Electric Vehicle Market Size

Electric Vehicle Market size was over USD 243.9 billion in 2024 and is projected to cross USD 2.68 trillion by the end of 2037, witnessing more than 20.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of electric vehicle is estimated at USD 283.31 billion.

The primary factor attributed to the market growth is the increased production of electric vehicles across the world. As per the reports by the International Energy Agency, the number of electric vehicles sales in 2021 surpassed sales of year 2020, with nearly doubling to 6.6 million.

Recently, there has been growing demand for low emission vehicles and rising government policies supporting long range, zero emission vehicles through subsidies & tax rebates. This trend is expected to compel the manufacturers to produce more electric vehicles. This has led to an employment generation in the automotive sector. The growing employment rate is thus anticipated to increase the sales of electric vehicles in the forecast period. The calculation of total employees in the Indian automotive industry approximately stood at 2 million in 2018.