Summary

The plug-in electric vehicle market is predicted to grow from USD 698.63 billion in 2025 to USD 1,189.59 billion in 2035, at a CAGR of 5.5%. The hybrid electric vehicle market (HEV+MHEV) is set to grow from USD 446.87 billion in 2025 to USD 667.75 billion in 2035, at a CAGR of 4.1%. The electric vehicle market is set for steady growth, driven by rising demand for battery-powered mobility across passenger and commercial segments. Key factors include improvements in battery energy density, faster charging capabilities, and enhanced vehicle safety and performance. Government policies, such as Europe’s 2035 zero-emission targets and supportive regulations in countries like Germany and Norway, are accelerating adoption despite subsidies in China and the US being phased out. Expansion of charging infrastructure and investments in powertrain efficiency enable longer ranges and lower ownership costs. Consumer interest in EVs is fostering OEM focus on integrating advanced technologies such as improved thermal management systems and software-driven energy optimization, ensuring vehicles are safer, more efficient, and user-friendly. Continuous innovation in vehicle design, software integration, and energy management supports sustained growth in the EV market throughout the forecast period. https://mnmimg.marketsandmarkets.com/Images/electric-vehicle-market-new-overview.webp “Front-wheel drive type is expected to have the largest growth in the electric vehicle market during the forecast period.” The front-wheel drive (FWD) segment is expected to witness the largest growth in the electric vehicle market over the forecast period, driven by its cost efficiency, practicality, and suitability for urban and high-traffic conditions. FWD systems are simpler and cheaper to produce than RWD or AWD configurations, translating into more affordable EV options for budget-conscious consumers. The lower drivetrain weight improves energy efficiency and range, while the weight distribution over the front axle provides better traction in rainy or snowy conditions, making FWD vehicles appealing in diverse climates. Leading FWD EV models such as Nissan Leaf, Hyundai Kona Electric, Toyota bZ4X, and mini EVs like GW Black Cat, GW White Cat, and GW Good Cat have demonstrated strong market acceptance due to their practicality and cost-effectiveness. Manufacturers have also leveraged FWD architectures by converting existing ICE platforms to EVs, accelerating early adoption. Recent launches, including Hyundai’s Kona Electric FWD variant in Thailand in February 2025 with a 450 km range, further reinforce the segment’s growth potential. While RWD and AWD continue to see demand in performance and premium models, FWD is expected to dominate due to affordability, efficiency, and suitability for everyday urban mobility. “400V architecture is expected to hold the largest share in the electric vehicle market during the forecast period.” The 400V electric architecture is expected to hold the largest share in the electric vehicle market over the forecast period, driven by its widespread adoption, cost efficiency, and compatibility with existing charging infrastructure. Most early and mid-range EVs utilize 400V systems due to their balance of performance, moderate charging speeds, and lower production costs compared with higher-voltage architectures. The voltage in these systems ranges between 300V and 500V, depending on factors such as state of charge, temperature, and battery age, offering flexibility while maintaining efficiency. Leading global EV models powered by 400V architecture include Hyundai Kona Electric, Kia Niro EV, Volkswagen ID.4, BMW i4, Mercedes EQE, Kia EV6, Tesla Model 3, and mass-market launches such as Tata Motors’ planned 400V EVs on its acti.ev platform. Another example is the Kia EV4, unveiled at Kia’s 2025 EV Day, built on the 400V E-GMP platform with battery options offering up to 630 km range and fast 400V charging capabilities. Nissan launched the new LEAF based on a 400V architecture in September 2025. The mature supply chain, high-volume component availability, and lower purchase prices make 400V systems attractive for both OEMs and consumers. While 800V architectures are emerging for high-performance, fast-charging EVs, the combination of cost advantages, established production processes, and broad compatibility ensures that 400V systems will continue to dominate the EV market during the forecast period. “Europe set to witness a significant growth in the electric vehicle market during the forecast period.” Europe is set to witness notable growth in the electric vehicle market over the forecast period, driven by regulatory mandates, strong OEM commitments, and expanding consumer adoption. Policies such as the EU 2035 zero-emission target for new cars and vans, coupled with stricter CO2 reduction standards for 2030, are accelerating the shift toward fully electric passenger cars and plug-in hybrids. Leading European automakers, including Volkswagen, BMW, Mercedes-Benz, Volvo, and Stellantis, are investing heavily in EV production, software integration, and dedicated charging infrastructure, while introducing models like the VW ID.4, BMW iX, and Mercedes EQC to meet rising consumer demand. The growing adoption of plug-in hybrids supports continued demand for dual powertrain systems, while battery electric vehicles are driving expansion in high-capacity battery packs, thermal management systems, and inverter cooling solutions. In the first half of 2025, BEV registrations in Europe surged 34% year-over-year, reaching 15.6% of market share, with PHEVs accounting for 8.4% of sales. Germany, Belgium, and the Netherlands led this growth, supported by increased charging infrastructure and consumer incentives. At the IAA Mobility auto show in Munich, Chinese luxury automaker Hongqi unveiled the EHS5, a compact electric SUV with a 550 km range and fast charging capability (10% to 80% in 20 minutes), targeting urban and suburban drivers. Europe’s strong automotive manufacturing base, combined with investments in localized component production and charging networks, is ensuring supply chain resilience and competitiveness. Regulatory pressure, OEM electrification roadmaps, hybrid adoption, and consumer demand are positioning Europe for sustained growth in the electric vehicle market. In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. ? By Company Type: Tier I - 42%, Tier II - 35%, and Tier III - 23% ? By Designation: Directors - 36%, Managers - 43%, and Others - 21% ? By Region: Asia Pacific - 17%, Southeast Asia - 11%, Europe - 28%, North America - 31%, Latin America - 8%, Middle East - 3%, and Africa - 2% The electric vehicle market is dominated by major players, including BYD Company Ltd. (China), Tesla (US), Zhejiang Geely Holding Group (China), Volkswagen Group (Germany), and General Motors (US). These companies are expanding their portfolios to strengthen their electric vehicle market position. Research Coverage The report covers the electric vehicle market in terms of vehicle type (passenger cars and commercial vehicles), propulsion (battery electric vehicle, fuel cell electric vehicle, plug-in hybrid electric vehicle, hybrid electric vehicle, and mild hybrid electric vehicle), by EV architecture (400V and 800V), vehicle top speed (<125 mph and >125 mph), vehicle drive type (front-wheel drive, rear-wheel drive, and all wheel drive), vehicle body type (SUV/MPV, sedan, and hatchback), configuration type (series, parallel, and series-parallel), topology (P0, P1, P2, P3, and P4), vehicle connectivity (V2G, V2H/V2B, and V2L), propulsion & component (BEV components, PHEV components, FCEV components, HEV components, and MHEV components), end use (private and commercial