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The global electric vehicles market reached a volume of 2.45 Million Units in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 47% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
An electrical vehicle (EV) is a self-propelling automobile that is used for transporting passengers and goods. It can be charged by self-charging devices, including turbochargers and regenerative braking systems that can convert the kinetic energy into electrical energy or can be powered by a large traction battery pack present at charging stations. Battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) are the most common types of EVs available in the market. In comparison to the traditionally used automobiles, EVs do not emit tailpipe emissions, reduce the dependency on oil and are more economical to operate.
The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the growth of the market. Furthermore, growing concerns regarding the detrimental environmental effects due to greenhouse gases (GHGs) emissions, along with the implementation of favorable government policies encouraging sustainable development, are also providing a boost to the market growth. For instance, various benefits, including tax exemptions, subsidies, low buying costs and free charging facilities, are some of the government privileges offered to those utilizing EVs, thus encouraging their overall adoption rates. Additionally, manufacturers are focusing on the development of advanced technologies to produce zero- and low-emission vehicles with improved fuel efficiency and soundless operations. Also, enhancements in the EV charging infrastructure are leading to more investments in utilities, charging hardware manufacturers and other power sector stakeholders. Other factors, including rapid urbanization, increasing disposable incomes and extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicles market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on component, charging type, propulsion type and vehicle type.
Breakup by Component:
Based on the component, battery cells & packs currently account for the highest market share.
Breakup by Charging Type:
Based on the charging type, slow charging represents the largest category.
Breakup by Propulsion Type:
Based on the propulsion type, battery electric vehicles currently account for the largest market share.
Breakup by Vehicle Type:
Based on the vehicle type, passenger vehicles currently account for majority of the market share.
Breakup by Region:
On the geographical front, Asia Pacific currently represents the biggest market for electric vehicles.
The competitive landscape of the industry has also been examined with some of the top electric vehicles companies being Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc. Toyota Motor Corporation, Volkswagen, etc.
IMARC Group’s latest report provides a deep insight into the global electric vehicles market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the electric vehicles industry in any manner.
|Base Year of the Analysis||2020|
|Segment Coverage||Component, Charging Type, Propulsion Type, Vehicle Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||China, Japan, India, South Korea, Australia, Indonesia, Norway, Netherlands, Sweden, United Kingdom, France, Germany, United States, Canada, Turkey, Saudi Arabia, Iran, United Arab Emirates, Brazil, Mexico, Argentina, Colombia|
|Companies Covered||Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc. Toyota Motor Corporation and Volkswagen|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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