Report Title
The software-defined vehicle market size stands at an estimated USD 268.8 billion in 2023, and it is expected to advance at a compound annual growth rate of 9.0% during 2024–2030, to reach USD 489.7 billion by 2030.
The revenue of the global automotive hypervisor market has been estimated at USD 218.1 million in 2023, and it is predicted to reach USD 1,168.3 million by 2030, advancing at a CAGR of 27.2% during 2024–2030.
The global automotive busbar market size stood at USD 41,266.0 thousand in 2023, which is expected to reach USD 168,858.1 thousand by 2030, advancing at a CAGR of 21.4% during 2024–2030.
The automotive lithium-ion battery market is estimated to have generated a revenue of USD 18.7 billion in 2023, and it is expected to grow at a CAGR of 16.8% during the forecasted period, to reach USD 55.6 billion by 2030.
The Indian electric vehicle supply equipment market size is estimated to have stood at USD 5,591.7 million in 2023, and it is expected to reach USD 44,269.2 million in 2030, with a compound annual growth rate of 32.6% during 2024–2030.
The global EV battery swapping for two- and three-wheeler market is estimated to have generated revenue of USD 1,212.4 million in 2023, and it is expected to witness a CAGR of 28.3% during the forecast period, to reach USD 7,477.5 million by 2030.
The robotaxi market is valued at USD 458.9 million (E) in 2023, which is expected to reach USD 29.2 billion by 2030, growing at a CAGR of 82.6% during 2024–2030.
The global electric van market revenue has been estimated at USD 10,365.4 million in 2023, which is expected to reach USD 60,963.1 million by 2030, growing at a CAGR of 29.0% during 2024–2030.
The electric pallet jack and stacker market size stood at USD 4,402 million in 2022, and it is expected to rise at a compound annual growth rate of 6.1% during 2022–2030, to reach USD 7,069 million by 2030.
The Indian e-rickshaw market size was at USD 273.6 million in 2022, and it is expected to reach USD 456.2 million in 2030, with a growth rate of 6.6% during 2022–2030.
The global automotive OTA updates market size was USD 3,315.8 million in 2022, and it is expected to reach USD 13,959.5 million by 2030, advancing at a CAGR of 19.7% during 2022–2030.
The Indian electric car market sales volume is expected to reach 37,792 unit in 2022, and it is expected to reach 376,000 unit in 2030, with a growth rate of 33.3% during 2022–2030.
The hybrid electric car market sales volume is expected to reach 2.2 million unit in 2022, and it is expected to grow at a CAGR of 20.1% during 2022–2030, to reach 9.9 million unit by 2030.
The global electric scooter and motorcycle market is estimated at USD 24,816 million in 2022, and it is expected to grow at a CAGR of 17% during the forecast period.
The electric car market sales is expected to reach 8.1 million units in 2022, and it is expected to grow at a CAGR of 23.8% during 2023–2030, to reach 45 million units by 2030.
The Indian electric scooter and motorcycle market size stood at USD 893 million in 2022, and it is expected to advance at a compound annual growth rate of 27.30% during 2022–2030, to reach USD 6,161 million by 2030.
The North American electric scooters and motorcycles market size is estimated at USD 620 million in 2022, and it is expected to grow at a CAGR of 18.10% during 2022–2030, to reach USD 2,348 million by 2030.
The electric bus market sales volume is estimated to be at 118,237 units in 2022, and it is expected to grow at a CAGR of 29.1% during 2023–2030, to reach 912,354 units by 2030.
The electric truck market sales volume was 86,799 units in 2022, and it is expected to grow at a CAGR of 38.2% during 2022–2030, to reach 1,154,996 units by 2030.
The Indian EV battery swapping market is estimated to have stood at $10.2 million in 2022, and it is expected to reach $61.57 million by 2030, growing at a CAGR of 25.20% between 2022 and 2030.
The global e-bikes market size stood is estimated at $40,664 million in 2022, and it is expected to advance at a compound annual growth rate of 10.4% during 2022–2030, to reach $89,736 million by 2030.
The Indian electric bus market size estimated at $603.1 million in 2022, and it is expected to grow at a CAGR of 21% during 2022–2030, to reach $2,766.1 million by 2030.
The global hybrid and electric vehicle battery market size in 2021 was $47,283.4 million, and it is expected to advance at a CAGR of 28% during 2021–2030, to reach $436,112.7 million by 2030.
