Global Electric Vehicle Market Outlook, Prospect and Future 2020
Summary - A new market study, titled “Global Electric
Vehicle Market by Vehicle Type (Passenger Cars, Two-Wheeler, Three Wheeler&
Commercial Vehicles), By Vehicle Class (Mid-priced and Luxury), By Propulsion
Type(Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In
Hybrid Electric Vehicle (PHEV) and Hybrid Electric Vehicle (HEV)), By Power
Output (Less Than 100 Kw, 100-250 Kw and Above 250 Kw), By Charging Station (AC
EV Charging Station and DC EV Charging Station) and By Region (North America,
Europe, Asia Pacific, South America, and Middle East & Africa)” has been
featured on WiseGuyReports.
Global electric vehicles market likely to propelling due to
government incentives and environmental policies and increasing prices of fuel,
urging the need for alternative energy-efficient sources
The global electric vehicle market generated USD 165.76
Billion in 2019 and projected to reach USD 811.82 Billion by 2027, registering
a CAGR of 18.61%. It is primarily attributed to the governments around the
world that have supported and provide financial aids for respective industries
to manufacture and innovate with advanced electric models. Additionally,
growing concern towards environmental pollution will impact the electric
vehicles industry in the future time. Electric vehicles are cleaner than
internal combustion engine vehicles over their lifetime; for example, the
electric car produces half of the greenhouse gas emissions on an average
passenger car. For instance, an electric vehicle is almost 30% cleaner over its
life cycle compared to even the most efficient internal combustion engine
vehicle in the market. These attributes of electric vehicles strengthen
governments' goals to promote electric cars. Hence, in the next ten years, the
market demand for electric vehicles will propel owing to growing concern
regarding environmental pollution.
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Electric Vehicle Market
Furthermore, the provision of home charging options with
every EV purchases electric vehicle by manufacturers, adding to the convenience
of consumers, will lead to spur the robust growth of the electric vehicle
industry. Also, the increasing awareness among customers about the harmful
effects of environmental pollution caused by gasoline and petrol as a fuel,
coupled with the automobile companies that are working on making EVs
affordable, will result in significant growth of the market.
The growing preference of consumers toward electric vehicles
will end in the higher deployment of EV traction motors, thus, creating
revenue-generating opportunities for the e-mobility market across the globe.
Moreover, a huge surge in energy cost and competition among emerging energy
efficiency technologies projected to fuel the global electric vehicle market in
the forecast period.
Vehicle Type Overview in the Global Electric vehicles Market
Based on vehicle type, the global electric vehicle market
classified into passenger cars, two-wheeler, three-wheeler, and commercial
vehicles. The passenger cars will be the fastest-growing segment in the
forecast period. It is attributable to the rise in sales of electric passenger
cars along with government supportive financial plans on the purchase of EV
cars.
Propulsion Type Overview in the Global Electric vehicles
market
Based on propulsion type, the global electric vehicle market
segregated into battery electric vehicle (BEV), fuel cell electric vehicle
(FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle
(HEV). The hybrid electric vehicle (HEV) held for the highest revenue in 2019
due to the growing adoption of a hybrid electric vehicle by many OEMs.
Vehicle Class Overview in the Global Electric vehicles Market
Based on Vehicle Class, the global electric vehicle market
bifurcated into Mid-priced and Luxury. The Mid-priced segment accounted for a
larger market share in 2019 and projected to lead the market by 2027. It is due
to the huge demand for mid-price EV along with governments' incentives on the
purchase of EV.
Power Output Overview in the Global Electric vehicles Market
Based on power output, the global electric vehicle market
categorized into Less Than 100 kW, 100-250 kW, and above 250 kW. The Less Than
100 kW segment generated the largest revenue in 2019, on account of their power
handling capacity that is sufficient for charging the relatively low power
batteries like for e-bikes, scooters, electric wheelchairs, etc.
Charging Station Overview in the Global Electric vehicles
Market
Based on the charging station, the global electric vehicle
market bifurcated into AC EV Charging Station and DC EV Charging Station. DC EV
Charging Station segment estimated to dominate the electric vehicle market by
2027. It is due to the ability of DC charging stations to charge an electric
vehicle (EV) in lesser time compared to AC charging stations. DC EV Charging
Station is capable of charging an EV in 20-30 minutes. Fast chargers for
electric vehicles use DC charging, convert the power before it enters the
vehicle.
Regional Overview in the Global Electric vehicles Market
By geography, the Global Electric vehicles Market segmented
into North America, Europe, Asia Pacific, South America, and Middle East &
Africa. North America accounted for maximum revenue share in 2019, owing to the
presence of keys players in these regions, and sales of electric vehicles have
doubled in the US. Additionally, the growing demand for electric cars,
government initiatives, and high disposable income will impact the USA EV
market in the next few years.
Global Electric vehicles Market: Competitive Landscape
Companies such as General Motors, Nissan Motor, Tesla Motor,
Toyota, BYD, Daimler AG, Mitsubishi Motors Corporation, Renault S.A., Smith
Electric Vehicles, Volkswagen, BMW, Toyota, Ford, Volvo, Daimler, Hyundai,
Honda, Continental AG, and Energica Motor Company SpA, are the key players in
the Global Electric Vehicle Market.
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