Global Electric Vehicles Market

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Global Electric Vehicles Market

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Global Electric Vehicles Market

 Category : Automotive Industry

 Published: Jul-2021
 Author: SPER Analyst
Global Electric Vehicles Market Projected to Reach Over USD 1702.9 Billion by the End of 2031

The global Electric Vehicles market was capitalized for USD 1,97.4 Billion in 2020 and is estimated to reach USD 1,702.9 Billion by the end of 2031, developing at a CAGR of over 21.64% during the forecast period 2021–2031. An electric vehicle is one that functions on an electric motor, in its place of an internal combustion engine which produces power by burning a mix of fuel and gases. Consequently, an electric vehicle is seen as a possible replacement for the current-generation automobile in the near future to address environmental problems.

Companies are involved in the usage and production of environmentally safe raw materials and components to target a more extensive customer base. In February 2021, Electric vehicle battery startup Italvolt (Italy), announced an investment of 4 billion euros (USD 4.9 billion) to build a factory in Italy to meet growing demand from Europe’s automotive industry. The European Union is pushing to boost its battery production on the continent to compete with China, currently home to around 80% of the world’s lithium-ion cell manufacturing capacity, with the aim of becoming self-sufficient by 2025. Such strategies direct towards the growing need for safer and efficient components for electric vehicle production, thus creating lucrative opportunities in the near future.

Moreover, companies, research bodies, and other associations are targeting untapped regions for components. For instance, in March 2018, the Chilean government unveiled that several investors, including South Korean electronics giant Samsung, would build three factories in Chile to produce battery parts for electric vehicles. Such moves are anticipated to substantially increase the market share in the coming years.

Some of the key players in the market are 
  • Tesla
  • BYD Inc.
  • Volkswagen AG
  • BMW Group
  • Nissan Motors
  • Toyota Motor Corporation
  • Ford Motor Company
  • AB Volvo
  • Saic Motors
  • Hyundai Group
  • Honda Motors
  • General Motors
  • Daimler AG
  • and others
Browse report overview on "Global Electric Vehicles Market by Component (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier), by Vehicle Type (Passenger Cars and Commercial Vehicles), by Vehicle Class (Mid-priced and Luxury), by Top Speed (<125 MPH and >125 MPH), by Vehicle Drive Type (Front-Wheel Drive and Rear Wheel Drive), by EV Charging Point Type (Normal Charging and Super Charging), by Charging (V2B or V2H, V2G, V2V, and V2X), by Propulsion (BEV, PHEV, and FCEV), Global Opportunity Analysis and Industry Forecast, 2021–2031" at: https://www.sperresearch.com/report-store/Global-Electric-Vehicles-Market.aspx

Based on geographical analysis, the global Electric Vehicles market is divided into North America, Europe, South America, Asia Pacific, and Middle East & Africa. The growth of the Electric Vehicles market across the Asia Pacific owing to the government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers require to manufacture EV’s per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against extreme polluting vehicles. Japan and South Korea have also been developing their Electric Vehicles market. 
By 2022, China is planning to invest a significant amount to build charging infrastructure for pure electric and plug-in hybrid cars which can change the EV market scenario in the country in upcoming years. Japan, China, and South Korea are combinedly lead the Asian market of electromobility worldwide. The penetration of EVs is more in South Korea owing to technological advancement, the country has major EV manufacturers like Hyundai that make its bold presence in the market. Whereas, Japan and China have a strong position in the market in terms of production and market size. 

Looking at the stats, China buys nearly 90% of the e-bikes in the world and Japan buys the most hybrid cars. In fact, the bestselling electric car in the world, the Toyota Prius, sells in Japan at twice the volume taken by the whole of the USA. All these and many other factors ensure healthy growth of the market in the region during the forecast period.

Growing adoption of electric buses is expected to propel the market growth
India is the second most populated country in the globe after China, and just like China, which has the largest electric bus fleet in the globe; India is also pushing hard for the electrification of buses. Numerous state governments have already started the procurement of electric buses from Chinese and local electric bus vendors. With the increasing need for controlling GHG (Greenhouse gases) emissions emitted by vehicles, the government is encouraging the usage of electric-powered vehicles across numerous states, which is heightening the demand for electric buses in India. The market is being driven by factors such as an upsurge in domestic manufacturing, rapid urbanization, and an increase in environmental awareness.

Increasing Automation and Technological Advancements
An inclination of electric cars by such countries can aid in the reduction of several issues of economy, power, environment, and others. Several companies operating in the electric vehicles market is focused on developing vehicles with cutting edge technology with newer features and which will be accessible to all target groups in several economies. Long-standing players have a strong catch on demand to sustain their presence in the market. Targeting countries with high purchasing power customers pushes the companies to launch better products. For instance, automobile companies have started launching new models of electric vehicles in UAE. In 2017, Dubai purchased 200 Teslas to expand the city’s airport taxi fleet, including some Model X’s. 

Dubai has even announced several amenities and facilities for electric vehicles. The country has created dedicated free parking spaces and free charging slots through Dewa’s public electric vehicle charging network. Therefore, this factor directly affects the growth rate of the market for electric vehicles.

Don’t miss out on business opportunities in the global electric vehicles market. Request customized report as per your need and gain crucial industry insights that will help your business grow at: https://www.sperresearch.com/report-store/Global-Electric-Vehicles-Market.aspx?cutom=1

The global Electric Vehicles market is bifurcated into component, vehicle type, vehicle class, top speed, vehicle drive type, EV charging point type, charging, and propulsion, and regional analysis. Based on the Component, the market is divided into Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier. Based on the Vehicle Type, the market is divided into Passenger Cars and Commercial Vehicles. By Vehicle Class, the market is categorized into Mid-priced and Luxury. Based on Top Speed, the market is divided into <125 MPH and >125 MPH. Based on Vehicle Drive Type, the market is categorized into Front-Wheel Drive and Rear Wheel Drive. Based on EV Charging Point Type, the market is segmented into Normal Charging and Super Charging. By Charging, the market is classified into V2B or V2H, V2G, V2V, and V2X. Based on Propulsion, the market is divided into BEV, PHEV, and FCEV.

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