According to IMARC Group’s latest report, titled “Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.’ the global electric vehicles market reached a volume of 12.7 Million Units in 2021. An electrical vehicle (EV) is a self-propelling automobile that operates on electricity. Battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs) are some of the common types of EVs available in the market. Compared to the traditionally used vehicles, EVs provide better fuel economy, lower carbon emissions, lesser maintenance, and reduced noise pollution.
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
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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. 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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicles market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, charging type, propulsion type and vehicle type.
Competitive Landscape:
- 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.
Breakup by Component:
- Battery Cells & Packs
- On-Board Charger
- Fuel Stack
Based on the component, battery cells & packs currently account for the highest market share.
Breakup by Charging Type:
- Slow Charging
- Fast Charging
Based on the charging type, slow charging represents the largest category.
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, hybrid electric vehicle currently account for the largest market share.
Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Others
Based on the vehicle type, passenger vehicles currently account for majority of the market share.
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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