The global electric vehicle market was capitalized for USD 136.08 Billion in 2020 and is estimated to reach USD 570.9 Billion by the end of 2026, developing at a compound annual growth rate (CAGR) of over 27% during the forecast period 2021–2026.
An electric vehicle is one that uses an electric motor to power it. Propulsion is provided by electric motors and motor controls. An electric vehicle is powered entirely or partially by electricity. The electric motor is powered by a massive traction battery pack in the electric vehicle. It works by plugging into a charging station and drawing power from the grid.
Some of the key players in the market Tesla, Nissan Motor Corporation, BMW Group, Volkswagen AG, Toyota Motor Corporation, Daimler AG, Tata Motors Limited, MG Motor India, Mahindra & Mahindra Limited, JBM Auto Limited, Olectra Greentech Ltd, General Motors, BYD Company Motors, Energica Motor Company S.p.A, and Ford Motor Company.
Demand For Fuel-Efficient, And Low-Emission Automobiles Is Increasing
Since gasoline is a fossil fuel, it is not a renewable source of energy and will eventually run out. Alternative fuel sources must be developed and used to support sustainable development. This entails the usage of electric vehicles, which do not require the use of gasoline and are more cost effective than traditional automobiles. An electric vehicle transmits over 50% of the electrical energy from the grid to power at the wheels, whereas a gas-powered vehicle transmits only around 17%–21% of the energy stored in fuel to power at the wheels. Due to the recent increase in the price of gasoline and diesel, the demand for fuel-efficient automobiles has surged. This is due to the depletion of fossil fuel reserves and an increase in firms' desire to maximise profits from these reserves. As a result of these considerations, there is a growing desire for better fuel-efficient technology, resulting in a surge in demand for electric vehicles for travel.
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The Asia Pacific Region Expected to Witness fastest Growth in the Global Electric Vehicle Market
China, Japan, and South Korea lead the Asia Pacific electric vehicle market. China, being the world's largest EV producer and user, has a hold on the region's EV market. Their government has taken steps such as providing subsidies to EV buyers, enacting mandatory laws requiring all vehicle manufacturers to produce EVs in proportion to the number of vehicles produced, providing substantial support for the installation of EV charging stations across major cities, and enacting regulations against polluting vehicles. Japan and South Korea have both seen rapid growth in their electric vehicle markets. Their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, and establishing deadlines for switching from ICE vehicles to full or hybrid EVs, among other things. India is also attempting to increase demand for electric vehicles in the industry. The country's new vehicle scrappage policy, which allows old vehicles to be scrapped in exchange for low-emission vehicles, as well as other planned rules, will help it become the region's fastest-growing EV market in the next years.
“Electric Vehicle Market - By Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)), By Vehicle Class (Mid-Priced, and Luxury), and By Vehicle Type (Two-wheelers, Passenger Cars, and Commercial Vehicles)and By Region - Global Comprehensive Analysis, Forecast (2020-2026) , Industry Perspective.
The global electric vehicle market is segmented as follows:
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
By Vehicle Class:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa