Press release
Electric Vehicle Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Major factors driving the Electric vehicle market:
Increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations toward vehicle emission supplements the growth of the electric vehicle market
Factors such as high manufacturing cost and low fuel economy and serviceability are the factors expected to hamper the growth of the electric vehicle market
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TRENDS INFLUENCING THE GROWTH OF ELECTRIC VEHICLE MARKET
An increase in demand for fuel-efficient, high-performance, and low-emission vehicles is driving the growth of the electric vehicle market. As gasoline is a fossil fuel, it is not a renewable source of energy and will eventually run out. Alternative fuel sources must be developed and used to support sustainable development. This entails the usage of electric vehicles, which do not require the use of gasoline and are more cost-effective than traditional automobiles.
Stringent government rules and regulations towards vehicle emission are expected to drive the growth of electric vehicles. An internal combustion engine is used to generate power in a traditional gas-powered vehicle. The combustion system produces a variety of greenhouse gases, resulting in pollution. Several governments have taken steps to reduce this by promoting the use of electric vehicles. These activities would aid in the improvement of air quality.
Automakers and major fleet operators are speeding their investments in electrification to meet short-term legislative needs as part of their long-term climate obligations. It is expected that strong investments by automakers will meet the increasing demand for EVs and play a major role in the growth of the electric vehicles market size.
KEY SEGMENTATION
By Type
Battery Electric Vehicles (BEV)
Hybrid Electric Vehicles (HEV)
Plug-in Hybrid Electric Vehicles (PHEV)
By Vehicle Class
Mid-Priced
Luxury
By Vehicle Type
Two-wheelers
Passenger Cars
Commercial Vehicles
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Netherlands
Norway
Rest of Europe
Asia-Pacific
China
Japan
Singapore
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Players
Tesla
BMW Group
Nissan Motor Corporation
Toyota Motor Corporation
Volkswagen AG
General Motors
Daimler AG
Energica Motor Company S.p.A.
BYD Company Motors
Ford Motor Company
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