The Global Electric Vehicle Market Volume was 3.5 million units and is expected to grow at a CAGR of 22% during 2020 and 2030. With increasing pollution, the regional government is taking significant initiatives to promote manufacturing of electric vehicles.
For instance, in 2019, the Indian government announced to provide subsidy of US$ 1.4 Billion for sales of electric and hybrid vehicles until 2022. The incentive plan will be applicable only on those vehicles that cost less than US$ 21,777. Similarly, in Germany, the auto manufacturers and the regional government signed an agreement to raise cash incentives under a plan named Environment Bonus for battery powered cars. The incentives were planned to reach US$ 6,680 per vehicle. Both the parties agreed to implement these incentives by the end of 2025. This is anticipated to boost the sales of electric vehicle in coming years.
Moreover, stringent government regulations and rising awareness towards harmful effects of vehicle emissions is expected to favor the growth of global market. However, limited number of charging stations and variations in charging load are some of the factors which might hamper the market growth. Although, companies are focusing on tackling these challenges by implementing different strategies. For instance, some of the organizations are installing their own charging stations. This is anticipated to poise a positive impact on the market growth.
Among all the geographies, North America is anticipated to be dominate the global market by occupying major share in 2019 while Asia Pacific is projected to witness highest growth during the forecast period. The growth of Asia Pacific can be attributed to rising demand for electric cars in emerging economies of Asia Pacific such as India, Japan, and China. Additionally, companies are planning to introduce new products to enhance the customer base across the globe. Or instance, in Auto Expo 2020 Mahindra & Mahindra launched Mahindra eKUV100, which is priced around Rs. 8.25 lakhs. Moreover, in North America companies are continuously launching new plans and strategies to promote adoption of electric vehicles across the region. The company’s strategies are primarily focused on attracting new investors, marketing, and growth of electric vehicles in North America.
Electric Vehicle Market Value Share Analysis, by Geography (2022)
The report titled “Electric Vehicle Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global electric vehicle market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global electric vehicle market is segmented on the basis of vehicle type, component, propulsion type, charging station type, and geography. Based in vehicle type, the global market can be segregated into passenger vehicle, commercial vehicle, and two-wheelers. On the basis of component, the global market can be segmented into Electric Motor, Battery Cells & Packs, Infotainment, and On-Board Charge. Furthermore, the propulsion type segment can be divided into Hybrid electric vehicle (HEV), Plug-in hybrid electric vehicle (PHEV), Fuel cell electric vehicle (FCEV), and Battery electric vehicle (BEV). On the basis of charging station type, the global electric vehicle market can be bifurcated into super charging and normal charging. Based on geography, the global Electric Vehicle Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Electric Vehicle. Further, market share of prominent companies in the global electric vehicle market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Electric Vehicle device companies. The global electric vehicle market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the electric vehicle business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global electric vehicle market.
Some of the prominent player involved in global electric vehicle market include Ford Motor Company, Tesla, BMW Group, Energica Motor Company S.p.A., Nissan Motor Corporation, Daimler AG, Toyota Motor Corporation, Volkswagen AG, and General Motors.
Segmentation:
By Vehicle Type:
By Component:
By Propulsion Type:
By Charging Station Type:
By Geography
The global market for electric vehicle will most likely expand at over 22% CAGR through 2030.
Increasing pollution, the regional government is taking significant initiatives to promote manufacturing of electric vehicles are key factor driving growth of global market.
Some key players operating in the electric vehicle market include Ford Motor Company, Tesla, BMW Group, Energica Motor Company S.p.A., Nissan Motor Corporation, Daimler AG, Toyota Motor Corporation, Volkswagen AG, and General Motors.
North America is anticipated to be dominate the global market by occupying major share in 2019 while Asia Pacific is projected to witness highest growth during the forecast period. The growth of Asia Pacific can be attributed to rising demand for electric cars in emerging economies of Asia Pacific such as India, Japan, and China.
The global electric vehicle market segmented on the basis of Vehicle Type, Component, Propulsion Type, Charging Station Type and Geography.
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