fleets), and region. It covers the competitive landscape and company profiles of the significant electric vehicle market players. The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Key Benefits of Buying the Report ? The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the electric vehicle market and its subsegments. ? This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. ? The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities. ? The report also helps stakeholders understand the current and future pricing trends of the electric vehicle market. ? The report will help market leaders/new entrants with information on various trends in the electric vehicle market based on propulsion, vehicle type, drive type, EV architecture, body type, region, and other parameters. The report provides insight into the following pointers: ? Analysis of key drivers (policy support for EV adoption, Reduced operating and maintenance costs, Next generation battery innovations, zero tailpipe and vehicle lifecycle emissions, declining costs of EV batteries), restraints (high initial purchase price, capital-intensive charging infrastructure deployment, battery durability and lifecycle management, geopolitical instability and supply chain disruptions), opportunities (accelerated investment in charging infrastructure, innovation in wireless and on-the-move charging, fleet electrification and commercial deployment, expansion of Charging-as-a-Service (CaaS) business model, integration of bidirectional charging and smart parking), and challenges (extended charging duration constraints, fragmented charging standards and infrastructure) ? Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electric vehicle market ? Market Development: Comprehensive information about lucrative markets - the report analyses the electric vehicle market across varied regions. ? Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric vehicle market ? Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like BYD Company Ltd. (China), Tesla (US), Zhejiang Geely Holding Group (China), Volkswagen Group (Germany), and General Motors (US), among others, in the electric vehicle market

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Table of Contents

1 INTRODUCTION 35 1.1 STUDY OBJECTIVES 35 1.2 MARKET DEFINITION 36 1.3 STUDY SCOPE 42 1.3.1 MARKETS COVERED AND REGIONAL SCOPE 42 1.3.2 INCLUSIONS AND EXCLUSIONS 43 1.3.3 YEARS CONSIDERED 44 1.4 CURRENCY CONSIDERED 44 1.5 UNIT CONSIDERED 45 1.6 STAKEHOLDERS 45 1.7 SUMMARY OF CHANGES 45 2 RESEARCH METHODOLOGY 46 2.1 RESEARCH DATA 46 2.1.1 SECONDARY DATA 47 2.1.1.1 Secondary sources 48 2.1.1.2 Key data from secondary sources 49 2.1.2 PRIMARY DATA 49 2.1.2.1 Primary participants 50 2.1.2.2 Primary interviews from demand and supply sides 50 2.1.2.3 Breakdown of primary interviews 51 2.2 MARKET SIZE ESTIMATION 52 2.2.1 BOTTOM-UP APPROACH 54 2.2.2 TOP-DOWN APPROACH 55 2.3 DATA TRIANGULATION 56 2.4 FACTOR ANALYSIS 58 2.5 RESEARCH ASSUMPTIONS 59 2.6 RESEARCH LIMITATIONS 60 2.7 RISK ASSESSMENT 61 3 EXECUTIVE SUMMARY 62 4 PREMIUM INSIGHTS 65 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PLUG-IN ELECTRIC VEHICLE MARKET 65 4.2 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE 65 4.3 ELECTRIC VEHICLE MARKET, BY PROPULSION 66 4.4 PLUG-IN ELECTRIC VEHICLE MARKET, BY TOP SPEED 66 ? 4.5 PLUG-IN ELECTRIC VEHICLE MARKET, BY DRIVE TYPE 67 4.6 PLUG-IN ELECTRIC VEHICLE MARKET, BY ELECTRIC ARCHITECTURE 67 4.7 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE 68 4.8 HYBRID ELECTRIC VEHICLE MARKET, BY CONFIGURATION TYPE 68 4.9 PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION 69 5 MARKET OVERVIEW 70 5.1 INTRODUCTION 70 5.2 MARKET DYNAMICS 71 5.2.1 DRIVERS 71 5.2.1.1 Policy support for electric vehicle adoption 71 5.2.1.2 Reduced operating and maintenance costs 73 5.2.1.3 Next-generation battery innovations 74 5.2.1.4 Zero tailpipe and vehicle lifecycle emissions 76 5.2.1.5 Declining costs of EV batteries 77 5.2.2 RESTRAINTS 78 5.2.2.1 High initial purchase price 78 5.2.2.2 Capital-intensive charging infrastructure deployment 80 5.2.2.3 Battery durability and lifecycle management 81 5.2.2.4 Geopolitical instability and supply chain disruptions 82 5.2.3 OPPORTUNITIES 85 5.2.3.1 Accelerated investment in charging infrastructure 85 5.2.3.2 Innovation in wireless and on-the-move charging 86 5.2.3.3 Fleet electrification and commercial deployment 87 5.2.3.4 Expansion of Charging-as-a-Service (CaaS) business model 88 5.2.3.5 Integration of bidirectional charging and smart parking 88 5.2.4 CHALLENGES 88 5.2.4.1 Extended charging duration constraints 88 5.2.4.2 Fragmented charging standards and infrastructure 90 6 INDUSTRY TRENDS 92 6.1 REGULATORY LANDSCAPE 92 6.1.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92 6.1.2 ELECTRIC VEHICLE INCENTIVES, BY KEY COUNTRIES 95 6.1.2.1 Netherlands 95 6.1.2.2 Germany 96 6.1.2.3 France 97 6.1.2.4 UK 98 6.1.2.5 China 99 6.1.2.6 US 100 6.1.2.7 Austria 101 6.1.3 INDUSTRY STANDARDS 101 6.2 SUSTAINABILITY INITIATIVES 102 6.2.1 CARBON IMPACT AND ECO-APPLICATIONS OF ELECTRIC VEHICLES 102 6.2.1.1 Carbon impact reduction 102 6.3 CERTIFICATIONS, LABELING, AND ECO-STANDARDS 103 6.4 TECHNOLOGY ANALYSIS 104 6.4.1 KEY EMERGING TECHNOLOGIES 104 6.4.1.1 Introduction 104 6.4.1.2 SiC/GaN for power electronics 104 6.4.1.3 Sodium-ion batteries 105 6.4.1.4 E-axles and integrated drive units 106 6.4.1.5 V2X charging 107 6.4.1.6 V2L 108 6.4.1.7 Solid-state batteries 109 6.4.2 COMPLEMENTARY TECHNOLOGIES 110 6.4.2.1 Battery recycling and 2nd life batteries 110 6.4.2.2 Internet of Things in electric vehicles 111 6.4.2.3 Lightweight materials for electric vehicles 112 6.4.3 ADJACENT TECHNOLOGIES 113 6.4.3.1 Smart grids and microgrids 113 6.4.3.2 Energy storage systems (ESS) for grid balancing 113 6.5 TECHNOLOGY/PRODUCT ROADMAP 114 6.6 PATENT ANALYSIS 114 6.6.1 INTRODUCTION 114 6.6.2 METHODOLOGY 115 6.6.3 DOCUMENT TYPE 115 6.6.4 INSIGHTS 116 6.6.5 LEGAL STATUS OF PATENTS 116 6.6.6 JURISDICTION ANALYSIS 117 6.6.7 TOP APPLICANTS 117 6.6.8 LIST OF PATENTS 118 6.7 FUTURE APPLICATIONS 125 6.8 IMPACT OF AI/GEN AI ON ELECTRIC VEHICLE MARKET 126 6.8.1 TOP IN-VEHICLE USE CASES AND MARKET POTENTIAL 126 6.8.2 TOP MANUFACTURING USE CASES AND MARKET POTENTIAL 126 6.8.3 BEST PRACTICES IN ELECTRIC VEHICLE DEVELOPMENT 127 6.8.4 CASE STUDIES OF AI IMPLEMENTATION IN ELECTRIC VEHICLE MARKET 127 6.8.5 INTERCONNECTED ADJACENT ECOSYSTEM AND IMPACT ON MARKET PLAYERS 127 6.8.6 CLIENTS’ READINESS TO ADOPT GENERATIVE AI IN ELECTRIC VEHICLE MARKET 128 ? 6.9 SUCCESS STORIES AND REAL-WORLD APPLICATIONS 128 6.9.1 RIVIAN: AI FOR PREDICTIVE MAINTENANCE 128 6.9.2 BMW GROUP: GEN AI IN PURCHASING AND DIGITAL EXPERIENCE 128 6.9.3 VOLKSWAGEN GROUP: GEN AI AND CONNECTED VEHICLE ECOSYSTEMS 129 6.10 DECISION-MAKING PROCESS FOR INVESTMENT IN EV MARKET 129 6.11 KEY STAKEHOLDERS IN BUYING CRITERIA 130 6.11.1 KEY STAKEHOLDERS IN BUYING PROCESS 130 6.11.2 BUYING CRITERIA 131 6.12 ADOPTION BARRIERS & INTERNAL CHALLENGES 132 6.13 ECOSYSTEM ANALYSIS 133 6.13.1 ELECTRIC VEHICLE CHARGING PROVIDERS 133 6.13.2 ENERGY UTILITY COMPANIES 134 6.13.3 SOFTWARE PROVIDERS 134 6.13.4 BATTERY MANUFACTURERS 134 6.13.5 COMPONENT MANUFACTURERS 134 6.13.6 OEMS 134 6.13.7 END USERS 134 6.13.7.1 Mobility service providers 134 6.13.7.2 EV fleet operators 135 6.14 SUPPLY CHAIN ANALYSIS 136 6.15 PRICING ANALYSIS 138 6.15.1 INDICATIVE SELLING PRICE, BY KEY BATTERY ELECTRIC VEHICLE MODELS, 2024 138 6.15.2 AVERAGE SELLING PRICE TREND OF ELECTRIC PROPULSION, 2022?2024 139 6.15.3 AVERAGE SELLING PRICE TREND, BY REGION, 2022?2024 140 6.16 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 141 6.17 INVESTMENT AND FUNDING SCENARIO 142 6.18 FUNDING BY USE CASE APPLICATION 143 6.19 KEY CONFERENCES AND EVENTS, 2025?2026 144 6.20 TRADE ANALYSIS 145 6.20.1 IMPORT SCENARIO (HS CODE 870380) 145 6.20.2 EXPORT SCENARIO (HS CODE 870380) 146 6.21 CASE STUDY ANALYSIS 147 6.21.1 ELECTRIC VEHICLE FLEETS FOR PUBLIC SECTOR IN VERMONT, US 147 6.21.2 FRITO-LAY LOGISTICS FLEET ELECTRIFICATION 147 6.21.3 NAIROBI’S ELECTRIC TAXI FLEET 148 6.21.4 NOPIARIDE DC FAST CHARGING HUBS IN KENYA 148 6.22 EXISTING AND UPCOMING ELECTRIC VEHICLE MODELS, 2024?2026 149 6.23 TOTAL COST OF OWNERSHIP 150 6.24 BILL OF MATERIALS ANALYSIS 151 ? 