Global Electric Vehicles Market Share set to Achieve Record Value USD 700 Billion By 2026
According to the report; the global Electric Vehicles Market in 2019 was approximately USD 140 Billion. The market is expected to grow at a CAGR of 22% and is anticipated to reach around USD 700 Billion by 2026. Top market players are Mitsubishi, BAIC, Toyota, General Motors, Daimler, Tesla, Ford, Changan, BMW, Hyundai and others.
According to the research study, the global Electric Vehicles Market was estimated at USD 140 Billion in 2019 and is expected to reach USD 700 Billion by 2026. The global Electric Vehicles Market is expected to grow at a compound annual growth rate (CAGR) of 22% from 2019 to 2026. The global electric vehicles (EVs) market is witnessing substantial growth in the coming years owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the globe; favorable policies, incentives, and subsidies introduced by several state governments; along with the quick establishment of infrastructure supporting EVs. Some European countries, China, and the U.S. led the global electric vehicle market in terms of sales of hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). Apart from this, the launch of turbo-chargers and wireless charging setups for electric vehicles is positively impacting the industry growth during the study timeframe.
The EV market is swiftly expanding with time and in the next few decades; the electric vehicle segment will overwhelm the gasoline vehicles segment. To improve the EV adoption rate, the industrial players are dedicated to developing highly efficient & durable batteries at affordable prices. The automakers are trying to implement a comfortable driving experience for the mid-priced EV segment rather than offering premium features like instrument cluster and infotainment. China EV market leads in terms of demand & sales of mid-priced electric vehicle segment. Some of the globally renowned automakers are offering electric vehicles at affordable prices compared to other industries.
Top Market Players
Some of the key players driving the global electric vehicles market are Mitsubishi, BAIC, Toyota, General Motors, Daimler, Tesla, Ford, Changan, BMW, Hyundai, JMCG, Volkswagen, JAC, Yutong, SAIC, Renault-Nissan, BYD, Zotye, Geely, and Chery, among others.
Under vehicle type segment, the “commercial vehicle” is projected to grow splendidly during the projected period
The commercial vehicle category, which primarily includes electric buses, is anticipated to spur at a remarkable CAGR, as the electric buses are being adopted at an increased rate in Asian countries, particularly India & China. Moreover, several regions are focused on substituting their existing gasoline-based vehicle fleet with electric buses. The global electric vehicles (EVs) market share is witnessing substantial growth in the coming years owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the globe; favorable policies, incentives, and subsidies introduced by several state governments; along with the quick establishment of infrastructure supporting EVs. Some European countries, China, and the U.S. led the global electric vehicle market in terms of sales of hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). Apart from this, the launch of turbo-chargers and wireless charging setups for electric vehicles is positively impacting the industry growth during the study timeframe.
The global electric vehicles market research report delivers an acute valuation and taxonomy of the global electric vehicles industry by practically splitting the market on the basis of different vehicle types, propulsion types, components, charging station types, vehicle classes, power outputs, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The global electric vehicles market is segmented based on the vehicle type, propulsion type, component, charging station type, vehicle class, power output, and region. On the basis of vehicle type, the global industry is segmented into two-wheelers, commercial vehicles, and passenger cars. Propulsion type-wise, the market is divided into the hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and fuel cell electric vehicle (FCEV). By component, the global market is bifurcated into the electric motor, battery cells & packs, infotainment, and onboard charge. On the basis of charging station type, the industry is classified into supercharging and normal charging. By vehicle class, the industry is segmented into luxury and mid-priced. By Power Output, the global EV market is segmented into 250 KW and above, 100-250 KW, and less than 100 KW.
The regional segmentation of the global electric vehicles industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the global electric vehicles industry is provided for the leading economies of the world.
Global Electric Vehicles Market: Vehicle Type Segmentation Analysis
• Two-wheeler
• Commercial Vehicle
• Passenger Car
Global Electric Vehicles Market: Component Segmentation Analysis
• Electric Motor
• Battery Cells & Packs
• Infotainment
• On-Board Charge
Global Electric Vehicles Market: Propulsion Type Segmentation Analysis
• Hybrid electric vehicle (HEV)
• Plug-in hybrid electric vehicle (PHEV)
• Battery electric vehicle (BEV)
• Fuel cell electric vehicle (FCEV)
Global Electric Vehicles Market: Charging Station Segmentation Analysis
• Supercharging
• Normal charging
Global Electric Vehicles Market: Vehicle Class Segmentation Analysis
• Luxury
• Mid-Priced
Global Electric Vehicles Market: Power Output Segmentation Analysis
• 250 KW and above
• 100-250 KW
• Less than 100 KW