Electric Vehicle Market Outlook, Industry Analysis and Prospect 2021-2027

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Latest Study on “Electric Vehicle Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Electric Vehicle market size is expected to be worth around US$ 34,356 thousand units  by 2027, according to a new report by Nova One Advisor .

The global Electric Vehicle market size was valued at US$ 4,011 thousand units in 2020 and is anticipated to grow at a CAGR of 28.7% during forecast period 2021 to 2027.

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Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.

Increasing investments by governments across the globe to develop EV charging stations and Hydrogen fueling stations along with incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience steady growth owing to the high demand for lower cost-efficient and low-emission vehicles, while the North American and European market is fast-growing markets due to the government initiatives and growing high-performance Passenger vehicle segment. However, the low presence of EV charging stations and hydrogen fuel stations, higher costs involved in initial investments, and performance constraints could hamper the growth of the global electric vehicle market.

Technological advancements

Automobile companies focus on the production of advanced electric vehicle systems that are expected to have lower particular emission at relatively lowers costs. Companies have also started producing downsized engines to be implemented in vehicles as smaller engines help achieve the upcoming BHARAT STAGE VI emission norms. This is because they produce lesser emissions as compared to heavier and larger engines. The compactness and cost-effectiveness of these downsized small engines also adds another dimension to their usefulness. Thus, development of advance GDI systems presents various opportunities for leading players in the future.

The Asia Pacific market is projected to hold the largest share by 2027

The Asia Pacific EV market is led by countries like China, Japan and South Korea. China being the world’s largest EV producer and user has a dominance in the EV industry in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EV’s per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing EV charging stations, making emission norms, setting up deadlines for shifting to full or hybrid EVs from ICE vehicles, etc. India is also working on increasing its EV demand in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission ones and other upcoming policies will help the country become the region’s fastest-growing market for EV’s in the coming years.

COVID-19 Impact on Electric Vehicle Sales

  • Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Electric Vehicle market.
  • Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
  • Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
  • Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Electric Vehicle market 2021 onwards. This trend will however continue through the course of the report’s assessment period

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Recent report on the Electric Vehicle market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Electric Vehicle market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2021 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Electric Vehicle market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global Electric Vehicle market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Electric Vehicle market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.

The report delves into the competition landscape of the global Electric Vehicle market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Electric Vehicle market that are profiled in this report.

Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Electric Vehicle market is analyzed at both regional and country levels.

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Electric Vehicle market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Electric Vehicle market include:

Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany) and Nissan Motors (Japan).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Based on Components:

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Fuel Stack
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

Based on Vehicle Type:

  • Passenger Cars
  • Commercial Vehicles

Based on Vehicle Class:

  • Mid-priced
  • Luxury

Based on Top Speed:

  • <125 MPH
  • >125 MPH

Based on Vehicle Drive Type:

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

Based on EV Charging Point Type:

  • Normal Charging
  • Super Charging

Based on V2G:

  • V2B or V2H
  • V2G
  • V2V
  • V2X

Based on Propulsion

  • BEV
  • PHEV
  • FCEV

Research Methodology

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Electric Vehicle market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Electric Vehicle market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Key Questions are

  • What are the key factors influencing the Electric Vehicle market in each region?
  • How much value will the global market generate by the end of the forecast period?
  • What will be the CAGR of the global market between 2021 and 2027?
  • What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
  • What is the future scope and current trends in technologies of the global market?
  • What is the revenue of the global market based on segments?
  • Which key strategies are used by top players of the global market?
  • Which are the leading companies in the global market?
  • What are the essential strategies by key stakeholders in the market to expand their geographic presence?
  • What are the major advancements witnessed in the global market?

Why should you invest in this report?

If you are aiming to enter the global Electric Vehicle market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Electric Vehicle are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

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