding
MPV Multi-Purpose Vehicle
MSRP Manufacturer’s Suggested Retail Price
NEV New Energy Vehicle
OEM Original Equipment Manufacturer
PHEV Plug-in Hybrid Electric Vehicle
PISC Project Implementation and Sanctioning Committee
PnC Plug&Charge
SHEV Strong Hybrid Vehicle
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Electric Vehicles Market Update 2023
L E
A fully electric vehicle powered only by an electric motor and does not have an internal combustion engine (ICE). The
Tesla Model 3 is an example of a BEV.
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- Commercial Vehicle
Vehicles used for commercial or business purposes, mostly a van or a bus but not restricted to it. For instance, an electric
M
car used by a business, or a company is categorized under commercial vehicles.
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- Drivetrain
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The system that propels the vehicle – in an electric vehicle, this comprises the batteries, power management system,
electric motor, and battery charger.
- Lithium-ion Batteries
The standard batteries of the type used in smartphones for powering electric vehicles, made up of lithium, nickel,
magnesium, and cobalt.
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Electric Vehicles Market Update 2023
- Passenger Vehicle
A vehicle used for personal purposes and not intended for business or commercial use.
- Regenerative Braking
A process where the electric motor helps slow down the vehicle and uses some of the energy normally converted to heat
by the brakes. The kinetic energy gets converted into electrical energy, which is supplied back to the battery.
6.3 Methodology
GlobalData’s dedicated research and analysis teams consist of experienced professionals with advanced statistical
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expertise and marketing, market research, and consulting backgrounds in the energy industry.
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GlobalData adheres to the Codes of Practice of the Market Research Society (www.mrs.org.Laos) and the Strategic and
Competitive Intelligence Professionals (www.scip.org).
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All GlobalData databases are continuously updated and revised. The following research methodology is followed for all
databases and reports.
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In the report, high case scenario considers parameters like proper infrastructure, investment, project approvals, high
adoption rate among others. Low case scenario considers challenges related to production facilities and delays which
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may hinder the overall operations.
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- Coverage
The objective of updating GlobalData coverage is to ensure that it represents the most up-to-date vision of the industry.
We track hundreds of alternative energy news sources on a daily basis. Using this news flow and regular interaction with
the industry experts, we identify the key trends being witnessed by the industry. These can be market opportunity,
industry consolidation, technological breakthrough, policy updates, etc. Our articles and reports investigate these trends
in detail and evaluate the market implication of these trends.
The import export data is sourced from UN Comtrade and the publicly accessible charging points data is sourced from
IEA. The HS CODE 870240 is used for commercial electric vehicles segment and HS CODE 870380 is used for passenger
electric vehicles segment.
- Secondary Research
The research process begins with exhaustive secondary research on internal and external sources being carried out to
source qualitative and quantitative information relating to each market. The secondary research sources that are typically
referred to include, but are not limited to:
− Company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings
− Industry trade journals and other literature
− Internal and external proprietary databases
− National government documents, statistical databases, and market reports
− News articles, press releases, and webcasts specific to the companies operating in the market
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Electric Vehicles Market Update 2023
- Primary Research
A primary research effort further substantiates findings and information captured through desk research. This aspect of
the research program serves both as a means of obtaining updates regarding issues such as changes in policy frameworks
and power sector development, and as a quality control mechanism. GlobalData conducts hundreds of primary interviews
a year with industry participants and commentators in order to validate its data and analysis. A typical research interview
fulfils the following functions:
− Provides first-hand information on the market size, market trends, growth trends, competitive environment, and
future outlook
− Helps in validating and strengthening the secondary research findings
− Further develops the analysis team’s expertise and market understanding
− Primary research involves email interactions and telephone interviews as well as face-to-face interviews for each
market, category, segment, and subsegment across geographies.
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In case of data gaps and especially while forecasting the market, we use in-house models to forecast the data. Historic
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data and the analysis of trends within it form the basis of all forecasting methodology. Various qualitative and quantitative
factors are usually considered for estimating the future growth. The forecasted data is validated through various industry
P
experts and a back-of-envelope check is also done.
To forecast market value, the average price of an EV in a particular country or region was identified first. For commercial
M
vehicles a direct average of price was take due to a smaller number of categories. Whereas for passenger vehicles the
top 20 selling cars were identified in 2022 which comprised over 70%-80% of the market and the weighted average was
taken by category to identify the base year average price. To forecast the average price the trend in that market was
A
analyzed using factors such as production capacity, government incentives and policies, availability of raw materials,
S
import duties, macroeconomic factors such as the income levels, age of population, and buying trend. Once the average
price was forecasted it was multiplied with the forecasted volume.
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Electric Vehicles Market Update 2023
About GlobalData
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Electric Vehicles Market Update 2023
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