The global automotive ambient lighting market revenue was $3,203.8 million in 2021, and it is expected to reach $7,087.5 million by 2030, at a CAGR of around 9.2% during 2021–2030.
The India electric rickshaw battery market revenue was $141.3 million in 2021, and it is expected to reach $295.4 million by 2030, at a CAGR of around 8.5% during 2021–2030.
The Italy electric scooter and motorcycle market revenue was $26.7 million in 2021, and it is expected to reach $707.1 million by 2035, at a CAGR of around 30.5% during 2021–2025 and, further, of about 24.4% during 2026–2035.
The global off-highway electric vehicles market size was estimated at $16,908.6 million in 2021, and it will advance at a CAGR of 21.5% during 2021–2030, primarily due to the rising demand for low-noise and emission-free machines.
The U.S. electric truck market size was $308.9 million in 2021, and it is expected to advance at an exponential CAGR of 54.0% during 2021–2030, primarily due to the increasing number of government measures to promote e-mobility and strict emission standards placed on fossil-fuel-powered commercial vehicles.
The U.S. electric bus market is estimated to generate revenue of $490.6 million in 2021, and grow at a CAGR of 31.4% during 2021–2026.
The global electric vehicle battery swapping market was valued at ~$150 million in 2020. The popularity of electric vehicles (EVs) is being fueled by the rising levels of pollution in many countries.
The electric scooters and motorcycles market in Europe was valued at $284.2 million in 2019, which is expected to grow at a CAGR of 27.6% during the forecast period (2020–2025).
The global compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicle market registered sales of 56.2 million units in 2019, which is expected to grow at a CAGR of 5.9% during the forecast period (2020–2030).
Valued at $1,744.9 million in 2019, the global cathode material for automotive lithium-ion battery market is projected to advance with a CAGR of 6.9% during the forecast period (2020–2030).
The global anode material for automotive lithium-ion battery market generated revenue of $707.2 million in 2019, and it is expected to progress with a CAGR of 5.7% during the forecast period (2020–2030).
The global second-life automotive lithium-ion battery market was valued at $430.0 million in 2019, and it is projected to advance with a CAGR of 23.1% during the forecast period (2020–2030).
The global electric vehicle market has witnessed tremendous development since the mid-2010s. The shared vision among policymakers, industry players, and the society accelerated the electric vehicle adoption in the historical years (2014–2019), and by the end of 2019, the worldwide electric car fleet had exceeded 7.2 million units, up more than 40% from the previous year.
The acoustic vehicle alerting system market value is projected to advance at a CAGR of 11.9% during 2020–2030.
The Indian electric vehicle component market value was $536.1 million in 2019, and the market is predicted to advance at a CAGR of 22.1% from 2020 to 2030.
The global electric vehicles and robotics in mining market is expected to witness considerable growth during the forecast period (2020–2030). The mining industry has always been labour-intensive industry.
The global second life electric vehicle battery market is projected to witness significant growth in the forecast period (2020–2030), mainly attributed to the massive adoption of electric vehicles, across the world.
Currently, the Indian electric loader rickshaw market is at its nascent phase, but it is projected to witness notable growth during 2020–2030, on account of the rising usage of these vehicles for logistics services and increasing government support for three-wheelers, in terms of subsidies and incentives.
The global on-board charger market is estimated to witness high growth rate during the forecast period (2020–2030), owing to the growing demand for electric vehicles across the world.
The global wireless electric vehicle (EV) charging market is currently at its nascent phase, but is estimated to witness a significant growth during the forecast period (2020–2030). The wireless EV charging is one of the latest technologies that is being developed for EVs, replacing the conventional way of plugging the vehicle to the supply power. Wireless or inductive charging has the potential to enable EVs to operate in a similar way as traditional internal combustion engine (ICE) vehicles do.
Car audio system is used for entertainment and facilitating the communication for the person sitting in the car. Demand of in-car entertainment for greater driving experience along with more comfort for the driver and the occupants is rising globally.
The global automotive traction inverters market is projected to witness tremendous growth during the forecast period (2020–2030). The traction inverter converts the direct current (DC) from electric vehicle (EV) battery to alternating current (AC) to propel the vehicle.
