Electric Vehicle Market Analysis

Vehicle Type (Passenger Cars, Commercial Vehicles)

The EV market is segmented and analyzed for demand and supply by vehicle type into passenger cars and commercial vehicles. Out of these, the passenger cars segment is expected to garner the highest market share by 2037, owing to the high demand of personal vehicles by the burgeoning population. The International Organization of Motor Vehicle Manufacturers (OICA) stated that the global passenger vehicles sales was 56 million in 2021, whereas, the production was 57 million in 2021. Also, the increased preference of electric vehicles over traditional cars by people owing to its advantages is expected to gather highest revenue. The International Energy Agency stated that passenger electric cars are surging in popularity and is estimated that 13% of new car sold in 2022 will be electric.

Our in-depth analysis of the global market includes the following segments: