New Energy Vehicles Market Size to Reach USD 286,340 Million by 2027 at CAGR 16.8% - Valuates Reports

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.

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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. 

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NEW ENERGY VEHICLES MARKET SHARE ANALYSIS

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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New Energy Vehicles Market Segment by Type

• HEV
• PHEV
• EV
• Others.

New Energy Vehicles Market Segment by Application

• Commercial Vehicle
• Passenger Vehicle.

Top Major Players in the New Energy Vehicles Market

• TOYOTA
• Nissan
• Tesla
• Mitsubishi
• GM
• Ford
• BMW
• Renault
• Volvo
• Mercedes-Benz
• Volkswagen
• Honda
• FIAT
• BYD
• Chery
• ZOTYE
• Yutong
• BAIC
• King-long
• Zhong Tong
• Geely
• SAIC
• JAC
• Others.

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SIMILAR REPORTS :

-  The Electric Commercial Vehicle market size is projected to reach USD 178560 million by 2027, from USD 101270 million in 2020, at a CAGR of 8.3% during 2021-2027.

-  The Electric Scooter and Motorcycle Market size was valued at USD 5560.9 Million in 2020 and is projected to reach USD 7618.5 Million by 2027, at a CAGR of 4.6% during 2021-2027

-  Electric vehicle market was valued at USD 162.34 Billion in 2019 and is projected to reach USD 802.81 Billion by 2027, registering a CAGR of 22.6%.

-  The global electric vehicle battery market size was valued at USD 23 Billion in 2017 and is projected to reach USD 84 Billion by 2025, growing at a CAGR of 17.2% from 2018 to 2025.

-  The Electric Bike Market is expected to grow from USD 19,719.54 Million in 2019 to USD 36,466.04 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 10.78%.

-  Wireless EV Charging market size was valued at USD 7.6 Million in 2019 and is projected to reach USD 210.1 Million by 2030, registering a CAGR of 36.4% from 2020 to 2030.

-  The global Electric Car market size is projected to reach USD 476730 Million by 2026, from USD 97260 Million in 2019, at a CAGR of 25.3% during 2021-2026.

-  Electric Bus Market size will increase from USD 88,632.45 Million in 2018 to USD 183,269.78 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 10.93%.

-  Electric truck market size was valued at USD 422.5 Million in 2019 and is projected to reach USD 1,893.1 Million by 2027, registering a CAGR of 25.8% from 2020 to 2027. 

-  The global vehicle electrification market size was valued at USD 70.14 Billion in 2019, and is projected to reach USD 140.29 Billion by 2027, registering a CAGR of 11.3%.

-  The hydrogen fuel cell vehicle market size was valued at USD 651.9 Million in 2018 and is projected to reach USD 42,038.9 Million by 2026, growing at a CAGR of 66.9% from 2019 to 2026.

To see the full list of related reports on the Electric Vehicles

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