REDDING, Calif., July 1, 2021 /PRNewswire/ -- According to a new market research report "Electric Vehicle (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, PHEV, HEV); End Use (Private, Commercial, Industrial); Power Output; Charging Standard; and Geography — Global Forecast to 2027", published by Meticulous Research®, the electric vehicle (EV) market is expected to grow at a CAGR of 33.6% from 2020 to 2027 to reach $2.49 trillion by 2027. This market is expected to grow by volume at a CAGR of 21.7% to reach 233.9 million units by 2027.
Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are powered by rechargeable battery packs or an internal combustion engine that charges the vehicle's battery pack, which runs the traction motor and propels it. Such vehicles are known as hybrid electric vehicles. In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micromobility, logistics, and industrial applications.
The growth of the overall electric vehicle (EV) market is mainly attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, decreasing prices of batteries, and advancements in charging systems technologies. In addition, the increasing adoption of electric mobility in emerging economies and the growing adoption of autonomous driving vehicles offer significant growth opportunities for players operating in the electric vehicle (EV) market.
On the other hand, the range limitations of electric vehicles, lack of fast-charging infrastructure, and high cost of electric vehicles are some of the factors challenging the growth of this market to a certain extent. Also, the lack of charging infrastructure in developing countries is expected to hinder the growth of this market to some extent.
The overall electric vehicle (EV) market is segmented based on vehicle type, propulsion type, power output, end use, charging standard, and geography.
Based on vehicle type, the electric vehicle (EV) market is segmented into passenger vehicles, heavy commercial vehicles, two-wheelers, e-scooters & bikes, and light commercial vehicles. In 2020, the passenger vehicles segment accounted for the largest share of the overall electric vehicle (EV) market, followed by heavy commercial vehicles, two-wheelers, e-scooters & bikes, and light commercial vehicles. Factors such as the increasing favourable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles are driving the growth of this segment.
On the basis of propulsion type, the electric vehicles (EV) market is segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. In 2020, the battery electric vehicles segment accounted for the largest share of the overall electric vehicles (EV) market, followed by hybrid vehicles and fuel cell electric vehicles. Factors such as the increasing need to reduce greenhouse gases, the growing requirement for clean mobility & transportation solutions, reductions in the cost of batteries, and stringent government regulations to limit carbon emissions, are driving the growth of this segment.
Based on power output, the electric vehicle (EV) market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2020, the less than 100 kW segment accounted for the largest share of the overall electric vehicles (EV) market, followed by more than 250 kW, and 100 kW to 250 kW. Factors such as the increasing adoption of electric scooters and mopeds, increasing government investments for the development of EV charging infrastructure, growing use of e-scooters for shared mobility, strict government regulations for reducing carbon emissions, and increasing R&D by automotive OEMs and EV charging systems OEMs for developing advanced chargers that offer less than 100kW of power are contributing towards the growth of this segment.
Based on end use, the electric vehicle market is segmented into private use, commercial use, and industrial use. The private use segment accounted for the largest share of the overall electric vehicle market, followed by commercial use and industrial use. Factors such as growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers are driving the growth of this segment.
Based on geography, the EV market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Asia-Pacific accounted for the largest share of the global electric vehicle market, followed by Europe and North America. Factors such as increasing demand for EVs and associated charging facilities, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, and growing government initiatives in developing the charging infrastructures and making incentive programs for EV adopters are driving the growth of this regional market.
The key players operating in the global electric vehicle market are BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia Corporation (South Korea), Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Mahindra & Mahindra Ltd. (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), Toyota Motor Company (Japan), Mitsubishi Motors Corporation (Japan), Groupe Renault (France), Beijing Automotive Industry Corp. (BAIC) (China), SAIC Motor Corporation Limited (China), Geely Automobile Holdings Limited (China), Guangzhou Xiaopeng Motors Technology Company Ltd. (China), and NIO Inc. (China) among others.
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