The latest report by IMARC Group, titled “Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global electric vehicles market reached a volume of 12.7 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 106.6 Million Units by 2027, exhibiting at a CAGR of 41.8% during 2022-2027.
Electric Vehicles Market Overview:
Electric vehicles (EVs) represent the self-propelling, electrically-charged automobiles that are used for transporting goods and passengers. They are charged by self-charging devices, including regenerative braking systems and turbochargers, that can convert kinetic energy into electrical energy. EVs are powered by large traction battery packs present at charging stations. Plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), battery-electric vehicles (BEVs), etc., are the most common types of EVs available in the market. Compared with the traditionally utilized automobiles, electric vehicles reduce the dependency on oil and are more economical to operate.
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 growing demand for fuel-efficient automobiles across the countries is primarily driving the electric vehicles market. In addition to this, the increasing consumer concerns towards the detrimental environmental effects of greenhouse gas emissions are further catalyzing the market growth. Moreover, the launch of favorable policies by government bodies aimed at encouraging sustainable development is acting as another significant growth-inducing factor.
Apart from this, numerous key market players are focusing on developing advanced technologies to produce zero- and low-emission vehicles with enhanced fuel efficiency and soundless operations, which is also positively influencing the global market. Furthermore, various improvements in battery capacities and the expanding investments in building public charging infrastructures are projected to fuel the electric vehicles market over the forecasted period.
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The competitive landscape of the market with some of the top electric vehicles companies being
- Bayerische Motoren Werke AG
- BYD Auto
- Daimler AG
- Ford Motor Company
- General Motors
- Honda Motor Company
- Hyundai Motor Company
- SAIC Motor
- Tesla Inc. Toyota Motor Corporation
Key Market Segmentation Breakup by:
- Battery Cells & Packs
- On-Board Charger
- Fuel Stack
- Slow Charging
- Fast Charging
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Passenger Vehicles
- Commercial Vehicles
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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