Electric Vehicle Market: disrupting the automotive value

PLEASANTON CA, Sept. 07, 2021 (GLOBE NEWSWIRE) — Global Electric Vehicles Market 2021 by Key Players, Regions, Type, and Application, forecast to 2027 published by AllTheResearch, features an analysis of the current and future scenario of the global Electric Vehicles market.

Global electric vehicles market is expected to reach USD $ 1,323.0 Bn by 2027, with a growing CAGR of 34.1% during the forecast period (2021-2027).

The market for electric vehicles surely has a great future ahead, however it demands supportive factors such as awareness among consumers, regulations, promotional activities from vendors as well as governments, and so on.

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Global Electric Vehicles Market Report Overview:

The report overview includes studying the market scope, leading players like Tesla, BMW Group, Nissan Motor Corporation, TOYOTA MOTOR CORPORATION, Volkswagen AG, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Electric Vehicles industry, providing statistical information about market dynamics, growth factors, major challenges, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.

COVID-19 Impact Analysis on Electric Vehicles Market:

The pandemic has contrarily influenced a couple of areas, including the vehicle, with huge makers shutting their plants absolutely or working at diminished cutoff points following the orders given by their governments. For example, as per the Society of Indian Automobile Manufacturers, the COVID-19 wave has affected the deals of vehicles in the long stretch of April 2021. Deals of Passenger vehicles fell by about (-) 10.07 %, contrasted with March 2021, because of different limitations in States which have been encountering flood in COVID-19 cases. Deals of Two-Wheelers have additionally plunged by (-) 33.52 %, while Three-Wheelers saw de-development of (-) 57.01 %, from March 2021 to April 2021. Weakness concerning the length of the lockdown and stock organization interferences made it harder for players to anticipate the business’ recovery. This crisis caused basic developments that had basic implications accessible.

The Major Companies Covered in Electric Vehicles Market Report are:

Tesla
BMW Group
Nissan Motor Corporation
Toyota Motor Corporation
Volkswagen AG
General Motors
Daimler AG
Energica Motor Company S.p.A.
BYD Company Motors
Ford Motor Company
BMW
Cadillac
Chevrolet
Fiat
Ford
Honda

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The Global Electric Vehicles Market Segmentation:

Electric Vehicles by Type

Battery Electric Vehicles (BEV)
Hybrid Electric Vehicles (HEV)
Plug-in Hybrid Electric Vehicles (PHEV)

Electric Vehicles by Vehicle Class

Electric Vehicles by Vehicle Type

Two-wheelers
Passenger Cars
Commercial Vehicles

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Regional Analysis:

North America
Europe
Asia Pacific
Rest of the World

In terms of region, Europe accounted for the largest market share in 2020 however, Asia Pacific is expected to dominate the market in terms of revenue by 2027. Asia Pacific is led by the countries such as China, Japan, and South Korea. China is the largest producer and has dominance in the EV industry. The supportive regulatory authority for zero emission vehicles and large support to install the charging station is one of the key contributors for the growth of the electric vehicles market in the region.

So, what could be the solution to control or eliminate the pollution caused by automobiles? There are two ways to minimize the CO2 emission by vehicles:

Proper maintenance and use of replacement fuels which cause less emissions,
Use of electric vehicles which do not require burning of fossil fuels for vehicles to run.

Now, how this growth in demand for electric vehicles will affect the conventional automotive industry? Let’s analyze it for each of the stakeholder present in the value chain:

Automakers
Dealers
Suppliers
End Customers
Government Regulations
Other Stakeholders

Electric Vehicles Market Key Findings:

Based on the type, the battery electric vehicles (BEV) accounted for 25.1% market share in the base year 2020
Based on the vehicle type, the commercial vehicles accounted for the largest market share in 2020 and will maintain its position throughout the forecast period (2020-2027)
Based on regions, the Asia Pacific region is witnessing a growth rate of 36.1% in the electric vehicles market.

The report also provides in-depth analysis of recent news developments and investments

In April 2021, Volkswagen unveiled the 7-seater EV ID.6 Crozz and ID.6 X. There’s a VW ID.6 X from the SAIC-VW joint venture and a VW ID.6 Crozz under the FAW-VW JV (VW operates in China via its two JV partners). The sales of this product were restricted to China. It was equipped with two battery versions, 58 kWh and 77 kWh and came in four powertrain configurations.
In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features.

Reasons for Buying this Report:

This Electric Vehicles Market report provides pin-point analysis for changing competitive dynamics.
It provides a forward-looking perspective on different factors driving or restraining market growth.
It provides a six-year forecast assessed based on how the market is predicted to grow.
It helps in understanding the key product segments and their future.
It provides pinpoint analysis of changing competition dynamics and keeps you ahead of competitors.

Table of Contents Electric Vehicles Market: