From industry to power plants, the expanding role of gas engines suggests that the market is expected to grow with a 4.78% CAGR from 2024 to 2029.
Automotive & Transport
Electric vehicles use one or more electric motors or traction motors for propulsion. Electric vehicles are a battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV). The BEV segment includes the vehicles that only use chemical energy stored in rechargeable batteries, with no secondary source of propulsion, while the PHEV segment considers whose battery can be recharged by plugging it into an external source of electric power, and by its on-board engine and generator. \ Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity. Also, increasing investments by governments across the globe to develop EV charging stations and Hydrogen fueling stations along with incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence.
Factors such as increase in demand for fuel-efficient, high-performance, & low-emission vehicles, stringent government rules & regulations toward vehicle emission along with reduction in cost of electric vehicle batteries and increasing fuel costs supplement growth of the electric vehicle market. Moreover, factors such as lack of charging infrastructure, high manufacturing cost, and range anxiety and serviceability are the factors expected to hamper growth of the EV market. Furthermore, factors such as technological advancements, proactive government initiatives and development of self-driving electric vehicle technology are expected to create ample opportunities for the key players operating in the electric vehicle market.
According to the research report, "Global Electric Vehicle Market Outlook, 2030," published by Bonafide Research, the Global Electric Vehicle market was valued at more than USD 896.45 Billion in 2024, and expected to reach a market size of more than USD 2822.08 Billion by 2030 with the CAGR of 21.51% from 2025-2030. Gasoline being a fossil fuel is not a renewable source of energy, and is anticipated to get exhausted in the future. To support sustainable development, it is important to develop and use alternative sources of fuel. This involves use of electric vehicles, which do not use gas and are more economical than conventional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%–21% of the energy stored in gasoline. The demand for fuel-efficient vehicles has increased recently, owing to rise in price of petrol and diesel. This is attributed to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Thus, these factors give rise to the need for advanced fuel-efficient technologies, leading to surge in demand for electrically powered vehicles for travel. On the other hand, electric vehicles are increasingly visible on roads, with a sharp drop in the cost of EVs in the past years that has encouraged increased adoption in the region. With low fuel prices and a passion for speed, luxurious electric automobile drivers have shown a slow shift towards the market.
The growth of the Asia-Pacific electric vehicle market is attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. Electric vehicles are becoming more popular in Europe as charging infrastructure improves, production costs fall, and governments work to reduce carbon emissions generated by the transportation sector. According to the International Council on Clean Transportation report, Europe is now the second-largest electric vehicle market in the world by volume, behind China and ahead of the U.S. This tremendous growth in demand for electric vehicles in Europe is expected to drive the growth of the European electric vehicle market over the forecast timeframe. In North America, the adoption of electric vehicles has gained traction in several regions/countries due to increasing fuel prices. Electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. As for the South America, the region has seen numerous e-taxi and e-bus, fleet acquisition targets by logistics and utility companies, local design and manufacturing of fully electric micro-cars, car sharing, and car rental services in Brazil and Argentina. In particular, Saudi Arabia and UAE are becoming early adopters of electric vehicles in the region. In addition, even though it is still cheaper in both countries to drive an internal-combustion engine vehicle than EVs, the efforts of these governments are encouraging.
The global electric vehicle (EV) market is rapidly expanding, driven by sustainability goals and advancements in battery technology. The market is categorized into Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs). BEVs dominate the market due to zero emissions, lower operating costs, and increasing battery efficiency. Leading automakers are investing in longer-range batteries and fast-charging infrastructure to accelerate adoption. FCEVs, which run on hydrogen fuel cells, offer longer range and faster refueling but face challenges in infrastructure development. PHEVs combine battery power with an internal combustion engine (ICE), providing flexibility for long-distance travel while reducing emissions. HEVs, which do not require external charging, utilize regenerative braking to improve fuel efficiency, making them a popular transition technology. As governments implement strict emission norms, BEVs and FCEVs are expected to lead the global EV landscape.
