The global electric vehicle market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 568.2 Billion by 2026.
Electric vehicle also knows as electric motor or EV, is a vehicle that uses electric motor for propulsion. Some of the common electric vehicles are electric car, electric truck, electric train, electric airplanes, electric lorries, electric boats, electric airplanes, and other. In electric vehicle, electric energy is used as a transportation fuel to power electric vehicles. Electric vehicles are very different from fossil fuel powered vehicles, wherein, they receive their power from a wide range of sources, including fossil fuels, nuclear power, and renewable sources such as tidal power, solar power, and wind power or any combination of those.
Electric vehicle is a product of technology advancement and is also seen to be the one of the finest revolution in the automotive industry. Electric vehicle is an alternative to fuel based vehicle which itself is a biggest growth driver in this market. Globally, the market is picking the growth momentum with rising adopting of electric vehicle every year. On the other hand, strict vehicle emission itself is promoting the adoption of electric vehicle across the globe. Factors such as increase in demand for fuel-efficient, high-performance, and low-emission vehicles are driving the demand of electric vehicles. Emergence of electric vehicle is considered to be technology driven, hence, technological impact to further come up with innovative product formulation by widening the growth dimension of this market.
On the split side, high manufacturing cost of electric vehicle as compared to traditional vehicle, and low fuel economy and serviceability are the key growth barriers in this market. High manufacturing cost is expected to challenge the growth of electric vehicle market during the forecast period. Nevertheless, consistent technological advancement in the automotive industry and favorable government policies by government o boost the sales of electric vehicles and tremendous responses from consumer is anticipated to offer extensive growth opportunities over the next decade.
The market research study on “Electric Vehicle market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Electric Vehicle market. The report also analyzes the key players operating in Electric Vehicle market and identifies the key strategies deployed by them along with the market share of leading players.
The global Electric Vehicle market is segmented as below:
Electric Vehicle Market by Type
Electric Vehicle Market by Type of Application
Electric Vehicle Market by Geography
Global Electric Vehicle market is segmented into Type, Application, and region.
Based on Type, the global Electric Vehicle market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Hybrid electric vehicle is the largest segment for electric vehicle by type which is most likely to be the largest one of by the end of forecast period. One of the major advantages of associated with hybrid electric vehicle is combines conventional internal combustion engine system with an electric propulsion system. Moreover, the presence of electric power train is directed to achieve better fuel efficiency than a conventional vehicle. This has led hybrid vehicle to attain highest market share over other segments, on the spit side, battery electric vehicle segment expected to progress in terms of market share and exhibit largest market share by the end of assessment period.
Based on Type of application, the global Electric Vehicle market is segregated into two-wheeler, passenger cars, and commercial cars. Passenger car segment emerged as the global leader in electric vehicle market due to growing in adoption of electric passenger cars as compared to two wheelers and commercial vehicles. Over the next five years, commercial vehicle expected to grow at highest CAGR benefits associate with electric motor engines as compared internal combustion one.
In terms of region, the global Electric Vehicle Charging Stations market is classified into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa.
Asia Pacific is the largest regional market in the global market for Electric Vehicle market and it is expected to be the largest one by the end of forecast period. High automotive production base in the China and India and largest product launches of hybrid vehicle in the Asia-Pacific region is encourage the growth of electric vehicle charging stations. Increasing initiatives at country level regarding pollution and climatic changes is resulting into increased awareness for electric eco systems by reducing the fuel based vehicle adoption. The intensity of this factor is expected to more effective over the coming years in Asia Pacific which likely unlock immense growth opportunities over the next decade.
China is being witnessing tremendous sales in the passenger vehicle segment in response to the great response from consumers. The country is knows for automotive manufacturing hub, hence, innovation in the automotive industry has been always proved as an advantages for domestic consumption.
Some of the major players in the global Electric Vehicle market are, Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company..