Rashtriya Newsflash

Electric Vehicles Market

Electric Vehicles Market Overview

According to Mordor Intelligence, the electric vehicles market size reached USD 0.75 trillion in 2026 and is projected to grow to USD 1.30 trillion by 2031, registering a CAGR of 11.68% during the forecast period. The electric vehicles market growth is supported by falling battery pack prices, expanding high-speed charging networks, and tightening fleet-average emission standards across major economies.

As charging infrastructure expands and vehicle platforms shift to higher voltage architectures, the electric vehicles market share of zero-emission models continues to rise. Commercial fleets are also accelerating procurement decisions as total cost of ownership becomes competitive with internal combustion vehicles.

Electric Vehicles Market Trends Shaping Industry Growth

Battery Pack Cost Reduction Supporting Electric Vehicles Market Growth: Declining lithium-ion battery pack prices are strengthening electric vehicles market growth across price-sensitive regions. The adoption of cell-to-pack technology and the scale-up of lithium iron phosphate production are helping automakers introduce cost-efficient models without relying heavily on subsidies.

Tightening Emission Regulations Across Major Markets: Stricter emission standards in China, the European Union, and parts of the United States are influencing product planning across the electric vehicles market. Automakers are prioritizing zero-emission platforms to avoid regulatory penalties and meet fleet-average targets.

Expansion of Ultra-Fast Charging Corridors: The rollout of high-capacity charging corridors along freight and highway routes is improving convenience and reducing downtime for drivers. Europe’s Alternative Fuels Infrastructure Regulation and corridor deployment in North America are strengthening the electric vehicles market forecast for both passenger and commercial segments.

Check out more details and stay updated with the latest industry trends, including the Japanese version for localized insights: https://www.mordorintelligence.com/ja/industry-reports/electric-vehicle-market?utm_source=abnewswire

Electric Vehicles Market Segmentation Analysis

By Powertrain

• Battery Electric Vehicles (BEVs)

• Plug-in Hybrid Electric Vehicles (PHEVs)

• Fuel Cell Electric Vehicles (FCEVs)

By Vehicle Type

• Passenger Cars

• Hatchback

• Sedan

• SUV/Crossover

• Multi-purpose Vehicle

• Commercial Vehicles

• Light Commercial Vehicle

• Medium and Heavy-duty Truck

• Bus

By Battery Chemistry

• Lithium Iron Phosphate (LFP)

• Lithium Nickel Manganese Cobalt Oxide (NMC)

• Lithium Nickel Cobalt Aluminum Oxide (NCA)

• Others

By Motor Architecture

• Permanent-Magnet Synchronous Motors

• Induction Motors

• Others

By Range

• Short Range

• Mid Range

• Long Range

• Ultra-Long Range

By Voltage

• Low Voltage

• Mid Voltage

• High Voltage

• Ultra-High Voltage.

By Geography

• North America

• South America

• Europe

• Asia-Pacific

• Middle East and Africa

Competitive Landscape in the Electric Vehicles Industry

The electric vehicles market is moderately concentrated, with established manufacturers and emerging players competing across segments. Legacy automakers are expanding production capacity to protect electric vehicles market share and comply with emission mandates.

Key Players in the Electric Vehicles Market

• Stellantis N.V.

• Tesla Inc.

• Toyota Motor Corporation

• Volkswagen AG

• BYD Company Ltd.

Conclusion

The electric vehicles market forecast through 2031 remains positive, supported by cost reductions, regulatory mandates, and expanding charging infrastructure. While supply chain concentration and grid readiness present challenges, sustained investment across manufacturing and infrastructure continues to support electric vehicles market growth.

Overall, the electric vehicles industry is entering a phase defined by scale, cost discipline, and infrastructure maturity. As range improves and charging networks expand, the electric vehicles market size is set to strengthen further across both developed and emerging economies.

Industry Related Reports

Asia Pacific Electric Bus Market: The Asia Pacific Electric Bus Market is segmented by propulsion type, bus length, application, end-user, and country, with forecasts provided in both value (USD) and volume (units).

Get more insights: https://www.mordorintelligence.com/industry-reports/asia-pacific-electric-bus-market?utm_source=abnewswire

United States Electric Bus Market Size: The United States Electric Bus Market was valued at USD 468.6 million in 2025 and is projected to reach USD 931.07 million by 2030, growing at a CAGR of 14.72% during 2026–2030.

Get more insights: https://www.mordorintelligence.com/industry-reports/united-states-electric-bus-market?utm_source=abnewswire

Russia Electric Cars Market Share : The Russia Electric Cars Market is expected to grow from USD 8.79 billion in 2025 to USD 33.27 billion by 2030, registering a CAGR of 30.5% over 2026–2030, with segmentation by vehicle configuration and fuel category.

Get more insights: https://www.mordorintelligence.com/industry-reports/russia-electric-cars-market?utm_source=abnewswire

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With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.

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