Vancouver, BC -- (SBWIRE) -- 02/04/2021 -- The electric vehicles market is set to attain a valuation of USD 793.24 Billion by 2027, registering a CAGR of 22.2%. An electric vehicle utilizes more than one electric motors for driving. The vehicle can be powered via a collector system by electricity from off-vehicle sources or can be self-contained via a battery, fuel cells, or solar panels. The electric vehicle types include plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), hybrid electric vehicle (HEV) and, fuel cell electric vehicle (FCEV). 

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The Electric Vehicles Market is moderately fragmented with a large number of small and medium-sized manufacturers, which account for a major part of the global share. The manufacturers are well-equipped with manufacturing facilities and are involved in several research & development activities.

Top Key participants include Volkswagen Group, Tesla Motors, BYD Company Ltd., Ford Motor Company, Nissan Motor Company, Toyota Motor Corporation, Daimler AG, BMW, Mitsubishi Motors Corporation, and Hyundai, among others.

Market Drivers   

The major driving factor for the development of the electric vehicles market is the increasing government initiatives and policies to encourage the adoption of electric vehicles (EVs) due to low emission levels. The governments provide various subsidies, special benefits, and incentives such as tax rebates in new electric car registration.

Besides, the increasing awareness of environmental issues such as air pollution and an increase in oil consumption has opened opportunities to adopt eco-friendly methods such as EVs. The government sector invests in electrifying public transport to curb down CO2 emissions and enhance good air quality. These are the key factors that are driving the market growth over the forecast period. 

Product Outlook (Revenue, USD Billion; 2017-2027)

Plug-in hybrid electric vehicle (PHEV)
Battery electric vehicle (BEV)
Hybrid electric vehicle (HEV)
Fuel cell electric vehicle (FCEV)

Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)

Commercial Vehicle
Two wheeler
Passenger Car

Vehicle Class Outlook (Revenue, USD Billion; 2017-2027)

Luxury
Mid-Priced

Increasing investments in the research and development activities for the production of advanced technologies are also driving the industry's growth.

Regional Analysis

In 2019, the Asia Pacific region accounted for 48.6% market share in terms of revenue over the forecast period. Urbanization in countries such as Malaysia, China, India, and Indonesia has created the demand for EVs. Besides, the government's initiatives to reduce the CO2 emission levels have resulted in the adoption of electric vehicles.

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  The North America electric vehicles market is expected to register significant growth due to the increasing environmental awareness and the investments by the manufacturers to introduce new technologies.

Table of Content

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Key Insights

Chapter 4. Electric Vehicles Market Segmentation & Impact Analysis

    4.1. Electric Vehicles Market Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Growing Environmental Awareness

                    4.2.2.2. Increasing R&D for the development of new technologies

                    4.2.2.3. Rising investments in Electric Vehicles by manufacturers

                    4.2.2.4. Increasing Government schemes and initiatives

          4.2.3. Market restraints analysis

                    4.2.3.1. Growing Budget constraints

                    4.2.3.2. Lack of charging infrastructure

                    4.2.3.3. High cost of the Electric Vehicles

                    4.2.3.4. Present challenging economic conditions due to the pandemic

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter's Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price trend Analysis

    4.8. Covid-19 Impact Analysis

Chapter 5. Electric Vehicles Market By Product Insights & Trends, Revenue (USD Million), Volume (Kilo Tons)

    5.1. Product Dynamics & Market Share, 2019 & 2027

          5.1.1. Plug-in hybrid electric vehicle (PHEV)

          5.1.2. Battery electric vehicle (BEV)

          5.1.3. Hybrid electric vehicle (HEV)

          5.1.4. Fuel cell electric vehicle (FCEV)

Chapter 6. Electric Vehicles Market By Vehicle Type Insights & Trends Revenue (USD Million), Volume (Kilo Tons)

    6.1. Vehicle Type Dynamics & Market Share, 2019 & 2027

          6.1.1. Commercial Vehicle

          6.1.2. Two wheeler

          6.1.3. Passenger Car

Chapter 7. Electric Vehicles Market By Vehicle Class Insights & Trends Revenue (USD Million), Volume (Kilo Tons)

    7.1. Vehicle Class Dynamics & Market Share, 2019 & 2027

          7.1.1. Luxury

          7.1.2. Mid-Priced

Continue…!

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