Pune, May 20, 2021 (GLOBE NEWSWIRE) -- EV Market Analysis
Market Research Future (MRFR) expects the global electric vehicles market to reach USD 893.5 Billion by 2027 at a CAGR of 21.60% from 2020-2027 (forecast period).
One of the most innovative technologies, electric vehicles with the most up-to-date features, is causing a rapid evolution in the automotive industry. The government is actively supporting the electric vehicle market by enacting favorable policies and providing subsidies to electric vehicle industry car manufacturers in order to reduce emission rates. Tax relief, non-monetary incentives such as new car registration and carpool lane registration, growing vehicle range, active involvement of OEMs, providing charging facilities in regular areas, and other factors can all contribute to the growth of the electric vehicle industry trends.
As fuel prices rise, more people are turning to electric vehicles and avoiding oil imports, these electric vehicles are the best option. This contributes to the global growth of electric vehicles. The use of these EVs would minimize reliance on fossil fuels. As a result, it lowers the maintenance and running costs of electric vehicles when opposed to ICE vehicles. In general, the atmosphere is becoming more polluted as a result of ICE vehicles, which emit a large amount of GHG. To prevent this, global governments are launching initiatives to create a zero-emission environment, which increases air quality. The government is providing excellent support in the form of incentives and policies that are significantly increasing the development of the electric vehicle industry.
However, the high cost of electric vehicles restrains demand for electric vehicle market share, resulting in subsidy reductions in the United States and China. Reduced imports of fossil fuels raise demand in the EV industry, lowering the maintenance and running costs of electric vehicles.
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Electric vehicle demand is decreasing due to a lack of standardization of charging infrastructure in developing and underdeveloped areas. Both drivers and charging network operators should be familiar with charging infrastructure, which is in need of improvement.
COVID-19 Impact on the Global Electric Vehicles Market
Globally, the COVID-19 pandemic is having a devastating effect on all types of markets. The growth of the electric vehicle market has slowed, especially in the automotive sector, as a result of production restrictions and a decline in automobile sales. However, after the lockdowns, the market growth for its advanced features is increasing day by day. The adoption of EVs in the United States, China, and Europe, as well as the demand for battery-powered vehicles, are driving the growth of the electric vehicle industry.
Globally, the government aims to provide zero-emission vehicles and to reduce reliance on oil imports, which the electric vehicle industry provides. The establishment of charging networks, the growth of residential units, and the reduction of battery prices are some of the factors that will increase the demand for electric vehicles market value.
Market Segmentation
The global electric vehicle market has been segmented into technology and vehicle type.
Based on technology, the electric vehicles market has been segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Hybrid electric vehicles can operate on both electric and fuel-based driving ranges. It is useful when there is inadequate charging infrastructure. To increase demand for battery electric vehicles, the government and private companies intend to build charging infrastructure all over the world in order to minimize emissions and keep the environment green. The plug-in hybrid electric vehicles are lowering the prices of these vehicles, which is increasing demand even further.
Based on vehicle type, the global electric vehicles market has been segmented into passenger cars, two-wheelers, and commercial vehicles. Among these, passenger cars captured the largest market share of the electric vehicle market value. The use of electric mobility and lighter materials in vehicle design helps in the electric vehicle market growth.
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Regional Analysis
Based on the region, the global electric vehicle market has been segmented into Asia Pacific, Europe, North America, and the Rest of the World.
North America region is leading the global electric vehicles market due to the increasing demand for electric cars at a rapid pace across the US and Canada.
Because of its enormous potential and emerging economies, Asia Pacific is projected to lead substantial growth in the global market for passenger cars in developing nations such as China and India. China has the largest market share of electric vehicles in passenger cars and other automobiles. Europe has been a driving force in the market's development for the government's steps to curb carbon emissions. The United Kingdom, Germany, and France are all contributing to the market's expansion in this region.
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Key Players
The emerging and efficient key players in the global electric vehicles market research are General Motors (U.S), Hyundai Motor Company (South Korea), BMW (Germany), Daimler AG (Germany), Nissan Motor Company (Japan), Toyota Motor Corporation (Japan), Ford Motor Company (U.S), Tesla Inc. (U.S), Mitsubishi Motors Corporation (Japan), Volkswagen (Germany).
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