The global Electric Vehicle Market demand is expected to reach $1,212.1 billion by 2027, expanding at a CAGR of 38.1% over the forecast period, according to a study conducted by Grand View Research, Inc. The market is driven by initiatives taken by governments of various countries to promote manufacturing of Electric Vehicles (EVs). For instance, the Electric Vehicles Initiative (EVI), a multi-government forum, aims at increasing the adoption of EVs globally. As of now, there are thirteen countries participating in this forum, namely Canada, Chile, U.K., Germany, Sweden, Netherlands, Norway, Finland, France, China, Japan, India, and New Zealand. Several campaigns and programs have been launched under this forum such as the EV30@30 in 2017, which sets a target for 11 countries to have at least 30.0% sales of new EVs by 2030.
Rising
investments in the EVs by numerous manufacturers is one of the key market
drivers over the forecast period. For instance, in January 2020, General Motors
announced its plan to invest USD 2.2 Billion in its Detroit plant to
manufacture electric trucks and SUVs. The company plans to introduce over 20
EVs by 2023. Furthermore, in 2018, the demand for global electric cars
surpassed 5 million units, more than 2 million units from 2017. China is
considered as one of the major markets of electric cars along with Europe and
U.S. However, lack of infrastructure is anticipated to hinder electric vehicle
market growth over the forecast period.
Growing
awareness regarding reduction of air pollution is propelling the demand for EVs
during the forecast timeframe. EVs produce less carbon emissions as compared to
conventional gasoline cars. It is estimated that EVs emit an average of 4,450
pounds of CO2 equivalents every year, which is almost half of
the carbon emissions generated by conventional gasoline cars annually. Thus,
EVs help in reducing air pollution and improve the air quality, thereby
improving public health. This has led various government agencies promote the
usage of electric vehicles. For instance, the U.S. Department of
Transportation, Great Plains Institute, and Pollution Control Agency are
working in tandem to accelerate the adoption of EVs in Minnesota, U.S.
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Electric Vehicle Market Report Highlights
- The Plug-in
Hybrid Electric Vehicles (PHEV) segment is projected to witness the
fastest CAGR of over 45.0% in terms of revenue during the forecast period
owing to the advantages of two power sources, electricity and fuel
- The Battery
Electric Vehicles (BEV) segment is expected to hold the largest market
share of over 60.0% in terms of revenue in 2019. This share is attributed
to the initiatives taken by government of countries such as Germany,
Sweden, China, and India to promote the usage of EVs
- Asia Pacific
held a market share of over 60.0% in terms of revenue in 2019. However,
Latin America is anticipated to witness the fastest CAGR of over 75.0% in
terms of revenue during the forecast period. This growth is attributed to
the growing environmental awareness among the citizens of Brazil
- The electric
vehicle market is consolidated and characterized by high competition with
the presence of major global players such as BYD Company Ltd.; Daimler AG;
Ford Motor Company; General Motors Company; Groupe Renault; Mitsubishi
Motors Corporation; Nissan Motor Company; Tesla, Inc.; Toyota Motor
Corporation; and Volkswagen Group. These companies are engaged in
collaborations, mergers, and acquisitions to enhance their market presence
and to expand their product portfolio
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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