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Electric Vehicle Market Size | COVID-19 Impact Analysis, Segments, Top Key Players, Drivers and Trends to 2027

The Latest Research Report of Global Electric Vehicle Market – Industry Analysis, Size, Share, Growth, Trends and Forecast 2020 – 2027 provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. – Data Bridge Market Research

The research and analysis conducted in Electric Vehicle Report helps clients to predict investment in an emerging market, expansion of market share or success of a new product with the help of global market research analysis. This report has been designed in such a way that it provides very evident understanding of the business environment and Electric Vehicle industry. Nevertheless, this global market research report unravels many business problems very quickly and easily. Due to high demand and the value of market research for the success of different sectors, Electric Vehicle Market report is provided that covers many work areas.

Market expectations for likely development openings have been mentioned clearly in this world class Electric Vehicle Market research report. Competition analysis has been taken into account while preparing this report. A market analysis has turned into a vital piece of every business to settle on smart choices in the organizations which have been viably carried by experienced analysts. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. Businesses can bring about an absolute knowhow of general market conditions and tendencies with the information and data covered in this Electric Vehicle Market report.

Electric vehicle market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of 23.5% in the forecast period of 2020 to 2027and expected to reach USD 974,102.20 million by 2027 from USD 182,255.13 million in 2019. Government initiatives to control vehicle emissions and strong investment from the vehicle manufacturer are the factors for the market growth.

Electric vehicle offer various benefits over conventional fuel based vehicles such as low operational cost, zero carbon emission and others as they source energy from electricity. Consumer’s changed attitude towards electric vehicles is augmenting the market growth as they are more concerned over environmental pollution.

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Increased number of electric vehicles models as compared to the past few years will accelerate the market growth. Government is taking initiatives in funding the electric vehicle infrastructure and is also providing tax credits for the consumers. For instance, in 2019, the U.K. government recently released funds amounting to USD 221.64 million to enhance the infrastructure of EV rapid charge points. The initiative was taken in accordance to the country’s initiative of ending its contribution in global warming by 2050. Rising awareness about environmental pollution will also drive the market. Stringent policies by government on vehicle emission standards such as Europe (EU) 2019/631 and (EC) No 595/2009 regulations act for CO2 emission will hamper the conventional vehicles market; which further creates new opportunities for electric vehicles as they provide zero carbon emission solution. Such policies support electric vehicle market growth in the forecast period to 2027.

This electric vehicle market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.

Electric vehicle market is segmented on the basis of component, propulsion type, charging station type, class, power train, and vehicle type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Based on component, the market is segmented into battery cells & packs, on-board charger, infotainment system and others. Rising demand of electric vehicle inadvertently increase the production of battery cell & packs owing to this factor vehicle battery manufacturers or vendors are continuously focusing on research and development that helped to minimise the cost of battery. This factor allows market to grow with the highest CAGR in the forecasted period of 2027

Rising demand of electric vehicle across the globe is one of the prominent factors for an upsurge demand of battery cells packs. For instance, it has been determined that more than 125 million electric vehicles will be rolled out by 2030. This factor has increased the production of battery cell packs for EV and as it does not produce the noise compared to the internal combustion engine, it adoption is quite high. Hence, this factor has led the consumers to shift towards EV because it further reduces the noise pollution from the environment. In the current scenario the lithium ion batteries are highly used in the EV as it offers the large storage capacity with fastest charging technology. Thus the utilization of lithium battery also contributes in reducing the overall weight of the vehicle. This has further resulted into continuous focus of battery manufacturers on improving the battery technology in order to ensure reduced weight of the vehicle.

Based on propulsion type, the market is segmented into plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVS), hybrid electric vehicles (HEVs) and fuel cell electric vehicles (FCEVs). Battery electric vehicles (BEVS) segment is dominating the market while hybrid electric vehicles (HEVs) are expected to grow with the highest CAGR in the forecasted year. Availability of strong charging infrastructure in developed nation for battery electric vehicles is driving the electric vehicle market. In addition, smart charging and extreme fast charging technologies are supporting the charging infrastructure growth which further increasing the adoption of battery electric vehicles. The advantages of battery electric vehicles over other electric vehicles such as low operational costs, zero carbon emissions, light weight, attractive vehicle models has resulted in BEV as the dominating electric vehicle segment.

Based on charging station type, the market is segmented into normal charging and super charging. Normal charging stations are dominating the market as major customers base prefer to charge their vehicle at home when it is in idle mode. Super charging leads to reduced lifespan of battery thus leading to minimal usage of the super charging. The solution to overcome the challenge faced by super charging is still under development. For instance, according to the U.S. Department of Energy around 80% of electric vehicle users charge vehicles at home as it is inexpensive and convenient option.

Based on class, the market is segmented into mid-priced and luxury. Mid-priced electric vehicles are dominating the market and also register a highest CAGR in forecasted period. Increased disposable incomes as well as growing infrastructure development in developing nations such as China, India and others are favourable factors for automakers to introduced mid-priced electric vehicles. Asia-Pacific being the dominating region for electric vehicles, the companies are focusing on manufacturing mid-priced electric vehicle which is in line with disposable income for the countries in the region. For instance, in September, 2019, Volkswagen introduced affordable mid-priced long-range electric car under USD 33,180.

