Electric Vehicle Market Statistics 2023 to 2032
The global electric vehicle market size is estimated to grow from USD 317.26 billion in 2024 to approximately USD 2,108.80 billion by 2032. The sector is projected to grow at a notable compound annual growth rate (CAGR) of 23.42% during the forecast period. Electric vehicle sales have increased from 67,68,000 in 2021 to 1,05,22,000 in 2022.
Electric Vehicle Market Statistics
- Asia Pacific dominated the market with the largest market share of 42.14% in 2023.
- The Asia Pacific EV market size was estimated at USD 107.68 billion in 2023.
- The BEV segment contributed the biggest market share of 67.7% in 2023.
- The passenger car segment accounted for the major market share of 62.4% in 2023.
- EV sales increased by 80% in the United States in 2019.
- By 2040, Europe is expected to achieve 40% greenhouse gas reduction and net zero by 2050.
- In Europe, Norway and Iceland have newly registered 86% and 64% electric cars in 2021 respectively.
- The hybrid electric vehicle segment is expected to reach USD 301.67 billion by 2030 valued at USD 77,581.7 million in 2021.
- The plug-in hybrid EV segment is expected to hit revenue of USD 385,617 million from 2022 to 2030.
- The passenger car electric vehicle market was valued at USD 127,394 million in 2021 and is projected to hit USD 598,735 million by 2030.
- The commercial vehicle EV market was valued at USD 47,351.9 million in 2021.
- The luxury EV market is projected to reach USD 441,273 million by 2030 valued at USD 104,380 million in 2021.
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In every article, blog, or feature, she brings a human touch to the world of electric vehicles. She weaves narratives that highlight how the shift toward electrification is transforming economies, reshaping consumer preferences, and pushing the boundaries of innovation. Her sharp analytical skills allow her to see connections others might miss, offering fresh perspectives on trends that are shaping the automotive landscape.
