Pune, India, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global electric vehicle (EV) market size was evaluated at USD 169.95 billion in 2020 and is slated to amass notable gains over the forecast period 2021-2026.
Proceeding further, the research literature studies the market from the perspective of vehicle type, propulsion type, and geographies to highlight the major areas for investment during the analysis period. It also explicates the competitive landscape on the basis of the financials, strategies, and recent developments with respect to prominent players to provide a holistic view of the prevailing industry dynamics.
Rising concerns about the environment, and various government initiatives towards implementing zero emission laws for reducing carbon footprint are the major factors driving the industry growth. In addition, burgeoning demand for two and three-wheeler vehicles is expected to propel market development in the upcoming years.
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Increasing efforts by companies to boost EV production, and focus on development of EV charging infrastructure are also projected to spur the market development. Moreover, rising government expenditure, coupled with heavy investments by leading OEMs are creating lucrative opportunities for the industry partakers.
COVID-19 impact
The outbreak of coronavirus pandemic has severely affected the global economy, especially sectors such as manufacturing, oil & gas, automotive, and power generation. Notably, then government guidelines during the COVID-19 pandemic caused temporary suspension of most manufacturing units during the initial days of the lockdown.
This led to disruptions in production schedules and supply chains as EV manufacturers were compelled to reduce the volume of production due to excessive idle inventories. However, governments have now started offering various incentives and subsidies for purchase of electric vehicles, which is functioning as a major push for the market.
Market segmentation overview
Based on propulsion type, worldwide electric vehicle (EV) industry is classified into battery electric vehicles, and plug-in hybrid electric vehicles. Considering the vehicle type, the business vertical is split into passenger cars, three wheelers, two wheelers, and commercial vehicles.
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Competitive scope
Prominent players in worldwide electric vehicle (EV) industry include Nissan Motor Co. Ltd., Ford Motor Co., AB Volvo, General Motors Co., Renault S.A., Daimler AG, BMW AG, BYD Co. Ltd., Volkswagen AG, and Tesla Inc. among others.
The aforementioned manufacturers are working on building zero emission electric vehicles that are tailored to reduce greenhouse gases in the environment. These players have recently doubled down on their R&D efforts to meet the evolving needs of the industry.
Global Electric Vehicle (EV) Market, by Propulsion Type (Revenue, USD Billion, 2016-2026)
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
Global Electric Vehicle (EV) Market, by Vehicle Type (Revenue, USD Billion, 2016-2026)
- Passenger Cars
- Two Wheelers
- Three Wheelers
- Commercial Vehicles
Global Electric Vehicle (EV) Market, by Regional Scope (Revenue, USD Billion, 2016-2026)
North America
- United States
- Canada
Europe
- Germany
- U.K.
- France
- Netherlands
- Norway
Asia Pacific
- China
- Japan
- India
- South Korea
Global Electric Vehicle (EV) Market, Competitive Landscape (Revenue, USD Billion, 2016-2026)
- Nissan Motor Co. Ltd.
- Ford Motor Co.
- AB Volvo
- General Motors Co.
- Renault S.A.
- Daimler AG
- BMW AG
- BYD Co. Ltd.
- Volkswagen AG
- Tesla Inc.