The global EV market is segmented into passenger vehicles, commercial vehicles, and two-wheelers, each witnessing significant growth. Passenger EVs hold the largest share due to rising consumer demand, government incentives, and advancements in charging infrastructure. Automakers are launching affordable and luxury EV models to cater to diverse customer segments. Commercial EVs, including electric trucks, buses, and delivery vans, are gaining traction due to fleet electrification initiatives and lower total cost of ownership. The rise in e-commerce and last-mile delivery services is further boosting demand for commercial EVs. Electric two-wheelers, particularly in Asia-Pacific, are experiencing rapid adoption due to lower costs, government subsidies, and urban mobility needs. The shift towards e-scooters and e-motorcycles is expected to contribute significantly to the market’s expansion.
Electric vehicles are categorized based on their driving range, influencing consumer choices and adoption rates. EVs with a range of up to 150 miles are primarily used for urban commuting and short-distance travel. These vehicles have smaller battery packs, lower costs, and faster charging times, making them attractive for budget-conscious consumers. The 151–300 miles range segment is the most preferred, balancing affordability and practicality. With advancements in battery technology, aerodynamics, and energy efficiency, most new EV models fall within this range. EVs with a range above 300 miles cater to long-distance travelers and high-performance vehicle enthusiasts. Premium models from Tesla, Lucid Motors, and Rivian are pushing the limits of battery capacity, enabling cross-country travel without frequent recharging. The demand for high-range EVs is expected to grow as battery costs decline and charging infrastructure improves.
Charging infrastructure plays a critical role in EV adoption, categorized into fast charging and normal charging. Fast charging (DC charging) enables EVs to recharge 80% of their battery within 30–60 minutes, making it essential for long-distance travel and commercial fleets. Public fast-charging networks are expanding globally, with companies like Tesla, Electrify America, and Ionity investing in high-speed charging stations. Normal charging (AC charging), also known as Level 1 or Level 2 charging, is widely used in residential and workplace settings. While it takes several hours to fully charge an EV, it remains the most convenient and cost-effective option for daily use. As governments and private companies invest in smart grids, ultra-fast charging, and wireless charging technologies, the global EV market is expected to witness unprecedented growth.
Factors such as increase in demand for fuel-efficient, high-performance, & low-emission vehicles, stringent government rules & regulations toward vehicle emission along with reduction in cost of electric vehicle batteries and increasing fuel costs supplement growth of the electric vehicle market. Moreover, factors such as lack of charging infrastructure, high manufacturing cost, and range anxiety and serviceability are the factors expected to hamper growth of the EV market. Furthermore, factors such as technological advancements, proactive government initiatives and development of self-driving electric vehicle technology are expected to create ample opportunities for the key players operating in the electric vehicle market.
According to the research report, "Global Electric Vehicle Market Outlook, 2030," published by Bonafide Research, the Global Electric Vehicle market was valued at more than USD 896.45 Billion in 2024, and expected to reach a market size of more than USD 2822.08 Billion by 2030 with the CAGR of 21.51% from 2025-2030. Gasoline being a fossil fuel is not a renewable source of energy, and is anticipated to get exhausted in the future. To support sustainable development, it is important to develop and use alternative sources of fuel. This involves use of electric vehicles, which do not use gas and are more economical than conventional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%–21% of the energy stored in gasoline. The demand for fuel-efficient vehicles has increased recently, owing to rise in price of petrol and diesel. This is attributed to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Thus, these factors give rise to the need for advanced fuel-efficient technologies, leading to surge in demand for electrically powered vehicles for travel. On the other hand, electric vehicles are increasingly visible on roads, with a sharp drop in the cost of EVs in the past years that has encouraged increased adoption in the region. With low fuel prices and a passion for speed, luxurious electric automobile drivers have shown a slow shift towards the market.
