Electric Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027
The global electric vehicle market value is expected to grow at an impressive CAGR over the forecast period, owing to the rising demand for electric vehicles to support a clean environment. Besides, technological advancements in electric vehicles with the incorporation of IoT and artificial intelligence is supporting the growth of the global electric vehicle market. Enhanced environmental awareness and growing need for urban mobility are propelling the demand for electric vehicles.
Chinese electric vehicles have amassed a sizable consumer base all over the world. Although European countries have registered the faster growth, other countries such as China and South Korea are expected to have the most consistent growth and sale shares of electric vehicles in the future, anticipated to fuel the growth of the global electric vehicle market in the coming years.
As the toxicity of the air increases, the threat of environmental depletion and the cause of various diseases grows. This has alerted the population and governments to focus on finding solutions that can reduce environmental pollution while preserving the limited natural fuel sources. With increased industrialization, globalization, and the combustion of petroleum products, the demand for alternative fuels is growing, driving the growth of the global electric vehicles.
Along with an electric fuel source, manufacturers are rapdily adopting artificial intelligence and the internet of things, which is intriguing consumer and changing their preferences. Growing investments in the development of electric vehicle charging infrastructure as well as higher efficiency of electric vehicle batteries are expected to drive the global electric vehicle market in the next five years.
In-dash navigation systems, automotive microcontrollers, vehicle-to-grid technology, advanced driver assistance systems, and other advanced features are becoming increasingly popular. Growing application of connected devices in electric vehicles is also supporting the growth of the global electric vehicle market during the forecast period.
The global electric vehicle market is segmented on the basis of vehicle type, propulsion, range, battery capacity, regional distribution, and competitive landscape discussed on the basis of vehicle type, (top 3 OEMs enlisted). Based on vehicle type, the market is further segmented into two-wheeler, passenger car, light commercial vehicle (LCV), and medium & heavy commercial vehicle (M&HCV). The passenger car segment is anticipated to register the highest growth during the forecast period, owing to the rising sales and production of passenger vehicles.
Key players operating in the global electric vehicle market are Niu International, Yadea Technology Group Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Vmoto Soco Group, Energica Motor Company S.p.A., Tesla Inc., Volkswagen AG, Renault Nissan Mitsubishi Alliance, Hyundai Motor Company, BMW AG), BYD Auto Co., Ltd., Daimler AG, Ford Motor Company, Tata Motors Limited, Chanje Energy, among others.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
- To analyze the historical growth in the market size of the global electric vehicle from 2017 to 2021.
- To estimate and forecast the market size of global electric vehicle market from 2023 to 2027 and growth rate until 2027.
- To classify and forecast the global electric vehicle market based on vehicle type, propulsion, range, battery capacity, region, and company.
- To identify the dominant region or segment in the global electric vehicle market.
- To identify drivers and challenges for the global electric vehicle market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global electric vehicle market.
- To identify and analyze the profiles of leading players operating in the global electric vehicle market.
- To identify key sustainable strategies adopted by market players in global electric vehicle market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of the Global electric vehicle market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as product manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Electric Vehicle Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicle (M&HCV)
- Electric Vehicle Market, By Propulsion:
- Electric Vehicle Market, By Range:
- 0-50 Miles
- 51-150 Miles
- 151-200 Miles
- 201-400 Miles
- Above 400 Miles
- Electric Vehicle Market, 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
- Electric vehicle Market, By Region:
- North America
- United States
- South Korea
- United Kingdom
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global electric vehicle market.
- Detailed analysis and profiling of additional market players (up to five).
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