Summary

The global electric vehicles market is projected to grow from USD 396.4 Billion in 2024 to USD 620.3 Billion by 2030, registering a CAGR of 7.7%. The global electric vehicle (EV) market has well developed over the years due to several factors. Emerging environmental consciousness for air pollution and greenhouse gas emissions, among others, has led the governments across the globe to put supportive policies, which involve subsidies, tax exemptions, and stringent emission standards, in favor of electric transport. There have been recent advances in battery technology, especially high-capacity, fast-charging batteries that make EVs more usable over a reasonable range, thus allowing consumer adoption where they help to manage congestion and pollution. Altogether these factors have led to the growth of a global and active market of EV that has gradually witnessed the growth of consumer demand and provisions for electric vehicles.

“Supportive government regulations and subsidies to drive market.”
The passenger car segment is the largest by vehicle type and mainly comprises sedans, hatchbacks, station wagons and SUVs/MUVs and other car types. Passenger car segment is ideal for the EVs since it remains the biggest segment of the automotive industry. Thus, it is increasing at a higher growth rate in the emerging economy of the Asia Pacific region because of the increasing GDP and population, the enhancement in people’s living standards, enhanced purchasing power of the consumers, and the advancement of the structure in the Asia Pacific region in combination with support from government policies in countries like China, Japan, and South Korea targetting the reduction in zero emission vehicles.
Because of various alternatives, sophisticated technologies, increased client knowledge and government incentives, electric passenger cars are the most preferred division which is also having greatest predicted CAGR. Major players in this area are behemoths such as BYD, Tesla, Volkswagen and more with the best selling models for 2023 being the Tesla Model Y, BYD Song and Wuling HongGuang Mini EV.
Countries like China exhibit a short waiting time for EVs compared to ICE vehicles. Forcing of emission norms is on the rise and therefore EU Member States have put forward the goal of reducing emissions by 2030-2035. The US government has strategies targeting a 50% electricization of its running fleets by the year 2030.


“Rising demand for high-performance electric vehicles to drive market.”
The EV markets of Europe and North America are being led by high-end vehicles having the largest battery capacities, longest ranges, quickest acceleration times, and highest top speeds. These are some of the costliest cars on the road today consisting of a plethora of mid-range electric models. Some of the traditional car makers such as Tesla, Volvo, Mercedes Benz, BMW and Volkswagen and specialized EV makers in this segment make to segment vehicles. Some of the global high performance electric vehicles are Mercedes-AMG EQS, Porsche Taycan Turbo S, Audi RS e-tron GT, and among others. Most of these EVs are in the category of luxury EVs and hyper-cars. At the Beijing Auto Show in April 2024, Geely showcased it new PHEV flagship SUV Geely Galaxy Starship with the top speed of around 146 MPH. The >125 mph segment is primarily dominated by the Asia Pacific region which appears to have more demand for premium cars electric vehicles. Some of the world's leading markets for these vehicles are China, Japan Germany and France with many regional Manufacturers. North America also shows an increasing trend for higher speed electric vehicles. Customers are seeking such vehicles as well as their enhanced functions, which consist of improved acceleration. A car that can be leased/acquired from Tesla includes the Tesla Model S Plaid that has a maximum speed of ~ 204 mph.







“Improved range and battery efficiency to drive market.”
The mid-power EVs are positioned at an important class within the automotive industry, which is between the affordable products and the improved characteristics. Sitting between Economy and Premium models, mid-range of charging is for those buyers who are not looking for cheap cars but rather a good value car with efficiency, advanced technologies and comfort incorporated to their electric vehicles. These vehicles are available for roughly between $30000 to $45000 for persons seeking better capabilities and refined ride. Another profound feature is that mid-priced EVs have longer ranges and better batteries as compared to the low-priced ones. Manufacturers are incorporating larger batteries and better ways of transfering power to cover more distance in a single charge. This makes them possible to use for daily usage and also for longer road trips and this eliminates the biggest hindrance that a lot of people have about EVs-range anxiety. Also, mid-priced EVs often come with faster charging options, which means less time is spent charging the car and more is spent driving it, which is a big plus for owners. Hyundai, General Motors, Honda, Nissan among other extensively developed car producers are also producing mid-priced EVs to gain better market shares. Other mid-priced EVs are BMW 3 Series PHEV, Zeekr One, Ford Mustang Mach-E, Volvo XC40, Renault Megane EV, Hyundai Ioniq 5, Volkswagen ID-4, Kia Niro EV.

