The global Electric Vehicle market is expected to grow at a sound pace in the times to follow. This is because product revolutions, sustainable initiatives, and consumer demand have been creating tremendous innovative prospects. As per, International Energy Agency (IEA), electric vehicles will make 40% of all passenger vehicles by 2040. The electric vehicles loaded with connected entertainment systems, sensors, and automation have been creating new enthusiasm amongst consumers. Globally, the mandate for Zero Emission Vehicle indicates that the vehicle should make up 10% of total sales by 2025. With the likes of Mercedes Benz, Toyota, GE, and BMW lining up new models, the adoption of the electric vehicle is expected to be greater even without the government push. These keys facts are majorly supporting the growth of the global Electric Vehicle market.
Moreover, governments of several countries have pushed respective industries to manufacture and innovate with advanced electric models. In addition to this, the growing demand from consumers, and public entities is a major positive fact for the government. Further, the adoption of electric vehicles will witness the largest growth in public transportation with municipalities like New York, Shanghai, and Delhi making prominent acquisitions to enlarge the scope of electric vehicles. The increasing economies of electric vehicle manufacturers will create a positive impact on the market. Each of these factors is anticipated to have a definite impact on the global Electric Vehicle market during the forecast period.
Covid-19 Impact on Electric Vehicle Market
The outbreak of the covid-19 has a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in a supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Electric Vehicle Market Segment Overview
According to Vehicle Type, the Passenger Cars be the largest segment in the forecast period. The electric vehicle market for passenger cars is the largest in the Asia Pacific followed by Europe and North America. In Asia, China, Japan, and South Korea are the major countries for the passenger EV market. This is because of the strong government support for passenger EVs in these countries. As well, Germany, France, Netherlands, Norway, Sweden, UK, etc. are the topmost countries in the European region with rising demand for EV passenger vehicles. These countries have a stand with a string of emission regulations and a variety of subsidies, grants, and incentives for shifting to EV’s. Additionally, North America is increasing EV passenger car demand with several states in the US and Canada. The Middle East and Africa region started to increase EV’s market and are projected to be the fastest-growing market in the future.
Electric Vehicle Market, By Type
· Battery Electric Vehicle (BEV)
· hybrid electric vehicle (HEV)
· Plug-In Hybrid Electric Vehicle (PHEV)
Electric Vehicle Market, By Vehicle Type
· Two-wheelers
· Passenger Cars
· Commercial Vehicles
Electric Vehicle Market, By Vehicle Class
· Mid-priced
· Luxury
Electric Vehicle Market, By Vehicle Drive Type
· Front-Wheel Drive
· Rear Wheel Drive
· All Wheel Drive
Electric Vehicle Market Regional Overview
Geographically, the North American region will show noteworthy growth in the global Electric Vehicle market. This is because the research and development in this region have made way for significant uptakes in infrastructure, costs, and product innovation. Moreover, Europe is another main region for the Electric Vehicle market. The huge investment in electric infrastructure in Scandinavian countries is anticipated to drive the growth of the electric vehicles market in Europe. The Asia Pacific is expected to be the most attractive market during the forecast period. Chinese electric vehicle makers are witnessing a large adoption of their electric buses in Europe, and in the US, wherein they present profitable opportunities owing to cost-effectiveness.
Electric Vehicle Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Electric Vehicle Market Competitor overview
Some key developments and strategies adopted by manufacturers in Electric Vehicle are highlighted below.
· In August 2021, India’s largest carmaker, Maruti Suzuki is preparing hybrid electric vehicles (HEV) in collaboration with Toyota Motor Corporation. The new HEVs will be charged on the run, and will be independent of power supply from roadside infrastructure.
