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Electric Vehicle Market by Product Type, End-Users, and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025 - 2032

Published Jul 28, 2025
Length 189 Pages
SKU # PERR20265799

Description

Persistence Market Research has recently published an in-depth report on the global Electric Vehicle (EV) Market, providing a detailed analysis of the key factors shaping the market’s evolution. This report explores emerging trends, growth drivers, challenges, and investment opportunities that are redefining the future of mobility. With governments, industries, and consumers increasingly focused on sustainable transportation, the EV market is undergoing a rapid transformation.

Key Insights:
  • Electric Vehicle Market Size (2025E): US$ 733 Bn
  • Projected Market Value (2032F): US$ 1,902.0 Bn
  • Global Market Growth Rate (CAGR 2025 to 2032): 14.6%
Electric Vehicle Market – Report Scope:

The global electric vehicle market includes a broad spectrum of vehicle categories, such as passenger cars, two-wheelers, commercial vehicles, and public transport systems powered by electric propulsion. This market is propelled by growing environmental concerns, rising fuel costs, and advancements in battery and charging infrastructure. With increasing support from governments worldwide and significant investments from automakers, the EV landscape is rapidly expanding. The report segments the market by vehicle type, propulsion system, driving range, and geographic region to offer a comprehensive outlook for stakeholders.

Market Growth Drivers:

The accelerating shift toward decarbonization is a primary driver of electric vehicle market growth. Governments across the globe are implementing favorable policies, including tax credits, zero-emission mandates, and purchase incentives, to boost EV adoption. Technological innovations in lithium-ion batteries, energy density improvements, and ultra-fast charging solutions are enhancing vehicle range and reducing charging time, making EVs more practical for everyday use. Additionally, increased investments in public and private EV infrastructure, along with growing awareness of environmental sustainability, are fueling market expansion.

Market Restraints:

Despite its robust growth, the electric vehicle market is not without challenges. High upfront costs of electric vehicles compared to traditional internal combustion engine vehicles remain a deterrent for many consumers, particularly in price-sensitive markets. Inadequate charging infrastructure in rural and underdeveloped regions continues to limit accessibility. Moreover, concerns related to battery disposal, recycling, and the ethical sourcing of raw materials such as lithium and cobalt are creating supply chain and environmental issues. These barriers could slow adoption rates if not effectively addressed.

Market Opportunities:

The future holds vast potential for the electric vehicle market, with several promising opportunities on the horizon. The push for smart mobility and electrified fleets in urban areas opens avenues for growth, especially in ride-sharing, last-mile delivery, and public transport sectors. Emerging markets in Asia, Latin America, and Africa present untapped potential due to growing urbanization and rising incomes. Innovations in solid-state batteries and wireless charging, along with partnerships between automakers, tech firms, and governments, are expected to redefine EV capabilities and boost consumer adoption over the next decade.

Key Questions Answered in the Report:
  • What are the major factors driving the growth of the global electric vehicle market?
  • Which regions and vehicle categories are witnessing the fastest EV adoption?
  • How are battery technology and infrastructure developments shaping market dynamics?
  • Who are the key players, and what strategies are they using to maintain competitiveness?
  • What long-term trends and projections will define the electric vehicle industry’s future?
Competitive Intelligence and Business Strategy:

Leading players in the global EV market such as Tesla, BYD, Volkswagen Group, and Hyundai Motor Group are actively investing in product development, battery innovation, and manufacturing scale-up to meet growing demand. These companies are also focusing on vertical integration strategies, building gigafactories, and forming strategic alliances with technology providers and energy firms. Efforts to localize production, enhance affordability, and expand global footprints are shaping competitive strategies. Moreover, the integration of AI, IoT, and autonomous driving features is becoming central to long-term growth in the EV space.

Companies Covered in This Report:
  • Volkswagen Group
  • VinFast
  • Toyota Motor Corporation
  • Tata Motors
  • TVS Motor Company
  • Tesla
  • Renault Group
  • Ola Electric
  • Mercedes-Benz Group
  • Hyundai Motor Group
  • Honda Motor Co.
  • Hero Electric
  • General Motors (GM)
  • BYD
  • BMW Group
Market Segmentation

By Vehicle Type
  • Scooters
  • Motorcycles
  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
By Propulsion Type
  • Battery Electric Vehicles (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)
By Range
  • Up to 150 Km
  • 151 to 300 Km
  • 301 to 500 Km
  • Above 500 Km
By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa


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Table of Contents

189 Pages
1. Executive Summary
1.1. Global Electric Vehicle Market Snapshot 2025 and 2032
1.2. Market Opportunity Assessment, 2025-2032, US$ Bn
1.3. Key Market Trends
1.4. Industry Developments and Key Market Events
1.5. Demand Side and Supply Side Analysis
1.6. PMR Analysis and Recommendations
2. Market Overview
2.1. Market Scope and Definitions
2.2. Value Chain Analysis
2.3. Macro-Economic Factors
2.3.1. Global GDP Outlook
2.3.2. Government Policies and Incentives by Region
2.3.3. Energy Prices and Fuel Economics by Region
2.3.4. Global Automotive Sales Overview
2.4. Forecast Factors – Relevance and Impact
2.5. COVID-19 Impact Assessment
2.6. PESTLE Analysis
2.7. Porter's Five Forces Analysis
2.8. Geopolitical Tensions: Market Impact
2.9. Regulatory and Technology Landscape
3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Trends
4. Price Trend Analysis, 2019-2032
4.1. Region-wise Price Analysis
4.2. Price by Segments
4.3. Price Impact Factors
5. Global Electric Vehicle Market Outlook:
5.1. Key Highlights
5.2. Global Electric Vehicle Market Outlook: Vehicle Type
5.2.1. Introduction/Key Findings
5.2.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis by Vehicle Type, 2019-2024
5.2.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
5.2.3.1. Scooters
5.2.3.2. Motorcycles
5.2.3.3. Passenger Vehicle
5.2.3.4. Light Commercial Vehicle
5.2.3.5. Heavy Commercial Vehicle
5.2.4. Market Attractiveness Analysis: Vehicle Type
5.3. Global Electric Vehicle Market Outlook: Propulsion Type
5.3.1. Introduction/Key Findings
5.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis by Propulsion Type, 2019-2024
5.3.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
5.3.3.1. Battery Electric Vehicles (BEV)
5.3.3.2. Hybrid Electric Vehicle (HEV)
5.3.3.3. Plug-in Hybrid Electric Vehicle (PHEV)
5.3.3.4. Fuel Cell Electric Vehicle (FCEV)
5.3.4. Market Attractiveness Analysis: Propulsion Type
5.4. Global Electric Vehicle Market Outlook: Range
5.4.1. Introduction/Key Findings
5.4.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis by Range, 2019-2024
5.4.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
5.4.3.1. Up to 150 Km
5.4.3.2. 151 to 300 Km
5.4.3.3. 301 to 500 Km
5.4.3.4. Above 500 Km
5.4.4. Market Attractiveness Analysis: Range
6. Global Electric Vehicle Market Outlook: Region
6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis by Region, 2019-2024
6.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Region, 2025-2032
6.3.1. North America
6.3.2. Europe
6.3.3. East Asia
6.3.4. South Asia & Oceania
6.3.5. Latin America
6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region
7. North America Electric Vehicle Market Outlook:
7.1. Key Highlights
7.2. Pricing Analysis
7.3. North America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Country, 2025-2032
7.3.1. U.S.
7.3.2. Canada
7.4. North America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
7.4.1. Scooters
7.4.2. Motorcycles
7.4.3. Passenger Vehicle
7.4.4. Light Commercial Vehicle
7.4.5. Heavy Commercial Vehicle
7.5. North America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
7.5.1. Battery Electric Vehicles (BEV)
7.5.2. Hybrid Electric Vehicle (HEV)
7.5.3. Plug-in Hybrid Electric Vehicle (PHEV)
7.5.4. Fuel Cell Electric Vehicle (FCEV)
7.6. North America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
7.6.1. Up to 150 Km
7.6.2. 151 to 300 Km
7.6.3. 301 to 500 Km
7.6.4. Above 500 Km
8. Europe Electric Vehicle Market Outlook:
8.1. Key Highlights
8.2. Pricing Analysis
8.3. Europe Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Country, 2025-2032
8.3.1. Germany
8.3.2. Italy
8.3.3. France
8.3.4. U.K.
8.3.5. Spain
8.3.6. Russia
8.3.7. Rest of Europe
8.4. Europe Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
8.4.1. Scooters
8.4.2. Motorcycles
8.4.3. Passenger Vehicle
8.4.4. Light Commercial Vehicle
8.4.5. Heavy Commercial Vehicle
8.5. Europe Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
8.5.1. Battery Electric Vehicles (BEV)
8.5.2. Hybrid Electric Vehicle (HEV)
8.5.3. Plug-in Hybrid Electric Vehicle (PHEV)
8.5.4. Fuel Cell Electric Vehicle (FCEV)
8.6. Europe Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
8.6.1. Up to 150 Km
8.6.2. 151 to 300 Km
8.6.3. 301 to 500 Km
8.6.4. Above 500 Km
9. East Asia Electric Vehicle Market Outlook:
9.1. Key Highlights
9.2. Pricing Analysis
9.3. East Asia Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Country, 2025-2032
9.3.1. China
9.3.2. Japan
9.3.3. South Korea
9.4. East Asia Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
9.4.1. Scooters
9.4.2. Motorcycles
9.4.3. Passenger Vehicle
9.4.4. Light Commercial Vehicle
9.4.5. Heavy Commercial Vehicle
9.5. East Asia Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
9.5.1. Battery Electric Vehicles (BEV)
9.5.2. Hybrid Electric Vehicle (HEV)
9.5.3. Plug-in Hybrid Electric Vehicle (PHEV)
9.5.4. Fuel Cell Electric Vehicle (FCEV)
9.6. East Asia Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
9.6.1. Up to 150 Km
9.6.2. 151 to 300 Km
9.6.3. 301 to 500 Km
9.6.4. Above 500 Km
10. South Asia & Oceania Electric Vehicle Market Outlook:
10.1. Key Highlights
10.2. Pricing Analysis
10.3. South Asia & Oceania Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Country, 2025-2032
10.3.1. India
10.3.2. Southeast Asia
10.3.3. ANZ
10.3.4. Rest of SAO
10.4. South Asia & Oceania Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
10.4.1. Scooters
10.4.2. Motorcycles
10.4.3. Passenger Vehicle
10.4.4. Light Commercial Vehicle
10.4.5. Heavy Commercial Vehicle
10.5. South Asia & Oceania Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
10.5.1. Battery Electric Vehicles (BEV)
10.5.2. Hybrid Electric Vehicle (HEV)
10.5.3. Plug-in Hybrid Electric Vehicle (PHEV)
10.5.4. Fuel Cell Electric Vehicle (FCEV)
10.6. South Asia & Oceania Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
10.6.1. Up to 150 Km
10.6.2. 151 to 300 Km
10.6.3. 301 to 500 Km
10.6.4. Above 500 Km
11. Latin America Electric Vehicle Market Outlook:
11.1. Key Highlights
11.2. Pricing Analysis
11.3. Latin America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Country, 2025-2032
11.3.1. Brazil
11.3.2. Mexico
11.3.3. Rest of LATAM
11.4. Latin America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
11.4.1. Scooters
11.4.2. Motorcycles
11.4.3. Passenger Vehicle
11.4.4. Light Commercial Vehicle
11.4.5. Heavy Commercial Vehicle
11.5. Latin America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
11.5.1. Battery Electric Vehicles (BEV)
11.5.2. Hybrid Electric Vehicle (HEV)
11.5.3. Plug-in Hybrid Electric Vehicle (PHEV)
11.5.4. Fuel Cell Electric Vehicle (FCEV)
11.6. Latin America Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
11.6.1. Up to 150 Km
11.6.2. 151 to 300 Km
11.6.3. 301 to 500 Km
11.6.4. Above 500 Km
12. Middle East & Africa Electric Vehicle Market Outlook:
12.1. Key Highlights
12.2. Pricing Analysis
12.3. Middle East & Africa Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Country, 2025-2032
12.3.1. GCC Countries
12.3.2. South Africa
12.3.3. Northern Africa
12.3.4. Rest of MEA
12.4. Middle East & Africa Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Vehicle Type, 2025-2032
12.4.1. Scooters
12.4.2. Motorcycles
12.4.3. Passenger Vehicle
12.4.4. Light Commercial Vehicle
12.4.5. Heavy Commercial Vehicle
12.5. Middle East & Africa Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Propulsion Type, 2025-2032
12.5.1. Battery Electric Vehicles (BEV)
12.5.2. Hybrid Electric Vehicle (HEV)
12.5.3. Plug-in Hybrid Electric Vehicle (PHEV)
12.5.4. Fuel Cell Electric Vehicle (FCEV)
12.6. Middle East & Africa Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, by Range, 2025-2032
12.6.1. Up to 150 Km
12.6.2. 151 to 300 Km
12.6.3. 301 to 500 Km
12.6.4. Above 500 Km
13. Competition Landscape
13.1. Market Share Analysis, 2024
13.2. Market Structure
13.2.1. Competition Intensity Mapping
13.2.2. Competition Dashboard
13.3. Company Profiles
13.3.1. Volkswagen Group
13.3.1.1. Company Overview
13.3.1.2. Product Portfolio/Offerings
13.3.1.3. Key Financials
13.3.1.4. SWOT Analysis
13.3.1.5. Company Strategy and Key Developments
13.3.2. VinFast
13.3.3. Toyota Motor Corporation
13.3.4. Tata Motors
13.3.5. TVS Motor Company
13.3.6. Tesla
13.3.7. Renault Group
13.3.8. Ola Electric
13.3.9. Mercedes-Benz Group
13.3.10. Hyundai Motor Group
13.3.11. Honda Motor Co.
13.3.12. Hero Electric
13.3.13. General Motors (GM)
13.3.14. BYD
13.3.15. BMW Group
14. Appendix
14.1. Research Methodology
14.2. Research Assumptions
14.3. Acronyms and Abbreviations
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