Market Size – USD 160.34 billion in 2019, Market Growth – CAGR of 22.2%, Market Trends –Growing environmental awareness
Unlike its equivalent, which runs on petrol, an electric vehicle works on electricity. These vehicles operate on an electric motor that needs a constant supply of energy from batteries instead of an internal combustion engine. In these cars, there are a number of batteries used. Thanks to various technological developments, electric cars have gained popularity. The electric vehicle outperforms the traditional vehicle, which provides greater fuel efficiency, home charging comfort and reduced engine tone.
North America is expected to register significant growth over the forecast period due to the growing environmental awareness and the increasing amount of investments by the key manufacturers to develop new technologies.
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Key participants include Volkswagen Group, Tesla Motors, BYD Company Ltd., Ford Motor Company, Nissan Motor Company, Toyota Motor Corporation, Daimler AG, BMW, Mitsubishi Motors Corporation, and Hyundai, among others.
Electric Vehicles Market Drivers
The global demand for electric vehicles was worth USD 160.34 trillion in 2019 and is expected to cross USD 793.24 trillion at a CAGR of 22.2% by 2027. The demand is driven largely by increased government policies and programs to promote electric vehicle adoption (EVs). The growth of the industry is also fuelled by growing investments in R&D for the development of advanced technologies. Emission levels are much lower in electric vehicles compared to conventional vehicles, which has led the government to encourage the production of EVs all over the world.
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Electric Vehicles Market: Regional Outlook
In 2019, Asia Pacific had the largest market share in the market for electric vehicles. In countries such as China, Malaysia, India, and Indonesia, the growing demand for EVs is due to the increasing urban population. In addition, measures by the government to reduce pollution levels have resulted in the growing adoption of EVs. Due to the rising understanding of the environment and the increasing amount of investment by key manufacturers to develop new technologies, North America is expected to report substantial growth over the forecast period.
Product Outlook (Revenue, USD Billion; 2017-2027)
Plug-in hybrid electric vehicle (PHEV)
Battery electric vehicle (BEV)
Hybrid electric vehicle (HEV)
Fuel cell electric vehicle (FCEV)
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
Vehicle Class Outlook (Revenue, USD Billion; 2017-2027)
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Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market’s growth?
Data triangulation and market breakdown
Research assumptions Research data including primary and secondary data
Primary data includes breakdown of primaries and key industry insights
Secondary data includes key data from secondary sources