According to BlueWeave Consulting, the global electric vehicle market is estimated to have reached USD 121.8 billion in 2020 and is further projected to reach USD 236.3 billion by 2027, growing at a CAGR of 10.6% during the forecast period. The growing sensitivity of various governments toward a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales. Rising investments in electric vehicles are considered a major driver for the market. Companies such as Daimler AG, Ford Motor Company, and Group Renault are investing heavily in their plan to manufacture EVs.
Better development and Cost reductions
The development of electric vehicle batteries for consumer electronics has provided a great experience to produce lithium-ion (Li-ion) cells. It facilitated increased production and justified considerable investment in research and development, leading to significant cost reductions and improved performance. The impressive progress made in recent years to improve battery performance and reduced costs that enabled the use of Li-ion batteries in the automotive industry, and key cost and performance drivers identified for the further improvement of Li-ion batteries include battery chemistry, energy storage capacity, manufacturing scale and charging speeds. Batteries are currently the main reason for the higher upfront costs of EVs in comparison with incumbent technologies. The development in battery performance further drives the global electrical commercial market.
Increase in production and sales of automobile
The growth of commercial electric vehicles is attributed to the ever-increasing production and sales of automobiles. Electric Vehicles are now known to be an increasingly affordable commodity owing to the growing disposable incomes across the world. Though the percentage share of commercial electric vehicles in the automotive industry is extremely small in the current scenario, it is highly likely to expand at a faster rate than expected owing to increased fuel prices, higher current usage, and growth rate of depletion, the government regulations to reduce the number of greenhouse gases emitted by vehicles, high fuel efficiency offered by the electric vehicles and soundless operation of the electric vehicles.
Supercharging segment occupies the major share of the global electric vehicle market
Based on the charger type, the market has been segmented into normal charging and supercharging. The supercharging segment held the dominant market share in 2020, owing to the increasing demand for its deployment in commercial stations. The supercharging segment includes rapid AC chargers (up to 43 kW), DC chargers, and Tesla Superchargers. These chargers have the potential to charge an EV battery, up to 80%, within 30 minutes. The key factor driving the segmental growth is the increasing adoption of technologies, such as Radio Frequency Identification (RFID) & Near-field Communication (NFC), in charging stations installed on highways. Electric bus manufacturers are establishing partnerships with OEMs for the development of fast-charging stations.
Global Electric Vehicle Market: Regional insights
The North American market is expected to witness the fastest growth, followed by Europe and the Asia Pacific. The automotive industry in the countries such as U.S. & Canada is inclined toward innovation, technology, and the development of the advanced electric vehicle. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicles. Additionally, in 2018, Electrify America, a company launched to promote EV adoption, announced its plans to invest USD 200.0 million for California. Thus, the demand for electric vehicles in North America is bound to rise over the forecast period.
The leading players” in the global electric vehicle market include Tesla, BYD, BMW, Volvo, Mercedez, FREIGHTLINER, Piaggio & C. SpA, Addax Motors, Balkancar Record, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation & other prominent players. These industry players implement various strategies such as mergers & acquisitions, partnerships, and new product launches to enhance profitability and company growth. Factors such as reducing battery prices boosting electric vehicle demand and creation long-term value for customers will provide considerable growth opportunities to electric vehicle manufactures.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global electric vehicle market size & forecast. The report promises to provide recent technology trends of the electric vehicle market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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