The global electric vehicle market volume was 2,265.5 thousand units in 2019 and is expected to register a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027.
Even though the oil prices have declined prominently, electric vehicles adoption is increasing day by day. Rising environmental concern for pollution and CO2 emission, favorable government policies for adoption of electric vehicles, and significant investment by EV manufacturers are some of the major factors driving the global electric vehicle market. Some of the manufacturers are also promoting workplace and residential charging stations to over the charging constraints. For instance, in December 2017, Electrify America LLC announced to install more than 2,800 residential and workplace charging stations by June 2019 in 17 different metropolitan cities of U.S.
However, lack of global standard for the charging infrastructure is one of the major reasons that hinder the market growth. Nonetheless, technological advancement in electric vehicle charging stations powered by renewable energy open up new opportunities in the market growth.
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Some of the key players of the market are BYD Company Ltd., Ford Motor Company, Daimler AG, General Motors Company, Mitsubishi Motor Corporation, Groupe Renault, Nissan Motor Company, Toyota Motor Corporation, Tesla Inc., and Volkswagen Group, among others.
Asia Pacific seeks the most lucrative growth over the forecast period owing to rising adoption of electric and zero-emission vehicles in the region. The government of various Asian countries has issued stringent regulations for the CO2 and greenhouse gas (GHG) emission. This has forced the auto-manufacturers to move their production towards more efficient and environment-friendly vehicles.
In June 2019, Japan had issued a new CO2 emission standard for 2030, according to this car manufacturing must focus in reducing the CO2 emission by 32% by 2030 in comparison to 2016. Other countries are also taking significant initiative for controlling the vehicle emission. For instance, in 2020, China made huge investment in electric car infrastructure to promote e-mobility. Volkswagen AG, one of the leading electric vehicle manufacturers has signed a joint venture with China and planned to invest USD 11.30 Bn for industrialization of e-mobility in China.
Europe and North America are the prominent electric vehicles market with around 45% combined revenue share globally. Europe after Asia Pacific is the second most lucrative EV market owing to various governments plan for zero emission on-road fleet by 2030.
– Asia Pacific was the dominant region in 2019 and expected to be the most attractive market during the forecast period. China, India, Indonesia, and Korea are some of the most lucrative regions for the electric vehicle growth. Rising investments and government initiatives are the major factors for its significant growth.
– North America and Europe are the significant revenue contributors in the global electric vehicle market with considerable growth. Rising environmental concern and heavy incentives offered by the government have increased the adoption of electric vehicles massively in these regions.
– Battery Electric Vehicles (BEV) led the product segment with approximately 65% of the global market share. However, Plug-in Hybrid Electric Vehicles (PHEVs) are considered to register fastest growth during forecast period owing to being driver-friendly coupled with several benefits over the BEV.