Surge in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent regulations of governments regarding vehicle emissions propel the growth of the global electric vehicle market
PORTLAND, Oregon, April 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Market by Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)), Vehicle Class (Mid-Priced and Luxury), and Vehicle Type (Two-wheelers, Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global electric vehicle industry generated $162.34 billion in 2019, and is estimated to reach $802.81 billion by 2027, growing at a CAGR of 22.6% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in demand for high-performance, fuel-efficient, and low-emission vehicles along with strict government regulations toward vehicle emissions drive the growth of the global electric vehicle market. However, high cost of manufacturing and less fuel economy & serviceability hinder the market growth. On the other hand, advancements in technologies and supportive government initiatives create new opportunities in the coming years.
The HEV segment to maintain its dominant share throughout the forecast period
Based on type, the hybrid electric vehicle (HEV) segment accounted for the highest market share in 2019, contributing to nearly half of the global electric vehicle market, and is expected to maintain its dominant share throughout the forecast period. This is due to wide availability of hybrid electric vehicles worldwide with advancements in technology. However, the battery electric vehicle (BEV) segment is estimated to portray the highest CAGR of 23.3% from 2020 to 2027, owing to increase in demand for battery electric vehicles across the globe with stringent government regulations.
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The passenger car segment to continue its leadership position during the forecast period
Based on vehicle type, the passenger car segment contributed to nearly three-fourths of the global electric vehicle market in 2019, and is estimated to continue its leadership position during the forecast period. This is due to the emergence of battery operated vehicles by different automobile manufacturers across the world. However, the commercial vehicle segment would register the largest CAGR of 30.0% from 2020 to 2027, owing to demand for emission free commercial vehicles.
North America to grow at the fastest CAGR
Based on region, North America is expected to contribute the fastest CAGR of 27.5% from 2020 to 2027. This is due to wide adoption of electric operated vehicles in the region for complying with the emission norms. However, Asia-Pacific held more than half of the global electric vehicle market in 2019, and is expected to maintain its lion's share throughout the forecast period. This is due to the developed automotive industry in the region and the novel developments by different manufacturers.
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Leading market players
- 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
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