Electric Vehicle Market to Register Growth at a CAGR of 21.20% in terms of value until 2027
Increasing environmental concerns, supportive
government policies, and regulations on EV adoption along with subsidies, coupled
with decreasing battery prices, and advancement in charging technologies is
expected to lead to the growth of electric vehicle all over the world during
the forecast period.
According to TechSci Research report, Electric Vehicle
Market - Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2017-2027, Global Electric Vehicle Market is anticipated to
register a CAGR of 21.20% in terms of value and USD 1,657.10 billion during the
forecast period, owing to sustainable government regulations. China, being the
largest electric vehicle producer and market in the world, it is expected to
grow at a CAGR of 18.17% in terms of volume during the forecast period. According
to the government of China, China is planning to improve the productivity of electric
vehicles. The government has taken initiative, including providing
subsidies for EV buyers, enacting laws requiring all automakers to produce EVs
in proportion to the volume of vehicles they produce, providing significant
funding for the installation of EV charging stations throughout major cities,
and enacting regulations against excessively polluting vehicles. The EV market
has also been expanding in Japan and South Korea. The governments of these
countries installed EV charging stations, created pollution standards,
established deadlines for switching from ICE vehicles to full or hybrid EVs,
and other measures to assist the growth of EV demand. India is striving to
enhance its EV market demand.
Global Electric Vehicle market is classified
based on vehicle type, propulsion type, range, battery capacity, and region.
Based on propulsion type, the market is segmented into battery electric
vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. Based on vehicle type, the market is segmented
into two wheelers, passenger car, light commercial vehicles, and medium and
heavy commercial vehicle. Increase in sales of electric passenger cars due to
presence of huge population and growing disposable income is driving the growth
of passenger car segment.
Browse
over XX market data Figures spread through 110 Pages and an in-depth TOC on " Global
Electric
vehicle Market"
In terms of propulsion type, FCEV
is expected to be the fastest growing segment during the forecast period. and the
battery electric vehicle segment is expected to account for the highest volume
of the market. During the forecast period, the battery electric vehicle market
is expected to grow at a CAGR of 19.61%.
On the basis of battery type,
market is segmented into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200
kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of electric trucks
and buses, particularly for applications in public transportation and freight
services, is primarily responsible for this market segment's rapid expansion. A
wide range of EVs, including passenger cars and light commercial vehicles such
as vans, pickup trucks, and utility vehicles, have power outputs between 100kW
and 250kW. The surge in fuel prices and government measures to reduce fleet
emissions of buses and vehicles are driving the global electric vehicle market.
By region, the market is distributed
into Asia-Pacific, Europe, North America, South America, Middle East &
Africa. With
China accounting for the largest market share in 2021, APAC is expected to
register the fastest CAGR in the global electric vehicle market. Moreover,
China's Ministry of Finance has reduced the subsidies for hybrid,
hydrogen-powered, and plug-in electric vehicles by 20%. With 50% of global
sales, China has become the world's largest market for electric vehicles. After
the Shanghai Gigafactory opened in 2019, Tesla surpassed other local suppliers
to become one of China's top providers of electric vehicles. In the following
years, it is predicted that these factors would increase the sales of electric
vehicles in Asia-Pacific.
USA is expected to register a
CAGR of 26.14% in terms of value and will help boost the market during the
forecast period.
Download
Sample Report
Customers can also request for
10% free customization on this report.
Due to the implementation of
lockdown to prevent COVID-19 pandemic, sales of electric vehicles at the end of
first quarter and substantially in second quarter fell in most of the countries,
affecting current year’s performance. Nevertheless, in most of the regions
across globe, the market rapidly recovered rapidly during the end of the second
quarter and almost completely in the third quarter. Hence, giving positive
outlook to the market forecast of year 2022.
BYD Auto Co., Ltd. company holds
the largest share in the global electric vehicle market followed by The General
Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., BMW AG, Vmoto Soco Group, Jiangsu Xinri E-Vehicle Co.,Ltd,
Tailing Electric Vehicle Co., Ltd., Gesits Technologies Indo, Voltz Nikola
Motor Co., Rivian Automotive, Inc., and Volvo Trucks.
BYD Auto Co., Ltd. dominated the
market in the year 2021, due to its remarkable dealership network, which offers
a wide range of economical yet qualitative products with adaptive technological
demands of their customers as well as withstanding government’s safety norms. The
demand for electric vehicles is anticipated to increase globally during the coming
years, on account of increased awareness toward environment and increasing
adoption of green energy is expected to drive the market.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research- based global
management consulting firm.
“Electric Vehicle Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2017-2027F, Segmented By Vehicle Type (Two Wheelers, Passenger Cars (PC) Light
Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)),
By Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric
Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles,
51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles), By Battery
Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to
300 kWh, Above 300 kWh), By Region” has evaluated the
future growth potential of global electric vehicle market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Global Electric Vehicle Market.
About TechSci Research
TechSci Research is a leading global market research firm publishing
premium market research reports. Serving 700 global clients with more than 600
premium market research studies, TechSci Research is serving clients across 11
different industrial verticals. TechSci Research specializes in research-based
consulting assignments in high growth and emerging markets, leading
technologies and niche applications. Our workforce of more than 100 fulltime
Analysts and Consultants employing innovative research solutions and tracking
global and country specific high growth markets helps TechSci clients to lead
rather than follow market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web:
https://www.techsciresearch.com