6.25 OEM ELECTROMOBILITY PROGRESS 152 6.25.1 OEM TARGETS AND INVESTMENTS 153 6.25.2 REGIONAL PLUG-IN ELECTRIC VEHICLE OEM ANALYSIS 154 6.25.2.1 Asia Pacific 154 6.25.2.2 Southeast Asia 155 6.25.2.3 Europe 157 6.25.2.4 Latin America 159 6.25.2.5 North America 161 7 ELECTRIC VEHICLE MARKET, BY PROPULSION 163 7.1 INTRODUCTION 164 7.2 BEST-SELLING ELECTRIC VEHICLE MODELS, 2024 166 7.3 BATTERY ELECTRIC VEHICLE (BEV) 167 7.3.1 SHIFT TO ZERO TAILPIPE EMISSION TRANSPORT & GOVERNMENT SUPPORT TO DRIVE MARKET 167 7.4 FUEL CELL ELECTRIC VEHICLE (FCEV) 170 7.4.1 OEM PLANS TO REDUCE INVESTMENTS TO H2 VEHICLES AND RECENT H2 REFUELING STATION SHUTDOWNS TO REDUCE DEMAND 170 7.5 PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV) 172 7.5.1 REDUCED FUEL CONSUMPTION AND EMISSIONS TO DRIVE MARKET 172 7.6 HYBRID ELECTRIC VEHICLE (HEV) 174 7.6.1 INCREASED VEHICLE MILEAGE WITH DUAL PROPULSION TO DRIVE MARKET 174 7.7 MILD HYBRID ELECTRIC VEHICLE (MHEV) 176 7.7.1 LOW-COST ELECTRIFICATION OPTION TO DRIVE MARKET 176 7.8 PRIMARY INSIGHTS 178 8 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE 179 8.1 INTRODUCTION 180 8.2 BEST-SELLING ELECTRIC PASSENGER CARS, 2024 182 8.3 PASSENGER CAR 184 8.3.1 SUPPORTIVE GOVERNMENT REGULATIONS AND SUBSIDIES TO DRIVE MARKET 184 8.4 COMMERCIAL VEHICLE 186 8.4.1 GROWING FLEET ELECTRIFICATION TO DRIVE MARKET 186 8.5 KEY PRIMARY INSIGHTS 188 9 ELECTRIC VEHICLE MARKET, BY COMPONENT 189 9.1 INTRODUCTION 189 9.2 BATTERY CELLS AND PACKS 189 9.3 ON-BOARD CHARGERS 191 9.4 MOTORS 192 ? 9.5 POWER CONTROL UNITS 196 9.6 BATTERY MANAGEMENT SYSTEMS 199 9.7 FUEL CELL STACKS 200 9.8 FUEL PROCESSORS 200 9.9 POWER CONDITIONERS 201 9.10 AIR COMPRESSORS 201 9.11 HUMIDIFIERS 201 10 ELECTRIC VEHICLE MARKET, BY END USE 202 10.1 INTRODUCTION 202 10.2 OPERATIONAL DATA 202 10.3 PRIVATE 203 10.4 COMMERCIAL FLEET 204 11 ELECTRIC VEHICLE MARKET, BY VEHICLE CONNECTIVITY 205 11.1 INTRODUCTION 205 11.2 VEHICLE-TO-BUILDING (V2B)/VEHICLE TO INFRASTRUCTURE (V2I) 207 11.3 VEHICLE-TO-GRID (V2G) 207 11.4 VEHICLE-TO-VEHICLE (V2V) 208 12 HYBRID ELECTRIC VEHICLE MARKET, BY CONFIGURATION TYPE 209 12.1 INTRODUCTION 210 12.2 SERIES 212 12.2.1 RISING DEMAND FOR LOW-EMISSION URBAN TRANSPORT AND DELIVERY FLEETS TO DRIVE MARKET 212 12.3 PARALLEL 213 12.3.1 LOWER PRODUCTION COSTS AND HIGH EFFICIENCY DURING HIGHWAY CRUISING TO DRIVE MARKET 213 12.4 SERIES-PARALLEL 215 12.4.1 FLEXIBLE OPERATION THAT SWITCHES POWER MODES TO OPTIMIZE FUEL SAVINGS AND PERFORMANCE TO DRIVE MARKET 215 12.5 PRIMARY INSIGHTS 216 13 MILD HYBRID ELECTRIC VEHICLE MARKET, BY TOPOLOGY 217 13.1 INTRODUCTION 217 13.2 P0?BELT INTEGRATION 219 13.3 P1 ? BETWEEN ENGINE AND TRANSMISSION 219 13.4 P2 ? TRANSMISSION-SIDE INTEGRATION (BELT-CONNECTED) 219 13.5 P3 ? TRANSMISSION-SIDE INTEGRATION (SHAFT-CONNECTED) 220 13.6 P4 ? REAR AXLE INTEGRATION 220 ? 14 PLUG-IN ELECTRIC VEHICLE MARKET, BY ELECTRIC ARCHITECTURE 221 14.1 INTRODUCTION 222 14.2 VEHICLE MODELS, BY ELECTRIC ARCHITECTURE 224 14.3 400V 224 14.3.1 COST-EFFECTIVENESS OF 400V ARCHITECTURE TO DRIVE MARKET 224 14.4 800V 225 14.4.1 RISING DEMAND FOR 350+ KW RAPID CHARGING TO DRIVE MARKET IN LUXURY ELECTRIC VEHICLE SEGMENT 225 14.5 PRIMARY INSIGHTS 228 15 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE 229 15.1 INTRODUCTION 230 15.2 SUV/MPV 231 15.2.1 CONSUMER DEMAND FOR SPACIOUS, VERSATILE VEHICLES WITH LARGE CARGO AREA TO DRIVE MARKET 231 15.3 SEDAN 233 15.3.1 BALANCE OF EFFICIENCY, COMFORT, AND PERFORMANCE FOR URBAN AND LONG-DISTANCE COMMUTING TO DRIVE DEMAND 233 15.4 HATCHBACK 234 15.4.1 AFFORDABILITY, COMPACT SIZE, AND HIGH ENERGY EFFICIENCY TO DRIVE MARKET 234 15.5 PRIMARY INSIGHTS 235 16 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE 236 16.1 INTRODUCTION 237 16.2 POPULAR ELECTRIC VEHICLE MODELS, BY DRIVE TYPE 239 16.3 FRONT-WHEEL DRIVE (FWD) 239 16.3.1 LOWER PRODUCTION AND MAINTENANCE COSTS TO DRIVE MARKET 239 16.4 REAR-WHEEL DRIVE (RWD) 241 16.4.1 ENHANCED WEIGHT DISTRIBUTION IMPROVES VEHICLE BALANCE, ATTRACTING PERFORMANCE-FOCUSED CONSUMERS 241 16.5 ALL WHEEL DRIVE (AWD) 242 16.5.1 MULTI-MOTOR CONFIGURATIONS ENABLING RAPID ACCELERATION AND HIGH-SPEED CAPABILITIES TO DRIVE MARKET 242 16.6 PRIMARY INSIGHTS 243 17 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED 244 17.1 INTRODUCTION 245 17.2 ACCELERATION AND TOP SPEED BENCHMARKING OF KEY EV MODELS 246 17.3 <110 MPH 247 17.3.1 URBAN COMMUTING AND INCREASED USE OF ELECTRIC VEHICLES IN DELIVERY FLEETS TO DRIVE MARKET 247 ? 17.4 >110 MPH 248 17.4.1 RISING DEMAND FOR LUXURY AND HIGH-PERFORMANCE ELECTRIC VEHICLES TO DRIVE MARKET 248 17.5 PRIMARY INSIGHTS 249 18 ELECTRIC VEHICLE MARKET, BY REGION 250 18.1 INTRODUCTION 251 18.2 ASIA PACIFIC 255 18.2.1 MACROECONOMIC OUTLOOK 257 18.2.2 CHINA 260 18.2.2.1 Dominant domestic EV supply chain to drive market 260 18.2.3 INDIA 262 18.2.3.1 Domestic OEM push for EV innovation and localized manufacturing to drive market 262 18.2.4 JAPAN 264 18.2.4.1 Growing preference for dual-propulsion vehicles to drive market 264 18.2.5 SOUTH KOREA 265 18.2.5.1 Government incentives and OEM EV targets to drive market 265 18.3 SOUTHEAST ASIA 266 18.3.1 MACROECONOMIC OUTLOOK 268 18.3.2 THAILAND 270 18.3.2.1 Government plans for 30% EVs by 2030 and growing presence of Chinese budget EVs to drive market 270 18.3.3 INDONESIA 272 18.3.3.1 Government support for domestic EV manufacturing to drive demand 272 18.3.4 MALAYSIA 273 18.3.4.1 National Green Technology Policy to drive market 273 18.3.5 VIETNAM 274 18.3.5.1 Strong government support and growing demand for Vinfast to drive market 274 18.3.6 SINGAPORE 276 18.3.6.1 Surge in electric fleets to drive market 276 18.3.7 PHILIPPINES 277 18.3.7.1 Urbanization and financing trends to drive market 277 18.3.8 AUSTRALIA 278 18.3.8.1 Government support and setting of charging stations to drive demand 278 18.4 NORTH AMERICA 279 18.4.1 MACROECONOMIC OUTLOOK 281 18.4.2 US 284 18.4.2.1 Support for local manufacturing of EVs to drive market 284 18.4.3 CANADA 285 18.4.3.1 Government support for clean transportation and zero tailpipe emissions to drive market 285 ? 18.4.4 MEXICO 287 18.4.4.1 Growing setup of Chinese EVs to drive market 287 18.5 EUROPE 288 18.5.1 MACROECONOMIC OUTLOOK 290 18.5.2 GERMANY 294 18.5.2.1 Strong domestic OEM investment in vehicle electrification to drive market 294 18.5.3 FRANCE 296 18.5.3.1 Government subsidies and strong domestic OEM EV offerings to drive market 296 18.5.4 NETHERLANDS 297 18.5.4.1 Government incentives and presence of dense supporting infrastructure to drive market 297 18.5.5 NORWAY 298 18.5.5.1 High rate of EV adoption and government policy leadership to drive market 298 18.5.6 SWEDEN 299 18.5.6.1 Strong government focus for sustainability, tax benefits, and business incentives to drive market 299 18.5.7 UK 301 18.5.7.1 ZEV mandates and growing rate of fleet electrification to drive market 301 18.5.8 DENMARK 302 18.5.8.1 Tax breaks on EV registrations and substantial investments in public and private charging infrastructure to drive market 302 18.5.9 AUSTRIA 304 18.5.9.1 Significant private investment in charging infrastructure and strong government subsidies to drive market 304 18.5.10 SWITZERLAND 305 18.5.10.1 High environmental awareness and expanding government incentives to drive market 305 18.5.11 SPAIN 306 18.5.11.1 Government incentives and strong infrastructure investments to drive market 306 18.5.12 RUSSIA 307 18.5.12.1 Chinese OEM influx to drive market 307 18.5.13 ITALY 308 18.5.13.1 Government support through incentives and presence of diverse plug-in and hybrid electric vehicle models to drive market 308 18.6 MIDDLE EAST 310 18.6.1 MACROECONOMIC OUTLOOK 311 18.6.2 UAE 313 18.6.2.1 Policy incentives and growing EV support infrastructure to drive market 313 18.6.3 SAUDI ARABIA 314 18.6.3.1 Government targets and support for localized manufacturing to drive market 314 18.6.4 ISRAEL 316 18.6.4.1 Strong incentives and rapid new-tech adoption to drive market 316 18.7 LATIN AMERICA 317 18.7.1 MACROECONOMIC OUTLOOK 318 18.7.2 BRAZIL 321 18.7.2.1 Government support for Chinese EV manufacturer setup to drive market 321 18.7.3 COLOMBIA 322 18.7.3.1 Increased focus on fleet electrification to drive demand 322 18.7.4 CHILE 323 18.7.4.1 Government support for infrastructure development to drive market 323 18.7.5 URUGUAY 324 18.7.5.1 Aggressive subsidies and supportive policies to drive market 324 18.7.6 COSTA RICA 326 18.7.6.1 Government support for EV adoption to drive market 326 18.8 AFRICA 327 18.8.1 MACROECONOMIC OUTLOOK 328 18.8.2 MOROCCO 330 18.8.2.1 Strong tax breaks and focus on domestic EV manufacturing to drive market 330 18.8.3 EGYPT 331 18.8.3.1 Rising urbanization and increase in localized EV assembly to drive market 331 18.8.4 SOUTH AFRICA 333 18.8.4.1 Government incentives and domestic automotive sector transition to drive market 333 19 COMPETITIVE LANDSCAPE 335 19.1 INTRODUCTION 335 19.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, JANUARY 2021?JULY 2025 335 19.3 MARKET SHARE ANALYSIS, 2024 337 19.3.1 PLUG-IN ELECTRIC VEHICLE MARKET SHARE ANALYSIS, 2024 337 19.3.2 HYBRID ELECTRIC AND MILD HYBRID VEHICLE MARKET SHARE ANALYSIS, 2024 339 19.3.3 REGIONAL-LEVEL ELECTRIC VEHICLE MARKET SHARE ANALYSIS 340 19.3.3.1 Asia Pacific 340 19.3.3.2 Southeast Asia 340 19.3.3.3 Europe 341 19.3.3.4 North America 342 19.3.3.5 Latin America 342 19.4 REVENUE ANALYSIS, 2020?2024 343 19.5 COMPANY VALUATION AND FINANCIAL METRICS 344 19.6 BRAND/PRODUCT COMPARISON 345 ? 19.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 346 19.7.1 STARS 346 19.7.2 EMERGING LEADERS 346 19.7.3 PERVASIVE PLAYERS 346 19.7.4 PARTICIPANTS 346 19.7.5 COMPANY FOOTPRINT 348 19.7.5.1 Company footprint 348 19.7.5.2 Region footprint 349 19.7.5.3 Top speed footprint 350 19.7.5.4 Vehicle drive type footprint 351 19.7.5.5 Propulsion footprint 352 19.7.5.6 Vehicle body type footprint 353 19.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 354 19.8.1 PROGRESSIVE COMPANIES 354 19.8.2 RESPONSIVE COMPANIES 354 19.8.3 DYNAMIC COMPANIES 354 19.8.4 STARTING BLOCKS 354 19.8.5 COMPETITIVE BENCHMARKING 356 19.8.5.1 List of startups/SMEs 356 19.8.5.2 Competitive benchmarking of startups/SMEs 356 19.9 COMPETITIVE SCENARIO 357 19.9.1 PRODUCT LAUNCHES 357 19.9.2 DEALS 358 19.9.3 EXPANSIONS 359 19.9.4 OTHER DEVELOPMENTS 361 20 COMPANY PROFILES 362 20.1 KEY PLAYERS 362 20.1.1 BYD COMPANY LTD. 362 20.1.1.1 Business overview 362 20.1.1.2 Products/Solutions offered 364 20.1.1.3 Recent developments 365 20.1.1.3.1 Product launches/developments 365 20.1.1.3.2 Deals 367 20.1.1.3.3 Expansions 370 20.1.1.3.4 Other developments 371 20.1.1.4 MnM view 372 20.1.1.4.1 Right to win 372 20.1.1.4.2 Strategic choices 372 20.1.1.4.3 Weaknesses and competitive threats 372 ? 20.1.2 TESLA 373 20.1.2.1 Business overview 373 20.1.2.2 Products/Solutions offered 375 20.1.2.3 Recent developments 375 20.1.2.3.1 Product launches/developments/upgrades 375 20.1.2.3.2 Deals 376 20.1.2.3.3 Expansions 376 20.1.2.3.4 Other developments 377 20.1.2.4 MnM view 378 20.1.2.4.1 Right to win 378 20.1.2.4.2 Strategic choices 378 20.1.2.4.3 Weaknesses and competitive threats 378 20.1.3 ZHEJIANG GEELY HOLDING GROUP 379 20.1.3.1 Business overview 379 20.1.3.2 Products/Solutions offered 382 20.1.3.3 Recent developments 383 20.1.3.3.1 Product launches/developments 383 20.1.3.3.2 Deals 386 20.1.3.3.3 Expansions 388 20.1.3.3.4 Other developments 389 20.1.3.4 MnM view 390 20.1.3.4.1 Right to win 390 20.1.3.4.2 Strategic choices 390 20.1.3.4.3 Weaknesses and competitive threats 390 20.1.4 VOLKSWAGEN GROUP 391 20.1.4.1 Business overview 391 20.1.4.2 Products/Solutions offered 394 20.1.4.3 Recent developments 396 20.1.4.3.1 Product launches/developments 396 20.1.4.3.2 Deals 398 20.1.4.3.3 Expansions 400 20.1.4.3.4 Other developments 401 20.1.4.4 MnM view 402 20.1.4.4.1 Right to win 402 20.1.4.4.2 Strategic choices 402 20.1.4.4.3 Weaknesses and competitive threats 402 20.1.5 GENERAL MOTORS 403 20.1.5.1 Business overview 403 20.1.5.2 Products/Solutions offered 405 20.1.5.3 Recent developments 406 20.1.5.3.1 Product launches 406 20.1.5.3.2 Deals 406 20.1.5.3.3 Expansions 407 20.1.5.3.4 Other developments 407 20.1.5.4 MnM view 408 20.1.5.4.1 Right to win 408 20.1.5.4.2 Strategic choices 408 20.1.5.4.3 Weaknesses and competitive threats 408 20.1.6 CHANGAN 409 20.1.6.1 Business overview 409 20.1.6.2 Products/Solutions offered 411 20.1.6.3 Recent developments 412 20.1.6.3.1 Product launches 412 20.1.6.3.2 Deals 412 20.1.6.3.3 Expansions 412 20.1.7 BMW GROUP 413 20.1.7.1 Business overview 413 20.1.7.2 Products/Solutions offered 415 20.1.7.3 Recent developments 416 20.1.7.3.1 Product launches/upgrades 416 20.1.7.3.2 Expansions 418 20.1.7.3.3 Other developments 418 20.1.8 LI AUTO INC. 419 20.1.8.1 Business overview 419 20.1.8.2 Products/Solutions offered 420 20.1.8.3 Recent developments 420 20.1.8.3.1 Product launches 420 20.1.8.3.2 Deals 420 20.1.9 HYUNDAI MOTOR GROUP 421 20.1.9.1 Business overview 421 20.1.9.2 Products/Solutions offered 423 20.1.9.3 Recent developments 423 20.1.9.3.1 Product launches 423 20.1.9.3.2 Deals 425 20.1.9.3.3 Expansions 426 20.1.9.3.4 Other developments 427 20.1.10 GAC GROUP 428 20.1.10.1 Business overview 428 20.1.10.2 Products/Solutions offered 429 20.1.10.3 Recent developments 429 20.1.10.3.1 Product launches/developments 429 20.1.10.3.2 Deals 431 20.1.10.3.3 Expansions 433 20.1.10.3.4 Other developments 434 20.1.11 STELLANTIS NV 435 20.1.11.1 Business overview 435 20.1.11.2 Products/Solutions offered 437 20.1.11.3 Recent developments 438 20.1.11.3.1 Product launches/developments 438 20.1.11.3.2 Deals 441 20.1.11.3.3 Expansions 446 20.1.11.3.4 Other developments 447 20.1.12 GREAT WALL MOTOR 448 20.1.12.1 Business overview 448 20.1.12.2 Products/Solutions offered 450 20.1.12.3 Recent developments 451 20.1.12.3.1 Product launches/developments 451 20.1.12.3.2 Deals 452 20.1.12.3.3 Expansions 453 20.1.12.3.4 Other developments 454 20.2 OTHER KEY PLAYERS 455 20.2.1 TOYOTA MOTOR CORPORATION 455 20.2.2 RENAULT-NISSAN-MITSUBISHI 456 20.2.3 HONDA MOTOR CO., LTD. 457 20.2.4 MERCEDES-BENZ GROUP AG 458 20.2.5 FORD MOTOR COMPANY 459 20.2.6 CHERY 460 20.2.7 LEAPMOTOR INTERNATIONAL B.V. 461 20.2.8 SAIC MOTOR CORPORATION LIMITED 462 20.2.9 NIO 463 20.2.10 XIAOMI 464 20.2.11 RIVIAN 465 20.2.12 LUCID 466 20.2.13 DONGFENG MOTOR CORPORATION 467 20.2.14 FAW TRUCKS CO., LTD. 468 20.2.15 XPENG INC. 469 20.2.16 KG MOBILITY CORP. 470 20.2.17 NETA 471 20.2.18 MAZDA MOTOR CORPORATION 472 20.2.19 SUBARU CORPORATION 473 20.2.20 BAIC GROUP CO., LTD. 474 20.2.21 TATA MOTORS LIMITED 475 20.2.22 XIAOMI AUTO 476 ? 21 RECOMMENDATIONS BY MARKETSANDMARKETS 477 21.1 SOUTHEAST ASIA TO OFFER LUCRATIVE OPPORTUNITIES 477 21.2 BATTERY ELECTRIC VEHICLES TO HOLD DOMINANT MARKET SHARE 477 21.3 800V ELECTRIC ARCHITECTURE TO ACCELERATE ADOPTION 477 21.4 EMERGING BUSINESS MODELS: BATTERY-AS-A-SERVICE AND CHARGING-AS-A-SERVICE 478 21.5 CONCLUSION 478 22 APPENDIX 479 22.1 DISCUSSION GUIDE 479 22.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 482 22.3 CUSTOMIZATION OPTIONS 484 22.3.1 ELECTRIC VEHICLE MARKET, BY BODY TYPE AT COUNTRY LEVEL (FOR COUNTRIES COVERED IN REPORT) 484 22.3.2 PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO 5) 484 22.3.3 PROFILING OF ADDITIONAL COUNTRIES (UP TO 3) 484 22.4 RELATED REPORTS 484 22.5 AUTHOR DETAILS 485

