Global Market Electric Vehicle is Anticipated to grow at a Significant Pace i.e., USD 801.76 Billion during the Forecast Period 2021-2027

Published Date: Aug, 2021

The global electric vehicle market is expected to witness a CAGR of 21.6% during the forecast period. An electric vehicle is an alternative to a fuel-based vehicle which itself is a major growth factor expected to boost the market growth. The global electric vehicle market has shown incredible growth in the number of EVs globally due to product innovation, increasing concerns about detrimental environmental effects because of greenhouse gases (GHGs) emission, sustainable initiatives, and a rise in consumer demand. Moreover, mandatory regulations and initiatives are taken by the government regarding zero-emission vehicles and pushing automobile manufacturers to innovate advanced electric models. Furthermore, the rising investments by various governments globally to develop EV charging stations and hydrogen fueling stations and the incentives provided to buyers in providing promising opportunities for OEMs for expanding their revenue and their geographical presence. Nevertheless, the increasing scale of economies for electric vehicle manufacturers will also boost the growth of the global electric vehicle market during the forecast period.

BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features.

The COVID-19 pandemic had a negative impact on the global automotive industry because of the lockdown and closure of production facilities. Post June-2020, the sale of EVs has improved and the manufacturers are planning to launch new vehicles during the forecast period.  

Browse 94 market data Tables and 54 Figures spread through 218 Pages and in-depth TOC on " Electric Vehicle Market  by Component (Infotainment System, EV Battery Cells & Packs, Instrument Cluster and On-Board Charger), by Propulsion Type (Plug-in Hybrid, Battery, Fuel Cell and Hybrid), by Vehicle Type (Passenger Cars and Commercial Vehicles), by Power Output (Less Than 100 kW, 100 kW to 250 kW, and More than 250 kW), by Vehicle Class (Mid-Priced and Luxury), by EV Charging Points (Normal Charging and Super Charging), by Vehicle Drive Type (Front-Wheel Drive, Rear-Wheel Drive, and All-Wheel Drive), and Region - Global Forecast to 2027"

By vehicle type, the LCV segment is projected to witness the highest CAGR during the forecast period.

Based on vehicle type, the global electric vehicle market is divided into two-wheelers, passenger cars (PC), and commercial vehicles (CV). Of all these vehicle types, LCV (light commercial vehicles) is anticipated to grow at a high CAGR during the forecast period due to the rising awareness among consumers regarding electric vehicles to decrease fleet emissions and mandatory regulations from the government towards vehicle emissions.

Global Electric Vehicle Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Infotainment Systems, EV Battery Cells & Packs, Instrument Clusters and Onboard Chargers

EV Battery (Largest)

Propulsion Type

Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), and Hybrid Electric Vehicle (HEV)

Battery Electric Vehicle (Fastest)

Fuel Cell Electric Vehicle (Fastest)

Vehicle Type

Two-Wheelers, Passenger Cars (PC), and Commercial Vehicles (CV)

Passenger Cars (Largest)

Commercial Vehicles (Fastest)

Power Output

Less than 100 kW, 100 kW to 250 kW, and more than 250 kW

100 kW to 250 kW (High CAGR)

Vehicle Class

Mid-Priced and Luxury

Mid-Priced (High CAGR)

EV Charging Points

Normal Charging and Supercharging

Supercharging (Fastest)

Vehicle Drive Type

Front-Wheel Drive, Rear-Wheel Drive, and All-Wheel Drive

Rear-Wheel Drive (Highest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (Largest)

 

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“Asia Pacific is anticipated to have the fastest growth during the forecast period.”

The Asia Pacific market is expected to witness the fastest growth during the forecast period as the automotive industry in countries such as China, Japan, and South Korea is focused on innovation, technology, and the development of advanced electric vehicles. The increasing demand for reducing carbon emissions and developing more advanced and fast charging stations are expected to propel the growth of electric vehicles. BYD, BAIC, Chery, and SAIC, among others, are some of the key players in the Asia Pacific electric vehicle market.

Some of the major players in the global electric vehicle market include Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda, and Daimler.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Component, Propulsion Type, Vehicle Type, Power Output, Vehicle Class, EV Charging points, Vehicle Drive Type, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda and Daimler

Global Electric Vehicle Market Coverage

Component Insight and Forecast 2015-2027

  • Infotainment System
  • EV Battery Cells & Packs
  • Instrument Cluster
  • On-Board Charger

Propulsion Type Insight and Forecast 2015-2027

  • Plug-in Hybrid
  • Battery
  • Fuel Cell
  • Hybrid

Vehicle Type Insight and Forecast 2015-2027

  • Passenger Cars
  • Commercial Vehicles

Power Output Insight and Forecast 2015-2027

  • Less Than 100 kW
  • 100 kW to 250 kW
  • More than 250 kW

Vehicle Class Insight and Forecast 2015-2027

  • Mid-Priced
  • Luxury

EV Charging Points Insight and Forecast 2015-2027

  • Normal Charging
  • Super Charging

Vehicle Drive Type Insight and Forecast 2015-2027

  • Front-Wheel Drive
  • Rear-Wheel Drive
  • All-Wheel Drive

Electric Vehicle Market by Region

Geographical Segmentation

North America

  • By Component
  • By Propulsion Type
  • By Vehicle Type
  • By Power Output
  • By Vehicle Class
  • By EV Charging Points
  • By Vehicle Drive Type
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Propulsion Type
  • By Vehicle Type
  • By Power Output
  • By Vehicle Class
  • By EV Charging Points
  • By Vehicle Drive Type
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Propulsion Type
  • By Vehicle Type
  • By Power Output
  • By Vehicle Class
  • By EV Charging Points
  • By Vehicle Drive Type
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Propulsion Type
  • By Vehicle Type
  • By Power Output
  • By Vehicle Class
  • By EV Charging Points
  • By Vehicle Drive Type
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

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Global Market Electric Vehicle is Anticipated to grow at a Significant Pace i.e., USD 801.76 Billion during the Forecast Period 2021-2027