January 13, 2020

Electric Vehicle Market to See Incredible Growth and Forecast 2019-2024

Electric Vehicle Market

The Global Electric Vehicle Market is estimated to reach USD 477.3 billion in 2024 at a CAGR of 22.8%. Taxation benefit on electric car loans and supportive government subsidies are expected to drive the electric vehicle market during the forecast period. However, increasing focus on sustainability is expected to become an opportunity for electric vehicle market.

The electric vehicle is an alternative source for fuel in automotive industry. This source can help various electric motors and motor controllers to drive the vehicle. Electric vehicle reserve electricity in an energy storage device such as battery. Moreover, it usually presented as non-polluting or zero radiation vehicle. Some key players in electric vehicle are Tesla Motor, BYD Company Ltd., Ford Motor Company, Toyota Motor Corporation, AB Volvo, Daimler AG, and Honda Motor Co Ltd. among others.

Electric Vehicle Market Report Synopsis

This market research report offers a comprehensive analysis of key market trends in the global electric vehicle market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by factful feedbacks. On the basis of type, the market is segmented into battery electric vehicles (BEV), fuel cell electric vehicles(FCEV), plugin electric vehicles(PEV) and hybrid electric vehicles (HEV). By Battery type, the electric vehicle market is segmented into lead acid battery, nickel metal hydride battery, lithium ion battery and others. On the basis of charging type, the market is segmented into rapid (43Kw-50Kw) by (30-60minute), fast (7Kw-22Kw) by (3-4hour) & slow (up to 3Kw) by (6-12hour). By end use industry the market is segmented into heavy commercial vehicle (HCV) & low commercial vehicle (LCV).

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Electric Vehicle Market Report Scope

The report on the electric vehicle market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

The report provides exhaustive market share evaluation of the global Electric Vehicle based on leading manufacturers. A section of this report highlights country-wise global Electric Vehicle market. It provides a market outlook for 2019–2024 and sets the forecast within the context of the report. The report on Electric Vehicle mentions key developments and activities executed by leading service providers operating in the market.

Companies Covered

  • Tesla Motors (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • BYD Company Ltd.
  • Ford Motor Company
  • Toyota Motor Corp
  • AB Volvo
  • Daimler AG
  • Honda Motor Co Ltd
  • Other Key Companies

Electric Vehicle Market report segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Electric Vehicle Market, by Type

  • Battery Electric Vehicles (BHV)
  • Fuel Cell Electric Vehicles (FCEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)
  • Hybrid Electric Vehicles (HEV)

Electric Vehicle Market, by Battery Type

  • Lead Acid Batteries (LAB)
  • Nickel Metal Hydride Batteries
  • Lithium Ion Batteries (LIB)
  • Others

Electric Vehicle Market, by Charging Type

  • Rapid (43Kw-50Kw) by (30-60minute)
  • Fast (7Kw-22Kw) by (3-4hour)
  • Slow (upto 3Kw) by (6-12hour)

Electric Vehicle Market by, End-Use Industry

  • Heavy Commerical Vehicles
  • Light Commerical Vehicles

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Electric Vehicle Market by Region


  • China
  • Japan
  • South Korea
  • India
  • Taiwan
  • Rest of Asia-Pacific

North America

  • US
  • Canada
  • Mexico


  • Germany
  • Norway
  • France
  • Italy
  • UK
  • Spain
  • The Netherlands
  • Rest of Europe

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa

South America

  • Brazil
  • Argentina
  • Rest of South America

Key Questions answered by the report

  • What are the major developments impacting the electric vehicle market and its growth?
  • What will be the effects of the developments in the electric vehicle market on the industry and on the market players in the near and far future?
  • What are the evolving types of the electric vehicle market?
  • What are the evolving applications of electric vehicle market?
  • What are the major characteristics that will affect the electric vehicle market growth during the study period?
  • Who are the key players operating in the electric vehicle market?
  • How are the major players leveraging in the existing market conditions?

Report Audience

  • Electric Vehicle Market Providers
  • Electric Vehicle Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Electric Vehicle Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations

Research Design

Forencis Research follows robust and deep dive research methodologies to deliver accurate – current, estimated and forecasted market data. Our extensive primary and secondary research help in deriving reliable qualitative and quantitative data to provide verified market insights. Our research team tracks historic trends, existing and recent market dynamics, growth prospects, competitor landscape, and the entire value chain dynamics to attain reliable industry facts to reach accurate market estimates. Primary research is conducted through thorough interviews and detailed surveys with the Key Industry Experts and related participants across the value chain. Secondary research entails acquiring data through paid and reliable databases such as annual reports, SEC filings, research publications, association publications, investor presentations, white papers and other sources. All the above-obtained information is further processed and collated with our existing database prior to its presentation in our publications.

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About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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