Electric Vehicle Market Forecast and Trends Analysis Research Report 2020-2027
The GMI Research expects the electric vehicle market to expand at an increased rate. From a regional perspective, the Asia-Pacific is anticipated to rise at a faster CAGR due to the rising emphasis on the manufacturing of electric vehicles in economies like Japan, South Korea, and China. Substantial subsidies and regulations by the government will further drive the market demand.
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Electric Vehicle Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The key factors responsible for the growth of the electric vehicle market size during the forecast period include the strict government policies toward vehicle emission, the growing awareness to decrease oil consumption, and the strong demand for high-performance and fuel-efficient vehicles. According to the electric vehicle market forecast, the increasing investment in the manufacturing of electric vehicles by leading companies, such as BMW Group, Hyundai Motor Company, General Motors Company, Nissan Motor Company, BAIC Motor Corporation, and Daimler AG, is expected to surge the growth of the electric vehicle market share in terms of revenue in the upcoming years. As per the electric vehicle market analysis, the rising convenience of consumers, including home charging options for electric vehicles, followed by the usage of renewable energy sources like a solar photovoltaic system to recharge electric vehicles, will further propel the electric vehicle market growth.
The rising trend towards more eco-friendly production of electric vehicles and their components with the utilization of recycled materials and bioplastics will create consumer interest in buying electric vehicles. Several organizations, such as WEVA (World Electric Vehicle Association), EAA (Electric Auto Association), SMEV (Society of Manufacturers of Electric Vehicles), EVI (Electric Vehicle Initiative), and LEVA (The Light Electric Vehicle Association), are working for the growth and development of electric vehicles worldwide, which will further increase the adoption of electric vehicles. According to the electric vehicle market report, the major factor hindering the market growth include limited charging infrastructure and the rising cost of electric vehicles.
Vehicle Class Segment Drivers
Based on vehicle class, the market has been segmented into mid-priced and luxury. The mid-priced electric vehicles segment is expected to grow at a higher CAGR in the upcoming years due to the growing production of high-range electric vehicles at a reasonable price by organizations including BYD Company Limited, Mahindra & Mahindra Limited, Tata Motors, and others. Furthermore, the strong demand for electric vehicles from government fleets, transportation companies, cab companies, and others are some other factors bolstering the growth of the market.
Electric Vehicle Market’s leading Manufacturers:
- Tesla, Inc.
- BYD Company Limited
- Nissan Motor Company
- BMW Group
- Volkswagen AG
- Volvo Group
- Daimler AG
- Honda Motor Co., Ltd.
- Toyota Motor Corporation
- Ford Motor Company
- Hyundai Motor Company
- Continental Engines
- BAIC Motor Corporation, Ltd.
- General Motors Company
Electric Vehicle Market Segmentation:
Segmentation by Product Type:
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Fuel Cell Electric Vehicles (FCEV)
Segmentation by Vehicle Type:
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
Segmentation by Vehicle Class:
- Mid-Priced
- Luxury
Segmentation by Charging station Type:
- Normal
- Super
Segmentation by Two-Wheelers Battery Type:
- Lithium-ion Battery
- Lead Acid Battery
Segmentation by Region:
- North America
o United States of America
o Canada
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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