Global Electric Vehicles Market to Grow at a CAGR of 21.60% from 2020 to 2026
Improved demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government guidelines and protocols concerning vehicle emission supplements the growth of the electric vehicle market. Moreover, heavy investments by manufacturers in electric vehicles, rising concerns regarding environmental pollution and major surge in electric vehicles model boosts the market growth. Besides, technological advancements and active government initiatives are likely to develop the electric vehicle market swiftly during the forecast period.
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Electric Vehicles Market is majorly categorised into Passenger Cars and Commercial Vehicles. The need for commercial vehicles is mounting, specifically in developing nations, together with the sustained infrastructure development. Further, based on the class of vehicle, the market is portioned into mid-priced vehicles and luxury vehicles. Moreover, by propulsion, the market is classified into battery electric vehicle (BEV), hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). The BEV segment is likely to dominate the market over the forecast period.
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Based on the geography, the global electric vehicles market is studied across various countries of key regions of North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region is likely to hold majority of the market share owing to rising population, increased demand for vehicles and surging concerns over pollution. However, North America is anticipated to show fastest growth over the forecast period owing to continuous development in the electric vehicle industry and existence of key players like Tesla and General Motors.
The key competitors of this market include Tesla Motors (U.S.), Nissan Motor (Japan), BYD (China), BMW (Germany), Volkswagen (Germany), Toyota (Japan), Ford (U.S.), Volvo (Sweden), Hyundai (South Korea), Honda (Japan), General Motors (U.S.) and among others. Heavy investments from automakers are expected to cater to the growing demand for EVs and play a major role in the evolution of the electric vehicle market. OEMs offer electric vehicles in different segments ranging from small hatchbacks such as Nissan Leaf to high-end sedans like Tesla Model 3.
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