“Stricter emission regulations to drive market.”
The market for BEVs has been on the rise following several critical factors that are pushing towards making their use more rife in the society. This is due to growing awareness to environment degradations such as climate change and air pollution in the current society. BEVS do not emit any exhaust pipe pollutants and thus could be seen as an answer to cutting down GHG and enhancing IAQ. Customers globally are forcing governments to set high emission standards while simultaneously promoting EVs through tax credit, rebates and subsidies. Also, more and more communities are implementing low-emission zones and encouraging the adoption of efficient means of transport, which will also spur BEV sales.
Other factors contributing to the growth of the BEV market have also been improvements in battery technology thanks to exploitations in technology. Advancements pertaining to battery improvements, costs, and charging times have made the use of BEVs a more practical and feasible solution for customers. Among the solutions, efforts of various stations for charging the cars and installation of superchargers eliminated the issue of range anxiety and made the car operation more comfortable. Moreover, the automotive industry’s transition to electrification with car manufacturers and brands focusing on EV production and launching new appealing BEV models has also broadened the range meeting demand and choice requirements of consumers. Such factors as nature friendliness, increasing customer knowledge and awareness, and desirable perceptions towards BEVs are factors that have contributed to the growth of the BEV market.
Segmented into sedans, SUVs and hatchbacks (to mention but a few), BEVs are available in various segments with OEMs indeed introducing electric models more frequently owing to the growing demand for them. There exists a number of leading global EV manufacturers such as Tesla, BYD, Volkswagen AG, SAIC Motors among others like Geely-Volvo or Stellantis. At the same time, Nissan and others including Toyota and General Motors also remain as close competitors. In April 2024, it was Tesla that introduced its updated Model 3 Performance with maximum speed of 163 mph (263 km/h) with rear-wheel drive transmission system only.


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: OEMs – 30%, Tier I – 60%, Tier II & III – 10%,
• By Designation: CXOs – 35%, Managers– 50%, Executives– 15%
• By Region: North America– 20%, Europe – 20%, Asia Pacific– 50% and Middle East & Africa – 10%
The electric vehicle market is dominated by global players such as BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China) and SAIC Motors (China). These companies manufacture and develop new technologies in electric vehicle market. For instance, in May 2024, BYD launched the e-Platform 3.0 Evo, an upgraded version of its battery electric vehicle (BEV) model platform, as well as the first model based on the new platform, the Sea Lion 07 EV. Additionally, in May 2024, Volkswagen partnered with SAIC Motor for its premium brand Audi to develop a new China-specific platform for intelligent and electric vehicles. BYD has adopted strategies such as product developments and deals, whereas Volkswagen has expaned in new region to gain traction in the market. In February 2024, BYD, and the Emil Frey Group, have agreed on a partnership to distribute and sell BYD’s range of innovative electric vehicles in Switzerland and Liechtenstein. Additionally, in April 2024, Volkswagen announced plans to invest USD 210 million to upgrade and modernize its Kariega, South Africa plant to support the production of a new SUV-type model starting in 2027.
Research Coverage:
The market study covers the electric vehicle market size and future growth potential across different segments by component, vehicle type, vehicle class, propulsion, vehicle drive type, E/E architecture, top speed, charging point type, vehicle connectivity, end use and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of the Report
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric vehicle market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
• Analysis of key drivers (Government incentives for electrification, Lower operating costs, Advancement in Battery Technology, Lower emissions), restraints (High upfront costs of electric vehicles, High initial investments for installing EV fast charging infrastructure, Battery Longevity and Replacement Costs), opportunities (Rapid Investment in charging infrastructure, Advancement in wireless EV charging technology for on-the-go charging, Use of EVs for fleets and commercial applications), and challenges (Longer Charging Time,Lack of standardization of EV charging infrastructure)

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service 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 shares, growth strategies and service offerings of leading players like BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), SAIC Motors (China), and among others in the electric vehicle market.

• Strategies: The report also helps stakeholders understand the pulse of the electric commercial vehicle market and provides them information on key market drivers, restraints, challenges, and opportunities.