Based on power train, the market is segmented into parallel hybrid, series hybrid and combined hybrid. Series hybrid power train segment is dominating the market as it offers highest efficiency while driving at city road or in traffic conditions. The series hybrid systems provide better fuel efficiency and emission reductions comparing to parallel hybrid vehicles. In addition, the parallel hybrid vehicles tend to be mechanically complex and require a larger combustion engine, mechanism, and transmission to couple both motors to the drive wheels.

Global electric vehicle market is also segmented on the basis of vehicle type. The electric vehicle market, by vehicle type, is segmented into passenger cars, two wheelers and commercial vehicles. The passenger vehicle segment is dominating the market and registers a highest CAGR for the forecasted periods. Increasing per capita income of developing nations as well as initiative of smart cities has increased the consumption of electric vehicle. The changing attitudes of consumers towards electric vehicles as well as growing concern of environmental pollution caused by conventional vehicle is augmenting the passenger electric vehicles market. In addition to it, the passenger car plays important role in enhancing the living standards of the people. Thus, growing utilization of passenger cars is fuelling the demand of passenger cars electric vehicle.

Electric vehicle market is analysed and market size information is provided by country by component, propulsion type, charging station type, class, power train, and vehicle type as referenced above.

The countries covered in the electric vehicle market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, South Africa, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.

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Asia-Pacific dominates the electric vehicle market as the China is leader in electric vehicle manufacturing as well as export major components parts required for electric vehicles. For instance, according IEA global EV outlook China will be the leader in 2030 market with holding shares around 57 percent, In addition, global automakers such as General Motors, Volkswagen among others are intensifying their efforts in China. Tesla has its manufacturing facility for one of its model in China which will cater the increasing demand for sedan electric vehicles. The company is planning to launch SUV model across the world. The company will also start the battery production facility in China which can be used in their electric vehicles thus reducing the operational costs can improve the consumer reach and will create a barrier for the new entrants. The Europe region is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of increasing consumption by population.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Huge Investment by Automakers for Electric Vehicles and New Technology Penetration

Electric vehicle market also provides you with detailed market analysis for every country growth in automotive industry with electric vehicle sales, components sales, impact of technological development in batteries and changes in regulatory scenarios with their support for the electric vehicle market. The data is available for historic period 2010 to 2018.

Competitive Landscape and Electric vehicle Market Share Analysis

Electric vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, concept cars, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to global electric vehicle market.

The major players covered in the report are Ford Motor Company, General Motors, AUDI AG, Kia Motors Corporation, Groupe Renault, Groupe PSA, SAIC Motor Corporation Limited, JAC, Tesla, Daimler AG, BMW AG, Hyundai Motor Company, BYD Company Ltd., Continental AG, TOYOTA MOTOR CORPORATION, Nissan Motor Co., LTD., Volkswagen AG, AB Volvo, Honda Motor Co., Ltd., among other domestic and global players. Electric vehicle market share data is available for Global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Many joint ventures and developments are also initiated by the companies worldwide which are also accelerating the global electric vehicle market.

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For instance,

  • In July 2019, Volkswagen and Ford extended their partnership which they formed for electric vehicle development in Europe market. Under this extended partnership Volkswagen is investing USD 2,550 million in Ford’s Argo AI self-driving unit. The extended partnership clearly states that it helped both companies to increase their customer base as well as offering. Hence, they further extended their partnership to introduced new innovative solution such as autonomous electric vehicle.
  • In July 2019, Groupe Renault has signed a joint venture with Chinese automobile manufacturer ‘Jiangling Motors Corporation Group’. Through this partnership, Renault will invest roughly around USD 144 million in China electric vehicle market. This partnership will help the company to expand its business in Chinese electric vehicles (EV) market.

Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for electric vehicles through expanded model range.

The Electric Vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Vehicle market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Vehicle market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Vehicle market. These factors have benefited the growth of the global market for Electric Vehicle. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

Reasons to Purchase this Report:

  • Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
  • Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
  • Market value USD Million and volume Units Million data for each segment and sub-segment
  • Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

(**NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.)

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Table of Content:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: RESEARCH METHODOLOGY

PART 04: INTRODUCTION

  • Market outline

PART 05: MARKET LANDSCAPE

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

PART 06: MARKET SIZING

  • Market definition
  • Market sizing 2021
  • Market size and forecast

PART 07: FIVE FORCES ANALYSIS

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

PART 08: MARKET SEGMENTATION BY PRODUCT

  • Global Electric Vehicle market by product
  • Comparison by product
  • Market opportunity by product

PART 09: MARKET SEGMENTATION BY DISTRIBUTION CHANNEL

  • Global Electric Vehicle market by distribution channel
  • Comparison by distribution channel
  • Global Electric Vehicle market by offline distribution channel
  • Global Electric Vehicle market by online distribution channel
  • Market opportunity by distribution channel

PART 10: CUSTOMER LANDSCAPE

PART 11: MARKET SEGMENTATION BY END-USER

  • Global Electric Vehicle market by end-user
  • Comparison by end-user

PART 12: REGIONAL LANDSCAPE

  • Global licensed Electric Vehicle market by geography
  • Regional comparison
  • Licensed Electric Vehicle market in Americas
  • Licensed Electric Vehicle market in EMEA
  • Licensed Electric Vehicle market in APAC
  • Market opportunity

PART 13: DECISION FRAMEWORK

PART 14: DRIVERS AND CHALLENGES

  • Market drivers
  • Market challenges

PART 15: MARKET TRENDS

PART 16: VENDOR LANDSCAPE

  • Overview
  • Landscape disruption
  • Competitive scenario

PART 17: VENDOR ANALYSIS

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors

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