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Electric Vehicle Market Size, Share, Growth and Manufacture Development Analysis by 2021-2027

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The global Electric Vehicle market size is expected to surpass around US$ 802.81 billion by 2027 and the market is expected to garner growth at a CAGR of 40.7% over the forecast period 2021 to 2027.

The Electric Vehicle market report covers a detailed analysis for the historic period 2017-2020, considering 2021 as the base year and forecast (growth) for 2021-2027.

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Growth Factors

Even though the oil prices have declined prominently, electric vehicles adoption is increasing day by day. Rising environmental concern for pollution and CO2 emission, favorable government policies for adoption of electric vehicles, and significant investment by EV manufacturers are some of the major factors driving the global electric vehicle market. Some of the manufacturers are also promoting workplace and residential charging stations to over the charging constraints. For instance, in December 2017, Electrify America LLC announced to install more than 2,800 residential and workplace charging stations by June 2019 in 17 different metropolitan cities of U.S.

However, lack of global standard for the charging infrastructure is one of the major reasons that hinder the market growth. Nonetheless, technological advancement in electric vehicle charging stations powered by renewable energy open up new opportunities in the market growth.

Market Report Scope

Report Highlights Details
Market Size in 2020 USD 165 Billion
Growth Rate CAGR of 40.7% from 2021 to 2027
Largest Market Asia Pacific
Fastest Growing Market Europe and North America
Base Year 2021
Forecast Period 2021 to 2027

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Market Overview

A recent study by Precedence Research on the Electric Vehicle market offers a forecast for 2021 and 2027. The study analyzes crucial trends that are currently determining the growth of the Electric Vehicle market. This report explicates on vital dynamics such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of Electric Vehicle. The study also provides the dynamics that are responsible for influencing the future status of the Electric Vehicle market over the forecast period.

A detailed assessment of the Electric Vehicle market value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the Electric Vehicle market along with their product portfolio enhances the reliability of this comprehensive research study.

Report Highlights

  • Asia Pacific was the dominant region in 2019 and expected to be the most attractive market during the forecast period. China, India, Indonesia, and Korea are some of the most lucrative regions for the electric vehicle growth. Rising investments and government initiatives are the major factors for its significant growth.
  • North America and Europe are the significant revenue contributors in the global electric vehicle market with considerable growth. Rising environmental concern and heavy incentives offered by the government have increased the adoption of electric vehicles massively in these regions.
  • Battery Electric Vehicles (BEV) led the product segment with approximately 65% of the global market share. However, Plug-in Hybrid Electric Vehicles (PHEVs) are considered to register fastest growth during forecast period owing to being driver-friendly coupled with several benefits over the BEV.

Regional Snapshots

Asia Pacific seeks the most lucrative growth over the forecast period owing to rising adoption of electric and zero-emission vehicles in the region. The government of various Asian countries has issued stringent regulations for the CO2 and greenhouse gas (GHG) emission. This has forced the auto-manufacturers to move their production towards more efficient and environment-friendly vehicles. In June 2019, Japan had issued a new CO2 emission standard for 2030, according to this car manufacturing must focus in reducing the CO2 emission by 32% by 2030 in comparison to 2016. Other countries are also taking significant initiative for controlling the vehicle emission. For instance, in 2020, China made huge investment in electric car infrastructure to promote e-mobility. Volkswagen AG, one of the leading electric vehicle manufacturers has signed a joint venture with China and planned to invest USD 11.30 Bn for industrialization of e-mobility in China.

Europe and North America are the prominent electric vehicles market with around 45% combined revenue share globally. Europe after Asia Pacific is the second most lucrative EV market owing to various governments plan for zero emission on-road fleet by 2030. In June 2020, the government of Germany announced to double the subsidies on electric vehicles. The initiative has taken to promote electric vehicle sales and restrict diesel vehicle sales. Similarly, in July 2016, the U.S. government planned to accelerate electric vehicle adoption by announcing some private sector and federal actions such as launch of FAST act process and loan guarantees up to USD 4.5 Bn for the deployment of electric vehicle charging station.

