The electric vehicles (EVs) market is anticipated to witness growth at a CAGR of 14.5% from 2023 to 2030. In 2022, Asia Pacific accounted for 51% of the market share followed by North America and Europe. Asia Pacific is the most lucrative region in terms of revenue as there’s an upsurge in the adoption of EVs particularly in China, India, and Japan. In addition, due to the easier availability of battery raw materials and lower production costs, several key players are eyeing China to set up their manufacturing facilities.

Leading markets such as China, the US, and Germany are spending heavily on EVs, charging infrastructure, and research & development for effective charging technologies, longer-range EVs, and more affordable batteries. In addition, stricter government rules across the globe are one of the key factors driving up demand for EVs. For instance, the European Union has set a goal of achieving net-zero emissions by 2050. The electric vehicles category is witnessing increased adoption of V2G (vehicle-to-grid) technology which enables drivers to get the most out of their charging, while also optimizing the grid network for a much larger number of vehicles, or a home network that allows homeowners to go off the grid.

The COVID-19 pandemic significantly affected the market in 2020 and 2021. The number of on-road vehicles abruptly decreased. However, after June 2020, when the lockdowns were lifted in most nations, sales of all sorts of EVs increased. BEV and HEV sales in particular dominated the industry. As OEMs prepare to introduce new EV models in the upcoming years, the period between 2023 and 2025 is anticipated to be a prosperous period for EV sales. Growth of the category is anticipated to remain brisk due to the government's strong support for vehicle electrification and the drop in battery prices

Order your copy of the Electric Vehicles (EVs) Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Electric Vehicles Sourcing Intelligence Highlights

• The global electric vehicles category is moderately fragmented, with top players in the market based in parts of Europe, Asia, and North America.

• China is the largest manufacturer of EVs and exporter of EV batteries across the world, particularly in Europe.

• Despite being a competitive industry, the bargaining power of buyers is low as electric vehicles encompass a higher cost of production, and due to costlier batteries and other technical aspects, the scope of negotiation is almost negative.

• Vehicle cost, financing, insurance, purchase taxes, annual registration fee, maintenance costs, and other additional expenses are the major cost components of this category. Other expenses can be further bifurcated into home charger cost, electricity purchase, liquid fuel purchase, electricity taxes, and liquid fuel taxes.

List of Key Suppliers 


• Tesla, Inc.

• Volkswagen AG

• General Motors Company

• BYD Company Limited

• Mercedes-Benz Group AG

• Nissan Motor Co., Ltd.

• Toyota Motor Corporation

• SAIC Motor Corporation Limited

• Stellantis N.V.

• Ford Motor Company

• Hyundai Motor Company

• Renault SAS

• XPeng Inc.

Browse through Grand View Research’s collection of procurement intelligence studies:

• Electric Vehicle Battery Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Electric Vehicle Charging Connector Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Electric Vehicles Category Procurement Intelligence Report Scope 

• Electric Vehicles Category Growth Rate: CAGR of 14.5% from 2023 to 2030

• Pricing Growth Outlook: 5% - 10% (Annually)

• Pricing Models: Cost plus pricing model, fixed price pricing model

• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence

• Supplier Selection Criteria: Type of EV, driving range, power & torque, charging specifications, energy consumption, type of battery and capacity, and other factors

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions