LOS ANGELES, Sept. 06, 2019 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 567.2 Billion by 2026.

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According to a new report published by Acumen Research and Consulting titled “Electric Vehicle Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026”, the electric vehicle market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 567.2 Billion by 2026.

During last few years, introduction of electric vehicles have changed the scenario of the automotive industry. Continuously increasing demand for fuel efficient vehicles and continuously increasing concern toward greenhouse gases has increased the demand for electric vehicles across the globe. These factors have driven the demand for the growth of the electric vehicles market. Many companies such as Tesla and other are continuously focusing on the development of the new and advanced technology which can be incorporated in the vehicles. High cost of the vehicles and limited penetration may slow the growth of the market.

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Based on Type, the global electric vehicle market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Hybrid electric vehicle is the largest segment for electric vehicle by type which is most likely to be the largest one of by the end of forecast period. One of the major advantages associated with hybrid electric vehicle is combining conventional internal combustion engine system with an electric propulsion system. Moreover, the presence of electric power train is directed to achieve better fuel efficiency than a conventional vehicle. This has led hybrid vehicle to attain highest market share over other segments, on the spit side, battery electric vehicle segment expected to progress in terms of market share and exhibit largest market share by the end of assessment period. Based on application, the global Electric Vehicle market is segregated into two-wheeler, passenger cars, and commercial cars. Passenger car segment emerged as the global leader in electric vehicle market due to growing in adoption of electric passenger cars as compared to two wheelers and commercial vehicles. Over the next five years, commercial vehicle expected to grow at highest CAGR benefits associate with electric motor engines as compared internal combustion one.    

Geographically, the Electric Vehicle market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

North America dominates the global Electric Vehicle market owing to the adoption of the advanced technology, presence of major players and high spending power of the people. U.S. holds the major share in the global market. High spending power, innovative technology and presence of the major players will support the growth of the market. Europe holds the second leading position in the market followed by Asia Pacific. Germany, France and U.K. are the major shareholders in the market. Asia Pacific is expected to have a huge opportunity in the market. Presence of the developing economy, rapid development in the technology, development in the infrastructure and increasing spending power of the people have driven the growth of the electric vehicle market.

LAMEA holds the least share in the market. Middle East holds the major share in the market whereas, African region holds the developing market.

Some of the major players in the market are Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.

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