Report Highlights
The global market for electric vehicles and fuel cell vehicles was valued at $655.9 billion in 2023. The market is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.
Report Includes
- 84 data tables and 52 additional tables
- Industry analysis of the global markets for electric vehicles (EVs) and fuel cell battery vehicles (FCEVs)
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
- Estimates of the current market size in value and volumetric terms and revenue prospects, along with a market share analysis based on vehicle type, propulsion type, power source, and region
- Facts and figures pertaining to the market dynamics, current and emerging technologies, regulatory scenarios, and the expected impact of macroeconomic factors
- Assessment of unit sales and shipments of EVs, and a review of their power sources
- Insights into the market based on the Porter’s Five Forces model and a value chain analysis
- Overview of ESG and sustainability trends, with a focus on consumer attitudes, companies’ ESG score rankings and their ESG practices
- Analysis of patents related to EVs’ power sources and components
- Insight into the industry structure, including company revenue share analysis, mergers and acquisitions, and venture funding
- Company profiles of leading players, including BYD Co. Ltd., Tesla Inc., Hyundai Motor Co., Volkswagen Group, and Zhejiang Geely Holding Group Co. Ltd.
Report Scope
This report includes key segments of EVs and FCEVs, such as propulsion type, vehicle type, and power source. Additionally, the report discusses the technological, regulatory, and market ranking analysis for top players. It further analyzes the market’s dynamics and current industry trends. The report also covers patent analysis, the ESG development chapter, emerging technologies, and the impact of the Russia-Ukraine war on the EV and FCEV market. The report concludes by providing detailed company profiles of the top manufacturers in the global market.
Industrial vehicles and low-speed electric vehicles are not considered in the scope. The global volume (thousand units) for all the vehicle types is taken from the International Energy Agency (IEA) EV Outlook 2024 report.
The report also includes geographic analysis for North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa).
The base year is 2023, 2024 is an estimated year, and the market values are forecasted for five years until the end of 2029. All market values are in the dollar ($) billion. All market values are nominal.
Report Synopsis
Report Metrics | Details | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Base year considered | 2023 | ||||||||||||||||
Forecast period considered | 2024-2029 | ||||||||||||||||
Base year market size | $655.9 Billion | ||||||||||||||||
Market size forecast | $1.8 Trillion | ||||||||||||||||
Growth rate | CAGR of 18.6% from 2024 to 2029 | ||||||||||||||||
Units considered | $ Billions (Revenue) and Thousand Units (Sales Volume) | ||||||||||||||||
Segments covered | By Propulsion Type, Vehicle Type, Power Source, and Region | ||||||||||||||||
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa) | ||||||||||||||||
Countries covered | The U.S., Canada, Mexico, Germany, U.K., France, The Netherlands, Belgium, Italy, Spain, China, India, Japan, South Korea and Australia | ||||||||||||||||
Key Market Drivers |
|
||||||||||||||||
Companies studied |
|
Frequently Asked Questions (FAQs)
- Increasing sales of electric cars globally.
- Decreasing battery costs are supporting EV adoption globally.
- Rising petroleum prices drive the shift of consumers toward EVs.
Analyst Credentials
BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.
Consulting Editor’s Credentials
Jason Chen has been an analyst and consultant for the polymer, composite, fibre, textile and energy industries for 19 years. He works as a researcher, writer and/or editor for the American Composites Manufacturers Association (ACMA), China Textile Academy (CTA), China Chemical Fiber Association (CCFA), International Fiber Journal, Filtration News, Platts Emission Daily, Vision Systems Design, Pesticide and Toxic Chemical News and MobileTex. He has a degree in Civil Engineering, Chemicals and Advanced Materials from Shantou University.
Report Highlights
The global electric vehicles and fuel cell vehicles market should reach $2.5 trillion by 2027 from $816.5 billion in 2022 at a compound annual growth rate (CAGR) of 25.0% for the forecast period of 2022 to 2027.
Report Highlights
The global electric vehicle market should reach $550.4 billion by 2024 from $257.4 billion in 2019 at a compound annual growth rate (CAGR) of 16.4% for the forecast period of 2019 to 2024.
Report Highlights
The global electric vehicles market reached $94.9 billion in 2019 and should reach $183.7 billion by 2024, at a compound annual growth rate (CAGR) of 14.1% for the period of 2019-2024.
Report Highlights
The global market for electric vehicle (EV) will grow from $75.7 billion in 2017 to around $127.7 billion by 2022 with a compound annual growth rate (CAGR) of 11.0% for the period of 2017-2022.