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Table of Contents

1 INTRODUCTION 26 1.1 STUDY OBJECTIVES 26 1.2 MARKET DEFINITION 26 1.2.1 INCLUSIONS AND EXCLUSIONS 32 1.3 MARKET SCOPE 33 1.3.1 YEARS CONSIDERED 34 1.4 CURRENCY CONSIDERED 34 1.5 UNITS CONSIDERED 35 1.6 STAKEHOLDERS 35 1.7 SUMMARY OF CHANGES 35 2 RESEARCH METHODOLOGY 36 2.1 RESEARCH DATA 36 2.1.1 SECONDARY DATA 37 2.1.1.1 List of secondary sources 38 2.1.1.2 Key data from secondary sources 39 2.1.2 PRIMARY DATA 39 2.1.2.1 Primary interviews 40 2.1.2.2 List of primary interview participants 40 2.2 MARKET SIZE ESTIMATION 41 2.2.1 BOTTOM-UP APPROACH 41 2.2.2 TOP-DOWN APPROACH 42 2.3 DATA TRIANGULATION 44 2.4 FACTOR ANALYSIS 45 2.5 RESEARCH ASSUMPTIONS 47 2.6 RESEARCH LIMITATIONS 48 2.7 RISK ANALYSIS 49 3 EXECUTIVE SUMMARY 50 4 PREMIUM INSIGHTS 54 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC VEHICLE MARKET 54 4.2 ELECTRIC VEHICLE MARKET, BY CHARGING POINT TYPE 55 4.3 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE 55 4.4 ELECTRIC VEHICLE MARKET, BY VEHICLE CLASS 56 4.5 ELECTRIC VEHICLE MARKET, BY PROPULSION 56 4.6 ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED 57   4.7 ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE 57 4.8 ELECTRIC VEHICLE MARKET, BY E/E ARCHITECTURE 58 4.9 ELECTRIC VEHICLE MARKET, BY REGION 58 5 MARKET OVERVIEW 59 5.1 INTRODUCTION 59 5.2 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 60 5.3 MARKET DYNAMICS 61 5.3.1 DRIVERS 61 5.3.1.1 Government incentives for electrification 61 5.3.1.2 Low operating cost 63 5.3.1.3 Advancements in battery technology 63 5.3.1.4 Low emissions 65 5.3.2 RESTRAINTS 68 5.3.2.1 High upfront cost 68 5.3.2.2 High initial investments for installing electric vehicle fast-charging infrastructure 69 5.3.2.3 Battery longevity and replacement cost 71 5.3.3 OPPORTUNITIES 72 5.3.3.1 Rapid investment in charging infrastructure 72 5.3.3.2 Advancement in wireless electric vehicle charging technology for on-the-go charging 72 5.3.3.3 Use of electric vehicles for fleets and commercial applications 73 5.3.4 CHALLENGES 75 5.3.4.1 Longer charging time 75 5.3.4.2 Lack of standardization of electric vehicle charging infrastructure 76 5.4 EXISTING AND UPCOMING ELECTRIC VEHICLE MODELS, 2024–2026 79 5.5 IMPACT OF AI/GENERATIVE AI IN ELECTRIC VEHICLE MARKET 80 5.6 TOTAL COST OF OWNERSHIP 80 5.7 BILL OF MATERIALS ANALYSIS 82 5.8 INVESTMENT AND FUNDING SCENARIO 83 5.9 OEM ELECTROMOBILITY PROGRESS 84 5.9.1 OEM TARGETS AND INVESTMENTS 85 5.10 ECOSYSTEM ANALYSIS 86 5.10.1 ELECTRIC VEHICLE CHARGING PROVIDERS 87 5.10.2 SOFTWARE PROVIDERS 87 5.10.3 BATTERY MANUFACTURERS 87 5.10.4 COMPONENT MANUFACTURERS 87 5.10.5 OEMS 87 5.10.6 END USERS 87 5.11 SUPPLY CHAIN ANALYSIS 90   5.12 KEY STAKEHOLDERS AND BUYING CRITERIA 91 5.12.1 PASSENGER CARS 91 5.12.2 COMMERCIAL VEHICLES 91 5.12.3 KEY STAKEHOLDERS