Electric Vehicle Market, Key Players
· Bayerische Motoren Werke AG (BMW)
· BYD Company Limited
· Daimler AG
· Energica Motor Company S. p. A
· Ford Motor Company
· General Motors Company
· Nissan Motor Co., Ltd
· Tesla, Inc
· Toyota Motor Corporation
· Volkswagen AG
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Electric Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Battery Electric Vehicle (BEV)
- 5.2.2. hybrid electric vehicle (HEV)
- 5.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 5.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.3.1. Two-wheelers
- 5.3.2. Passenger Cars
- 5.3.3. Commercial Vehicles
- 5.4. Market Analysis, Insights and Forecast – By Vehicle Class
- 5.4.1. Mid-priced
- 5.4.2. Luxury
- 5.5. Market Analysis, Insights and Forecast – By Vehicle Drive Type
- 5.5.1. Front-Wheel Drive
- 5.5.2. Rear Wheel Drive
- 5.5.3. All Wheel Drive
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Latin America, Middle East and Africa
6. North America Electric Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Battery Electric Vehicle (BEV)
- 6.2.2. hybrid electric vehicle (HEV)
- 6.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 6.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 6.3.1. Two-wheelers
- 6.3.2. Passenger Cars
- 6.3.3. Commercial Vehicles
- 6.4. Market Analysis, Insights and Forecast – By Vehicle Class
- 6.4.1. Mid-priced
- 6.4.2. Luxury
- 6.5. Market Analysis, Insights and Forecast – By Vehicle Drive Type
- 6.5.1. Front-Wheel Drive
- 6.5.2. Rear Wheel Drive
- 6.5.3. All Wheel Drive
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
7. Europe Electric Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Battery Electric Vehicle (BEV)
- 7.2.2. hybrid electric vehicle (HEV)
- 7.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 7.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 7.3.1. Two-wheelers
- 7.3.2. Passenger Cars
- 7.3.3. Commercial Vehicles
- 7.4. Market Analysis, Insights and Forecast – By Vehicle Class
- 7.4.1. Mid-priced
- 7.4.2. Luxury
- 7.5. Market Analysis, Insights and Forecast – By Vehicle Drive Type
- 7.5.1. Front-Wheel Drive
- 7.5.2. Rear Wheel Drive
- 7.5.3. All Wheel Drive
- 7.6. Market Analysis, Insights and Forecast – By Country
- 7.6.1. UK
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Italy
- 7.6.5. Spain
- 7.6.6. Russia
- 7.6.7. Rest of Europe
8. Asia Pacific Electric Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Battery Electric Vehicle (BEV)
- 8.2.2. hybrid electric vehicle (HEV)
- 8.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 8.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 8.3.1. Two-wheelers
- 8.3.2. Passenger Cars
- 8.3.3. Commercial Vehicles
- 8.4. Market Analysis, Insights and Forecast – By Vehicle Class
- 8.4.1. Mid-priced
- 8.4.2. Luxury
- 8.5. Market Analysis, Insights and Forecast – By Vehicle Drive Type
- 8.5.1. Front-Wheel Drive
- 8.5.2. Rear Wheel Drive
- 8.5.3. All Wheel Drive
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. Australia
- 8.6.5. South East Asia
- 8.6.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Electric Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Battery Electric Vehicle (BEV)
- 9.2.2. hybrid electric vehicle (HEV)
- 9.2.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 9.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 9.3.1. Two-wheelers
- 9.3.2. Passenger Cars
- 9.3.3. Commercial Vehicles
- 9.4. Market Analysis, Insights and Forecast – By Vehicle Class
- 9.4.1. Mid-priced
- 9.4.2. Luxury
- 9.5. Market Analysis, Insights and Forecast – By Vehicle Drive Type
- 9.5.1. Front-Wheel Drive
- 9.5.2. Rear Wheel Drive
- 9.5.3. All Wheel Drive
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. Brazil
- 9.6.2. Saudi Arabia
- 9.6.3. UAE
- 9.6.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Bayerische Motoren Werke AG (BMW)
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. BYD Company Limited
- 10.6. Daimler AG
- 10.7. Energica Motor Company S. p. A
- 10.8. Ford Motor Company
- 10.9. General Motors Company
- 10.10. Nissan Motor Co., Ltd
- 10.11. Tesla, Inc
- 10.12. Toyota Motor Corporation
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
