Pune, India, Feb. 09, 2021 (GLOBE NEWSWIRE) — The global electric vehicle market size is expected to reach USD 985.72 billion by 2027, exhibiting a CAGR of 17.4% during the forecast period. The growing popularity of battery-powered hybrid cars among consumers will simultaneously elevate the demand, states Fortune Business Insights, in a report, titled “Electric Vehicle Market Size, Share & Covid-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)) and Regional Forecasts, 2020-2027.” The market size stood at USD 273.22 billion in 2019.
The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The electric vehicle market accentuates:
- Profound study of the industry
- Vital facts and figures
- Insightful data about dominant regions
- Policies adopted by governments
- Market overview with future insights
- COVID-19 effect on the market
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Key Industry Development:
May 2019: Geely Auto announced the launch of the new research and development center in Raunheim, Germany. The company will use the R&D center to produce high-end EVs, advanced electrification, and connectivity technologies.
List of Top Companies Profiled in the Global Electric Vehicle Market:
- Bayerische Motoren Werke AG (BMW) (Munich, Germany)
- BYD Company Limited (Shenzhen, China)
- Daimler AG (Stuttgart, Germany)
- Energica Motor Company S.P.A (Modena, Italy)
- Ford Motors (Michigan, USA)
- General Motors Company (Michigan, United States)
- Nissan Motors Co. Ltd. (Kanagawa, Japan)
- Tesla, Inc. (California, United States)
- Toyota Motor Corporation (Toyota City, Japan)
- Volkswagen AG (Wolfsburg, Germany)
- Groupe Renault (Boulogne-Billancourt, France)
- Jiangling Motors Corporation Limited (Jiangxi, China)
- Lucid Motors, Inc. (California, United States)
- Zotye International Automobile Trading Co. Ltd. (Hangzhou, China)
Key Market Drivers:
Stringent Emission Regulations to Enhance Business Development
The constant efforts to curb greenhouse gas emissions have led to the implementation of strict emission laws by the governments, which, in, turn will bolster the healthy growth of the market. For instance, in Europe, a regulation was imposed to reduce the CO2 emissions of light and medium commercial vehicles by 15% by 2025. More countries have mandated the regular pollution-check of vehicles. The implementation of the Bharat Stage VI (BS-VI) norm in India with an aim to use efficient engines in reducing carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global electric vehicle market growth during the forecast period.
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Halt on Production Activities to Obstruct Business Amid COVID-19
The massive impact observed by the automotive industry due to coronavirus will consequently impede the development of the market. However, increased government initiatives for battery-powered cars can facilitate the sales of the market. The latest report from the International Energy Agency shows that despite the Covid-19 pandemic, electric car sales have witnessed a raise this year, the number of electric vehicles on electric roads is expected to reach nearly 10 million units this year.
Increased EV Sales to Augment Growth in Asia Pacific
The market size in Asia Pacific is predicted to witness a high growth rate during the forecast period owing to the increasing demand for passenger cars. The rapid adoption of fuel-efficient vehicles will influence the healthy growth of the market in Asia Pacific. Moreover, rising disposable income is predicted to foster healthy growth in Asia Pacific. Europe is expected to lead the global market share during the forecast period owing to the rising government initiatives to reduce carbon emissions. The increasing production of cars in the United Kingdom, Germany, and France will contribute positively to the growth of the market in the region.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Electric Vehicle Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of the World
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