IN BUYING PROCESS 92 5.12.4 BUYING CRITERIA 93 5.13 PRICING ANALYSIS 94 5.13.1 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2021–2023 94 5.14 KEY CONFERENCES AND EVENTS IN 2024–2025 95 5.15 TECHNOLOGY ANALYSIS 96 5.15.1 KEY TECHNOLOGIES 96 5.15.1.1 V2X charging 96 5.15.1.2 V2L 97 5.15.2 ADJACENT TECHNOLOGIES 98 5.15.2.1 Solid-state batteries 98 5.15.2.2 Direct borohydride fuel cells 100 5.15.3 COMPLEMENTARY TECHNOLOGIES 101 5.15.3.1 IoT in electric vehicles 101 5.15.3.2 Methane fuel cells 102 5.16 PATENT ANALYSIS 103 5.17 TRADE ANALYSIS 108 5.18 CASE STUDY ANALYSIS 108 5.18.1 ELECTRIC VEHICLE FLEETS FOR PUBLIC SECTOR IN VERMONT, US 108 5.18.2 ACOUSTIC INNOVATION BY HYUNDAI IN ELECTRIC VEHICLES 109 5.18.3 CREATIVE APPROACH BY BMW TO ELECTRIC VEHICLE SOUND DESIGN 110 5.18.4 MERCEDES-BENZ’S ACOUSTIC VEHICLE ALERTING SYSTEM SET NEW STANDARD FOR ELECTRIC CARS 110 5.19 REGULATORY LANDSCAPE 111 5.19.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 111 5.19.2 ELECTRIC VEHICLE INCENTIVES, BY KEY COUNTRIES 114 5.19.2.1 Netherlands 114 5.19.2.2 Germany 115 5.19.2.3 France 116 5.19.2.4 UK 117 5.19.2.5 China 118 5.19.2.6 US 118 5.19.2.7 Austria 119 5.20 FUNDING BY USE CASE APPLICATION 120   6 ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE 121 6.1 INTRODUCTION 122 6.2 OPERATIONAL DATA 124 6.3 PASSENGER CAR 126 6.3.1 SUPPORTIVE GOVERNMENT REGULATIONS AND SUBSIDIES TO DRIVE MARKET 126 6.4 COMMERCIAL VEHICLE 128 6.4.1 URBANIZATION AND SUSTAINABILITY GOALS TO DRIVE MARKET 128 6.5 KEY PRIMARY INSIGHTS 129 7 ELECTRIC VEHICLE MARKET, BY VEHICLE TOP SPEED 130 7.1 INTRODUCTION 131 7.2 OPERATIONAL DATA 132 7.3 <125 MPH 133 7.3.1 FOCUS ON EFFICIENCY AND RANGE TO DRIVE MARKET 133 7.4 >125 MPH 134 7.4.1 RISING DEMAND FOR HIGH-PERFORMANCE ELECTRIC VEHICLES TO DRIVE MARKET 134 7.5 KEY PRIMARY INSIGHTS 135 8 ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE 136 8.1 INTRODUCTION 137 8.2 OPERATIONAL DATA 139 8.3 FRONT-WHEEL DRIVE 141 8.3.1 BETTER TRACTION AND HIGHER POWER SAVINGS THAN REAR-WHEEL DRIVE VEHICLES TO DRIVE MARKET 141 8.4 REAR-WHEEL DRIVE 142 8.4.1 SUPERIOR PERFORMANCE AND HANDLING FEATURES TO DRIVE MARKET 142 8.5 ALL WHEEL DRIVE 143 8.5.1 HIGHER TRACTION AND PERFORMANCE TO DRIVE MARKET 143 8.6 KEY PRIMARY INSIGHTS 144 9 ELECTRIC VEHICLE MARKET, BY VEHICLE CLASS 145 9.1 INTRODUCTION 146 9.2 OPERATIONAL DATA 147 9.3 LOW-PRICED 148 9.3.1 RISING DEMAND FOR AFFORDABLE ELECTRIC VEHICLES DUE TO FOCUS ON ENVIRONMENTAL CONCERNS TO DRIVE MARKET 148 9.4 MID-PRICED 150 9.4.1 IMPROVED RANGE AND BATTERY EFFICIENCY TO DRIVE MARKET 150 9.5 LUXURY 151 9.5.1 HIGH-PERFORMANCE ELECTRIC DRIVETRAINS TO DRIVE MARKET 151 9.6 KEY PRIMARY INSIGHTS 152 10 ELECTRIC VEHICLE MARKET, BY VEHICLE CONNECTIVITY 153 10.1 INTRODUCTION 153 10.2 V2B OR V2I 155 10.3 VEHICLE-TO-GRID 155 10.4 VEHICLE-TO-VEHICLE 156 11 ELECTRIC VEHICLE