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List of Tables/Graphs

TABLE 1 ELECTRIC VEHICLE MARKET DEFINITION, BY PROPULSION 36 TABLE 2 ELECTRIC VEHICLE MARKET DEFINITION, BY VEHICLE TYPE 37 TABLE 3 PLUG-IN ELECTRIC VEHICLE MARKET DEFINITION, BY VEHICLE DRIVE TYPE 37 TABLE 4 PLUG-IN ELECTRIC VEHICLE MARKET DEFINITION, BY VEHICLE TOP SPEED 38 TABLE 5 ELECTRIC VEHICLE MARKET DEFINITION, BY VEHICLE CONNECTIVITY 38 TABLE 6 ELECTRIC VEHICLE MARKET DEFINITION, BY COMPONENT 39 TABLE 7 PLUG-IN ELECTRIC VEHICLE MARKET DEFINITION, BY BODY TYPE 39 TABLE 8 ELECTRIC VEHICLE MARKET DEFINITION, BY END USE 40 TABLE 9 PLUG-IN ELECTRIC VEHICLE MARKET DEFINITION, BY ELECTRIC ARCHITECTURE 40 TABLE 10 HYBRID ELECTRIC VEHICLE MARKET DEFINITION, BY CONFIGURATION TYPE 40 TABLE 11 MILD HYBRID ELECTRIC VEHICLE MARKET DEFINITION, BY TOPOLOGY 41 TABLE 12 ELECTRIC VEHICLE MARKET: INCLUSIONS AND EXCLUSIONS 43 TABLE 13 CURRENCY EXCHANGE RATES, 2019?2024 44 TABLE 14 COMPARISON TABLE OF CHARGING COSTS, BY COUNTRY 73 TABLE 15 INNOVATION IN BATTERIES BY KEY MANUFACTURERS 74 TABLE 16 NUMBER OF CHARGE POINT OPERATORS FOR ELECTRIC CARS, BY COUNTRY, 2024 76 TABLE 17 LIST OF ELECTRIC VEHICLES WITH AVERAGE RANGE 81 TABLE 18 CHARGING POINT OPERATORS 85 TABLE 19 ELECTRIC FLEET COMMITMENTS BY LEADING COMPANIES 87 TABLE 20 ELECTRIC VEHICLE MARKET: IMPACT OF MARKET DYNAMICS 91 TABLE 21 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92 TABLE 22 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93 TABLE 23 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 95 TABLE 24 NETHERLANDS: ELECTRIC VEHICLE INCENTIVES 95 TABLE 25 NETHERLANDS: ELECTRIC VEHICLE CHARGING STATION INCENTIVES 96 TABLE 26 GERMANY: ELECTRIC VEHICLE INCENTIVES 96 TABLE 27 GERMANY: ELECTRIC VEHICLE CHARGING STATION INCENTIVES 97 TABLE 28 FRANCE: ELECTRIC VEHICLE INCENTIVES 97 TABLE 29 FRANCE: ELECTRIC VEHICLE CHARGING STATION INCENTIVES 98 TABLE 30 UK: ELECTRIC VEHICLE INCENTIVES 98 TABLE 31 UK: ELECTRIC VEHICLE CHARGING STATION INCENTIVES 99 TABLE 32 CHINA: ELECTRIC VEHICLE INCENTIVES 99 TABLE 33 CHINA: ELECTRIC VEHICLE CHARGING STATION INCENTIVES 100 TABLE 34 US: ELECTRIC VEHICLE INCENTIVES 100 TABLE 35 US: ELECTRIC VEHICLE CHARGING STATION INCENTIVES 101 TABLE 36 AUSTRIA: ELECTRIC VEHICLE INCENTIVES 101 TABLE 37 GLOBAL INDUSTRY STANDARDS IN ELECTRIC VEHICLE MARKET 102 TABLE 38 CERTIFICATIONS, LABELING, AND ECO-STANDARDS IN ELECTRIC VEHICLE MARKET 103 TABLE 39 COMPANY ANNOUNCEMENTS FOR SODIUM-ION BATTERY ROADMAP 105 TABLE 40 OEM TIE-UPS FOR INTEGRATED E-AXLE DEPLOYMENT 106 TABLE 41 LIST OF ELECTRIC VEHICLES WITH V2L 108 TABLE 42 RECENT DEVELOPMENTS IN SOLID-STATE BATTERIES 110 TABLE 43 OEM PLANS FOR BATTERY CIRCULARITY 110 TABLE 44 ELECTRIC VEHICLE MARKET: TOTAL NUMBER OF PATENTS, JANUARY 2015?DECEMBER 2024 115 TABLE 45 IMPORTANT PATENT REGISTRATIONS RELATED TO ELECTRIC VEHICLE MARKET 118 TABLE 46 COMMERCIALIZATION PLANS AND VALUE PROPOSITION FOR KEY ELECTRIC VEHICLE TECHNOLOGIES 125 TABLE 47 TOP USE CASES AND MARKET POTENTIAL 126 TABLE 48 TOP MANUFACTURING USE CASES AND MARKET POTENTIAL 126 TABLE 49 BEST PRACTICES: COMPANIES IMPLEMENTING USE CASES 127 TABLE 50 ELECTRIC VEHICLE MARKET: CASE STUDIES RELATED TO GEN AI IMPLEMENTATION 127 TABLE 51 INTERCONNECTED ADJACENT ECOSYSTEM AND IMPACT ON MARKET PLAYERS 127 TABLE 52 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP VEHICLE TYPES (%) 131 TABLE 53 KEY BUYING CRITERIA FOR ELECTRIC VEHICLE, BY VEHICLE TYPE 132 TABLE 54 ELECTRIC VEHICLE MARKET: ROLE OF COMPANIES IN ECOSYSTEM 135 TABLE 55 ELECTRIC VEHICLE MARKET: INDICATIVE SELLING PRICE, BY KEY BATTERY ELECTRIC VEHICLE MODELS, 2024 138 TABLE 56 AVERAGE SELLING PRICE, BY PROPULSION, 2022?2024 (USD) 139 TABLE 57 AVERAGE SELLING PRICE TREND, BY REGION, 2022?2024 (USD) 140 TABLE 58 ELECTRIC VEHICLE MARKET: KEY CONFERENCES AND EVENTS, 2025?2026 144 TABLE 59 IMPORT DATA FOR HS CODE 870380, BY COUNTRY, 2021-2024 (USD BILLION) 145 TABLE 60 EXPORT DATA FOR HS CODE 870380, BY COUNTRY, 2020-2024 (USD BILLION) 146 TABLE 61 EXISTING AND UPCOMING ELECTRIC VEHICLE MODELS, 2024?2026 149 TABLE 62 ANNUAL ELECTRIC COST VS. ANNUAL GAS COST (2024) 150 TABLE 63 ELECTRIC VEHICLE MARKET: OEM TARGETS AND INVESTMENTS 153 TABLE 64 ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 165 TABLE 65 ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 165 TABLE 66 ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (USD BILLION) 166 TABLE 67 ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (USD BILLION) 166 TABLE 68 BEST-SELLING ELECTRIC VEHICLES IN 2024 (UNITS) 166 TABLE 69 BATTERY ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 168 TABLE 70 BATTERY ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 168 TABLE 71 BATTERY ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 169 TABLE 72 BATTERY ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 169 TABLE 73 FUEL CELL ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 170 TABLE 74 FUEL CELL ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 171 TABLE 75 FUEL CELL ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 171 TABLE 76 FUEL CELL ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 171 TABLE 77 PLUG-IN HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 172 TABLE 78 PLUG-IN HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 173 TABLE 79 PLUG-IN HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 173 TABLE 80 PLUG-IN HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 173 TABLE 81 HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 174 TABLE 82 HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 175 TABLE 83 HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 175 TABLE 84 HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 175 TABLE 85 MILD HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 176 TABLE 86 MILD HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 177 TABLE 87 MILD HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 177 TABLE 88 MILD HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 178 TABLE 89 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2021?2024 (THOUSAND UNITS) 181 TABLE 90 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2025?2035 (THOUSAND UNITS) 181 TABLE 91 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2021?2024 (USD BILLION) 181 TABLE 92 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2025?2035 (USD BILLION) 182 TABLE 93 BEST-SELLING ELECTRIC PASSENGER CAR SALES, BY MODEL, 2024 182 TABLE 94 ELECTRIC PASSENGER CAR MODELS, 2024?2027 183 TABLE 95 UPCOMING ELECTRIC COMMERCIAL VEHICLES, 2024?2026 184 TABLE 96 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 185 TABLE 97 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 185 TABLE 98 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2021?2024 (USD BILLION) 185 TABLE 99 ELECTRIC PASSENGER CAR MARKET, BY REGION, 2025?2035 (USD BILLION) 186 TABLE 100 ELECTRIC COMMERCIAL VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 187 TABLE 101 ELECTRIC COMMERCIAL VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 187 TABLE 102 ELECTRIC COMMERCIAL VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 188 TABLE 103 ELECTRIC COMMERCIAL VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 188 TABLE 104 BATTERY CELL AND PACK SUPPLIER DATA 190 TABLE 105 ON-BOARD CHARGER SUPPLIER DATA 191 TABLE 106 MOTOR SUPPLIER DATA 192 TABLE 107 DC-DC CONVERTER SUPPLIER DATA 196 TABLE 108 INVERTER SUPPLIER DATA 198 TABLE 109 BATTERY MANAGEMENT SYSTEM SUPPLIER DATA 199 TABLE 110 