[150+ Pages Report] The electric vehicle market size in terms of value is projected to reach $ 802.81 billion by 2027, at a CAGR of 40.7% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.
The study provides the overall revenue of the global electric vehicle market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
The global electric vehicle market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the electric vehicle industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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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.
- Asia Pacific was the dominant region in 2020 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 67% 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.
Report Scope of the Electric Vehicle Market
|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|
|Forecast Period||2021 to 2027|
|Segments Covered||Product Type, Regional Type|
|Companies Mentioned||BYD Company Ltd., Ford Motor Company , Daimler AG , General Motors Company, Mitsubishi Motor Corporation and Groupe Renault|
Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by 2027, with a CAGR of 20.1%. North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%.
Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share.
North America and Europe are expected to witness considerable CAGRs of 27.5% and 25.3%, respectively, during the forecast period.
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.
Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global electric vehicle market are as follows:
- 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
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights of the report are:
- Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
- Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Competitive Landscape Analysis – Some of the leading companies operating in the electric vehicle market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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 2020-2027 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.
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