Electric Vehicle Market Overview:
The Electric Vehicle market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Electric Vehicle Market, as well as the reasons for variations in the industry’s growth in various locations.
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Electric Vehicle Market size was valued at USD 212.17 Bn. in 2021 and the total revenue is expected to grow at 29.9% through 2021 to 2029.
Market Scope:
Post completion of market engineering, which included calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, thorough primary research was done to acquire information and verify and validate important numbers. To perform market estimating and forecasting for the overall market segments and sub-segments described in this research, both top-down and bottom-up methodologies, as well as multiple data triangulation methods, were widely employed throughout the whole market engineering process. Extensive qualitative and quantitative analysis is also performed on all of the figures obtained during the whole market engineering process in order to provide essential information throughout the report.
Dynamics:
The Asia-Pacific electric vehicle industry is likely to be driven by rising environmental consciousness and government backing. Economies in this region are promoting electric automobiles to reduce their reliance on expensive fossil fuels. India, for example, intends to replace all vehicles with electric vehicles by 2029. China is subsidizing electric automobiles in various ways, depending on the battery size.
Segmentation:
Based on Electric Vehicle Type, the market is sub-segmented into Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Others. In 2021, hybrid vehicles are expected to account for the highest market share of the Asia-Pacific electric vehicle market. The high share of this segment can be attributed to increasingly stringent automotive emission regulations across Asia-Pacific, rising consumer demand for high-fuel-efficiency vehicles, increasing investments by automotive OEMs in the hybridization of vehicle powertrains, and hybrid vehicles’ low cost compared to battery electric vehicles. The fuel cell electric vehicle segment, on the other hand, is predicted to increase significantly, as fuel cell electric vehicles have various advantages, including quick refilling and zero tailpipe emissions.
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Key Players:
Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Electric Vehicle market are as follows:
• Tesla Motors Inc.
• BMW Group
• Nissan Motor Corporation
• Volkswagen AG
• General Motors
• Daimler AG
• Energica Motor Company S.P.A.
• BYD Company Motors
• Ford Motor Company
• Mitsubishi
• Hyundai Motor
• Fiat Chrysler Automobiles N.V.
• Zhejiang Geely Holding Group
• Peugeot
• Venturi
• BAIC
• Dongfen
• Tork Motors
• BYTON
• Emflux Motors
• NIO (NextEV)
• Hero Electric
• Tata Motors
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Regional Analysis:
Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Electric Vehicle market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Electric Vehicle Market:
Due to a break in operations, end-user sectors where Electric Vehicle are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Electric Vehicle manufacturers, affecting the development of the Electric Vehicle market in 2020. End-user business demand for Electric Vehicle has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Electric Vehicle Market Report are:
- Which segment had the largest share in the Electric Vehicle market in 2021?
- What is the competitive landscape of the Electric Vehicle market?
- Which are the key drivers aiding the Electric Vehicle market growth?
- Which region has the maximum share in the Electric Vehicle market?
- What will be the CAGR of the Electric Vehicle market during the forecast period (2022-2027)?
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