Electric Cars Market Projected to Offer Substantial Growth Opportunities, Reaching $968.33 Billion by 2030

 


What Is the Forecasted Market Size of the Electric Cars Market by 2030?
 The electric cars market size has grown rapidly in recent years. It will grow from $546.1 billion in 2025 to $614.92 billion in 2026 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to emission regulations, rising fuel prices, government EV incentives, early consumer adoption, advancements in lithium-ion batteries.
 
 The electric cars market size is expected to see rapid growth in the next few years. It will grow to $968.33 billion in 2030 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to next-generation battery chemistries, mass-market EV affordability, autonomous driving integration, global charging infrastructure rollout, zero-emission mandates. Major trends in the forecast period include rapid shift toward battery electric vehicles, expansion of fast charging networks, growing adoption of long-range evs, integration of advanced driver assistance systems, growth of premium electric models.
 
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 What Are the Dominant Growth Drivers Impacting the Electric Cars Market Outlook?
 The growing sale of electric vehicles is expected to propel the growth of the electric vehicle cars market going forward. Electric vehicles (EVs) rely on stored electricity in batteries or similar energy storage systems, obviating the necessity for internal combustion engines. Driveline systems in electric vehicles transmit power from the electric motor to the wheels, enabling propulsion and determining the vehicle’s performance and efficiency. For instance, in April 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, reported that in 2024, the number of new electric car registrations in China reached 8.1 million in 2023, representing a 35% increase compared to 2022. Therefore, the growing sale of electric vehicles is driving the growth of the driveline electric cars market. 
 
 What Are the Major Segments Defining the Structure of the Electric Cars Market?
 The electric cars market covered in this report is segmented — 
 
 1) By Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
 2) By Battery Type: Lithium-Iron-Phosphate (LFP), Lithium–Nickel–Manganese Cobalt Oxide (Li-NMC), Lithium–Titanate Oxide (LTO) Battery, Lithium–Nickel–Cobalt–Aluminum Oxide (NCA) Battery, Nickel–Metal Hydride (NiMH) Battery
 3) By Application: Home Use, Commercial Use
 
 Subsegments:
 1) By Battery Electric Vehicle (BEV): Compact BEVs, Mid-Size BEVs, Full-Size BEVs, Luxury BEVs 
 2) By Plug-In Hybrid Electric Vehicle (PHEV): Compact PHEVs, Mid-Size PHEVs, Full-Size PHEVs, Luxury PHEVs
 
 What New Market Trends Are Emerging in the Electric Cars Market?
 Major players in the electric car market are focusing on new electric vehicles, such as electric SUVs, to meet growing consumer demand for sustainable and high-performance mobility solutions. Electric SUVs are sport utility vehicles powered entirely by electric motors using energy stored in rechargeable battery packs, offering a sustainable alternative to traditional fuel-powered SUVs. For instance, in November 2024, Mahindra & Mahindra, an India-based automobile manufacturing company, has unveiled its flagship electric SUVs, the BE 6e and XEV 9e, starting at Rs 18.90 lakh and Rs 21.90 lakh, respectively, with deliveries expected by early March 2025. Featuring advanced LFP battery technology and certified ranges exceeding 650 km, these launches aim to strengthen Mahindra’s position in the competitive EV market. 
 
 Which Key Players Dominate the Electric Cars Market Landscape?
 Major companies operating in the electric cars market report include Toyota Motor Corporation, Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Tesla Inc., Renault Group, Volkswagen AG, General Motors Company, Beijing Automotive Industry Holding Co. Ltd., SAIC Motor Corporation Limited, Daimler AG, Chery Automobile Co. Ltd., Hyundai Motor Company, Ford Motor Company, Changan Automobile Co. Ltd., Volvo Car Corporation, Anhui Jianghuai Automobile Co. Ltd., Mitsubishi Motors Corporation, Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Audi AG, Jaguar Land Rover Automotive PLC, Mahindra Electric Mobility Limited, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Lightyear BV 
 
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 Which Region Is Expected to Dominate the Electric Cars Market During the Forecast Period?
 Asia-Pacific was the largest region in the electric cars market in 2025. Western Europe was the second largest region in the electric cars market. The regions covered in the electric cars market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
 
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