ELECTRIC VEHICLE FLEET TARGETS WORLDWIDE 202 TABLE 111 ELECTRIC VEHICLES IN USE FOR COMMERCIAL FLEETS 203 TABLE 112 COMMERCIAL FLEET SEGMENTS BY KEY COMPANIES 204 TABLE 113 HYBRID ELECTRIC VEHICLE MARKET, BY CONFIGURATION TYPE, 2021?2024 (THOUSAND UNITS) 211 TABLE 114 HYBRID ELECTRIC VEHICLE MARKET, BY CONFIGURATION TYPE, 2025?2035 (THOUSAND UNITS) 211 TABLE 115 SERIES: HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 212 TABLE 116 SERIES: HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 213 TABLE 117 PARALLEL: HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 214 TABLE 118 PARALLEL: HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 214 TABLE 119 SERIES-PARALLEL: HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 215 TABLE 120 SERIES-PARALLEL: HYBRID ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 216 TABLE 121 DIFFERENCE BETWEEN 400V AND 800V ELECTRIC ARCHITECTURES 222 TABLE 122 ELECTRIC VEHICLE MARKET, BY ELECTRIC ARCHITECTURE, 2021?2024 (THOUSAND UNITS) 223 TABLE 123 ELECTRIC VEHICLE MARKET, BY ELECTRIC ARCHITECTURE, 2025?2035 (THOUSAND UNITS) 223 TABLE 124 VEHICLE MODELS, BY ELECTRIC ARCHITECTURE 400V?800V (UNITS) 224 TABLE 125 400V: ELECTRIC ARCHITECTURE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 225 TABLE 126 400V: ELECTRIC ARCHITECTURE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 225 TABLE 127 VEHICLE MODELS, BY ELECTRIC ARCHITECTURE FOR 800V, 2024 226 TABLE 128 800V: ELECTRIC ARCHITECTURE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 227 TABLE 129 800V: ELECTRIC ARCHITECTURE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 227 TABLE 130 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, 2021?2024 (THOUSAND UNITS) 230 TABLE 131 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, 2025?2035 (THOUSAND UNITS) 231 TABLE 132 SUV/MPV: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 232 TABLE 133 SUV/MPV: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 232 TABLE 134 SEDAN: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 233 TABLE 135 SEDAN: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 233 TABLE 136 HATCHBACK: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 234 TABLE 137 HATCHBACK: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 235 TABLE 138 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE, 2021?2024 (THOUSAND UNITS) 238 TABLE 139 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE, 2025?2035 (THOUSAND UNITS) 238 TABLE 140 POPULAR ELECTRIC VEHICLES WORLDWIDE, BY DRIVE TYPE (UNITS) 239 TABLE 141 FRONT-WHEEL DRIVE: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 240 TABLE 142 FRONT-WHEEL DRIVE: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 240 TABLE 143 REAR-WHEEL DRIVE: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 241 TABLE 144 REAR-WHEEL DRIVE: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 241 TABLE 145 ALL WHEEL DRIVE: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 242 TABLE 146 ALL WHEEL DRIVE: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 243 TABLE 147 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED, 2021?2024 (THOUSAND UNITS) 246 TABLE 148 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED, 2025?2035 (THOUSAND UNITS) 246 TABLE 149 FASTEST ELECTRIC CARS 246 TABLE 150 <110 MPH: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 247 TABLE 151 <110 MPH: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 248 TABLE 152 >110 MPH: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 249 TABLE 153 >110 MPH: PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 249 TABLE 154 ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (THOUSAND UNITS) 253 TABLE 155 ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (THOUSAND UNITS) 253 TABLE 156 ELECTRIC VEHICLE MARKET, BY REGION, 2021?2024 (USD BILLION) 254 TABLE 157 ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 (USD BILLION) 254 TABLE 158 ASIA PACIFIC: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 256 TABLE 159 ASIA PACIFIC: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 256 TABLE 160 BEST-SELLING ELECTRIC VEHICLES IN CHINA, 2024 260 TABLE 161 CHINA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 262 TABLE 162 CHINA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 262 TABLE 163 INDIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 263 TABLE 164 INDIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 263 TABLE 165 JAPAN: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 264 TABLE 166 JAPAN: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 264 TABLE 167 SOUTH KOREA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 265 TABLE 168 SOUTH KOREA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 266 TABLE 169 SOUTHEAST ASIA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 267 TABLE 170 SOUTHEAST ASIA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 267 TABLE 171 THAILAND: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 271 TABLE 172 THAILAND: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 271 TABLE 173 INDONESIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 272 TABLE 174 INDONESIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 273 TABLE 175 MALAYSIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 274 TABLE 176 MALAYSIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 274 TABLE 177 VIETNAM: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 275 TABLE 178 VIETNAM: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 275 TABLE 179 SINGAPORE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 276 TABLE 180 SINGAPORE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 276 TABLE 181 PHILIPPINES: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 277 TABLE 182 PHILIPPINES: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 277 TABLE 183 AUSTRALIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 278 TABLE 184 AUSTRALIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 279 TABLE 185 NORTH AMERICA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 280 TABLE 186 NORTH AMERICA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 281 TABLE 187 BEST-SELLING ELECTRIC VEHICLES IN US, 2024 284 TABLE 188 US: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 285 TABLE 189 US: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 285 TABLE 190 CANADA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 286 TABLE 191 CANADA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 286 TABLE 192 MEXICO: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 287 TABLE 193 MEXICO: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 287 TABLE 194 EUROPE: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 289 TABLE 195 EUROPE: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 290 TABLE 196 GERMANY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 295 TABLE 197 GERMANY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 295 TABLE 198 FRANCE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 296 TABLE 199 FRANCE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 296 TABLE 200 NETHERLANDS: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 297 TABLE 201 NETHERLANDS: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 298 TABLE 202 NORWAY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 299 TABLE 203 NORWAY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 299 TABLE 204 SWEDEN: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 300 TABLE 205 SWEDEN: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 300 TABLE 206 UK: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 302 TABLE 207 UK: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 302 TABLE 208 DENMARK: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 303 TABLE 209 DENMARK: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 