Global Electric and Fuel Cell Vehicles Market to Reach $1.8 Trillion by 2029

“Electric Vehicles (EVs) and Fuel Cell Vehicles (FCVs) are transforming the global automotive market. EVs run on electricity stored in batteries, while FCVs use hydrogen to generate electricity through fuel cells. Both types of vehicles are seen as key solutions to reduce carbon emissions and dependence on fossil fuels. BCC Research Study Projects 18.6% CAGR, with Market Growth from $758.0 Billion in 2024 to $1.8 Trillion by 2029”

BOSTON, Sept. 19, 2024 /PRNewswire/ — “According to the latest BCC research study, the demand for Electric Vehicles and Fuel Cell Vehicles: Global Markets was valued at $655.9 billion in 2023 and is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.”

This report covers key aspects of electric and fuel cell vehicles, including propulsion type, vehicle type, and power source. It discusses technology, regulations, and top player rankings, and analyzes market trends and dynamics. The report includes patent analysis, ESG developments, emerging technologies, and the impact of the Russia-Ukraine war. It also features profiles of leading manufacturers.

Excluding industrial and low-speed electric vehicles, the global vehicle volume data is sourced from the IEA EV Outlook 2024 report.

Geographic analysis covers North America, Europe, Asia-Pacific, and the Rest of the World (South America, the Middle East, and Africa).

The base year is 2023, with 2024 as an estimate, and forecasts extend to 2029. Market values are presented in nominal dollars ($) billion.

Some Interesting Facts about Electric Vehicles and Fuel Cell Vehicles: Global Markets

According to the International Energy Agency (IEA), the average cost of lithium-ion batteries dropped to $139 per kWh in 2023, a 14% decrease from $161 per kWh in 2022. This price drop is mainly due to technological improvements.
In 2023, the IEA reported that nearly 14 million electric cars were sold worldwide, making up 18% of all vehicle sales, up from 14% in 2022. This represents a 35% increase, with 3.5 million more electric cars sold than in 2022.
The U.S., China, and Europe are the largest markets for electric and fuel-cell vehicles, together accounting for over 90% of the global market.

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Factors contributing to this growth include:

Increasing sales of electric cars globally: Electric car sales are rising worldwide due to lower costs, environmental awareness, government incentives, better technology, and more charging stations. More people are choosing electric vehicles, making them a larger part of the car market each year.
Decreasing battery costs are supporting EV adoption globally: Falling battery costs are helping more people afford electric vehicles (EVs) worldwide. As batteries become cheaper, EV prices drop, making them more accessible and attractive to consumers. This is a key factor driving the global increase in EV adoption.
Rising petroleum prices drive the shift of consumers toward EVs: Higher petroleum prices are pushing consumers to switch to electric vehicles (EVs). As gas becomes more expensive, EVs become a more cost-effective and appealing option, accelerating the shift towards electric transportation.

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Report Synopsis

Report Metrics	Details
Base year considered	2023
Forecast Period considered	2024-2029
Base year market size	$655.9 Billion
Market Size Forecast	$1.8 Trillion
Growth Rate	CAGR of 18.6% from 2024 to 2029
Segment Covered	By Propulsion Type, Vehicle Type, Power Source, and Region
Regions covered	North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa)
Countries covered	The U.S., Canada, Mexico, Germany, U.K., France, The Netherlands, Belgium, Italy, Spain, China, India, Japan, South Korea and Australia
Key Market Drivers	Increasing sales of electric cars globally Decreasing battery costs are supporting EV adoption globally Rising petroleum prices drive the shift of consumers toward EVs

Market Segmentation

The Global Market for Electric Vehicles and Fuel Cell Vehicles can be categorized into various segments:

1. By Propulsion type

Electric vehicles come in several types based on their propulsion systems. Battery Electric Vehicles (BEVs) run solely on electricity stored in batteries. Hybrid Electric Vehicles (HEVs) use a combination of a gasoline engine and an electric motor to improve fuel efficiency. Plug-in Hybrid Electric Vehicles (PHEVs) have both a gasoline engine and a battery that can be charged from an external source, offering a longer electric-only range. Fuel Cell Electric Vehicles (FCEVs) generate electricity using hydrogen fuel cells, producing only water vapor as exhaust.

2. By Vehicle Type

Vehicles can be categorized by type. Passenger cars are the typical cars people use for personal transportation. Two-wheelers include motorcycles and scooters. Trucks and vans are used for carrying goods and deliveries. Buses are designed to transport larger groups of people. Three-wheelers, like auto-rickshaws, are small vehicles with three wheels, often used for short trips and in busy urban areas.

3. By Power Source

Vehicles use different power sources for their energy. Lead-acid batteries are older and cheaper but less efficient. Nickel metal hydride batteries are more efficient than lead-acid and are commonly used in hybrid vehicles. Lithium-ion batteries are the most popular in electric vehicles today because they are lighter, more efficient, and have a longer range. Fuel cells generate electricity by combining hydrogen with oxygen, producing only water as a byproduct and offering a different approach to powering vehicles.

This report on global market for electric vehicles and fuel cell vehicles provides comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the market?The global electric vehicle and fuel cell electric vehicle market was valued at $655.9 billion in 2023 and will reach $1.8 trillion by the end of 2029 with a CAGR of 18.6%.
What are the key factors driving the growth of the market?
– Increasing sales of electric cars globally.
– Decreasing battery costs are supporting EV adoption globally.
– Rising petroleum prices drive the shift of consumers toward EVs.
What segments are covered in the market?The electric vehicles and fuel cell vehicles market is segmented based on propulsion type, vehicle type, power source, and region.
Which segment will dominate the market by the end of 2029 by power source?The lithium-ion battery segment will dominate the market by 2029.
Which region has the highest market share in the market?Asia-Pacific holds the highest share of the global market.

Some of the Key Market Players Are:

BMW AG
BYD CO. LTD.
CHONGQING CHANGAN AUTOMOBILE CO. LTD.
GAC INTERNATIONAL CO. LTD.
GENERAL MOTORS
GREAT WALL MOTOR
HYUNDAI MOTOR CO.
LI AUTO INC.
MERCEDES-BENZ GROUP AG
SAIC MOTOR CORP. LTD.
STELLANTIS N.V.
TESLA
TOYOTA MOTOR CORP.
VOLKSWAGEN GROUP
VOLVO CAR CORP.
ZHEJIANG GEELY HOLDING GROUP

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