Electric vehicle market to reach USD 893.5 billion by 2027
Pune, May 20, 2021 (GLOBE NEWSWIRE) – EV Market analysis
Market Research Future (MRFR) expects Global electric vehicle market to reach USD 893.5 billion by 2027 with a CAGR of 21.60% from 2020 to 2027 (forecast period).
One of the most innovative technologies, electric vehicles with the latest features, is driving rapid development in the automotive industry. The government is actively supporting the electric vehicle market by adopting favorable policies and providing subsidies to automakers in the electric vehicle industry to reduce emission rates. Tax breaks, non-monetary incentives such as registration of new cars and registration of carpool lanes, increase in the range of vehicles, active participation of OEMs, provision of charging facilities in areas Regular and other factors can all contribute to the growth of trends in the electric vehicle industry.
As fuel prices rise more and 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 electric vehicles would minimize dependence on fossil fuels. As a result, it reduces the maintenance and running costs of electric vehicles compared to ICE vehicles. In general, the atmosphere is increasingly polluted due to ICE vehicles, which emit a large amount of GHGs. To prevent this, governments around the world are launching initiatives to create a zero-emission environment, which increases air quality. The government provides excellent support in the form of incentives and policies which greatly increase the development of the electric vehicle industry.
However, the high cost of electric vehicles restricts demand for electric vehicle market share, leading to subsidy cuts in the United States and China. Reducing imports of fossil fuels increases demand in the electric vehicle industry, reducing the cost of maintaining and operating electric vehicles.
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Demand for electric vehicles is declining due to a lack of standardization of charging infrastructure in developing and underdeveloped areas. Drivers and operators of charging networks need to be familiar with the charging infrastructure, which needs to be improved.
Impact of COVID-19 on the global electric vehicle market
Globally, the COVID-19 pandemic is having a devastating effect on all types of markets. Growth in the electric vehicle market has slowed, especially in the automotive sector, due to production restrictions and lower auto sales. However, after the lockdowns, the growth of the market for its advanced features is increasing day by day. The adoption of electric vehicles in the United States, China and Europe, along with the demand for battery-powered vehicles, is driving the growth of the electric vehicle industry.
Globally, the government aims to provide zero-emission vehicles and reduce reliance on imported petroleum, which is supplied by the electric vehicle industry. The establishment of charging networks, the growth of residential units and the reduction in battery prices are some of the factors that will increase the demand for market value of electric vehicles.
The global electric vehicle market has been segmented into technology and vehicle type.
Based on the technology, the electric vehicle market has been segmented into battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles. Hybrid electric vehicles can run on both electric and fuel-powered driving modes. It is useful when the charging infrastructure is inadequate. To increase the demand for battery electric vehicles, the government and private companies intend to build charging infrastructure around the world to minimize emissions and keep the environment green. Plug-in hybrid electric vehicles drive down the prices of these vehicles, further increasing demand.
Based on vehicle type, the global electric vehicle market has been segmented into passenger cars, two-wheelers, and commercial vehicles. Of these, passenger cars captured the largest market share of the market value of electric vehicles. The use of electric mobility and lighter materials in vehicle design is contributing to the growth of the electric vehicle market.
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Based on the region, the global electric vehicle market has been segmented into Asia-Pacific, Europe, North America, and the rest of the world.
The North America region leads the global electric vehicle market due to the growing demand for electric cars at a rapid pace in the United States and Canada.
Due to its huge potential and emerging economies, Asia-Pacific is expected to drive substantial growth in the global passenger car market in developing countries like 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 developing the market for government measures to reduce carbon emissions. The UK, Germany and France all contribute to the expansion of the market in this region.
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The major emerging and effective players in the global electric vehicle market research are General Motors (United States), Hyundai Motor Company (South Korea), BMW (Germany), Daimler AG (Germany), Nissan Motor Company (Japan) ), Toyota Motor Corporation (Japan), Ford Motor Company (United States), Tesla Inc. (United States), Mitsubishi Motors Corporation (Japan), Volkswagen (Germany).
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