As per the latest report by IMARC Group, titled “ Electric Vehicles Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2021-2026”, the global electric vehicles market reached a volume of 2.45 Million Units in 2020. Looking forward, IMARC Group expects the global electric vehicles market to grow at a CAGR of around 47% during 2021-2026. Electric vehicles (EVs) are alternative fuel automobiles that use one or more electric motors for propulsion. They require a constant energy supply from batteries instead of internal combustion engines. Electric vehicles include electric cars, trains, trucks, lorries, airplanes, boats, motorcycles, scooters, and spacecraft. A collector system powers electric vehicles through electricity from charging station deployments or through self-charging devices like regenerative braking systems and turbochargers. In recent years, EVs have gained traction as they are fuel-efficient, emit low carbon, have low maintenance, provide the convenience of charging at home, offer a smoother drive and soundless engine operations. 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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Global Electric Vehicles Market Trends and Drivers:
The global electric vehicles market is primarily driven by the rising concerns about the negative effects of greenhouse gases (GHGs) emissions. EVs are designed to replace conventional ways of traveling that cause environmental pollution. Besides this, governments of various nations are implementing stringent rules and regulations toward vehicle emission supplements. They are also supporting long-range, zero-emission vehicles through subsidies and tax rebates, as well as improving public EV charging infrastructure, which is bolstering the market growth. In addition, various research and development (R&D) activities are encouraging the adoption of electric vehicles among individuals. These factors are expected to significantly influence the market growth in the upcoming years.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market with some of the top electric vehicles companies being
• 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
Market Breakup by Component:
• Battery Cells & Packs
• On-Board Charger
• Fuel Stack
Market Breakup by Charging Type:
• Slow Charging
• Fast Charging
Market Breakup by Propulsion Type:
• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
Market Breakup by Vehicle Type:
• Passenger Vehicles
• Commercial Vehicles
• Others
Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America