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Global Electric Vehicles Market to Grow at 47% During 2021-2026, Spurred by Enhanced Focus on Sustainable Development

Published on Jan 03, 2020

According to the latest report by IMARC Group, titled "Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global electric vehicle market size reached a volume of 2.45 Million Units in 2020. Electric vehicles (EVs) are self-propelling automobiles that function with the help of an electric motor. They replace the use of internal combustion engines with alternatives, such as self-charging devices, that convert the kinetic energy into electrical energy. As a result, they are commonly characterized by improved energy efficiency and reduced emissions of greenhouse gases (GHGs). The usage of turbochargers and regenerative braking systems in these automobiles also facilitate minimized tailpipe emissions and reduced dependency on conventional fuels and gases. Consequently, individuals are widely preferring the adoption of EVs over traditional vehicles due to an enhanced focus on sustainable development.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Electric Vehicles Market Trends:

The global market is primarily driven by the increasing awareness regarding the rising pollution levels and the growing concerns regarding climate change among the masses. This has encouraged the widespread adoption of fuel-efficient automobiles on the global level, thereby creating a boost to the uptake of electric vehicles. The market is further driven by the escalating integration of advanced technologies with the existing EV charging infrastructure. This has led to enhanced grid stability and minimized electricity reliability while significantly improving the fuel efficiency of automobiles. This, along with the launch of zero-emission EVs, is providing an impetus to the market growth. Moreover, governments of numerous countries are undertaking favorable initiatives in the market in an attempt to provide subsidies, tax exemptions and free-of-cost charging facilities to the users, thereby creating a positive outlook for the market. Some of the other factors contributing to the market growth include rapid urbanization, inflating per capita income levels and the extensive research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 47% during the forecast period (2021-2026).

Market Summary:

  • Based on the component, the market has been segregated into battery cells and packs, on-board charger, and fuel stack. At present, battery cells and packs represent the leading segment.
  • On the basis of the charging type, slow charging exhibits a clear dominance in the market, followed by the fast-charging segment.
  • On the basis of the propulsion type, the market has been classified into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), plug-in hybrid electric vehicles (PHEV) and hybrid electric vehicles (HEV). Amongst these, BEVs account for the majority of the total market share.
  • Based on the vehicle type, the market has been segmented into passenger, commercial and other vehicles. Passenger vehicles currently dominate the market share.
  • Region-wise, Asia Pacific holds the leading position in the market. It is further divided into China, Japan, India, South Korea, Australia, Indonesia and others. Other major regions include Europe (Norway, Netherlands, Sweden, the United Kingdom, France, Germany and others); North America (the United States and Canada); Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others); and Latin America (Brazil, Mexico, Argentina, Columbia and others).
  • The competitive landscape of the market has been examined, with some of the key players being Bayerische Motoren Werke (BMW) AG, BYD Auto Co., Ltd., Chery Automobile Co., Ltd., Daimler AG, Ford Motor Company, Zhejiang Geely Holding Group Co., Ltd., General Motors Company, Honda Motor Company, Ltd., Hyundai Motor Company, Nissan Motor Co., Ltd., Renault SA, SAIC Motor Corporation Limited, Tesla Inc., Toyota Motor Corporation and Volkswagen AG.

 

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