Global electric vehicles market likely to propelling due to government incentives and environmental policies and increasing prices of fuel, urging the need for alternative energy-efficient sources
The global electric vehicle market trend generated USD 165.76 Billion in 2019 and projected to reach USD 811.82 Billion by 2027, registering a CAGR of 18.61%. It is primarily attributed to the governments around the world that have supported and provide financial aids for respective industries to manufacture and innovate with advanced electric models. Additionally, growing concern towards environmental pollution will impact the electric vehicles industry in the future time. Electric vehicles are cleaner than internal combustion engine vehicles over their lifetime; for example, the electric car produces half of the greenhouse gas emissions on an average passenger car. For instance, an electric vehicle is almost 30% cleaner over its life cycle compared to even the most efficient internal combustion engine vehicle in the market. These attributes of electric vehicles strengthen governments' goals to promote electric cars. Hence, in the next ten years, the market demand for electric vehicles will propel owing to growing concern regarding environmental pollution.
Furthermore, the provision of home charging options with every EV purchases electric vehicle by manufacturers, adding to the convenience of consumers, will lead to spur the robust growth of the electric vehicle industry. Also, the increasing awareness among customers about the harmful effects of environmental pollution caused by gasoline and petrol as a fuel, coupled with the automobile companies that are working on making EVs affordable, will result in significant growth of the market.
The growing preference of consumers toward electric vehicles will end in the higher deployment of EV traction motors, thus, creating revenue-generating opportunities for the e-mobility market across the globe. Moreover, a huge surge in energy cost and competition among emerging energy efficiency technologies projected to fuel the global electric vehicle market in the forecast period.
Vehicle Type Overview in the Global Electric vehicles Market
Based on vehicle type, the global electric vehicle market classified into passenger cars, two-wheeler, three-wheeler, and commercial vehicles. The passenger cars will be the fastest-growing segment in the forecast period. It is attributable to the rise in sales of electric passenger cars along with government supportive financial plans on the purchase of EV cars.
Propulsion Type Overview in the Global Electric vehicles market
Based on propulsion type, the global electric vehicle market segregated into battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). The hybrid electric vehicle (HEV) held for the highest revenue in 2019 due to the growing adoption of a hybrid electric vehicle by many OEMs.
Vehicle Class Overview in the Global Electric vehicles Market
Based on Vehicle Class, the global electric vehicle market bifurcated into Mid-priced and Luxury. The Mid-priced segment accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to the huge demand for mid-price EV along with governments' incentives on the purchase of EV.
Power Output Overview in the Global Electric vehicles Market
Based on power output, the global electric vehicle market categorized into Less Than 100 kW, 100-250 kW, and above 250 kW. The Less Than 100 kW segment generated the largest revenue in 2019, on account of their power handling capacity that is sufficient for charging the relatively low power batteries like for e-bikes, scooters, electric wheelchairs, etc.
Charging Station Overview in the Global Electric vehicles Market
Based on the charging station, the global electric vehicle market bifurcated into AC EV Charging Station and DC EV Charging Station. DC EV Charging Station segment estimated to dominate the electric vehicle market by 2027. It is due to the ability of DC charging stations to charge an electric vehicle (EV) in lesser time compared to AC charging stations. DC EV Charging Station is capable of charging an EV in 20-30 minutes. Fast chargers for electric vehicles use DC charging, convert the power before it enters the vehicle.
Regional Overview in the Global Electric vehicles Market
By geography, the Global Electric vehicles Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for maximum revenue share in 2019, owing to the presence of keys players in these regions, and sales of electric vehicles have doubled in the US. Additionally, the growing demand for electric cars, government initiatives, and high disposable income will impact the USA EV market in the next few years.
Global Electric vehicles Market: Competitive Landscape
Companies such as General Motors, Nissan Motor, Tesla Motor, Toyota, BYD, Daimler AG, Mitsubishi Motors Corporation, Renault S.A., Smith Electric Vehicles, Volkswagen, BMW, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental AG, and Energica Motor Company SpA, are the key players in the Global Electric Vehicle Market.
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