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The global electric vehicles market reached a volume of 12.7 Million Units in 2021.
We expect the global electric vehicles market to exhibit a CAGR of 41.8% during 2022-2027.
The increasing demand for fuel-efficient automobiles, along with the growing concerns towards detrimental effects of greenhouse gas (GHG) emissions on the environment, represent some of the factors catalyzing the global electric vehicles market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units and delay in R&D activities for electric vehicles.
Based on the component, the global electric vehicles market has been divided into battery cells & packs, on-board charger, and fuel stack. Among these, battery cells & packs currently exhibit a clear dominance in the market.
Based on the charging type, the global electric vehicles market can be segregated into slow charging and fast charging. Currently, slow charging holds the largest market share.
Based on the propulsion type, the global electric vehicles market has been bifurcated into Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV), where Hybrid Electric Vehicle (HEV) currently accounts for the majority of the total market share.
Based on the vehicle type, the global electric vehicles market can be categorized into passenger vehicles, commercial vehicles, and others. Among these, passenger vehicles currently account for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global electric vehicles market include 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.
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