Electric Vehicles Market Share, Size, Analysis, Growth, Value, Trends, Top Companies and Report 2022-2027

The latest report by IMARC Group, titled "Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicles market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global electric vehicles market reached a volume of 12.7 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 106.6 Million Units by 2027, exhibiting at a CAGR of 41.8% during 2022-2027. An electrical vehicle (EV) is an automobile that operates on electricity, unlike its counterparts, which runs on fuel. These vehicles function on an electric motor requiring constant energy from batteries. Various batteries are used in electric cars, such as lithium-ion, molten salt, zinc-air, and nickel-based designs. When compared to the conventionally used vehicles, EVs provide higher fuel economy, low carbon emission, maintenance, the convenience of charging at home, smoother devices, and reduced sound from the engine. There are three most common types of EVs available in the market, namely battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs), which are gaining widespread popularity worldwide.

Covid-19 Impact Overview:

The COVID-19 pandemic has severely impacted several sectors, including the automotive industry, with significant manufacturers shutting down their operations entirely or operating at reduced capacities following the directives issued by their respective governments. The crisis has disrupted supply chains, limited functions and workforce, factory closures, and a severe decline in vehicle sales, especially in the EV segment. However, the key players are now resuming vehicle production with limited capacities and necessary precautions.

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Global Electric Vehicles Market Trends and Drivers:

The global market is primarily driven by the rising environmental concerns among the masses. In line with this, several supportive government policies and regulations and increasing investments by leading automotive OEMs are positively influencing the market growth across the globe. Several EV battery manufacturers are also focusing on providing high-capacity batteries and reducing battery prices to ensure the overall cost of a vehicle falls under a subsidized range. Furthermore, the maintenance cost of EVs is considerably lesser than traditional fuel-based cars, thus providing a boost to the uptake of the product. Moreover, continual developments in battery characteristics, driven by a high demand for batteries in consumer electronics, are providing a thrust to the demand for EVs across the world. Additionally, multiple automakers are further enticing their customers with a comprehensive product portfolio, including electric SUV models, thereby creating a positive outlook for the market.

Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market with some of the top electric vehicles companies being

• Bayerische Motoren Werke AG
• BYD Auto
• Chery
• Daimler AG
• Ford Motor Company
• Geely
• General Motors
• Honda Motor Company
• Hyundai Motor Company
• Nissan
• Renault
• SAIC Motor
• Tesla Inc. Toyota Motor Corporation
• Volkswagen

Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/electric-vehicles-market

Market Breakup by Component:

• Battery Cells & Packs
• On-Board Charger
• Fuel Stack

Market Breakup by Charging Type:

• Slow Charging
• Fast Charging

Market Breakup by Propulsion Type:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

Market Breakup by Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

TOC for the Electric Vehicles Market Research Report:

• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• Global Market
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.