Global Electric Vehicles Market by Component (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier), by Vehicle Type (Passenger

Global electric vehicle market is estimated to be worth USD 197.4 Billion in 2020 and is projected to grow at a CAGR of 21.64% between 2020 to 2031.

An electric vehicle (EV) basically operates on electricity and these vehicles runs on fuel. The internal vehicles run on an electric motor that requires constant supply of energy from batteries. There are a variety of EV batteries used in these vehicles and includes molten salt, lithium ion, zinc-air, and various nickel-based designs. The EV use one or more than one electric motors or traction motors for propulsion. These vehicles are powered by a collector system through electricity from charging station deployments or can be charged by self-charging devices.

Request free sample report of this research report: https://researchreportshub.com/sample-enquiry-form/

Because of technological advancements and the production of electric vehicle batteries on a mass scale in great volumes, the cost of electric vehicle batteries has been declining over the past decade. This has led to a decrease in the cost of electric vehicles as electric vehicle batteries are one of the most expensive parts of an electric vehicle. In 2010, the price of an electric vehicle battery was around USD 1,100 per kWh. Conversely, by 2020 their price fell to about USD 137 per kWh whereas the price is as low as USD 100 per kWh in China. This is because of reducing manufacturing costs of these batteries, abridged cathode material prices and superior volumes of production, etc. The prices of electric vehicle batteries are anticipated to fall to about USD 60 per kWh by 2030, which will significantly, decline the price of electric vehicles making them cheaper than conventional ICE vehicles.

The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disturbed in the initial outburst of COVID 19. Manufacturers had to wait until lockdowns were lifted to restart production, which affected their businesses. Therefore, vehicle manufacturers had to regulate the production volume. Likewise, component manufacturing was suspended, and small Tier II and Tier III manufacturers faced liquidity problems. The automotive industry is highly capital-intensive and relies on frequent financing to endure operations. Therefore, the production suspension during the initial months of the outburst and lower demand had an unprecedented impact on electric vehicle manufacturers in the initial months of the pandemic.

Propelling Demand from Customers
The preferences of customers and consumers changes over time. In light of this, manufacturers are keen to understand the ever-changing needs and incorporate them in their product portfolio. Many players in the market are already focused on development of top-notch electric vehicles revolving around auto enthusiasts’ needs. As the manufacturers meet the customer needs, the sales of the top players in the market is significantly increasing. For instance, in June 2021, BYD delivered XX commercial electric vehicles, including XX buses. Year-to-date sales of commercial electric vehicles amounted to XX, including XX buses. The company sold XX passengers plug-in cars, which is 207% more than a year ago, in China.

Furthermore, Volkswagen Group's global deliveries of full-electric vehicles more than doubled in the first half of 2021, substantially driven by demand in Europe. Europe was the automaker's top EV market, with sales of XX, up 156 percent. Thus, such a high demand substantially increases the growth rate of the global electric vehicles market.

The global electric vehicles market was capitalized for USD XX Billion in 2019 and is estimated to reach USD XX Billion by the end of 2026, developing at a CAGR of over 21.64% during the forecast period 2021–2031.

Market Dynamics
Driver
Restrain
Opportunities
Challenges

Market Segmentation
Global Electric Vehicles market it is segmented into component, vehicle type, vehicle class, top speed, vehicle drive type, EV charging point type, charging, and propulsion. On the basis of Component, the market is classified into Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier. In 2021, the Battery Cells & Packs segment is expected to dominate the market. It generated USD XX million in 2021 and is projected to reach USD XX million by 2031, growing at a CAGR of 22.15% from 2021 to 2031. On the basis of Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Among these, the Commercial Vehicles dominate the market during the forecast period. Based on Vehicle Class the market is divided into Mid-priced and Luxury.

In 2021, the Mid-priced segment is expected to dominate the market. The Mid-priced market is projected to grow at a CAGR of 22.22% during the forecast period. On the basis of Top Speed, the market is segmented into 125 MPH. Among these, the >125 MPH segment dominate the market during the forecast period. Based on Vehicle Drive Type the market is divided into Front-Wheel Drive and Rear Wheel Drive. In 2021, the Front-Wheel Drive segment is expected to dominate the market. The Front-Wheel Drive market is projected to grow at a CAGR of 22.12% during the forecast period. On the basis of Propulsion, the market is segmented into BEV, PHEV, and FCEV. Among these, the BEV segment dominates the market with a market value of USD XX million in 2021.

Regional Analysis
On the regional basis, the Electric Vehicles market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Based on region, North America, Europe, Asia Pacific, MEA and South America. In 2020, the electric vehicle market in North America was valued at US$ XX Mn, and it is expected to reach over US$ XX Mn by 2027. The region is expected to register a CAGR of 22.7% over the forecast period of 2027. North America is one of the major markets for electric vehicles. The U.S. and Canada are moving forward to reduce carbon footprints which is majorly fueling the demand for electric vehicles in the region. The governments are planning to optimize the greenhouse effect by implementing strong environmental protection policies.

Read Full Report: https://researchreportshub.com/global-electric-vehicles-market/4071/

Contact Us:
Divyansh Jain
Head of Business Development
Research Reports Hub | Web: www.researchreportshub.com
Direct Line: +91 8955582706
Email: sales@researchreportshub.com

Our custom research provides you with exclusive research you won't find anywhere else. If syndicated reports cannot offer insights you need, simply fill in the form or mail us to get a report tailored to your exact requirements.
Company insight reports offer you an in-depth view about the competitors in the market and their strategies, which can help businesses to plan market entries effectively.

This release was published on openPR.