BANGALORE, India, April 15, 2021 /PRNewswire/ -- The New Energy Vehicles Market is Segmented by Type (HEV, PHEV, EV), by Application (Commercial Vehicle, Passenger Vehicle). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published on Valuates Reports in the Autos & Vehicles Category.
The New Energy Vehicles Market size was valued at USD 96,550 Million in 2020 and is projected to reach USD 286,340 Million by 2027, at a CAGR of 16.8% during the forecast period 2021-2027.
Major factors driving the growth of new energy vehicles market size are:
Rising need to control the pollution due to conventional fuel vehicles.
Increasing government support through incentives and subsidies offered on zero-emission vehicles. Government imposing mandatory green credits on OEM's.
Changing consumer sentiment towards the electric vehicle due to continuous drop in initial purchase cost, low maintenance cost, growing charging infrastructure and better driving experience.
TRENDS INFLUENCING THE GROWTH OF NEW ENERGY VEHICLES MARKET SIZE
The demand for new energy vehicles has been driven by rising environmental issues and growing demand for pollution-free and energy-efficient transportation solutions around the world. Research has shown that electric cars are better for the environment. They emit fewer greenhouse gases and air pollutants than a petrol or diesel car.
The rising government initiative to increase the adoption of EVs is expected to drive the growth of new energy vehicle market size. Many governments have offered compelling financial incentives to make the EV switch, such as providing cash subsidies to consumers buying low-emission vehicles, reducing taxes on EVs, and increasing or maintaining taxes on ICE vehicles.
Changing consumer sentiment towards the electric vehicle is expected to drive the growth of new energy vehicle market size. HEV, PHEV & EV are becoming a more practical and viable choice as the obstacles such as driving range, cost of ownership are rapidly eliminated.
The passenger vehicle segment is projected to lead the New Energy vehicle market. This growth is largely due to increased consumer awareness and the introduction of stricter regulations, which has resulted in significantly higher passenger vehicle sales in the NEV market.
The Asia Pacific is expected to be one of the most lucrative regions due to its large consumer base and increasing adoption of new energy vehicles. China leads the NEV market in the Asia Pacific. Besides China, Japan, South Korea, and India are also anticipated to be highly lucrative markets for new energy vehicles.
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