September 23, 2021
Electric Vehicle

Electric Vehicle Market to Reach US$ 802.81 Billion, Globally, by 2027

The global electric vehicle market value is expected to reach US$ 802.81 Billion by the end of 2027, decelerating at a CAGR of 40.7% from 2020 to 2027. The report contains 150+ pages with detailed analysis. 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.

Electric vehicle is an electrically powered vehicle that uses traction motor or electric motor for propulsion. They have shown attractive growth over the past decade and their adoption rate is still prospering in double digit growth. On the basis of product they are categorized into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). Presently, BEV dominated the sale of electric vehicles across globe. However, PHEVs are anticipated to flourish significantly over the coming years. The growth of PHEV is attributed to its benefits over BEV and driver-friendly features. Some of the attractive features of PHEV are extended driving range due to presence of liquid fuel tank & internal combustion engine, low battery cost and size, and charging flexibility at any gas station.

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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.

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.

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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.

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

Market Segmentation

By Product

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

 Regional Segmentation

  • 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 covered in the report include:

Market Demand-Supply Analysis – The report covers detailed insights into demand and supply forces prevailing in the global electric vehicle market. It examines trends and factors influencing demand for electric vehicle globally and gauges the impact of the same on the production.

Pricing Analysis – The report presents an exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.

Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.

Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for electric vehicle across the world.

Competitive Analysis – Some of the leading market players are profiled in the report on electric vehicle. The report offers an estimation of share individually help by the market players and determines the impact of some of their popular strategies.

COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.

Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.

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.

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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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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