Electric Car Market Report 2025 (Global Edition)

Global Electric Car Market Report 2025 Market Size Split by Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), by Vehicle Class (Mid-Priced, Luxury), by Vehicle Drive Type (Front Wheel ...

Electric Car Market Report Description

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Electric Car Market Insights Video

Competitive Landscape of the Electric Car Market

Leading manufacturers' strategic collaborations and developments have made the global electric car market extremely competitive. Leading corporations vying for market share through technological, design, and battery efficiency advancements are Tesla, Nissan, BMW, Volkswagen, and General Motors. By providing high-performance vehicles, new competitors like Rivian and Lucid Motors intensify the competition. As customer demand soars, these companies are making significant investments in improving the infrastructure for charging electric vehicles and extending their range.

In February 2024, the Emil Frey Group and BYD reached an agreement to market and distribute BYD's line of cutting-edge electric cars in Liechtenstein and Switzerland. This collaboration marks a monumental achievement for Emil Frey and BYD. (Source: https://www.byd.com/eu/news-list/BYD_appoints_the_Emil_Frey_Group_to_become_the_distributor_of_BYD_Passenger_Cars_in_Switzerland_and_Liechtenstein.html) In August 2023, In the UK, Mahindra & Mahindra Ltd. launched its new EV brands, XUV and BE last year. As of right now, the corporation has declared that by 2026, it will introduce five new electric sport utility vehicles in India. The cutting-edge INGLO EV platform from Mahindra will serve as the foundation for these prospective products. (Source: https://www.financialexpress.com/auto/car-news/mahindra-to-launch-5-electric-suvs-in-india-by-2026-details/3202286/) In January 2023, Hyundai Motor introduced the IONIQ 6, the second battery-electric vehicle under the company's IONIQ brand and the second model to use the Electric-Global Modular Platform (E-GMP) of the brand. (Source: https://www.hyundai.news/eu/models/electrified/ioniq-6/press-kit/hyundai-ioniq-6-delivers-a-new-electric-mobility-experience.html)

Top Companies Market Share in Electric Car Industry: (In no particular order of Rank)

• BMW AG (Germany)
• Energica Motor Company (Italy)
• Ford Motor (US)
• BYD Company Limited (China)
• Daimler AG (Germany)
• General Motors (US)
• Kia Corporation (South Korea)
• Lucid Group Inc. (US)
• Hyundai Motor Company (South Korea)
• Karma Automotive (China)
• Mahindra Electric Mobility Limited (India) 
• Tesla
• Inc. (US)
• Toyota Motor Corporation (Japan)
• Nissan Motors Co.
• Ltd. (Japan)
• Tata Motors (India)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Electric Car Market

Which Region Dominates the Electric Car Market in 2024?

According to Cognitive Market Research, North America currently dominates the Electric Car market, and the region is expected to have significant growth during the projected period. This can be ascribed to their strict legal framework, which incorporates integrated power supply systems for electric cars and enacts laws and regulations that are environmentally beneficial, as well as their high levels of public awareness of sustainability-related concerns. In order to encourage a move away from internal combustion engines (ICEs), the governments of North America have implemented such emissions-based limits in addition to offering substantial financial help for the purchase of electric vehicles. Investments in large-scale charging networks also lessen range anxiety and make driving an electric car easier. Leading North American automakers are promoting cutting-edge technologies, expanding their line of electric vehicles, and investing much in their development. Because of its commitment to reducing carbon emissions and encouraging environmentally friendly modes of transportation, this region has emerged as one of the global leaders in the production of electric cars.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The use of electric cars (EVs) has increased as a result of government programs, rising disposable income, and fast urbanization, among other reasons. The seamless transition to electric vehicles has been made possible by investments in EV infrastructure, including charging stations and battery production, by nations like China, Japan, and South Korea. Additionally, China leads the world in the production and sale of electric vehicles thanks to robust domestic producers and consumer incentives. Due to the region's growing desire for environmentally friendly transportation and raising awareness of environmental issues, the Asia-Pacific region is often considered a significant player in the worldwide electric car industry.

