The global electric vehicles market is expected to reach US$ 1,323.0 Bn by 2027, with a growing CAGR of 34.1% during the forecast period (2021-2027). As per the report by IEA, the global sales of electric cars were around 3 million units in 2020 with the European market at a leading position in terms of the number of vehicles sold.
Gasoline is a petroleum derivative that is not a renewable source of energy and is anticipated to induce exhaustion in the future. To support sustainable development, it is important to develop and use alternative sources of fuel. This led to the evolution and utilization of electrical vehicles, which do not use gas and are more economical than conventional vehicles. Moreover, the demand for a fuel-efficient vehicle has increased recently due to the increase in the price of petrol and diesel. This is due to depleting fuel reserves and therefore the growth within the tendency of companies to realize maximum take advantage of these oil reserves. Thus, these factors produce the necessity for advanced fuel-efficient technologies, resulting in a surging demand for electrically powered vehicles for travel.
Battery electric vehicles incorporate autonomous delivery vehicles, industrial vehicles, and public transport vehicles. However, the expense and reach impediments related to EV batteries are a significant limiting element for the progress to electric portability. Its capacity determines the value of an electric vehicle battery in kilowatt-hours (kWh), which dictates its range and therefore the power level of the motor that it supplies.
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Points Covered in this report are:
To share detailed information about the key factors such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.
To study and analyze the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Players covered in the Electric Vehicles Market report is:
- Tesla
- BMW Group
- Nissan Motor Corporation
- Toyota Motor Corporation
- Volkswagen AG
- General Motors
- Daimler AG
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By Type :
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
By Vehicle Type:
- Two-wheelers
- Passenger Cars
- Commercial Vehicles
Electric Vehicles Market by Region Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, The Asia Pacific region is expected to grow at a rapid pace owing to the presence of abundant natural resources like minerals, ores, among others, in countries like China, India, Australia, Malaysia, and other Asian countries. These countries carry out mining and construction activities to extract natural resources in the region. The construction industry of the region has started adopting Electric Vehicles for site inspection and for speeding up construction activities on site.
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Electric Vehicles Market Key Findings:
- Based on the type, the battery electric vehicles (BEV) accounted for 25.1% market share in the base year 2020
- Based on the vehicle type, the commercial vehicles accounted for the largest market share in 2020 and will maintain its position throughout the forecast period (2020-2027)
- Based on regions, the Asia Pacific region is witnessing a growth rate of 36.1% in the electric vehicles market.
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