Electric Vehicle Market is Probable to Influence the Value of USD 1566,378.14 Million, with Growing CAGR of 24.00% by 2029, Trends, Size, Share, Growth and Competitive Outlook
BERLIN, Oct. 25, 2022 /PRNewswire/ -- A new business intelligence report released by Data Bridge Market Research, titled, "Electric Vehicle Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. The Electric Vehicle market research report is a notable source of information to survey the Electric Vehicle market and other basic nuances relating to it. The assessment divulges the incomparable evaluation and true sections of the Electric Vehicle market. The report shows a direct portrayal of the Electric Vehicle market, that joins applications, methodologies, industry chain course of action, and definitions. Besides that, it represents a critical precision, encounters, and industry-substantiated estimations of the general Electric Vehicle market. The report portrays the ongoing patterns and advancement which helps the readers to compete with the other market players and organizations.
Global Electric Vehicle Market was valued at USD 280,235.49 million in 2021 and is expected to reach USD 1566,378.14 million by 2029, registering a CAGR of 24.00% during the forecast period of 2022-2029. Battery Electric Vehicles (BEVs) accounts for the largest propulsion type segment in the respective market owing to the availability of subsidies and support from the government. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Electric Vehicle Market Overview:
Electric vehicle offer various benefits over conventional fuel based vehicles such as low operational cost, zero carbon emission and others as they source energy from electricity. Consumer's changed attitude towards electric vehicles is augmenting the market growth as they are more concerned over environmental pollution.
In recent years, electric vehicles are being deployed to replace conventional ways of travel to decline environmental pollution. It has become highly important due to various technological advancements, such as low carbon emission and maintenance, smoother drive, reduced sound from engine and higher fuel economy.
Some of the major players operating in the electric vehicle market are
- Ford Motor Company (US)
- General Motors (US)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (US)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
Recent Developments:
- BYD launched four new electric vehicle models that are equipped with Blade batteries in Chongqing in April'2021. The new vehicle models are Qin Plus EV, E2 2021, Tang EV and Song Plus EV that are available with advanced battery safety features.
- Volkswagen showcased 7 seater EV ID.6 Crozz and ID.6 X in April'2021 along with FAW and SAIC in China. The vehicles come in two battery versions, including 58 kWh and 77 kWh along with four powertrain configurations.
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Opportunities
Furthermore, high demand for electric vehicles in the automotive and transportation sectors extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, government initiatives pertaining to EVs will further escalate the growth of electric vehicle market.
The investment made in the study would provide you access to information such as:
- Global Electric Vehicle Market [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter's Five Forces, etc.
- Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
Electric Vehicle Market Drivers:
- Electric Vehicle (EV) Sales
The increase in the electric vehicle (EV) sales across the globe acts as one of the major factors driving the growth of electric vehicle market. The consumer preference is rapidly inclining towards passenger and commercial electric vehicle (EV) due to the rising environmental consciousness.
- Sales of Luxury Vehicles
The increase in the production and sales of luxury cars across the globe owing to the rise in disposable income of population accelerate the market growth. The rise in demand for these enhanced vehicles escalate vehicle production.
- Demand for Fuel-Efficient
The increase in demand for fuel-efficient, low-emission and high-performance vehicles further influence the market. The presence of stringent government rules and regulations toward vehicle emission, and reduction in cost of electric vehicle batteries have a positive impact on the market growth.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the electric vehicle industry
Challenges faced by the Electric Vehicle Market
On the other hand, high initial investments for installing EV fast charging infrastructure and lack of sufficient EV charging infrastructure are expected to obstruct market growth. Also, high cost of vehicles and insufficient standardization of EV charging infrastructure are projected to challenge the electric vehicle market in the forecast period of 2022-2029.
Browse Summary of the Electric Vehicle Market Report @ https://www.databridgemarketresearch.com/reports/global-electric-vehicle-market
What Reports Provides:
- Comprehensive analysis of product demand on global as well as regional markets
- Draw up information on major market trends, drivers, obstacles and other related challenges
- A detailed review of many vendors present on the market
- Competitive world consisting of launches, mergers, acquisitions, partnerships and joint projects with new products
- Complete coverage of all product and market segments for pattern evaluation, global market innovation, and market size forecast.
- Comprehensive review of the companies which operate for the products on the global market. The company's profile involves analysis of the product portfolio, sales analysis, SWOT analysis and the latest developments in the sector
- Growth Matrix offers brand segment and geography analysis that will be focused on investing, consolidating, and growing and/or diversifying market players
Electric Vehicle Market Segmentations:
By Component:
- Battery Cells and Packs
- On-Board Charger
- Infotainment System
By Propulsion Type:
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
By Charging Station Type:
- Normal Charging
- Super Charging
By Class:
- Mid-Priced
- Luxury
By Power Train:
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
By Vehicle Type:
- Passenger Cars
- Two Wheelers
- Commercial Vehicles
Regional/Country Level Analysis:
The countries covered in the electric vehicle market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the electric vehicle market because of the introduction of advanced technology along with rising number of research and development activities within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the prevalence of incentives in the form of subsidies from the government for the adoption of electric vehicle in the region.
Table of Content: Global Electric Vehicle Market
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Market Overview
- Global Wireless Microphone Market, By Component
- Global Wireless Microphone Market, By Propulsion Type
- Global Wireless Microphone Market, By Charging Station Type
- Global Wireless Microphone Market, By Class
- Global Wireless Microphone Market, By Power Train
- Global Wireless Microphone Market, By Vehicle Type
- Global Wireless Microphone Market, By Region
- Global Wireless Microphone Market, Company Landscape
- SWOT Analysis
- Company Profile
- Questionnaire
- Related Reports
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Browse Related Reports:
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Asia-Pacific Electric vehicle Market, By Component (Battery Cells & Packs, On-Board Charger, Infotainment System, Others), Propulsion Type {(Plug-In Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs)}, Charging Station Type (Normal Charging, Super Charging), Class (Mid-Priced, Luxury), Power Train (Parallel Hybrid, Series Hybrid, Combined Hybrid), Vehicle Type (Passenger Cars, Two Wheelers, Commercial Vehicles), Country (China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific) https://www.databridgemarketresearch.com/reports/asia-pacific-electric-vehicle-market
Europe Electric vehicle Market By Component (Battery Cells & Packs, On-Board Charger, Infotainment System, Others), Propulsion Type {(Plug-In Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs)}, Charging Station Type (Normal Charging, Super Charging), Class (Mid-Priced, Luxury), Power Train (Parallel Hybrid, Series Hybrid, Combined Hybrid), Vehicle Type (Passenger Cars, Two Wheelers, Commercial Vehicles), Country (Germany, Italy, France, U.K., Spain, Russia, Netherlands, Switzerland, Belgium, Turkey, and Rest of Europe) https://www.databridgemarketresearch.com/reports/europe-electric-vehicle-market
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