OBJECTIVES OF THE STUDY

  • To analyze and forecast the electric motor market, in terms of value and volume
  • To provide information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To define, segment, and project the size of the global electric motor market on the product type, end-use and other segments
  • To project the size of the market, with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America, with their key countries
  • To strategically analyze micro markets with respect to individual growth trends, growth prospects, and their contribution to the total market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market leaders
  • To strategically profile key players and comprehensively analyze their core competencies
  • To track and analyze research & development (R&D) and competitive developments such as joint ventures, mergers & acquisitions, and new product developments in the electric motor market

Research Methodology

  • Market estimate for 2020
  • Average selling price (ASP) per region for specific product type
  • Filtrations and assortment of gathered data, to estimate the base year (2021) market size for the country
  • Gathering data from company websites, annual reports, white papers, financial reports, broker reports, investor presentations, and SEC filings
  • National government documents, statistical databases
  • News articles, press releases, and webcasts specific to companies operating in the market
  • Country wise analysis through internal and external proprietary databases, and relevant patent and regulatory databases
  • Determination of market penetration by country

Major Players Covered in this Report

The updated market research report on electric motor market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Major key players operating in the market are

  • BYD Company Ltd.
  • Ford Motor Company
  • Daimler AG
  • General Motors Company
  • Mitsubishi Motor Corporation
  • Groupe Renault
  • Nissan Motor Company
  • Toyota Motor Corporation
  • Tesla Inc.
  • Volkswagen Group

Segments Covered in the Report

By Product

  • Battery Electric Vehicles (BEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)

By Regional

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Electric Vehicle Market, By Product

7.1. Electric Vehicle Market, by Product Type, 2020-2027
7.1.1. Battery Electric Vehicles (BEV)
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Plug-in Hybrid Electric Vehicles (PHEV)
7.1.2.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Electric Vehicle Market, Regional Estimates and Trend Forecast

8.1. North America
8.1.1. Market Revenue and Forecast, by Product (2016-2027)
8.1.2. U.S.
8.1.3. Rest of North America
8.1.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.2. Europe
8.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.2.2. UK
8.2.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.2.3. France
8.2.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.2.4. Rest of Europe
8.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.3. APAC
8.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.2. India
8.3.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.3. China
8.3.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.4. Japan
8.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.5. Rest of APAC
8.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
8.4. MEA
8.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.2. GCC
8.4.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.3. North Africa
8.4.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.4. South Africa
8.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.5. Rest of MEA
8.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
8.5. Latin America
8.5.1. Market Revenue and Forecast, by Product (2016-2027)
8.5.2. Brazil
8.5.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.5.3. Rest of LATAM
8.5.3.1. Market Revenue and Forecast, by Product (2016-2027)

Chapter 9. Company Profiles

9.1. BYD Company Ltd.
9.1.1. Company Overview
9.1.2. Product Offerings
9.1.3. Financial Performance
9.1.4. Recent Initiatives
9.2. Ford Motor Company
9.2.1. Company Overview
9.2.2. Product Offerings
9.2.3. Financial Performance
9.2.4. Recent Initiatives
9.3. Daimler AG
9.3.1. Company Overview
9.3.2. Product Offerings
9.3.3. Financial Performance
9.3.4. Recent Initiatives
9.4. General Motors Company
9.4.1. Company Overview
9.4.2. Product Offerings
9.4.3. Financial Performance
9.4.4. Recent Initiatives
9.5. Mitsubishi Motor Corporation
9.5.1. Company Overview
9.5.2. Product Offerings
9.5.3. Financial Performance
9.5.4. Recent Initiatives
9.6. Groupe Renault
9.6.1. Company Overview
9.6.2. Product Offerings
9.6.3. Financial Performance
9.6.4. Recent Initiatives
9.7. Nissan Motor Company
9.7.1. Company Overview
9.7.2. Product Offerings
9.7.3. Financial Performance
9.7.4. Recent Initiatives
9.8. Toyota Motor Corporation
9.8.1. Company Overview
9.8.2. Product Offerings
9.8.3. Financial Performance
9.8.4. Recent Initiatives
9.9. Tesla Inc.
9.9.1. Company Overview
9.9.2. Product Offerings
9.9.3. Financial Performance
9.9.4. Recent Initiatives
9.10. Volkswagen Group
9.10.1. Company Overview
9.10.2. Product Offerings
9.10.3. Financial Performance
9.10.4. Recent Initiatives

Chapter 10. Research Methodology

10.1. Primary Research
10.2. Secondary Research
10.3. Assumptions

Chapter 11. Appendix

11.1. About Us
11.2. Glossary of Terms

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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