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Monday, August 9, 2021

Global Electric Vehicle Market to be Driven by the Growing Climate Consciousness and Favourable Government Initiatives in the Forecast Period of 2021-2026

The new report by Expert Market Research titled, ‘Global Electric Vehicle Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global electric vehicle market, assessing the market based on its segments like type, vehicle type and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

• Historical Market Size (2020): 3.25 Million Units (in Volume)
• Forecast CAGR (2021-2026): 20.75%
• Forecast Market Size (2026): 10.1 Million Units (in Volume)

According to a report by European Union, the road transport is accountable for over 70% of the transport sector emissions. Therefore, most countries around the globe are encouraging the switch to electric vehicles. In the past years, countries like China, the United States of America, Japan, and several European countries have led the growth of the electric vehicles market. China has dominated the global electric vehicles sales in the historical period; however, Europe overtook China for the very first time in the year 2020 due to stronger incentives offered by the government. Additionally, battery electric vehicles (BEV) have dominated the global sales against plug-in hybrid electric vehicles (PHEVs). The advent of the pandemic slowed down the sales growth rate of electric vehicles, while it fell in some regions. However, the growing awareness about climate change and pollution, government initiatives and product innovations by manufacturers together are set to boost the electric vehicles market in the coming years.

Industry Definition and Major Segments

An electric vehicle is, partially or fully, electric powered automotive. Electric vehicles operate on an electric motor instead of an internal combustion engine. Lithium-ion batteries are considered the standard for modern battery electric vehicles. They are better for the environment as they don’t generate power by burning a mix of fuel and gases.

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On the basis of type, the market is segmented into:

• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicle

Based on vehicle type, the market is divided into:

• Two-Wheeler
• Passenger Car
• Commercial Vehicles
• Heavy Commercial Vehicles (HCVs)
o Buses
o Trucks

The major regional markets include:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Market Trends

The growing concerns over climate change and environmental degradation is propelling the market for electric vehicles. Electric vehicles operate on electric motors and act as a sustainable alternative over traditional combustion-based vehicles. Therefore, owing to the advantages of high-performance and low emission, the market has risen and is expected to continuously grow in the forecast period as well. Additionally, strict rules by governments to counter vehicle emission has led to the establishment of public charging infrastructure in China, France, Norway, among other developed countries and has accelerated the market in the developing nations as well. With the development in technologies, the electric vehicles market is further expected to spread rapidly as more and more efficient and advanced product range land in the market.

Key Market Players

The major players in the market are Tesla, Inc., SAIC Motor Corporation Limited, BYD Company Ltd., Toyota Motor Corporation, Beijing Automobile Co., Ltd., Dongfeng Motor Group Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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Determined to bring client satisfaction, we make sure that our tailored approach meets the client’s unique market intelligence requirements. Our syndicated and customized research reports cover a wide spectrum of industries ranging from pharmaceuticals and food and beverage to packaging, logistics, and transportation.

Media Contact

Company Name: EMR Inc.
Contact Person: Mathew Williams, Business Consultant
Expert Market Research
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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