EV market seen reaching $642.86 billion by 2030

By AI, Created 11:41 AM UTC, May 27, 2026, /AGP/ – The Business Research Company projects the hybrid and electric vehicles market will grow from $281.53 billion in 2025 to $642.86 billion by 2030, driven by charging buildout, battery advances and fleet electrification. North America led in 2025, while Asia-Pacific is expected to be the fastest-growing region.

Why it matters: - The hybrid and electric vehicles market is on track to nearly double by 2030, signaling sustained momentum for cleaner transportation. - The forecast points to more investment in charging networks, batteries and connected vehicle technology. - The shift also affects passenger cars, commercial fleets and regional auto markets.

What happened: - The Business Research Company said the global hybrid and electric vehicles market will rise from $281.53 billion in 2025 to $331.55 billion in 2026. - The report projects the market will reach $642.86 billion by 2030, at an 18.0% compound annual growth rate. - The company released the market outlook on May 28, 2026. - The report includes a free sample and a full version available online: the sample request and the full report.

The details: - The market’s recent growth reflects higher fuel costs, environmental concerns, government incentives, battery improvements, urbanization and demand from both passenger and commercial vehicle buyers. - Future growth is expected to come from EV charging infrastructure expansion, smart mobility technologies, battery recycling and second-life battery uses, connected vehicle adoption and commercial fleet electrification. - Hybrid and electric vehicles use electric propulsion systems alone or alongside conventional engines. - These vehicles combine electric motors, batteries and sometimes internal combustion engines to improve energy efficiency and reduce fossil fuel use. - The technology also relies on power management systems, battery storage and regenerative braking to lower emissions. - In 2023, the European Environment Agency said electric vehicles, including battery electric and plug-in hybrids, accounted for 23.6% of new passenger car registrations in Europe, up from 23.0% in 2022. - In 2025, North America held the largest share of the market. - Asia-Pacific is expected to be the fastest-growing region during the forecast period. - The report also covers Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa. - The company’s 2026 reports include market attractiveness scoring, total addressable market analysis, company scoring matrix graphics and tables, Excel-based forecasting dashboards, market hotspots infographics, key technologies and future trend analysis, and updated graphics and tables. - The company also highlighted related reports on truck racks, automotive connectivity control units and micro-mobility.

Between the lines: - The forecast suggests EV growth is shifting from early adoption to infrastructure and scale-up. - The emphasis on recycling, second-life batteries and connected vehicles signals a market that is moving beyond vehicle sales alone. - Regional leadership is changing, with North America currently ahead and Asia-Pacific positioned for faster expansion.

What’s next: - The market’s next phase will likely depend on how quickly charging networks, battery supply chains and fleet conversions expand. - Government policy and consumer incentives remain important supports for adoption. - The report directs readers to contact Saumya Sahay for expert discussion and lists company contact channels, including email and social media.