Global New Energy Vehicle Market Analysis, Drivers, Restraints, Opportunities, Threats, Energy type, Vehicle type, and Growth Forecast: 2019–2028

Global New Energy Vehicle Market: Overview

“The global New Energy Vehicle Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The term new energy vehicle is used for vehicles like plug-in electric vehicles and vehicles which use electric battery to run or operate. Currently, the number of vehicles using petroleum fuel is increasing day by day and it emits nitrogen oxide and sulfur oxide, which causes pollution. To prevent this governments in various countries introduced a new concept, a new energy vehicle. The power from the electric battery is stored inside the vehicle which makes it operable.  These vehicles don’t need any type of fuel, gas, or oil which is hazardous to the environment.

Global New Energy Vehicle Market: Dynamics

Increasing pollution in urban areas is expected to lead government to develop new regulations to reduce this pollution, which is a major factor expected to drive revenue growth of the global market. Increasing concerns related to environment and increasing demand for energy efficient vehicles are key factors expected to drive growth of the target market. Government introduced some new regulations to mitigate use of fuel, oil, etc. and to increase use of vehicles which will not affect environment. These are other factors expected to drive growth of the global new energy vehicle market.

In addition, developing charging outlets at public places is expected augment adoption rate of this vehicles. Moreover, governments in developing as well as developed countries are focusing on reducing pollution, and thus encouraging use this new energy vehicle. Availability of fast chargers in the public and private area is another factor expected to fuel growth of the target market.

This new energy vehicle contains advanced batteries, which help this vehicle for long distance travel, coupled with availability of advanced batteries at reduced cost. This are factors estimated to propel the global market growth. Moreover, Li-ion used in this vehicle in order to improve the performance of this vehicle, which have more energy storage capacity and high charging speed.

Global New Energy Vehicle Market: Segment Analysis

Among the energy type segments, the battery electric vehicles (BEV’s) segment is expected to account or largest revenue share in the global market. This vehicle runs only on electricity which is stored inside large battery cell. Thus, this type of vehicle provides long distance travel with zero emission and can be charged at public or private charging outlets.

Global New Energy Vehicle Market: Region Analysis

The market in the North America is expected to account for highest revenue share in the global new energy vehicle market. This is attributed to rising demand for energy efficient vehicle and to control pollution in urban areas. In this region number of private and public charging outlets are being developed, which in turn expected to boost use of new energy vehicles across the region.

Global New Energy Vehicle Market Segmentation:

Segmentation by Vehicle Type:

• Passenger cars
• Buses
• Industrial Vehicles
• Scooters
• Others

Segmentation by Energy Type:

• BEV’s
• PHEV’s
• FCEV’s

Segmentation by Power Source:

• Stored Electricity
• On Board Electric Generator

Segmentation by Powertrain:

• Series Hybrid
• Parallel Hybrid
• Combined Hybrid

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• MEA