The growth of the Asia-Pacific electric vehicle market is attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. Electric vehicles are becoming more popular in Europe as charging infrastructure improves, production costs fall, and governments work to reduce carbon emissions generated by the transportation sector. According to the International Council on Clean Transportation report, Europe is now the second-largest electric vehicle market in the world by volume, behind China and ahead of the U.S. This tremendous growth in demand for electric vehicles in Europe is expected to drive the growth of the European electric vehicle market over the forecast timeframe. In North America, the adoption of electric vehicles has gained traction in several regions/countries due to increasing fuel prices. Electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. As for the South America, the region has seen numerous e-taxi and e-bus, fleet acquisition targets by logistics and utility companies, local design and manufacturing of fully electric micro-cars, car sharing, and car rental services in Brazil and Argentina. In particular, Saudi Arabia and UAE are becoming early adopters of electric vehicles in the region. In addition, even though it is still cheaper in both countries to drive an internal-combustion engine vehicle than EVs, the efforts of these governments are encouraging.
The global electric vehicle (EV) market is rapidly expanding, driven by sustainability goals and advancements in battery technology. The market is categorized into Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs). BEVs dominate the market due to zero emissions, lower operating costs, and increasing battery efficiency. Leading automakers are investing in longer-range batteries and fast-charging infrastructure to accelerate adoption. FCEVs, which run on hydrogen fuel cells, offer longer range and faster refueling but face challenges in infrastructure development. PHEVs combine battery power with an internal combustion engine (ICE), providing flexibility for long-distance travel while reducing emissions. HEVs, which do not require external charging, utilize regenerative braking to improve fuel efficiency, making them a popular transition technology. As governments implement strict emission norms, BEVs and FCEVs are expected to lead the global EV landscape.
The global EV market is segmented into passenger vehicles, commercial vehicles, and two-wheelers, each witnessing significant growth. Passenger EVs hold the largest share due to rising consumer demand, government incentives, and advancements in charging infrastructure. Automakers are launching affordable and luxury EV models to cater to diverse customer segments. Commercial EVs, including electric trucks, buses, and delivery vans, are gaining traction due to fleet electrification initiatives and lower total cost of ownership. The rise in e-commerce and last-mile delivery services is further boosting demand for commercial EVs. Electric two-wheelers, particularly in Asia-Pacific, are experiencing rapid adoption due to lower costs, government subsidies, and urban mobility needs. The shift towards e-scooters and e-motorcycles is expected to contribute significantly to the market’s expansion.
Electric vehicles are categorized based on their driving range, influencing consumer choices and adoption rates. EVs with a range of up to 150 miles are primarily used for urban commuting and short-distance travel. These vehicles have smaller battery packs, lower costs, and faster charging times, making them attractive for budget-conscious consumers. The 151–300 miles range segment is the most preferred, balancing affordability and practicality. With advancements in battery technology, aerodynamics, and energy efficiency, most new EV models fall within this range. EVs with a range above 300 miles cater to long-distance travelers and high-performance vehicle enthusiasts. Premium models from Tesla, Lucid Motors, and Rivian are pushing the limits of battery capacity, enabling cross-country travel without frequent recharging. The demand for high-range EVs is expected to grow as battery costs decline and charging infrastructure improves.
Charging infrastructure plays a critical role in EV adoption, categorized into fast charging and normal charging. Fast charging (DC charging) enables EVs to recharge 80% of their battery within 30–60 minutes, making it essential for long-distance travel and commercial fleets. Public fast-charging networks are expanding globally, with companies like Tesla, Electrify America, and Ionity investing in high-speed charging stations. Normal charging (AC charging), also known as Level 1 or Level 2 charging, is widely used in residential and workplace settings. While it takes several hours to fully charge an EV, it remains the most convenient and cost-effective option for daily use. As governments and private companies invest in smart grids, ultra-fast charging, and wireless charging technologies, the global EV market is expected to witness unprecedented growth.
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