Electric Vehicle Market: 2022 Key Facts, Dynamics, Segments and Forecast Predictions Presented 2050 | Tesla Motors, BYD Company Motors, BMW Group, Nissan Motor Corporation, Volkswagen AG, Hyundai, KIA Motors, SAIC, BAIC

Astute Analytica published a new report on the global electric vehicle market. The global markets report analysis of the growth momentum and revenue inflows in this industry, including the impact of COVID-19. The market study report presents important factors that positively and negatively affect the growth of this vertical in order to suggest stakeholders in making decisions. In addition, the report offers data on the past, present, and future companies' scenarios. The report also contains key segments and leading players.

The Global Electric Vehicle Market was valued at US$ 229.8 Bn in 2021 and is estimated to witness a major leap forward in revenue to US$ 72,798 Bn by 2050. The market is registering a CAGR of 21.99% during the forecast period 2022-2050.

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The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally.

It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.

Impact Analysis of COVID-19

The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close. This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs.

According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.

Regional Insights

By Type segment of the Global Electric Vehicle Market is sub-segmented into:
Battery electric vehicle (BEV)
Fuel cell electric vehicle (FCEV)
Plug-in hybrid electric vehicle (PHEV)
Hybrid electric vehicle (HEV)

By Vehicle Type segment of the Global Electric Vehicle Market is sub-segmented into:
Commercial Vehicle
Passenger Car
Two & Three Wheelers

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By Charger segment of the Global Electric Vehicle Market is sub-segmented into:
Normal
Fast

By Power Output segment of the Global Electric Vehicle Market is sub-segmented into:
Less than 100 KW
100-250 KW
Above 250 KW

By Region segment of the Global Electric Vehicle Market is sub-segmented into:
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
ASEAN
Indonesia
Malaysia
Philippines
Thailand
Vietnam
Singapore
Cambodia
Rest of ASEAN
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
Rest of MEA
South America
Argentina
Brazil
Rest of South America

Key Players Insights
The key players in the Global Electric Vehicle Market are Tesla Motors, BYD Company Motors, BMW Group, Nissan Motor Corporation, Volkswagen AG, Hyundai, KIA Motors, SAIC and BAIC among others.

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This release was published on openPR.