MARKET, BY CHARGING POINT TYPE 157 11.1 INTRODUCTION 158 11.2 OPERATIONAL DATA 159 11.3 AC (NORMAL CHARGING) 160 11.3.1 HIGH DEMAND IN HOME CHARGING IN EMERGING ECONOMIES TO DRIVE MARKET 160 11.4 DC (SUPERCHARGING) 161 11.4.1 RISING INVESTMENT IN SUPERCHARGING NETWORK BY OEMS AND CHARGING PROVIDERS TO DRIVE MARKET 161 11.5 INDUCTIVE CHARGING 163 11.6 KEY PRIMARY INSIGHTS 164 12 ELECTRIC VEHICLE MARKET, BY PROPULSION 165 12.1 INTRODUCTION 166 12.2 OPERATIONAL DATA 168 12.3 BATTERY ELECTRIC VEHICLE 169 12.3.1 STRICTER EMISSION REGULATIONS TO DRIVE MARKET 169 12.4 FUEL CELL ELECTRIC VEHICLE 170 12.4.1 LONGER DRIVING RANGE THAN OTHER ELECTRIC VEHICLE TYPES TO DRIVE MARKET 170 12.5 PLUG-IN HYBRID ELECTRIC VEHICLE 171 12.5.1 ADVANTAGE OF REDUCED FUEL CONSUMPTION TO DRIVE MARKET 171 12.6 HYBRID ELECTRIC VEHICLE 173 12.7 KEY PRIMARY INSIGHTS 173 13 ELECTRIC VEHICLE MARKET, BY E/E ARCHITECTURE 174 13.1 INTRODUCTION 175 13.2 OPERATIONAL DATA 177 13.3 400V 177 13.3.1 COST-EFFECTIVENESS OF 400V ARCHITECTURE TO DRIVE MARKET 177 13.4 800V 178 13.4.1 RISING DEMAND FOR ENHANCED PERFORMANCE AND FAST CHARGING TO DRIVE MARKET 178 13.5 KEY PRIMARY INSIGHTS 180   14 ELECTRIC VEHICLE MARKET, BY COMPONENT 181 14.1 INTRODUCTION 181 14.2 BATTERY CELLS AND PACKS 181 14.3 ON-BOARD CHARGERS 183 14.4 MOTORS 184 14.5 POWER CONTROL UNITS 188 14.6 BATTERY MANAGEMENT SYSTEMS 191 14.7 FUEL CELL STACKS 192 14.8 FUEL PROCESSORS 192 14.9 POWER CONDITIONERS 193 14.10 AIR COMPRESSORS 193 14.11 HUMIDIFIERS 193 15 ELECTRIC VEHICLE MARKET, BY END USE 194 15.1 INTRODUCTION 194 15.2 OPERATIONAL DATA 194 15.3 PRIVATE 195 15.4 COMMERCIAL FLEETS 196 16 ELECTRIC VEHICLE MARKET, BY REGION 197 16.1 INTRODUCTION 198 16.2 ASIA PACIFIC 204 16.2.1 CHINA 207 16.2.1.1 Presence of key market players to drive market 207 16.2.2 INDIA 209 16.2.2.1 Strong government support and heavy investment by OEMs to drive market 209 16.2.3 JAPAN 211 16.2.3.1 Advanced electric vehicle charging infrastructure to drive market 211 16.2.4 SOUTH KOREA 213 16.2.4.1 Development in battery technology to drive market 213 16.2.5 THAILAND 214 16.2.5.1 Government incentives and 2030 target to drive market 214 16.2.6 INDONESIA 215 16.2.6.1 Developments to create electric vehicle battery hub to drive market 215 16.2.7 MALAYSIA 217 16.2.7.1 National Green Technology Policy to drive market 217 16.2.8 VIETNAM 218 16.2.8.1 Development of comprehensive charging infrastructure system to drive market 218   16.3 EUROPE 219 16.3.1 FRANCE 221 16.3.1.1 OEM electrification plans to drive market 221 16.3.2 GERMANY 223 16.3.2.1 Heavy investment by key OEMs to drive market 223 16.3.3 NETHERLANDS 225 16.3.3.1 Tax exemption on battery electric vehicles to drive market 225 16.3.4 NORWAY 227 16.3.4.1 Commitment to ban new ICE vehicles by 2025 to drive market 227 16.3.5 SWEDEN 229 16.3.5.1 Goal of fossil-free vehicle