Global Electric Vehicle Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global forage seeds market in its upcoming report titled, “Global Electric Vehicle Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2027”. The electric vehicle market is estimated to register a CAGR of XXX% in terms of value during forecast period 2017–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global electric vehicle report has been segmented on the basis of propulsion, vehicle type, component, and region.
Electric vehicles, also known as EV use a collector system by electricity from off-vehicle sources including battery, solar panels, electric generators to convert fuel to electricity. Electric vehicle not only includes road or rail vehicles, but also surface and underwater vessels, electric aircraft, and electric spacecraft.
Continuous technological developments, growing environmental awareness, and increased focus on sustainable energy are major driving factors of global electric vehicle market. Electric vehicles do not require conventional fuels, are comparatively cheaper to conventional vehicles, require low maintenance, and are eco-friendly. A battery electric vehicle (BEV) has less moving parts than a conventional petrol or diesel car. There are no expensive exhaust systems, starter motors, fuel injection systems, radiators and many other parts, that aren’t required in an electric vehicle, making its maintenance much cheaper. Some countries such as Australia, offer savings for electric vehicle as users registered in the ACT are exempt from stamp-duty. Electric vehicles are better for environment and cause zero exhaust emissions.
However, recharging fueling stations are still in developing phase. Limited availability of recharging fuel stations can restrain long-distance trips by electric vehicles. Electric vehicles have short driving range and speed. Most of the electric cars have range about 50-100 miles and need to be recharged again, which takes around 4 to 6 hours to recharge. These factors are expected to restrain growth of the global electric vehicle market over the forecast period.
Global electric vehicle market is dominated by Asia-Pacific region and is expected to be the largest market for electronic vehicles. Government support in form of subsidies and tax rebates, improvement of charging fuel stations in countries can encourage use of electric vehicles. Increasing vehicle range, large population, increasing environmental awareness, improvement of charging infrastructure is expected to drive growth of electric vehicles in the Asia-Pacific region, followed by the market in North America. The market in North America, is followed by Europe, Latin America, and Middle East & Africa.
Global Electric Vehicle Market Segmentation:
Segmentation by propulsion:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug in Hybrid Electric Vehicle (PHEV)
- Fuel cell Electric Vehicle (FCEV)
Segmentation by vehicle type:
- Ground vehicles
- Plug-in electric vehicle
- Hybrid electric vehicles
- On- and off-road electric vehicles
- Rail borne electric vehicles
- Space rover vehicles
- Airborne Electrical vehicles
- Electrically powered spacecraft
Segmentation by Component
- EV Battery
- Electric Motor
- Hydrogen Fuel Cell
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Players Daimler
- Tesla Inc.
- BYD Co. Ltd.
- NISSAN Motor Co. Ltd.
- Proterra Inc.
- Japan Automobile Manufacturers Association
- European Automobile Manufacturers Association
- Canadian Automobile Association
- Korea Automobile Manufacturers Association
- Toyota Motor Corporation
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