Electric Vehicle (EV) Market Research Report – Global Forecast till 2025
Electric vehicles are powered by batteries, solar panels, or electric generators. It eliminates the need for fuel for ignition. The technology has relatively newer and is considered climate positive. The report published by Market Research Future (MRFR) suggests that the global electric vehicle market is poised to mark 18.4% CAGR over the forecast period. It indicates that the market is expected to attract massive investments over the next couple of years owing to the rapid shift to EVs.
The growth of the automotive industry is a major factor that is projected to support the expansion of the electric vehicle market in the foreseeable future. In addition, the rising concerns related to carbon emissions produced by vehicles are expected to raise concerns among the masses. In a bid to reduce carbon footprint and increase the green footprint, governments are promoting the use of electric vehicles. This, in turn, is anticipated to drive electric vehicle market growth in the near future. Also, the investments in global electric transportation services are prognosticated to lead the expansion of the market. Also, there has been a rise in investments for building charging infrastructure for these vehicles. It is supposed to influence the electric vehicle market greatly. The electric car industry is projected to witness a rise in the sales of EV units. It ensures a lucrative future trajectory of the market.
Innovations in battery technology is another key driver of the market. Automotive industry leaders are investing in research & development to develop batteries that elongate the lifespan of the vehicles. It is supposed to accelerate revenue generation in the foreseeable future. In addition, the depleting sources of natural resources have led to price volatility. Fuel prices are rising due to scarcity. These factors are anticipated to catalyze the shift to electric vehicles. It is also expected to drive the growth of the electric vehicle market in the upcoming years.
On the basis of technology, the electric vehicle market has been segmented into hybrid, battery, and plug-in hybrid electric vehicles.
By vehicle type, the electric vehicle market has been segmented into commercial vehicles, passenger cars, and two wheelers.
The regional assessment of the electric vehicle market is included in the report from the following regions – North America, Asia-Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are further analyzed on the basis of country-level markets. Asia Pacific has garnered the largest share of the market. It is presumed to maintain its standing at the pole position through the review period. The governments in the economies such as China and India are investing in measures to control air pollution. It is supposed to have a positive effect on the growth curve of the electric vehicles market in the region. Europe is also likely to earn remarkable amount of revenue during the assessment period. Increasing focus on the adoption of industrial electric cars in the region is expected to drive market growth.
Nissan Motor Company (Japan), Toyota Motor Corporation (Japan), Tesla Inc. (US), Ford Motor Company (US), BMW (Germany), Volkswagen (Germany), General Motors (US), Hyundai Motor Company (South Korea), Daimler AG (Germany), and Mitsubishi Motors Corporation (Japan) are few of the key players of the global electric vehicle market.
In December 2019, MG (Morris Garages) Motor India has announced the introduction of ZS electric vehicle which is anticipated to be launched in the Indian market by 2020.
In December 2019, Tata Motors India has announced the launch of its Nexon electric vehicle (EV).
Global Electric Vehicle Market Research Report: Information by Technology (Battery, Hybrid and Plug-In Hybrid Electric Vehicles), Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers) and Region (North America, Europe, Asia–Pacific and RoW) – Forecast till 2025
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