The electric vehicle communication controller market size was $97.0 million in 2018, and it is expected to reach $553.4 million by 2024, exhibiting a CAGR of 34.8% during 2019–2024.
The electric vehicle component market size was $22.2 billion in 2018, and it is set to reach $157.4 billion by 2025, advancing at a CAGR of 29.4% between 2019 and 2025.
Valued at $13.3 million in 2018, the U.K. electric bus charging station market is projected to reach $95.5 million by 2025, witnessing a CAGR of 30.7% during the forecast period (2019–2025).
The Italian electric bus charging station market was valued at $12.3 million in 2018, and is estimated to surpass $44.8 million by 2025, witnessing a CAGR of 20.3% between 2019 and 2025.
The U.S. electric bus charging station market stood at $20.9 million in 2018, and is further projected to surpass $184.5 million by 2025, registering a CAGR of 37.1% during the forecast period (2019–2025).
The two-wheeler hub motor market revenue stood at $4,838.5 million in 2018, and it is predicted to be more than $8,458.7 million by 2024.
The ASEAN electric vehicle market is experiencing increased product demand owing to strong government support toward electric vehicle adoption. While the concept of electric vehicles continues to capture the customer interest, subsidies by governments in regional countries are helping smoothen the transition to these vehicles by making them a valuable proposition for customers.
The global fuel cell commercial vehicle market is expected to witness notable growth during the forecast period 2019–2025, on account of favorable incentive programs by governments of several countries to boost the adoption of eco-friendly vehicles.
The global kick scooter market is currently in its nascent phase; however, it is expected to observe notable growth during 2019–2024 on account of the increasing demand for last-mile transportation solutions and the emergence of kick scooter sharing fleets.
The global fuel cell vehicle market is expected to witness notable growth during 2019–2024 on account of the growing implementation of stringent emission norms with respect to vehicular pollution and the increasing government initiatives to encourage the adoption of fuel cell vehicles across the world.
Large-scale adoption of electric rickshaws for public transportation across the country is offering ample growth opportunities to the players operating in the Indian electric rickshaw charger market.
The German fully autonomous vehicles market is expected to be valued at $28.0 billion in 2030, and is further expected to grow at a CAGR of 20.2% during the period 2023–2030. The need for a safer and more efficient driving option and increasing government support toward the adoption of autonomous vehicles are the major factors driving the growth of the German autonomous vehicles market.
The electric bus charging station market revenue stood at $6.6 billion in 2018, and the market is predicted to progress at a CAGR of 9.7% between 2019 and 2025.
The European fully autonomous car market is expected to reach up to four million units by 2030, growing at a CAGR of 37.4% during the period 2023–2030.
The European electric bus charging station market stood at $221.2 million in 2018. The market is expected to grow at a CAGR of 22.4%, in terms of volume, during the forecast period.
The market for fully autonomous cars in North America is expected to reach $52.3 billion by 2030, growing at a CAGR of 17.1% during 2023–2030 period.
The market of India electric rickshaw motor is estimated to reach $59.8 million by 2024, growing at a CAGR of 15.1% during the forecast period.
The global autonomous vehicle market has observed considerable technological development in the recent years, due to which the demand for these vehicles are gaining pace. Rising focus on vehicle safety backed by governments’ regulations to incorporate safety features in vehicle will aid the growth of the market.
The global automotive battery market is anticipated to witness a steady growth during the forecast period due to increasing end users’ preference for zero-emission hybrid and electric vehicles, owing to falling battery price, reducing crude oil reserves, and environmental effect of conventional automobiles.
The U.S. automotive tire market generated revenue of $57.9 billion in 2018 and is expected to grow at a CAGR of 5.4% during 2019–2024. The growth of the market can be attributed to the expanding automotive industry in the country and the high tire replacement rate due to increase in the average lifespan of vehicles.
The APAC electric three-wheeler market is forecasted to amount to $11,935.1 million by 2023, registering a CAGR of 4.1% during the forecast period. The market has witnessed significant growth in the recent past, owing to low ownership cost, government support, environmental regulations, and declining battery prices.
The Indian electric passenger car market is poised to grow significantly during the forecast period, much of which can be owed to the incentives offered by government for vehicles with clean fuel technology. The government’s stringent emission norms and regulations have also helped to boost the sales of electric passenger cars in the country.