Report Highlights
The global electric vehicle (EV) market was worth over $73.0 billion in 2014. This market is expected to reach about $109.8 billion by 2019, with a compound annual growth rate (CAGR) of 8.5% from 2014 to 2019.
Related Reports
Semiconductor Devices for High-Temperature Applications: Market Opportunities
The global market for semiconductor devices for high-temperature applications is estimated to increase from $11.8 billion in 2024 to reach $18.5 billion by 2029, at a compound annual growth rate (CAGR) of 9.4% from 2024 through 2029.
2024 Fuel Cell and Battery Research Review
This 2024 Research Review of Fuel Cell and Battery provides a sampling of the type of quantitative market information, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions.
Metal-organic Frameworks: Global Markets
The global market for metal-organic frameworks is expected to grow from $459.6 million in 2024 to $949.2 million by the end of 2029, at a compound annual growth rate (CAGR) of 15.6% from 2024 through 2029.
Green Hydrogen: Global Markets
The global market for green hydrogen is expected to grow from $5.2 billion in 2024 and is projected to reach $38.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 48.7% during the forecast period of 2024 to 2029.
Recent Reports
Global Lithium-ion Battery Market
The global market for lithium-ion battery (LIB) is expected to grow from $117.8 billion in 2024 and is projected to reach $221.7 billion by the end of 2029, at a compound annual growth rate (CAGR) of 13.5% during the forecast period of 2024 to 2029.
2024 Fuel Cell and Battery Research Review
This 2024 Research Review of Fuel Cell and Battery provides a sampling of the type of quantitative market information, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions.
Global EV Battery Swapping Market
The global EV battery swapping market was valued at $750.1 million in 2023. It is projected to grow from $894.2 million in 2024 to $2.8 billion by the end of 2029, at a compound annual growth rate (CAGR) of 25.5% from 2024 through 2029.
2023 Fuel Cell and Battery Research Review
This fuel cell and battery research review provides a sampling of the type of quantitative market information, analysis and guidance that has been aiding business decision making since BCC Research was founded in 1971.
Global Electric Vehicle Battery Reuse and Recycling Market
The global market for electric vehicle battery reuse and recycling is expected to grow from $8.0 billion in 2024 and is projected to reach $28.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 28.5% during the forecast period of 2024 to 2029.
Top Trending Reports
Carbon Capture, Utilization & Storage Technologies
The global market for carbon capture, utilization and storage (CCUS) technologies is expected to grow from $3.4 billion in 2024 and is projected to reach $9.6 billion by the end of 2029, at a compound annual growth rate (CAGR) of 23.1% during the forecast period of 2024 to 2029.
Cell-Based Assays: Technologies and Global Markets
The global market for cell-based assays is estimated to increase from $35.3 billion in 2024 to reach $56.3 billion by 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.
Generative AI: Global Markets
The global market for generative AI was valued at $15.4 billion in 2023. It is projected to grow from $20.8 billion in 2024 to $94.4 billion by 2029, at a compound annual growth rate (CAGR) of 35.3% from 2024 through 2029.
Global Markets for Chemicals for Cosmetics & Toiletries
The global market for chemicals in cosmetics and toiletries is expected to grow from $27.7 billion in 2024 to $35.0 billion by 2029, at a compound annual growth rate (CAGR) of 4.8% from 2024 through 2029.
Medical Devices Industry: Competitive Landscape
The global market for medical devices is estimated to increase from $810.4 billion in 2024 to reach $1.3 trillion by 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.
Become A Member
BCC Research offers a comprehensive library of reports, granting members unlimited access to data, insights, and market intelligence for informed business decisions, while actively supporting members in their evolving journeys and prioritizing high-quality, relevant topics based on continuous engagement with the research community.
Find Out MoreCustom Consulting
BCC Research emphasizes the importance of organizations leveraging highly customized market insights aligned with specific strategic business objectives through direct engagement with primary sources and proprietary forecasting models for profitable decision-making in maximizing growth opportunities and minimizing risks.
Customize NowScorecard
The Venture Scorecard provides commercialization offices and decision makers with expert analysis, offering strategic insights crucial for aligning objectives with market realities at various stages of commercializing new products or evaluating investment opportunities, from opportunity assessment to growth planning.
Find Out MoreInnovation Spotlight
Our industry experts offer strategic guidance to maximize the market potential of commercialized products, patents, and IP by providing insights into market trends, competitive dynamics, and effective positioning, using the Innovation Spotlight service for enhanced exposure to thought leaders and the wider community.
Find Out More