Table of Content:
1. Report Scope and Methodology
1.1 Scope of the Report
1.2 Research Methodology
1.3 Executive Summary
2. Strategic Recommendations
3. Electric Vehicle (EV) Market: Product Overview
4. Global Electric Vehicle (EV) Market: An Analysis
4.1 Market Size, By Value, Year 2016-2026
4.2 Market Size, By Volume, Year 2016-2026
4.3 Impact of COVID-19 on Electric Vehicle (EV) Market
4.4 Global Electric Vehicle (EV) Market: Growth & Forecast
5. Global Electric Vehicle (EV) Market: Segment Analysis
5.1 Global Electric Vehicle (EV) Market Segmentation, By Propulsion Type (Value)
5.2 Competitive Scenario of Electric Vehicle (EV) Market: By Propulsion Type (2020 & 2026)
5.3 By Battery Electric Vehicles- Market Size and Forecast (2016-2026)
5.4 By Plug-in Hybrid Electric Vehicles- Market Size and Forecast (2016-2026)
6. Global Electric Vehicle (EV) Market Segmentation, By Vehicle Type (Value)
6.1 Competitive Scenario of Global Electric Vehicle (EV) Market: By Vehicle Type (2020 & 2026)
6.2 By 2/3 -wheelers - Market Size and Forecast (2016-2026)
6.3 By Passenger Cars - Market Size and Forecast (2016-2026)
6.4 By Commercial Vehicles - Market Size and Forecast (2016-2026)
7. Global Electric Vehicle (EV) Market: Regional Analysis
7.1 Competitive Scenario of Global Electric Vehicle (EV) Market: By Region (2020 & 2026)
8. North America Electric Vehicle (EV) Market: An Analysis (2016-2026)
8.1 North America Electric Vehicle (EV) Market by value: Size and Forecast (2016-2026)
8.2 North America Electric Vehicle (EV) Market: Prominent Companies
8.3 Market Segmentation By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid vehicles)
8.4 Market Segmentation By Vehicle Type (2/3- wheelers, Passenger Cars, Commercial Vehicles)
8.5 North America Electric Vehicle (EV) Market: Country Analysis
9. Europe Electric Vehicle (EV) Market: An Analysis (2016-2026)
9.1 Europe Electric Vehicle (EV) Market by value: Size and Forecast (2016-2026)
9.2 Europe Electric Vehicle (EV) Market: Prominent Companies
9.3 Market Segmentation By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid vehicles)
9.4 Market Segmentation By Vehicle Type (2/3- wheelers, Passenger Cars, Commercial Vehicles)
9.5 Europe Electric Vehicle (EV) Market: Country Analysis
10. Asia Pacific Electric Vehicle (EV) Market: An Analysis (2016-2026)
10.1 Asia Pacific Electric Vehicle (EV) Market by value: Size and Forecast (2016-2026)
10.2 Asia Pacific Electric Vehicle (EV) Market: Prominent Companies
10.3 Market Segmentation By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid vehicles)
10.4 Market Segmentation By Vehicle Type (2/3- wheelers, Passenger Cars, Commercial Vehicles)
10.5 Asia Pacific Electric Vehicle (EV) Market: Country Analysis
11. Global Electric Vehicle (EV) Market Dynamics
11.1 Global Electric Vehicle (EV) Market Drivers
11.2 Global Electric Vehicle (EV) Market Restraints
11.3 Global Electric Vehicle (EV) Market Trends
12. Market Attractiveness and Strategic Analysis
12.1 Market Attractiveness Chart of Global Electric Vehicle (EV) Market - By Propulsion Type (Year 2026)
12.2 Market Attractiveness Chart of Global Electric Vehicle (EV) Market - By Vehicle Type (Year 2026)
12.3 Market Attractiveness Chart of Global Electric Vehicle (EV) Market - By Region (Year 2026)
13. Competitive Landscape
Related Report:
Fuel Cell Electric Vehicle (FCEV) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
With increasing global emphasis on lessening human impact on the environment from carbon emissions, the fuel cell electric vehicle (FCEV) market growth is expected to pick up tremendous speed over the coming years. FCEVs are vehicles that are powered using hydrogen instead of conventional fossil fuels. These vehicles are much more efficient than the conventional fossil fuel powered internal vehicles and do not generate any tailpipe emissions when running, emitting only warm air and water vapor. Similar to fully-electric vehicles, FCEVs rely on electricity to drive an electric motor, which in turn drives the wheels. However, as opposed to electric vehicles, which store charge in a chemically configured battery, often Li-ion, FCEVs generate electricity by using a fuel cell that is powered by hydrogen. From a regional frame of reference, the LATAM FCEV market is anticipated to witness remunerative growth. Increasing consumer awareness as well as the entry of a number of renowned industry players in the region is expected to spur the market growth in Latin America.
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