fleet by 2045 to drive market 229 16.3.6 UK 230 16.3.6.1 Heavy investments in electric vehicle ecosystem to drive market 230 16.3.7 DENMARK 232 16.3.7.1 Long-term strategies for achieving carbon neutrality to drive market 232 16.3.8 AUSTRIA 233 16.3.8.1 Rapid transition to zero-emission vehicles to drive market 233 16.3.9 SWITZERLAND 234 16.3.9.1 Growing focus on development of electric vehicle ecosystem to drive market 234 16.3.10 SPAIN 235 16.3.10.1 Increasing investments in electric vehicle charging infrastructure to drive market 235 16.4 NORTH AMERICA 237 16.4.1 CANADA 239 16.4.1.1 Rising electric vehicle component development to drive market 239 16.4.2 US 240 16.4.2.1 Continuous government support and focus on cleaner mobility to drive market 240 16.5 MIDDLE EAST & AFRICA 242 16.5.1 UAE 244 16.5.1.1 National Electric Vehicles Policy for sustainable transportation to drive market 244 16.5.2 EGYPT 245 16.5.2.1 Rising environmental concerns to drive market 245 16.5.3 SOUTH AFRICA 247 16.5.3.1 Aim to increase adoption of new energy vehicles to drive market 247   17 COMPETITIVE LANDSCAPE 248 17.1 OVERVIEW 248 17.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 248 17.3 MARKET SHARE ANALYSIS FOR ELECTRIC VEHICLE MANUFACTURERS, 2023 250 17.4 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2019–2023 252 17.5 COMPANY VALUATION AND FINANCIAL METRICS 253 17.5.1 COMPANY VALUATION 253 17.5.2 FINANCIAL METRICS 253 17.6 BRAND/PRODUCT COMPARISON 254 17.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 255 17.7.1 STARS 255 17.7.2 EMERGING LEADERS 255 17.7.3 PERVASIVE PLAYERS 255 17.7.4 PARTICIPANTS 255 17.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 257 17.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 259 17.8.1 PROGRESSIVE COMPANIES 259 17.8.2 RESPONSIVE COMPANIES 259 17.8.3 DYNAMIC COMPANIES 259 17.8.4 STARTING BLOCKS 259 17.8.5 COMPETITIVE BENCHMARKING 261 17.9 COMPETITIVE SCENARIO 262 17.9.1 PRODUCT LAUNCHES 262 17.9.2 DEALS 264 17.9.3 EXPANSIONS 266 18 COMPANY PROFILES 268 18.1 KEY PLAYERS 268 18.1.1 BYD 268 18.1.1.1 Business overview 268 18.1.1.2 Products/Solutions/Services offered 270 18.1.1.3 Recent developments 271 18.1.1.4 MnM view 279 18.1.1.4.1 Key strengths/Right to win 279 18.1.1.4.2 Strategic choices 279 18.1.1.4.3 Weaknesses & competitive threats 279 18.1.2 TESLA 280 18.1.2.1 Business overview 280 18.1.2.2 Products/Solutions/Services offered 281 18.1.2.3 Recent developments 282   18.1.2.4 MnM view 285 18.1.2.4.1 Key strengths/Right to win 285 18.1.2.4.2 Strategic choices 285 18.1.2.4.3 Weaknesses & competitive threats 285 18.1.3 VOLKSWAGEN 286 18.1.3.1 Business overview 286 18.1.3.2 Products/Solutions/Services offered 288 18.1.3.3 Recent developments 290 18.1.3.4 MnM view 295 18.1.3.4.1 Key strengths/Right to win 295 18.1.3.4.2 Strategic choices 295 18.1.3.4.3 Weaknesses & competitive threats 295 18.1.4 ZHEJIANG GEELY HOLDING GROUP 296 18.1.4.1 Business overview 296 18.1.4.2 Products/Solutions/Services offered 298 18.1.4.3 Recent developments 299 18.1.4.4 MnM view 303 18.1.4.4.1 Key strengths/Right to win 303 18.1.4.4.2 Strategic choices 303 18.1.4.4.3 Weaknesses & competitive threats 303 18.1.5 SAIC MOTOR 304 18.1.5.1 Business overview 304 18.1.5.2 Products/Solutions/Services offered 305 18.1.5.3 Recent developments 306 18.1.5.4 MnM view 308 18.1.5.4.1 Key strengths/Right to Win 308 18.1.5.4.2 Strategic choices 308 18.1.5.4.3 Weaknesses & competitive threats 308 18.1.6 STELLANTIS 309 18.1.6.1 Business overview 309 18.1.6.2 Products/Solutions/Services offered 311 18.1.6.3 Recent developments 312 18.1.6.4 MnM view 320 18.1.6.4.1 Key strengths/ Right to Win 320 18.1.6.4.2 Strategic choices 320 18.1.6.4.3 Weaknesses & competitive threats 320 18.1.7 BMW GROUP 321 18.1.7.1 Business overview 321 18.1.7.2 Products/Solutions/Services offered 323 18.1.7.3 Recent developments 324   18.1.8 NISSAN MOTORS 325 18.1.8.1 Business overview 325 18.1.8.2 Products/Solutions/Services offered 326 18.1.8.3 Recent developments 327 18.1.9 HYUNDAI GROUP 331 18.1.9.1 Business overview 331 18.1.9.2 Products/Solutions/Services offered 333 18.1.9.3 Recent developments 334 18.1.10 GREAT WALL MOTOR 338 18.1.10.1 Business overview 338 18.1.10.2 Products/Solutions/Services offered 340 18.1.10.3 Recent developments 340 18.1.11 TOYOTA MOTOR CORPORATION 344 18.1.11.1 Business overview 344 18.1.11.2 Products/Solutions/Services offered 345 18.1.11.3 Recent developments 346 18.1.12 GAC MOTOR 351 18.1.12.1 Business overview 351 18.1.12.2 Products/Solutions/Services offered 352 18.1.12.3 Recent developments 352 18.2 OTHER KEY PLAYERS 357 18.2.1 GENERAL MOTORS 357 18.2.2 RENAULT 357 18.2.3 FORD MOTOR COMPANY 358 18.2.4 BAIC MOTOR CORPORATION., LTD 358 18.2.5 MITSUBISHI MOTORS 359 18.2.6 CHERY INTERNATIONAL 359 18.2.7 JAC 360 18.2.8 ZOYTE 360 18.2.9 MERCEDES-BENZ GROUP AG 361 18.2.10 LUCID 361 18.3 KEY STARTUPS 362 18.3.1 XPENG 362 18.3.2 NIKOLA CORPORATION 362 18.3.3 NIO 363 18.3.4 FARADAY FUTURE 363 18.3.5 LEAPMOTOR 364   19 RECOMMENDATIONS BY MARKETSANDMARKETS 365 19.1 ASIA PACIFIC TO BE SIGNIFICANT MARKET FOR ELECTRIC VEHICLES 365 19.2 PASSENGER CAR TO EMERGE AS LARGEST SEGMENT OF ELECTRIC VEHICLE MARKET 365 19.3 DC (SUPER CHARGING) TO BE PROMISING SEGMENT OF ELECTRIC VEHICLE MARKET 366 19.4 CONCLUSION 366 20 APPENDIX 367 20.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 367 20.2 DISCUSSION GUIDE 367 20.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 370 20.4 CUSTOMIZATION OPTIONS 372 20.4.1 ELECTRIC VEHICLE MARKET, BY VEHICLE DRIVE TYPE AT COUNTRY-LEVEL (FOR COUNTRIES COVERED IN REPORT) 372 20.4.2 PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO 5) 372 20.5 RELATED REPORTS 372 20.6 AUTHOR DETAILS 373