The global Electric Vehicles (Evs) Market size reached USD 238.67 Billion in 2021 and is expected to register a revenue CAGR of 22.2% during the forecast period, according to latest analysis by Emergen Research. Increasing need for reducing dependency on imported oil and other fossil fuels is a major factor creating higher demand for EVs and thus, driving market revenue growth.
Substantial investments towards Research & Development (R&D) activities in EVs by governments and several government initiatives such as favorable tax treatment, funding for vehicle charging stations, and subsidies for purchasing those vehicles, are creating lucrative growth opportunities for EVs, and such factors are expected to drive market revenue growth during the forecast period.
Volatility of prices for conventional fuels such as petrol and diesel is accelerating adoption of EVs including electric commercial vehicles and electric passenger cars. EVs are powered by batteries, electric, and fuel cells, thus, remain unaffected by increasing fuel prices. This factor is expected to create high demand for EVs during the forecast period.
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Key Companies Profiled in the Report:
The Global Electric Vehicles Market Research Report published by Emergen Research has been formulated by analysis of key business details and extensive geographical spread of the Electric Vehicles industry.
However, one of the major factors hampering market revenue growth include high cost of electric vehicles. Purchasing electric scooters or electric bikes is substantially expensive as compared to conventional fuel-powered vehicles. Additionally, life span of batteries used in electric vehicles is short, and require frequent charging.
Some Key Highlights From the Report
Battery Electric Vehicles (BEVs) segment is expected to register substantially fast revenue growth rate during the forecast period. Increasing adoption of BEVs is attributed to lower charging costs. Electricity and cost required to charge BEVs is approximately 40% less compared to cost of petrol needed for same-sized vehicles. Additionally, low maintenance costs of BEVs is another benefit. BEVs consist of fewer moving components compared to conventional petrol and diesel powered vehicles and this facilitates easy, cheap, and less frequent servicing requirement as compared to conventional vehicles.
Commercial vehicles segment is expected to register robust revenue growth rate over the forecast period. Adoption of EVs for commercial purposes is increasing due to rising fuel prices and incentives offered by governments of various countries across the globe. For instance, in India, state and central governments have announced incentives and tax rebate to promote adoption of EVs. Additionally, major e-commerce companies are rapidly using EVs as delivery fleets and this factor is driving adoption of commercial EVs.
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Market in Asia Pacific is expected to register rapid revenue growth rate during the forecast period, attributable to high sales of BEVs in countries in this region, especially in China. Additionally, presence of various players investing in development of advanced technologies in countries such as South Korea, coupled with large EV production facilities in China and Japan are expected to drive revenue growth of the market in the region.
On 27 January 2022, Volkswagen AG, which is a Germany-based automotive manufacturer, successfully transformed Zwickau site into an EVs production plant. It is marked as the world’s first transformation of a large-scale factory from internal combustion engine vehicle production into electric vehicle production plant. A total of six models from several brands including Audi, Volkswagen, and CUPRA, will be manufactured in Zwickau based on Modular Electric Drive Matrix (MEB). Zwickau has started production of all-electric model ID.5 and ID.5 GTX02.
Emergen Research has segmented the global EVs market on the basis of product, vehicle type, vehicle class, top speed, vehicle drive, charging station, and region:
- Product Outlook (Revenue, USD Million; 2019–2030)
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- Vehicle Type Outlook (Revenue, USD Million; 2019–2030)
- Commercial Vehicles
- Passenger Cars
- Vehicle Class Outlook (Revenue, USD Million; 2019–2030)
- Mid-priced
- Luxury
- Top Speed Outlook (Revenue, USD Million; 2019–2030)
- Less Than 125 MPH
- More Than 125 MPH
- Vehicle Drive Outlook (Revenue, USD Million; 2019–2030)
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
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- Charging Station Outlook (Revenue, USD Million; 2019–2030)
- Level 1
- Level 2
- Level 3
- Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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Radical Highlights of the Electric Vehicles Market Report:
- Comprehensive overview of the Electric Vehicles market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on the Electric Vehicles market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.
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