Dublin, May 11, 2021 (GLOBE NEWSWIRE) -- The "Electric Vehicles (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The electric vehicles market is expected to reach $2,495.4 billion by 2027, at a CAGR of 33.6 % during the forecast period, 2020-2027.
In terms of volume, this market is expected to grow at a CAGR of 21.7% to reach 233.9 million units by 2027
This market's growth is mainly attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, and decreasing prices of batteries. The increasing adoption of electric mobility in emerging economies and growing adoption of autonomous driving vehicles also aid in the growth of this market.
Based on vehicle type, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
Based on propulsion type, the fuel cell electric vehicles (FCEVs) segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, growing emphasis on the adoption of FCEVs due to advantages such as fast refueling, and increasing government initiatives and investments for advancing fuel cell technology.
Based on power output, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications.
Based on end use, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increase in fuel prices and stringent emission norms set by governments, growing adoption of autonomous delivery vehicles, and increasing adoption of electric buses and trucks.
Geographically, the European electric vehicles market is expected to grow at the fastest CAGR during the forecast period. Consistent developments in making stringent emission regulations by the European Union and increasing the countries' focus on reducing the number of conventional cars on the roads are anticipated as the key factors driving the electric vehicles market in Europe.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. The Impact of Covid-19
4.1. Covid-19 Impact on North American Electric Vehicles Market
4.2. Covid-19 Impact on European Electric Vehicles Market
4.3. Covid-19 Impact on Asia-Pacific Electric Vehicles Market
5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.3. Drivers
5.3.1. Supportive Government Policies and Regulations
5.3.2. Increasing Investments by Leading Automotive OEMs
5.3.3. Rising Environmental Concerns
5.3.4. Decreasing Prices of Batteries
5.4. Restraints
5.4.1. Lack of Charging Infrastructure in Developing Countries
5.5. Opportunities
5.5.1. Increasing Adoption of Electric Mobility in Emerging Economies
5.5.2. Growing Adoption of Autonomous Driving Vehicles
5.6. Challenges
5.6.1. Range Limitations of Electric Vehicles
5.6.2. Lack of Fast-Charging Infrastructure
5.6.3. High Cost of Electric Vehicles
5.7. Trends
5.7.1. Growing Deployment of Charging Stations by Retail MNCS
5.7.2. Increasing Trend of Shared Mobility
5.7.3. Increasing Investments in R&D for Smart Charging Systems
5.8. Value Chain Analysis
6. Global Electric Vehicles Market, by Vehicle Type
6.1. Introduction
6.2. Passenger Vehicles
6.3. Heavy Commercial Vehicles
6.4. Two-Wheelers
6.5. E-Scooters & Bikes
6.6. Light Commercial Vehicles
7. Global Electric Vehicles Market, by Propulsion Type
7.1. Introduction
7.2. Hybrid Vehicles
7.2.1. Pure Hybrid Electric Vehicles
7.2.2. Plug-In Hybrid Electric Vehicles
7.3. Battery Electric Vehicles
7.4. Fuel Cell Electric Vehicles
8. Global Electric Vehicles Market, by Power Output
8.1. Introduction
8.2. Less than 100 kW
8.3. 100 kW to 250 kW
8.4. More than 250 kW
9. Global Electric Vehicles Market, by End Use
9.1. Introduction
9.2. Private Use
9.3. Commercial Use
9.3.1. Shared Mobility
9.3.2. Micromobility
9.3.3. Public Transport
9.4. Industrial Use
10. Global Electric Vehicles Market, by Charging Standard
10.1. Introduction
10.2. Guobiao Standards (GB/T)
10.3. Charge De Move (CHAdeMO)
10.4. Combined Charging System (CCS)
10.5. Tesla Supercharger
10.6. Type 1 (SAE J1772)
10.7. Type 2 (IEC 62196)
11. Global Electric Vehicles Market, by Geography
11.1. Introduction
12. Competitive Landscape
12.1. Introduction
12.2. Key Growth Strategies
12.3. Competitive Benchmarking
12.4. Market Share Analysis
12.4.1. Tesla, Inc.
12.4.2. BMW Group
12.4.3. BYD Company Ltd.
13. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- BMW Group (Germany)
- BYD Company Ltd. (China)
- Daimler AG (Germany)
- Honda Motor Co. Ltd. (Japan)
- Hyundai Motor Company (South Korea)
- Kia Corporation (South Korea)Nissan Motor Co. Ltd. (Japan)
- TATA Motors Limited (India)
- Mahindra & Mahindra Ltd. (India)
- Tesla Inc. (U.S.)
- Volkswagen AG (Germany)
- Toyota Motor Company (Japan)
- Mitsubishi Motors Corporation (Japan)
- Groupe Renault (France)
- Beijing Automotive Industry Corp. (BAIC) (China)
- SAIC Motor Corporation Limited (China)
- Geely Automobile Holdings Limited (China)
- Guangzhou Xiaopeng Motors Technology Company Ltd. (China)
- NIO Inc. (China)
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