The global electric aircraft market size is projected to observe an extensive growth in the coming years due to increasing stringent emission norms related to aircraft industry coupled with increased investment in more efficient power electronics and high energy density batteries, and the requirement for new aircraft to meet the global air traffic demand. In addition, lower cost of ownership for the electric aircraft, is expected to boost the market in the near future.
The Asia-Pacific (APAC) low-speed electric vehicle (LSEV) market size is expected to reach 71.8 million units by 2025, exhibiting a CAGR of 6.6% during 2018–2025. The market is growing owing to the rising urbanization rate, declining battery prices, and favorable government policies.
The global low-speed electric vehicle (LSEV) market was valued at $35.2 billion in 2017, which is expected to reach $68.0 billion by 2025, growing at a CAGR of 8.7% during 2018–2025.
The APAC electric scooters and motorcycles market is forecasted to reach 31.2 million units by 2025, registering a CAGR of 7.6% during the forecast period. The market has witnessed a significant growth in the recent past, owing to the rapid urbanization in the growing economies of APAC, rising demand for light vehicles in the small cities and towns of the region, and the public awareness initiatives about the degrading air quality in the region.
The electric bus sales in China were 104.3 thousand units in 2017 and are projected to reach 176.4 thousand units by 2025, witnessing a CAGR of 8.6% between 2018 and 2025.
China electric scooters and motorcycles market size stood at $7.7 billion in 2017 and is projected to reach $12.5 billion by 2025, at a CAGR of 6.1% during the forecast period. While the government support in the form of subsidies and regulations have been less for electric scooters and motorcycles (when compared to other electric vehicles) and the infrastructure in the form of battery swapping facilities and recharging stations is not adequate, the market is still expected to grow in medium to long term driven by growing ur
The solar powered vehicles market size is expected to witness a notable growth during the forecast period, majorly driven by increased emphasis by governments of various countries to promote environment-friendly vehicles. Moreover, the declining prices of solar panels and technological advancements in the industry would continue to benefit the solar powered vehicles market during the forecast period.
The automotive regenerative braking systems market size was $6,555.6 million in 2017, and it is projected to exhibit a CAGR of 18.6% during 2017–2023.
The demand for electric buses in the Europe has augmented dramatically over the last decade. The market in the country is predominantly driven by rising air quality concerns, high dependence on conventional or non-renewable fuels, strong environmental ethics and the growing need to assimilate renewables into a network. Penetration of charging infrastructure also plays an important role in market development.
Electric bus market in Brazil registered a CAGR of 212.7% during 2013 – 2016, recording a shipment of over 2,000 units in 2016. The market in Brazil is currently in its nascent phase, though it is expected to grow significantly after 2017. The growth of this market in Brazil is chiefly attributed to the growing demand to reduce dependency on fossil fuels.
One of the major advantage that China has over other countries is a developed electric battery manufacturing. There are close to 150 electric vehicle battery manufacturers in China. As battery is the key component of an electric car, a sufficient and developed battery manufacturing capacity in the country would reduce the dependence on imports and sustain the prices of electric cars.
Lack of sufficient number of recharging stations is a major constraint for the electric car market growth. There are around 16,000 public recharging stations in the U.S., with majority being slow charging stations. Moreover, these too are unevenly distributed and concentrated in only the key cities. More recharging stations along with fast DC recharging stations would be required over the forecast period to match the projected sales of electric cars.
A typical car customer in major economies, such as India and China, is highly cost sensitive. Even though the running cost of an electric car is low (6kms per 1KWh), it is the high battery cost, which increases the upfront or showroom price of electric car, making owning expensive for an average customer. High upfront cost of an electric cars could slow down its sales in the region. However, declining prices of lithium-ion batteries over the last few years is a positive sign for the Asia-Pacific electric car market.
The value chain of electric vehicles is still underdeveloped in Europe. Apart from the recharging stations, the value chain includes the battery manufacturing, procurement and sourcing of various parts used in an electric car. The development of electric car market would require significant funding from the existing manufacturers and OEMs to develop electric versions of their existing car models. Apart from this, additional electricity used for charging the car batteries would need to be compensated by generating more electr
The global low emission vehicle market is growing at a significant rate, due to increasing availability of different hybrid electric vehicle models, development in battery technology, and increasing global prices of petroleum based fuel. The strict environmental regulations regarding controlling the increased pollutants from industrial emissions and vehicles are also