Meticulous Research®—leading global market research company, published a research report titled “Electric Vehicles 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.”
The electric vehicles market is expected to grow at a CAGR of 33.6% from 2020 to reach $2,495.4 billion by 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 is majorly driven by factors such as increasing investments by leading automotive OEMs in EVs, supportive government policies and regulations, rising environmental concerns about pollution and carbon emissions, decreasing battery prices, and advancements in charging systems technologies. Moreover, the increasing adoption of electric mobility in emerging economies and the growing adoption of autonomous driving vehicles provide significant opportunities.
However, the lack of charging infrastructure in developing countries is expected to obstruct the growth of this market to some extent. Range limitations of electric vehicles, lack of fast-charging infrastructure, and high cost of electric vehicles are the major challenges for the growth of the electric vehicles market. Growing deployment of charging stations by retail MNCs, increasing trend of shared mobility, and increasing investments in research and development for smart charging systems are the major trends that will impact the market in the forecast period.
The EV market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on vehicle type, propulsion type, power output, end use, charging standard, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on vehicle type, the electric vehicles market is mainly segmented into passenger vehicles, heavy commercial vehicles, two-wheelers, e-scooters & bikes, and light commercial vehicles. The passenger vehicles segment accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is mainly attributed to the favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding electric vehicles' role in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. However, the light commercial vehicles segment expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment 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 electric vehicles market is mainly segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is accounted for the largest share of the electric vehicles market in 2020. The largest share of this segment is majorly attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices. However, the fuel cell electric vehicles segment 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, a 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 electric vehicles market is mainly segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The less than 100 kW segment is accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is majorly attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in developing EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments. However, 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 electric vehicles market is mainly segmented into private use, commercial use, and industrial use. The private use segment is accounted for the largest share of the electric vehicles market in 2020. The largest share of this segment is majorly attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. However, 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, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.
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Geographically, the Asia-Pacific electric vehicles market is developing and expanding at a significant pace. Asia-Pacific is the largest market for electric vehicles worldwide. The major factors contributing to the region’s large market share include increasing demand for EVs and associated charging facilities, growing number of start-ups offering numerous solutions and services in the electric mobility industry, and growing government initiatives in developing charging infrastructures.
The key players operating in this market are 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), and NIO Inc. (China).
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