Electric Vehicle Market Research Report

 

Electric Vehicle Market

Electric Vehicle Market size is envisaged to expand at a higher Compound Annual Growth Rate over the forecast period.

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Growing demand for better quality and fuel-effective vehicles, strict government norms towards vehicle discharge, and reducing cost of electric vehicles batteries are some major drivers contributing to the electric vehicles market growth. Increasing initiatives by the government owing to the changing preference of consumers towards the electric vehicles have driven the electric vehicle market growth. For example, the German Government decided to invest USD 146 billion for the economic recovery plan after COVID-19, out of which USD 2.8 billion were allocated for the development of EV infrastructure. Other factors which include rising fuel cost and a decrease in the prices of EV batteries will propel the market growth. Leading market players including Renault AG and Ford Motor Company are investing in the research and development to expand their product offerings, which has strengthened the electric vehicle market share. In 2018, Daimler AG, in 2018, invested USD 20 billion to purchase battery cells for electric vehicles.

Product Type – Segment Analysis

By product type, the BEV segment is anticipated to expand at a faster CAGR over the forecast period, owing to their remarkable performance, better connectivity level at a cheaper cost, and more interior space.

Vehicle Class – Segment Analysis

By vehicle class, the mid-priced vehicle class is projected to lead the market over the forecast period. The presence of leading players like BYD and Great Wall Motor, are emphasising on innovating cost-efficient vehicles. For example, Great Wall Motor collaborated with BMW Group to manufacture electric MINI vehicles in China.

Top Market Players

Leading players operating in the market include Tesla, Toyota Motor Inc., Ford Motor Company, Nissan Motor, BMW, Volkswagen of America, Inc., Volvo Car Corporation, BYD Company Ltd., Daimler, and Hyundai, among others.

Key Developments:

In 2021, Volkswagen of America, Inc., developed pilot plant to recycle EV batteries in Salzgitter. The company will recycle EV battery recycling yields nickel, lithium, manganese, cobalt, aluminium, copper, plastics, and graphite.

In 2019, BYD Company Ltd., partnered with Toyota Motor Corporation to carry out research and development of battery electric vehicles (BEVs).

In 2019, Tesla introduced fully electric Model Y, which can carry 7 passengers and their cargo with two-ultra responsive, independent electric motor, controlling torque to the front and rear wheels.

Electric Vehicle Market Segmentation:

Electric Vehicle Market by Battery Type
  • Lead-acid
  • Nickel Metal Hydride
  • Lithium-ion
  • Sodium Nickel Chloride
  • Others
Electric vehicle Market by Product Type
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)
Electric vehicle Market by Vehicle Class
  • Luxury
  • Mid-Priced
Electric vehicle Market by Vehicle Type
  • Passenger Car
  • Commercial Vehicle
Electric Vehicle Market by Region:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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