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Wednesday, January 12, 2022

Global Electric Vehicle Market To Be Driven By Rise In Demand For Fuel Efficient Vehicles 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 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.

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The key highlights of the report include:

Market Overview (2016-2026)

• Forecast CAGR (2021-2026): 20.75%

Electric vehicles are quickly gaining popularity because they are fuel-efficient, generate less carbon, require minimal maintenance, are easy to charge at home, give a smoother ride, and operate quietly. Self-charging equipment such as regenerative braking systems, turbochargers, and others, or a collector system driven by electricity from charging station installations, can power electric vehicles. According to the Norwegian Road Federation, a government-run road transportation organisation in Norway, pure electric and hybrid vehicles accounted for 53% of all new car sales in 2018, up from 42% in 2017. Norway’s parliament has passed a resolution aiming for zero emissions for all new cars sold by 2024, which is likely to boost the electric vehicle market.

Industry Definition and Major Segments

An electric vehicle refers to a vehicle that requires one or more electric motors for propulsion. Electricity utilised to drive electric battery vehicles as a transportation fuel. Electric vehicles include electric trains, electric cars, trucks, buses, aeroplanes, boats, motorbikes, scooters, even spacecraft.

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Based on type, the market is divided into:

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

On the basis of vehicle type, the market can be segmented into:

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

The regional markets include:

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

Market Trends

The global electric vehicle market is being driven by reasons such as increased awareness of the negative repercussions of greenhouse gas emissions. Electric vehicles are designed to take the place of polluting traditional modes of transportation. Furthermore, governments all over the world are establishing stringent rules and regulations on automobile emission supplements. They’re also promoting the usage of long-range, zero-emission automobiles and expanding public electric vehicle charging infrastructure, which is helping to drive industry growth. Furthermore, intensive research and development initiatives are boosting individual adoption of electric vehicles, which is expected to drive market growth throughout the forecast period.

Key Market Players

The major players in the market are Tesla, Inc. (NASDAQ: TSLA), SAIC Motor Corporation Limited, BYD Company Ltd, Toyota Motor Corporation, Beijing Automobile Co., Ltd., Dongfeng Motor Group Co., Ltd., and Others.

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.

Media Contact

Company Name: EMR Inc.
Contact Person: Mathew Williams, Business Consultant
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
City: Sheridan
State: Wyoming
Country: United States

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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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