Electric Vehicle Market Size, Share, Growth Strategies, Trend Forecast To 2027
Electric Vehicle (EV) Market Analysis:
The global electric vehicles market size will develop at a whopping 18.4% CAGR between the forecast period 2017- 2022, according to the new Market Research Future (MRFR) analysis. An electric vehicle or EV, simply put, is a car that utilizes one or above traction motors or electric motors for propulsion. These vehicles work in different technologies such as plug-in hybrid, battery, and hybrid and are of different types such as two-wheelers, commercial cars, and passenger cars.
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Various factors are propelling the global electric vehicles market share. According to the recent MRFR market estimates, such factors include proactive government initiatives, technological advances, demand for electric buses, increase in electric vehicle sales, rising fuel prices, growing need for fuel-efficient, low-emission, and high-performance vehicle fleet, and stringent government regulations and rules towards vehicle emission supplements.
On the contrary, low serviceability, low fuel economy, high manufacturing cost, and the impact of the on-going COVID-19 pandemic may deter the global electric vehicle market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global electric vehicle market based on vehicle type and technology.
By technology, the global electric vehicle market is segmented into plug-in hybrid electric vehicle, battery, and hybrid. Of these, the plug-in hybrid electric vehicle segment will lead the market over the forecast period. The developing infrastructure of electric vehicle charging stations across the globe is adding to the growth of the segment.
By vehicle type, the global electric vehicle market is segmented into two-wheelers, commercial cars, and passenger cars. Among these, passenger cars will dominate the market over the forecast period. Rapidly growing sales of electric vehicles are adding to the growth of the segment.
Regional Analysis
By region, the electric vehicles market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. China being the largest market for electric two-wheelers and electric cars, major innovations and technological advances in the auto industry in South Korea, Japan, and Europe, development of advanced electric cars, need to reduce carbon emissions, and need to develop fast charging and more advanced charging stations are adding to the global electric vehicles market growth in the region.
In Europe, the electric vehicles market is predicted to hold the second-largest share over the forecast period. The government’s latest vehicle emission standards, the presence of some major automobile manufacturers, advances in technology, and burgeoning demand for e-cars in Norway, France, the UK, and Germany are adding to the global electric vehicles market growth in the region.
In North America, the electric vehicles market will have healthy growth in the market over the forecast period. Burgeoning electric vehicle sales in Canada and the US, the presence of several key players, constant innovations, and new initiatives being undertaken by auto manufacturers, charging network companies, non-profit organizations, and policymakers are adding to the electric vehicles market growth in the region.
In the RoW, the electric vehicles market is predicted to have sound growth over the forecast period. The growing development of charging infrastructure coupled with the presence of key electric vehicle manufacturers are adding to the global electric vehicles market growth in the region.
Key Players
Key contenders profiled in the global electric vehicles market report include Mitsubishi Motors Corporation, Hyundai Motor Company, Daimler AG, General Motors, BMW, Volkswagen, Ford Motor Company, Toyota Motor Corporation, Tesla Inc, and Nissan Motor Company.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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