As per the latest report by IMARC Group, titled “Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicles market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global electric vehicles market reached a volume of 12.7 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 106.6 Million Units by 2027, exhibiting at a CAGR of 41.8% during 2022-2027. An electric vehicle (EV) is a self-propelling automobile that is partially or fully powered on electric traction motors instead of an internal combustion engine. It uses a large traction battery pack to power the electric motor, which requires a charging from electric vehicle supply equipment (EVSE). EVs can also be charged through turbochargers and regenerative braking systems that function by converting kinetic energy into electrical energy. Some other key components of EVs include a charge port, DC/DC converter, electric traction motor, onboard charger, power electronic controller, thermal system (cooling), traction battery pack, and transmission. As compared to conventional automobiles, EVs are more environment friendly and cost-effective as they omit the use of fossil fuels, eliminate tailpipe emissions, reduce the dependency on liquid fuel components, and require lesser maintenance.
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.
Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape
- Strategies of major players and product offerings
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Global Electric Vehicles Market Trends and Drivers:
Growing environmental concerns, rapid urbanization, and increasing per capita income, particularly in emerging economies, are primarily facilitating the demand for electronic vehicles across the globe. This is further supported by extensive research and development (R&D) activities to engineer zero- and low-emission vehicles with improved fuel efficiency and a strong, soundless engine. Manufacturers are also aiming to reduce the dependence on other forms of fuels through considerable investments in improving the charging infrastructure by launching vehicle-to-grid (V2G) charging energy management system, which is acting as a major growth-inducing factor. Moreover, the widespread adoption of resource-efficient production techniques, along with significant expansion in the electronics. automotive, and new energy sectors are also catalyzing the market growth. Additionally, governments of various nations are undertaking favorable initiatives to provide subsidies, tax exemptions and free-of-cost charging facilities to the users, which, in turn, is creating a positive outlook for the market. Apart from this, the widespread adoption of lithium-ion and graphene-based batteries is further helping key players to generate new business opportunities in the market The global market is majorly driven by an enhanced focus on sustainable development. With the growing concerns regarding climate change, there has been a considerable rise in the sales of fuel-efficient automobiles across the globe. Furthermore, continual improvements in the EV charging infrastructure are creating a positive outlook for the market. Other factors, including inflating disposable income levels of the masses, the implementation of several favorable government policies encouraging sustainable development and extensive research and development (R&D) activities conducted by key players, are also projected to drive the market growth.
Key Market Segmentation:
The competitive landscape of the market with some of the top electric vehicles companies being
- Bayerische Motoren Werke AG
- BYD Auto
- Daimler AG
- Ford Motor Company
- General Motors
- Honda Motor Company
- Hyundai Motor Company
- SAIC Motor
- Tesla Inc. Toyota Motor Corporation
Market Breakup by Component:
- Battery Cells & Packs
- On-Board Charger
- Fuel Stack
Based on the component, the market has been divided into battery cells and packs, on-board charger, and fuel stack. Amongst these, battery cells and packs account for the highest market share.
Market Breakup by Charging Type:
- Slow Charging
- Fast Charging
On the basis of the charging type, the market has been bifurcated into slow and fast charging. Currently, slow charging represents the largest category.
Market Breakup by Propulsion Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
Based on the propulsion type, battery electric vehicles (BEV) currently account for the largest market share, followed by fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).
Market Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
On the basis of the vehicle type, the market has been segmented into passenger, commercial, and other vehicles. Currently, passenger vehicles currently account for majority of the market share.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
On the geographical front, Asia Pacific (China, Indonesia, Philippines, South Korea, North Korea, Malaysia, Vietnamand others) currently represents the biggest market for electric vehicles, followed by North America (the United States and Canada), Europe (France, Italy, Russia and others), Middle East and Africa (Saudi Arabia, the United Arab Emirates, South Africa and others), and Latin America (Brazil, Mexico, Argentina, Chile, Peru and others).
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Electric Vehicles Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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