Electric Vehicles Market by Type (BEV,FCEV,PHEV & HEV), by Charging type (RAPID,FAST & SLOW), by Battery type (Lithium Ion Batteries, Lead Acid Batteries), by End-Use Industry (LCV & HCV) by Region (Asia-Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast From 2019 To 2024

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Electric Vehicles Market: Summary

The global electric vehicles market is estimated to reach USD 477.3 billion in 2024 at a CAGR of 22.8%. Taxation benefit on electric car loans and supportive government subsides are expected to drive the electric vehicles market during the forecast period. However, increasing focus on sustainability is expected to become an opportunity for electric vehicles market.

The electric vehicle is an alternative source for fuel in automotive industry. This source can help various electric motors and motor controllers to drive the vehicle. Electric vehicles reserve electricity in an energy storage device such as battery. Moreover, it usually presented as non polluting or zero radiation vehicle. Some key players in electric vehicles are Tesla Motor, BYD Company Ltd., Ford Motor Company, Toyota Motor Corporation, AB Volvo, Daimler AG, and Honda Motor Co Ltd. among others.  Electric Vehicles Market


Electric Vehicles Market: Report Synopsis

This market research report offers a comprehensive analysis of key market trends in the global electric vehicles market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by factful feedbacks. On the basis of type, the market is segmented into battery electric vehicles (BEV), fuel cell electric vehicles(FCEV), plugin electric vehicles(PEV) and hybrid electric vehicles (HEV). By Battery type, the electric vehicles market is segmented into lead acid battery, nickel metal hydride battery, lithium ion battery and others. On the basis of charging type, the market is segmented into rapid (43Kw-50Kw) by (30-60minute),fast (7Kw-22Kw) by (3-4hour) & slow (upto 3Kw) by (6-12hour). By end use industry, the market is segmented into heavy commercial vehicle (HCV) & low commercial vehicle (LCV).

Electric Vehicles Market: Report Scope

The report on the electric vehicles market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features


Historical/Estimated/Forecasted Market Size Years


Base Year for Market Calculation


Forecasted Period

2019-2024 (2019 estimated year, forecasted up to 2024)

Measured Units

Value (USD Million) Volume (Million)

Segments Included

Type, Battery Type,Charging Type, End Use Industry

Regional Coverage

Asia-Pacific, North America, Europe, Middle East & Africa, South America

Companies Covered

  • Tesla Motors (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • BYD Company Ltd.
  • Ford Motor Company
  • Toyota Motor Corp
  • AB Volvo
  • Daimler AG
  • Honda Motor Co Ltd
  • Other Key Companies

Electric Vehicles Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Electric Vehicles Market, by Type

  • Battery Electric Vehicles (BHV)
  • Fuel Cell Electric Vehicles (FCEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)
  • Hybrid Electric Vehicles (HEV)

Electric Vehicles Market, by Battery Type

  • Lead Acid Batteries (LAB)
  • Nickel Metal Hydride Batteries
  • Lithium Ion Batteries (LIB)
  • Others

Electric Vehicles Market, by Charging Type

  • Rapid (43Kw-50Kw) by (30-60minute)
  • Fast (7Kw-22Kw) by (3-4hour)
  • Slow (upto 3Kw) by (6-12hour)

Electric Vehicles Market by, End-Use Industry

  • Heavy Commerical Vehicles
  • Light Commerical Vehicles

Electric Vehicles Market by Region

  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Rest of Asia-Pacific
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Norway
    • France
    • Italy
    • UK
    • Spain
    • The Netherlands
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions answered by the report

  • What are the major developments impacting the electric vehicles market and its growth?
  • What will be the effects of the developments in the electric vehicles market on the industry and on the market players in the near and far future?
  • What are the evolving types of the electric vehicles market?
  • What are the evolving applications of electric vehicles market?
  • What are the major characteristics that will affect the electric vehicles market growth during the study period?
  • Who are the key players operating in the electric vehicles market?
  • How are the major players leveraging in the existing market conditions?

Report Audience

  • Electric Vehicles Market Providers
  • Electric Vehicles Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Electric Vehicles Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations



1.1       Research Objectives

1.2       Market Definition

1.3       Research Scope

1.4       Regional Coverage

1.5       Research Timeline

1.6       Assumptions

1.7       Limitations


2.1       Introduction

2.2       Primary Research

                                  2.2.1    Key Industry Expert Insight

2.3       Secondary Research

                                  2.3.1    Vital Data from Secondary Sources

2.4       Market Size Estimation

2.5       Data Validation & Triangulation



4.1       Introduction

4.2       Drivers

                                 4.2.1.    Taxation benefit on electric car loans

                                 4.2.2.    Supportive government subsidies

4.3       Restraints

                                 4.3.1.    High cost of fast charging systems

                                 4.3.2.    High price of electric vehicles as compared to conventional vehicles

4.4       Opportunities

                                 4.4.1.    Increasing focus on sustainability

4.5       Challenges

                                 4.5.1.    Charging Time

                                 4.5.2.    Security involved with battery machinery


5.1       Introduction

                                 5.1.1.    Power of Buyers

                                 5.1.2.    Power of Suppliers

                                 5.1.3.    Intensity of Competition

                                 5.1.4.    Challenges of Substitutes

                                 5.1.5.    Challenges of New Entrants

5.2       Macro-Economic Indicators

6      ELECTRIC VEHICLE MARKET BY TYPE, Market Size in USD Million (2017—2024)

6.1       Introduction

6.2       Battery Electric Vehicles (BEV)

6.3       Fuel Cell Electric Vehicles (FCEV)

6.4       Plugin Electric Vehicles (PEV)

6.5       Hybrid Electric Vehicles (HEV)

7      ELECTRIC VEHICLE MARKET BY BATTERY TYPE, Market Size in USD Million (2017—2024)

7.1       Introduction

7.2       Lead Acid Batteries

7.3       Nickel Metal Hydride Batteries

7.4       Lithium Ion Batteries

7.5       Others

8      ELECTRIC VEHICLE MARKET BY CHARGING TYPE, Market Size in USD Million (2017—2024)

8.1       Introduction

8.2       Rapid (43-50Kw) by (30-60 minutes)

8.3       Fast (7Kw-22Kw) by (3-4 hours)

8.4       Slow (Up to 3Kw) by (6-12 hours)

9      ELECTRIC VEHICLE MARKET BY END-USE INDUSTRY, Market Size in USD Million (2017—2024)

9.1       Introduction

9.2       Light Commercial Vehicle

9.3       Heavy Commercial Vehicle

10   ELECTRIC VEHICLE MARKET BY REGION, Market Size in USD Million (2017—2024)

10.1     North America

                                 8.1.1.    US

                                 8.1.2.    Canada

                                 8.1.3.    Mexico

10.2     Europe

                                 8.2.1.    Germany

                                 8.2.2.    Norway

                                 8.2.3.    France

                                 8.2.4.    Italy

                                 8.2.5.    UK

                                 8.2.6.    Spain

                                 8.2.7.    The Netherlands

                                 8.2.8.    Rest of Europe

10.3     Asia-Pacific

                                 8.3.1.    China

                                 8.3.2.    Japan

                                 8.3.3.    India

                                 8.3.4.    South Korea

                                 8.3.5.    Taiwan

                                 8.3.6.    Rest of Asia-Pacific

10.4     Middle East

                                 8.4.1.    Saudi Arabia

                                 8.4.2.    UAE

                                 8.4.3.    Rest of Middle East

10.5     South America

                                 8.5.1.    Brazil

                                 8.5.2.    Argentina

                                 8.5.3.    Rest of South America


11.1     Introduction

11.2     Market Ranking/Share Analysis of Key Companies

11.3     Company Benchmarking


12.1     Tesla Motor

                                12.1.1    Company Overview

                                12.1.2    Financial Overview

                                12.1.3    Products/Solutions/Services Offered

                                12.1.4    Key Developments

                                12.1.5    SWOT Analysis

12.2     BYD Company Ltd.

12.3     Ford Motor Company

12.4     Toyota Motor Corp

12.5     AB Volvo

12.6     Daimler AG

12.7     Honda Motor Co Ltd


12.9     Other Key Companies


13.1     Key Industry Expert Insights

13.2     Primary Discussion Guide

13.3   Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain




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Research Design

Forencis Research follows robust and deep dive research methodologies to deliver accurate – current, estimated and forecasted market data. Our extensive primary and secondary research help in deriving reliable qualitative and quantitative data to provide verified market insights. Our research team tracks historic trends, existing and recent market dynamics, growth prospects, competitor landscape, and the entire value chain dynamics to attain reliable industry facts to reach accurate market estimates. Primary research is conducted through thorough interviews and detailed surveys with the Key Industry Experts and related participants across the value chain. Secondary research entails acquiring data through paid and reliable databases such as annual reports, SEC filings, research publications, association publications, investor presentations, white papers and other sources. All the above-obtained information is further processed and collated with our existing database prior to its presentation in our publications.

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Key Questions Answered by the Report

  • Major factors impacting the market and its growth
  • Evolving Types of the various products in the Market
  • Evolving Application of the various products in the Market
  • Growing countries in the Global Market
  • Effects of the developments in the market on the industry and on the market players
  • Key market developments undertaken by the leading players

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