Electric Vehicle Market Industry Growth, Trends, Opportunities and Forecast to 2030

Market Industry Reports (MIR) has published a new report titled “Electric Vehicle Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global electric vehicle market was estimated to account for over US$ 160 billion in 2019. The market is anticipated to grow at a CAGR of 19.2% from 2019 to 2030.

Top Key Players:

Some of the prominent players in the global electric vehicle market include Tesla, BYD Company Ltd, CHERY, Hyundai Motor Company, Daimler AG, Groupe Renault, Nissan and Volkswagen AG, among others.

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Electric vehicles are embedded with traction motors or electric motors for propulsion. In electric vehicles, batteries play a vital role as they are the main energy sources. Hence, battery manufacturers and electric vehicle manufacturers have been collaborating to find the best battery solutions. For instance, Toyota has entered into a partnership with Contemporary Amperex Technology (CATL) to produce electric vehicle batteries, reuse of batteries, and develop new battery technology for plug-in hybrid vehicles.

Growth Factor:

Heavy investments by electric vehicle manufacturers, high environmental concerns across the globe to reduce carbon emissions, and favorable laws and regulations, are the major factors driving the electric vehicle market.

Segmentation Overview:


Battery Electric Vehicle (BEV)
Fuel Cell Electric Vehicle (FCEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)

Passenger Car
Commercial Vehicle

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Regional Analysis:

Asia Pacific is expected to grow at the highest CAGR during the forecast period followed by Europe. The growth of this region can be attributed to the increasing number of government initiatives to promote clean energy, high adoption rates in China & Japan, a huge customer base, rapid urbanization and increasing demand for low fuel emission & efficiency, and light-weight vehicles from the Asian countries.

Table of Contents

1. Market Definition
2. Market Classification
3. Geographic Scope
4. Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecast Years – 2019 to 2030
5. Currency Used

1. Research Framework
2. Data Collection Technique
3. Data Sources
1. Secondary Sources
2. Primary Sources
4. Market Estimation Methodology
1. Bottom Up Approach
2. Top Down Approach
5. Data Validation and Triangulation
1. Market Forecast Model
2. Limitations/Assumptions of the Study


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