303 TABLE 210 AUSTRIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 304 TABLE 211 AUSTRIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 304 TABLE 212 SWITZERLAND: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 305 TABLE 213 SWITZERLAND: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 305 TABLE 214 SPAIN: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 306 TABLE 215 SPAIN: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 307 TABLE 216 RUSSIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 308 TABLE 217 RUSSIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 308 TABLE 218 ITALY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 309 TABLE 219 ITALY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 309 TABLE 220 MIDDLE EAST: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 311 TABLE 221 MIDDLE EAST: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 311 TABLE 222 UAE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 314 TABLE 223 UAE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 314 TABLE 224 SAUDI ARABIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 315 TABLE 225 SAUDI ARABIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 315 TABLE 226 ISRAEL: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 316 TABLE 227 ISRAEL: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 316 TABLE 228 LATIN AMERICA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 318 TABLE 229 LATIN AMERICA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 318 TABLE 230 BRAZIL: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 321 TABLE 231 BRAZIL: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 321 TABLE 232 COLOMBIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 322 TABLE 233 COLOMBIA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 323 TABLE 234 CHILE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 324 TABLE 235 CHILE: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 324 TABLE 236 URUGUAY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 325 TABLE 237 URUGUAY: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 325 TABLE 238 COSTA RICA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 326 TABLE 239 COSTA RICA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 326 TABLE 240 AFRICA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2021?2024 (THOUSAND UNITS) 328 TABLE 241 AFRICA: ELECTRIC VEHICLE MARKET, BY COUNTRY, 2025?2035 (THOUSAND UNITS) 328 TABLE 242 MOROCCO: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 331 TABLE 243 MOROCCO: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 331 TABLE 244 EGYPT: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 332 TABLE 245 EGYPT: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 332 TABLE 246 SOUTH AFRICA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2021?2024 (THOUSAND UNITS) 334 TABLE 247 SOUTH AFRICA: ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 (THOUSAND UNITS) 334 TABLE 248 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021?2025 335 TABLE 249 ELECTRIC VEHICLE MARKET: DEGREE OF COMPETITION, 2024 338 TABLE 250 ELECTRIC VEHICLE MARKET: REGION FOOTPRINT 349 TABLE 251 ELECTRIC VEHICLE MARKET: VEHICLE TOP SPEED FOOTPRINT 350 TABLE 252 ELECTRIC VEHICLE MARKET: VEHICLE DRIVE TYPE FOOTPRINT 351 TABLE 253 ELECTRIC VEHICLE MARKET: PROPULSION FOOTPRINT 352 TABLE 254 ELECTRIC VEHICLE MARKET: VEHICLE BODY TYPE FOOTPRINT 353 TABLE 255 ELECTRIC VEHICLE MARKET: LIST OF STARTUPS/SMES 356 TABLE 256 ELECTRIC VEHICLE MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES, (1/2) 356 TABLE 257 ELECTRIC VEHICLE MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES, (2/2) 357 TABLE 258 ELECTRIC VEHICLE MARKET: PRODUCT LAUNCHES, JANUARY 2021?JULY 2025 357 TABLE 259 ELECTRIC VEHICLE MARKET: DEALS, JANUARY 2021?JULY 2025 358 TABLE 260 ELECTRIC VEHICLE MARKET: EXPANSIONS, JANUARY 2021?JULY 2025 359 TABLE 261 ELECTRIC VEHICLE MARKET: OTHER DEVELOPMENTS, JANUARY 2021?JULY 2025 361 TABLE 262 BYD COMPANY LTD.: COMPANY OVERVIEW 362 TABLE 263 BYD COMPANY LTD.: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 363 TABLE 264 BYD COMPANY LTD.: PRODUCTS/SOLUTIONS OFFERED 364 TABLE 265 BYD COMPANY LTD.: PRODUCT LAUNCHES/DEVELOPMENTS 365 TABLE 266 BYD COMPANY LTD.: DEALS 367 TABLE 267 BYD COMPANY LTD.: EXPANSIONS 370 TABLE 268 BYD COMPANY LTD.: OTHER DEVELOPMENTS 371 TABLE 269 TESLA: COMPANY OVERVIEW 373 TABLE 270 TESLA: INSTALLED ANNUAL VEHICLE CAPACITY, BY MODEL 374 TABLE 271 TESLA: PRODUCTION AND DELIVERY OF VEHICLES, 2024 375 TABLE 272 TESLA: PRODUCTS/SOLUTIONS OFFERED 375 TABLE 273 TESLA: PRODUCT LAUNCHES/DEVELOPMENTS/UPGRADES 375 TABLE 274 TESLA: DEALS 376 TABLE 275 TESLA: EXPANSIONS 376 TABLE 276 TESLA: OTHER DEVELOPMENTS 377 TABLE 277 ZHEJIANG GEELY HOLDING GROUP: COMPANY OVERVIEW 379 TABLE 278 ZHEJIANG GEELY HOLDING GROUP: VOLVO CAR SALES, 2024 (UNITS) 381 TABLE 279 ZHEJIANG GEELY HOLDING GROUP: PRODUCTS/SOLUTIONS OFFERED 382 TABLE 280 ZHEJIANG GEELY HOLDING GROUP: PRODUCT LAUNCHES/DEVELOPMENTS 383 TABLE 281 ZHEJIANG GEELY HOLDING GROUP: DEALS 386 TABLE 282 ZHEJIANG GEELY HOLDING GROUP: EXPANSIONS 388 TABLE 283 ZHEJIANG GEELY HOLDING GROUP: OTHER DEVELOPMENTS 389 TABLE 284 VOLKSWAGEN GROUP: COMPANY OVERVIEW 391 TABLE 285 VOLKSWAGEN GROUP: BATTERY ELECTRIC VEHICLE DELIVERIES, 2024 394 TABLE 286 VOLKSWAGEN GROUP: PRODUCTS/SOLUTIONS OFFERED 394 TABLE 287 VOLKSWAGEN GROUP: PRODUCT LAUNCHES/DEVELOPMENTS 396 TABLE 288 VOLKSWAGEN GROUP: DEALS 398 TABLE 289 VOLKSWAGEN GROUP: EXPANSIONS 400 TABLE 290 VOLKSWAGEN GROUP: OTHER DEVELOPMENTS 401 TABLE 291 GENERAL MOTORS: COMPANY OVERVIEW 403 TABLE 292 GENERAL MOTORS: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 404 TABLE 293 GENERAL MOTORS: PRODUCTS/SOLUTIONS OFFERED 405 TABLE 294 GENERAL MOTORS: PRODUCT LAUNCHES 406 TABLE 295 GENERAL MOTORS: DEALS 406 TABLE 296 GENERAL MOTORS: EXPANSIONS 407 TABLE 297 GENERAL MOTORS: OTHER DEVELOPMENTS 407 TABLE 298 CHANGAN: COMPANY OVERVIEW 409 TABLE 299 CHANGAN: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 410 TABLE 300 CHANGAN: PRODUCTS/SOLUTIONS OFFERED 411 TABLE 301 CHANGAN: PRODUCT LAUNCHES 412 TABLE 302 CHANGAN: DEALS 412 TABLE 303 CHANGAN: EXPANSIONS 412 TABLE 304 BMW GROUP: COMPANY OVERVIEW 413 TABLE 305 BMW GROUP: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 415 TABLE 306 BMW GROUP: PRODUCTS/SOLUTIONS OFFERED 415 TABLE 307 BMW GROUP: PRODUCT LAUNCHES/UPGRADES 416 TABLE 308 BMW GROUP: EXPANSIONS 418 TABLE 309 BMW GROUP: OTHER DEVELOPMENTS 418 TABLE 310 LI AUTO INC.: COMPANY OVERVIEW 419 TABLE 311 LI AUTO INC.: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 419 TABLE 312 LI AUTO INC.: PRODUCTS/SOLUTIONS OFFERED 420 TABLE 313 LI AUTO INC.: PRODUCT LAUNCHES 420 TABLE 314 LI AUTO INC.: DEALS 420 TABLE 315 HYUNDAI MOTOR GROUP: COMPANY OVERVIEW 421 TABLE 316 HYUNDAI MOTOR GROUP: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 422 TABLE 317 HYUNDAI MOTOR GROUP: PRODUCTS/SOLUTIONS OFFERED 423 TABLE 318 HYUNDAI MOTOR GROUP: PRODUCT LAUNCHES 423 TABLE 319 HYUNDAI MOTOR GROUP: DEALS 425 TABLE 320 HYUNDAI MOTOR GROUP: EXPANSIONS 426 TABLE 321 HYUNDAI MOTOR GROUP: OTHER DEVELOPMENTS 427 TABLE 322 GAC GROUP: COMPANY OVERVIEW 428 TABLE 323 GAC GROUP: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 429 TABLE 324 GAC GROUP: PRODUCTS/SOLUTIONS OFFERED 429 TABLE 325 GAC GROUP: PRODUCT LAUNCHES/DEVELOPMENTS 429 TABLE 326 GAC GROUP: DEALS 431 TABLE 327 GAC GROUP: EXPANSIONS 433 TABLE 328 GAC GROUP: OTHER DEVELOPMENTS 434 TABLE 329 STELLANTIS NV: COMPANY OVERVIEW 435 TABLE 330 STELLANTIS NV: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 437 TABLE 331 STELLANTIS NV: PRODUCTS/SOLUTIONS OFFERED 437 TABLE 332 STELLANTIS NV: PRODUCT LAUNCHES/DEVELOPMENTS 438 TABLE 333 STELLANTIS NV: DEALS 441 TABLE 