The current report Scope analyzes Electric Car Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Electric Car Market Analysis

According to Cognitive Market Research, the global Electric Car market size was estimated at USD 415422.6 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 166169.04 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Electric Car market with a market size of USD 131107.37 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. In the US, EV use is increasing as a means of lowering operational expenses and achieving sustainability targets.
• The Canada Electric Car market had a market share of USD 19940.28 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Ambitious national climate targets drive the widespread adoption of electric vehicles.
• The Mexico Electric Car market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 15121.38 million in 2024.

Europe Electric Car Market Analysis

According to Cognitive Market Research, the global Electric Car market size was estimated at USD 415422.6 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 124626.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

• The United Kingdom Electric Car market had a market share of USD 20937.30 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. In the UK, advanced EV technology development is aided by research and development expenditures.
• The France Electric Car market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 11465.66 million in 2024.
• According to Cognitive Market Research, the German Electric Car market size was valued at USD 24676.10 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. Electric cars are more sustainable because of Germany's emphasis on renewable energy sources.
• The Italy Electric Car market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 10717.90 million in 2024.
• The Russia Electric Car market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 19317.15 million in 2024.
• The Spain Electric Car market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 10219.40 million in 2024
• The Luxembourg Electric Car market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 3863.43 million in 2024.
• The Portugal Electric Car market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 2617.16 million in 2024.
• The Greece Electric Car market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 1495.52 million in 2024.
• The Rest of Europe's Electric Car market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 19317.15 million in 2024.

Asia Pacific Electric Car Market Analysis

According to Cognitive Market Research, the global Electric Car market size was estimated at USD 415422.6 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 95547.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Electric Car market size was valued at USD 42996.24 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Electric Cars surged in China due to EV sales being boosted by rising disposable income and consumer interest in cutting-edge technology.
• The Japan Electric Car market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 13185.51 million in 2024.
• The India Electric Car market had a market share of USD 11465.66 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. In India, rising interest in electric vehicles is fueled by initiatives to reduce extreme air pollution.
• The South Korean Electric Car market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 9554.72 million in 2024.
• The Australian Electric Car market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 4968.45 million in 2024.
• The South East Asia Electric Car market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 6592.76 million in 2024.
• The Rest of Asia Pacific Electric Car market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 6783.85 million in 2024.

South America Electric Car Market Analysis

According to Cognitive Market Research, the global Electric Car market size was estimated at USD 415422.6 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 20771.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Electric Car market size was valued at USD 8890.04 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Electric cars flourished in Brazil because the increased cost of fuel makes electric vehicles a more attractive choice.
• Argentina's Electric Car market had a market share of USD 3489.55 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. In Argentina, government subsidies and incentives promote the use of electric vehicles.
• Colombia Electric Car market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 1848.63 million in 2024.
• Peru Electric Car market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 1703.23 million in 2024.
• Chile's Electric Car market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 1495.52 million in 2024.
• The Rest of Latin America's Electric Car market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 3344.15 million in 2024.

Middle East Electric Car Market Analysis

According to Cognitive Market Research, the global Electric Car market size was estimated at USD 415422.6 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 8308.45 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031..

• The GCC Countries Electric Car market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 3556.02 million in 2024. Electric Car sales flourish in GCC countries due to the high demand for high-performance and luxurious electric vehicles (EVs), which is in line with regional consumer preferences.
• The Egypt Electric Car market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 872.39 million in 2024.
• The South Africa Electric Car market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 1312.74 million in 2024. The expansion of the electric car market in South Africa is supported by partnerships with global manufacturers and organizations, which provide resources and experience.
• The Turkey Electric Car market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 714.53 million in 2024.
• The Nigeria Electric Car market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 872.39 million in 2024.
• The Rest of the MEA Electric Car market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 980.40 million in 2024.

