Toronto, Ontario -- A new forecast from MarketsandMarkets predicts that the global electric vehicle market will grow from US$698.63 billion in 2025 to US$1,189.59 billion by 2035.
Should the figures prove correct, the market would see compound annual growth rate of 5.5 percent over the next decade.
The report states that “model availability is increasing and costs are declining,” and identifies consumer interest in battery electric vehicles as the primary growth driver.
The hybrid electric vehicle market is also projected to expand, rising from US$446.87 billion in 2025 to US$667.75 billion in 2035, at a CAGR of 4.1 percent.
According to the release, advances in battery technology, thermal management and lightweight architectures are fueling that expansion.
MarketsandMarkets notes that automakers are blending legacy components with EV-specific systems—such as lithium iron phosphate battery packs, high-efficiency inverters and advanced cooling systems—to meet evolving consumer demands.