334 STELLANTIS NV: EXPANSIONS 446 TABLE 335 STELLANTIS NV: OTHER DEVELOPMENTS 447 TABLE 336 GREAT WALL MOTOR: COMPANY OVERVIEW 448 TABLE 337 GREAT WALL MOTOR: TOTAL VOLUME OF PRODUCTION AND SALE OF VEHICLES, 2024 (UNITS) 450 TABLE 338 GREAT WALL MOTOR: PRODUCTS/SOLUTIONS OFFERED 450 TABLE 339 GREAT WALL MOTOR: PRODUCT LAUNCHES/DEVELOPMENTS 451 TABLE 340 GREAT WALL MOTOR: DEALS 452 TABLE 341 GREAT WALL MOTOR: EXPANSIONS 453 TABLE 342 GREAT WALL MOTOR: OTHER DEVELOPMENTS 454 TABLE 343 TOYOTA MOTOR CORPORATION: COMPANY OVERVIEW 455 TABLE 344 RENAULT-NISSAN-MITSUBISHI: COMPANY OVERVIEW 456 TABLE 345 HONDA MOTOR CO., LTD.: COMPANY OVERVIEW 457 TABLE 346 MERCEDES-BENZ GROUP AG: COMPANY OVERVIEW 458 TABLE 347 FORD MOTOR COMPANY: COMPANY OVERVIEW 459 TABLE 348 CHERY: COMPANY OVERVIEW 460 TABLE 349 LEAPMOTOR INTERNATIONAL B.V.: COMPANY OVERVIEW 461 TABLE 350 SAIC MOTOR CORPORATION LIMITED: COMPANY OVERVIEW 462 TABLE 351 NIO: COMPANY OVERVIEW 463 TABLE 352 XIAOMI: COMPANY OVERVIEW 464 TABLE 353 RIVIAN: COMPANY OVERVIEW 465 TABLE 354 LUCID: COMPANY OVERVIEW 466 TABLE 355 DONGFENG MOTOR CORPORATION: COMPANY OVERVIEW 467 TABLE 356 FAW TRUCKS CO., LTD.: COMPANY OVERVIEW 468 TABLE 357 XPENG INC.: COMPANY OVERVIEW 469 TABLE 358 KG MOBILITY CORP.: COMPANY OVERVIEW 470 TABLE 359 NETA: COMPANY OVERVIEW 471 TABLE 360 MAZDA MOTOR CORPORATION: COMPANY OVERVIEW 472 TABLE 361 SUBARU CORPORATION: COMPANY OVERVIEW 473 TABLE 362 BAIC GROUP CO., LTD.: COMPANY OVERVIEW 474 TABLE 363 TATA MOTORS LIMITED: COMPANY OVERVIEW 475 TABLE 364 XIAOMI AUTO: COMPANY OVERVIEW 476FIGURE 1 ELECTRIC VEHICLE MARKET SEGMENTATION AND REGIONAL SCOPE 42 FIGURE 2 RESEARCH DESIGN 46 FIGURE 3 RESEARCH DESIGN MODEL 47 FIGURE 4 PRIMARY INSIGHTS 51 FIGURE 5 MARKET SIZE ESTIMATION: HYPOTHESIS BUILDING 53 FIGURE 6 BOTTOM-UP APPROACH 54 FIGURE 7 TOP-DOWN APPROACH 55 FIGURE 8 DATA TRIANGULATION 56 FIGURE 9 GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS 57 FIGURE 10 DEMAND AND SUPPLY-SIDE FACTOR ANALYSIS 58 FIGURE 11 ELECTRIC VEHICLE MARKET OUTLOOK 62 FIGURE 12 PLUG-IN ELECTRIC VEHICLE MARKET, BY REGION, 2025?2035 63 FIGURE 13 ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025?2035 63 FIGURE 14 KEY PLAYERS IN ELECTRIC VEHICLE MARKET 64 FIGURE 15 ADVANCEMENTS IN BATTERY TECHNOLOGIES TO DRIVE MARKET 65 FIGURE 16 PASSENGER CAR SEGMENT TO SECURE LEADING POSITION IN 2035 65 FIGURE 17 BEV TO HOLD LARGEST MARKET SHARE IN 2035 66 FIGURE 18 >110 MPH TO BE FASTER-GROWING SEGMENT DURING FORECAST PERIOD 66 FIGURE 19 FWD TO SECURE LEADING POSITION IN 2035 67 FIGURE 20 400V ELECTRIC ARCHITECTURE TO DOMINATE MARKET IN 2035 67 FIGURE 21 SUV/MPV TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD 68 FIGURE 22 PARALLEL CONFIGURATION TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD 68 FIGURE 23 ASIA PACIFIC TO SURPASS OTHER REGIONAL MARKETS IN 2025 69 FIGURE 24 ELECTRIC VEHICLE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 71 FIGURE 25 ELECTRIFICATION TARGETS BY COUNTRIES, 2025?2050 72 FIGURE 26 EMISSIONS OF ELECTRIC VEHICLES AND GASOLINE VEHICLES 77 FIGURE 27 PRICE TREND OF ELECTRIC VEHICLE BATTERIES, 2020?2030 (USD PER KWH) 78 FIGURE 28 PURCHASE COST FOR ELECTRIC AND ICE VEHICLES, BY KEY MODELS 79 FIGURE 29 FUEL STATION AVERAGE PRICE COMPARISON 80 FIGURE 30 CHINA’S CONTRIBUTION IN PRODUCTION AND PROCESSING OF CRITICAL MINERALS, 2023 83 FIGURE 31 GLOBAL COBALT RESERVES, 2024 84 FIGURE 32 GLOBAL LITHIUM RESERVES, 2024 84 FIGURE 33 OPERATION OF WIRELESS CHARGING TECHNOLOGY 86 FIGURE 34 ELECTRIC VEHICLE CHARGING TIME 89 FIGURE 35 ELECTRIC VEHICLE CHARGERS USED WORLDWIDE 90 FIGURE 36 SIC SUPPLY CHAIN FOR ELECTRIC VEHICLES 104 FIGURE 37 HOW V2G CHARGING WORKS 107 FIGURE 38 ELECTRIC VEHICLES WITH V2L 108 FIGURE 39 SOLID-STATE BATTERY ROADMAP, 2035+ 109 FIGURE 40 BATTERY MANAGEMENT AND MONITORING SYSTEM 111 FIGURE 41 BATTERY MANAGEMENT AND MONITORING SYSTEM OF ELECTRIC VEHICLE ARCHITECTURE 112 FIGURE 42 TECHNOLOGY ADOPTION TIMELINE FOR ELECTRIC VEHICLE MARKET 114 FIGURE 43 PATENT ANALYSIS, BY DOCUMENT TYPE, JANUARY 2015?DECEMBER 2024 115 FIGURE 44 PATENT PUBLICATION TRENDS, 2015?2024 116 FIGURE 45 ELECTRIC VEHICLE MARKET: LEGAL STATUS OF PATENTS, JANUARY 2015?DECEMBER 2024 116 FIGURE 46 JURISDICTION OF US REGISTERED HIGHEST PERCENTAGE OF PATENTS, 2015?2024 117 FIGURE 47 TOP PATENT APPLICANTS, JANUARY 2015?DECEMBER 2024 117 FIGURE 48 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 2 VEHICLE TYPES 130 FIGURE 49 KEY BUYING CRITERIA FOR ELECTRIC VEHICLE, BY VEHICLE TYPE 131 FIGURE 50 ELECTRIC VEHICLE MARKET: ECOSYSTEM ANALYSIS 133 FIGURE 51 ELECTRIC VEHICLE MARKET: SUPPLY CHAIN ANALYSIS 137 FIGURE 52 AVERAGE SELLING PRICE, BY PROPULSION, 2022-2024 139 FIGURE 53 AVERAGE SELLING PRICE TREND, BY REGION, 2022-2024 (USD) 140 FIGURE 54 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 141 FIGURE 55 INVESTMENT AND FUNDING SCENARIO, 2020?2025 (USD BILLION) 142 FIGURE 56 IMPORT DATA FOR HS CODE 870380, BY COUNTRY, 2020?2024 (USD BILLION) 145 FIGURE 57 EXPORT DATA FOR HS CODE 870380, BY COUNTRY, 2021?2024 (USD BILLION) 146 FIGURE 58 US: TOTAL COST OF OWNERSHIP BREAKDOWN (5 YEARS) 150 FIGURE 59 BILL OF MATERIALS FOR ICE AND ELECTRIC VEHICLES, 2025 VS. 2035 151 FIGURE 60 TOP-SELLING ELECTRIC VEHICLES WORLDWIDE, 2024 (UNITS) 152 FIGURE 61 ASIA PACIFIC: TOP-SELLING ELECTRIC VEHICLES, 2024 (UNITS) 154 FIGURE 62 ASIA PACIFIC: KEY PRICE POINT OF ELECTRIC VEHICLES 155 FIGURE 63 SOUTHEAST ASIA: TOP-SELLING ELECTRIC VEHICLES, 2024 (UNITS) 156 FIGURE 64 SOUTHEAST ASIA: KEY PRICE POINT OF ELECTRIC VEHICLES 156 FIGURE 65 EUROPE: TOP-SELLING ELECTRIC VEHICLES, 2024 (UNITS) 157 FIGURE 66 EUROPE: KEY PRICE POINT OF ELECTRIC VEHICLES 158 FIGURE 67 LATIN AMERICA: TOP-SELLING ELECTRIC VEHICLES, 2024 (UNITS) 159 FIGURE 68 LATIN AMERICA: KEY PRICE POINT OF ELECTRIC VEHICLES 160 FIGURE 69 NORTH AMERICA: TOP-SELLING ELECTRIC VEHICLES, 2024 (UNITS) 161 FIGURE 70 NORTH AMERICA: KEY PRICE POINT OF ELECTRIC VEHICLES 162 FIGURE 71 ELECTRIC VEHICLE COMPARISON, BY PROPULSION 164 FIGURE 72 ELECTRIC VEHICLE MARKET, BY PROPULSION, 2025 VS. 2035 (USD BILLION) 165 FIGURE 73 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2025 VS. 2035 (USD BILLION) 181 FIGURE 74 SIGNIFICANCE OF V2X IN ELECTRIC VEHICLE MARKET 205 FIGURE 75 V2X COMMUNICATION 206 FIGURE 76 ELECTRIC VEHICLE MARKET: FACTORS IMPACTING V2X 206 FIGURE 77 COMPARISON OF HYBRID ELECTRIC CONFIGURATION TYPES 210 FIGURE 78 HYBRID ELECTRIC VEHICLE MARKET, BY CONFIGURATION TYPE, 2025 VS. 2035 (THOUSAND UNITS) 211 ? FIGURE 79 CO2 EMISSION REDUCTION POTENTIAL ACROSS DIFFERENT TOPOLOGIES 217 FIGURE 80 HYBRID FUNCTIONS SUPPORTED BY DIFFERENT TOPOLOGIES 218 FIGURE 81 COMPARISON OF CO2 REDUCTION IN WLTC AND NEDC FOR DIFFERENT TOPOLOGIES 218 FIGURE 82 ELECTRIC VEHICLE MARKET, BY ELECTRIC ARCHITECTURE, 2025 VS. 2035 (THOUSAND UNITS) 223 FIGURE 83 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, 2025 VS. 2035 (THOUSAND UNITS) 230 FIGURE 84 COMPARISON OF ELECTRIC VEHICLE DRIVE TYPES 237 FIGURE 85 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE, 2025 VS. 2035 (THOUSAND UNITS) 238 FIGURE 86 PLUG-IN ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED, 2025 VS. 2035 (THOUSAND UNITS) 245 FIGURE 87 KEY TRANSPORT POLICIES AND TARGETS BY COUNTRIES 252 FIGURE 88 ELECTRIC VEHICLE MARKET, BY REGION, 2025 VS. 2035 (USD BILLION) 253 FIGURE 89 ASIA PACIFIC: ELECTRIC VEHICLE MARKET SNAPSHOT 256 FIGURE 90 ASIA PACIFIC: REAL GDP GROWTH RATE, BY COUNTRY, 2024?2026 258 FIGURE 91 ASIA PACIFIC: GDP PER CAPITA, BY COUNTRY, 2024?2026 258 FIGURE 92 ASIA PACIFIC: INFLATION RATE AVERAGE CONSUMER PRICES, BY COUNTRY, 2024?2026 258 FIGURE 93 ASIA PACIFIC: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP, 2024 259 FIGURE 94 ELECTRIC VEHICLE MOBILITY LANDSCAPE IN CHINA 261 FIGURE 95 SOUTHEAST ASIA: ELECTR