Electric Car Market Analysis

How are Segments Performing in the Global Electric Car Market?

Electric Car Market Top Speed Segment Analysis

According to Cognitive Market Research, 100 to 125 MPH is likely to dominate the Electric Car Market over the forecast period. The 100 mph to 125 mph speed range is growing partly as a result of greater demand for electric vehicles. Electric cars with top speeds of between 100 and 125 mph are growing in appeal as buyers look for vehicles that combine performance and sustainability. These cars offer a good mix of performance and economy, which makes them appropriate for prolonged interstate drives as well as city commuting. High-speed electric car adoption has also been aided by advances in the infrastructure for charging batteries and the technology for batteries, which have eased earlier worries about range and charging periods.

The Less Than 100 MPH is the fastest-growing segment in the Electric Car Market. Urban commuters and environmentally aware consumers looking for reasonably priced, effective short-distance automobiles are the main drivers of the market for electric cars with a top speed of less than 100 MPH. In cities where range, cost, and compact form are more crucial than high speeds, these types are perfect for driving. Subsidies and access to low-emission zones are common ways that governments and municipalities encourage the use of these vehicles. Furthermore, emerging markets and areas with infrastructure suitable for slower-moving urban environments are ideal destinations for these low-speed electric vehicles.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric Car Industry. Request a Free Sample PDF!

Electric Car Market Vehicle Class Segment Analysis

According to Cognitive Market Research, the mid-priced segment holds the largest share of the market. Mid-range electric vehicles (EVs) are becoming more and more popular as buyers look for a vehicle that strikes a mix between cost and cutting-edge amenities. Customers searching for affordable, environmentally friendly options without needing to spend the higher cost connected with luxury EVs are drawn to this market. The performance and range of mid-range models have increased due to advancements in battery technology, which has increased their attractiveness. Demand is also being increased by government incentives, growing fuel prices, and increased environmental consciousness. In order to appeal to a wider range of consumers, automakers are progressively introducing mid-tier EVs. These vehicles come in a range of configurations and include contemporary styling, safety features, and connectivity.

In the Electric Car Market, the luxury segment has been expanding at a rapid pace. As wealthy consumers look for high-performance, environmentally friendly substitutes for conventional luxury cars, the market for luxury electric vehicles (EVs) is growing. These electric vehicles (EVs) provide better driving experiences, cutting-edge technology, longer ranges, and faster acceleration. Interest in luxury electric vehicles (EVs) is being driven by environmental consciousness as well as a desire for prestige and innovation. With the integration of high-end technologies like smart networking, autonomous driving, and luxurious interiors, automakers such as Tesla, Porsche, and Audi are broadening their range of luxury electric vehicles. The expansion of this market is additionally aided by government subsidies and more stringent emission standards.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Electric Car Vehicle Drive Type Segment Analysis

Electric Car Market Vehicle Drive Type Segment Analysis

According to Cognitive Market Research, the front wheel drive segment holds the largest market share. FWD is becoming more and more popular in manufacturing because of how economical it is. Production costs are decreased by the fact that front-wheel drive vehicles require fewer components than rear-wheel drive systems. Car manufacturers are able to provide consumers with more competitively priced vehicles because of this cost advantage. Furthermore, FWD electric vehicles are usually lighter, which improves fuel economy and reduces drivers' overall operating expenses. FWD is a desirable alternative for both manufacturers and customers because of these financial advantages.

All wheel drive is anticipated to be the fastest-growing segment in the Electric Car market. Owing to its versatility in driving circumstances, AWD has become increasingly popular. AWD provides better traction and stability, which is especially useful in inclement weather like rain and snow, as safety is a consumer priority. Further driving the need for AWD systems is the growing popularity of SUVs and crossovers. AWD plays a crucial role in enabling off-road capability and improved handling on uneven terrain, which is why these cars are frequently touted for their adaptability. AWD systems are now more fuel-efficient than they were in the past due to technological developments, which also lessen their negative effects on fuel efficiency. AWD is a sensible option for a larger variety of drivers since it allows them to make use of the advantages without having to make major compromises in terms of fuel economy.

• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive

Electric Car Range Segment Analysis

Electric Car Market Range Segment Analysis

According to Cognitive Market Research, the 151-300 miles segment dominates the market. Because this range balances price and usability for daily usage, there is a rising market for electric automobiles with a range of 151-300 miles. Many buyers find these cars appealing since they are good for medium-distance and urban commuting. With mid-range EVs becoming more affordable because of advancements in battery technology, drivers can now enjoy this range with confidence without having to pay the premium price for vehicles with extended ranges. Cars in the 150–300 mile range are a feasible option for the majority of driving demands as long as the infrastructure for charging is expanded.

Up to 150 miles are projected to be the fastest-growing segment in the Electric Car market. Up to 150-mile electric car ranges are becoming more and more popular, particularly with urban and suburban drivers who mostly use their cars for short journeys. These EVs are a desirable alternative for consumers on a tight budget or those purchasing their first electric vehicle because they are frequently more reasonably priced. Long-range capability is less important for regular commutes and city driving, where they work effectively. Government subsidies and the development of urban charging infrastructure further facilitate the uptake of these entry-level models, which appeal to the increasingly budget- and environmentally-conscious portions of the market.

• Up to 150 Miles
• 151-300 Miles
• Above 300 Miles

Electric Car Motor Type Segment Analysis

Electric Car Market Motor Type Segment Analysis

According to Cognitive Market Research, the AC motor segment dominates the market. Because of their great output, longevity, and efficiency, AC motors are becoming more and more in demand in the electric vehicle industry. Because of their better performance, longer lifespan, and capacity to handle higher speeds and loads, AC motors, particularly induction motors, are preferred in mid- to high-end electric vehicles. They provide improved thermal management, strong acceleration, and regenerative braking capabilities. AC motors are gaining popularity among automakers for both premium and mainstream EV models as electric cars place a greater emphasis on performance and range.

DC Motor is projected to be the fastest-growing segment in the Electric Car market. Because of their affordability, ease of use, and dependability, DC motors are in high demand in the electric vehicle industry. Since DC motors are less expensive than AC motors while still providing adequate performance, they are frequently seen in smaller, more affordable electric cars. They are more suited for driving in cities since they accelerate smoothly and are simpler to handle. Furthermore, developments in DC motor technology are increasing their power and efficiency, which is propelling their use in more niche EV applications and more economical electric vehicles.

• DC Motor
• AC Motor

Electric Car Propulsion Technology Segment Analysis

Electric Car Market Propulsion Technology Segment Analysis

According to Cognitive Market Research, the battery electric vehicle (BEV) segment dominates the market. The increase in customer interest in cleaner transportation options, particularly BEVs as a greener alternative to conventional internal combustion engine vehicles, can be credited to the spike in BEV adoption. In addition, electric bus usage in fleets of urban public transportation is growing quickly on a global scale. Important market companies are introducing new BEVs to fulfill this increasing demand. For instance, the automotive manufacturer Isuzu Motors Limited debuted the ERGA EV, a BEV flat-floor route bus, in Japan in May 2024. The ERGA EV will play a major role in pushing public transportation toward carbon neutrality (CN) by setting the standard for next-generation bus technology in Japan.

Plug-in hybrid electric vehicles (PHEV) are projected to be the fastest-growing segment in the Electric Car market. Because it provides a flexible option for customers looking for both gasoline and electric power, plug-in hybrid electric vehicle (PHEV) propulsion technology is becoming more and more in demand. With PHEVs, range is increased, and range anxiety is decreased by combining an electric motor and a conventional internal combustion engine. They are attractive to consumers who wish to lessen their carbon footprint without giving up the versatility of a gasoline engine for lengthy travels. In order to satisfy a variety of customer demands and legal criteria, the technology also gains from government incentives and is being incorporated into automotive portfolios.

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

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Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

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