Rapidly Increasing Sales of Electric Vehicles and Rising Fuel Prices Are Driving Factors of Global Electric Vehicle Market. The global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. The fuel retail business will never be the same again. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. Electric vehicle (EV) sales should hit 2.7 million in 2019 even as the broader auto market declines (paywall). 6 2. Request For Full Report- https://www.kennethresearch.com/sample-request-10195914. All of these sectors will be transformed by growing electric car adoption. COMTEX_375326839/2606/2020-12-01T06:27:15. The Electric Vehicle Outlook is BloombergNEF’s annual long-term forecast of how electrification, shared mobility and autonomous driving will impact road transport from now out to 2040. The key players of the global Electric Vehicle market are Nissan Motor Company (Japan), Tesla Inc. (US), Toyota Motor Corporation (Japan), Ford Motor Company (US), Volkswagen (Germany), BMW (Germany), General Motors (US), Daimler AG (Germany), Hyundai Motor Company (South Korea), and Mitsubishi Motors Corporation (Japan). Europe is one of the most promising regions in the electric vehicles market. Metals and mining. Changes in the British company car tax regime and the increased availability of electric cars are the main contributing factors to the predicted sharp increase in electric car … We are in process of revamping Electric Vehicle Market with respect to COVID-19 Impact. Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. https://www.kennethresearch.com/sample-request-10195914, Electric Vehicle (EV) Market 2020 Dynamics, Trends, Emerging Growth Factors and Forecast to 2025, Review: The new and improved 2021 Porsche Panamera, Four home improvement projects you should never do yourself, Apple TV+ killed a show about Gawker after Tim Cook disapproved: report, How a divided government could affect the municipal bond market, Sen. Kelly Loeffler disavows white supremacist after posing with him for photo. Which segmentation (technology/vehicle type) is driving market growth? The world’s … Buy our reports to address business challenges and make better commercial decisions with objective insights, analyses and data. How Large is the Electric Vehicle Market? See how our results transformed business decisions. We help our clients address their most pressing strategic and commercial challenges. The Electric Vehicle Charging Infrastructure Market will grow by $ 17.64 bn during 2020-2024 ... APAC is going to have a lucrative growth during the forecast period. Kenneth ResearchEmail: Sales@kennethresearch.comPhone: +1 313 462 0609. Which Region is Dominating Global Electric Vehicle Market? On the basis of technology, the global electric vehicle market is segmented into battery hybrid and plug-in electric vehicle. What Are the Major Segments of Global Electric Vehicle (EV) Market? The Global Electric Vehicle (EV) Market is estimated to register a CAGR of 18.4% during the forecast period. What Factors Are Affecting Global Electric Vehicle Market? We've paired our proven authority in macro oil forecasting with unrivaled expertise in power and renewables, metals and automotive sectors. We've worked together with traditional automotive and fuel-retail companies to guide their business transition through the budding electric vehicle market. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players. North America region is Dominating global electric vehicles market due to the growing demand for electric cars at a rapid pace across the US and Canada. The Global Electric Vehicle (EV) Market is estimated to register a CAGR of 18.4% during the forecast period. In 2018, the passenger cars segment held the largest share in the global electric vehicle market, followed by commercial vehicles and two-wheelers. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. For example, for the EU fleet average CO. 2. emission targets to be met, the PHEV and BEV market share will need to reach a combined 10 per cent by 2025 and 22 per cent in 2030, with BEVs accounting for more than half of it. But guesses about the timing of gas guzzlers’ eclipse are all over the map. Is there a problem with this press release? Electric Vehicle Market is Rising at Cagr of 18.4% Through 2025 Globally. Europe is expected to witness significant growth in the global electric vehicle market, owing to the new vehicle emission standards regulated by the government. Dec 01, 2020 (AmericaNewsHour) -- This market has seen substantial growth over the past few years, and it has been experienced that the market will remain on the same growth level until the forecast period. The global electric vehicle market demand was estimated at 8.6 million units in 2018 and it is projected to reach 40.6 million units by 2026, EV industry exhibiting a CAGR of 21.1% during the forecast period. 4 1.3 How many Electric Vehicles are on UK roads? The report draws on our team of specialists around the world and looks at how these trends will impact the … The MarketWatch News Department was not involved in the creation of this content. Similarly, in June 2019, Toyota Motor Corp. invested USD 2 Bn for the development of electric vehicle in Indonesia. By Technology: Battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles, By Vehicle Type: Passenger cars, commercial vehicles, and two-wheelers. 1.1 What are Electric Vehicles? EVs would secure approximately 32 per cent of the total market share for new car sales (see figure 2). If the electric vehicle sector continues to grow as projected, nearly half the vehicles sold in Canada in 2030 will be electric. Connect the moving parts between oils, metals, fuels, power and infrastructure industries to gain a full view of electric vehicles' global market impacts in our one-stop-shop solution. Contact the source provider Comtex at editorial@comtex.com. Key topics addressed include drivers of U.S. and global EV growth, auto manufacturer investments in EV development, announced new EV model introductions, projected EV This research report categorizes the given market based on, vehicle type, propulsion type, vehicle class, component, charging station type, A dramatic move away from ICE-only vehicles is expected and by 2025 only plug-in electric vehicles and HEVs will likely be sold. The global electric vehicle sales is projected to grow at a CAGR of 32.57% during the forecast period, to reach 10.79 million units by 2025, from an estimated 1.50 million units in 2018. Based on technology, the global electric vehicle market is segmented into passenger cars, commercial vehicles, and two-wheelers. Subscribe to our trusted data and analysis for global energy, chemicals, metals and mining industries. Some of the major factors driving the growth of the market studied are the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure, leading to the increasing adoption of electric vehicles. The global electric vehicle market has been segmented based on technology, vehicle type, and region. In just two years, 2013 to 2015, the number of electric cars worldwide more than doubled. The electric vehicle market is expected to register a CAGR of over 20% over the forecast period. Passenger cars segment accounted for the largest share in the global market throughout the forecast period. This exponential growth means that electric vehicles (EVs)* will soon make up a large portion of the global car … Authors. Electric Car Statistics and Facts (Editor’s Pick) China took the plug-in vehicle market by storm with 645,000 units sold in the first half of 2019. This market has achieved an ample scope due to the presence of major automakers, technological advancements, and massive demand for e-cars across the country such as Germany, UK, France, and Norway. The plug-in hybrid electric vehicle segment is projected to witness the highest growth during the forecast period due to the growing infrastructure of electric vehicle charging stations globally. It covers light duty passenger vehicles, commercial vehicles, buses, and two/three-wheeled vehicles. The need to attain sustainable transportation plays a significant role in driving the electric vehicles demand. Gain unbiased market insight into the industries  surrounding the EV space. 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