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Global Electric Vehicle Market Size, Share, Growth, Industry Trends and Forecast 2020-2030

Electric Vehicles are work on electricity deployed through charging stations or can be charged by self-charging devices like turbochargers and regenerative braking systems. Electric vehicle gains the popularity due to its features like less emission, high performance and fuel efficient. The regenerative braking system used in these vehicles is helpful for generating electricity through movement of vehicle. The increasing demand for electric vehicles will expand automotive sector as these vehicles are used for variety applications like Airborne EVs, Seaborne EVs, On and off-road EVs and others. Some of the major advantages of EVs over petrol/diesel vehicles are cheaper to run, less maintenance and environment friendly. Global electric vehicles market accounted 169.8 million USD in 2020 and is predicted to reach 1060.2 million USD by 2030 with a CAGR of 20.10% during the forecast period.
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Market Dynamics and Factors:
The major driving factors of the electric vehicle market are high performance, less fuel emission, and growing prices of conventional fuel. In addition, stringent government rules for environment protection and technological advancements in electric vehicles like adaptive cruise control, blind spot warning, and forward auto braking will propel the growth of market. High manufacturing cost of EVs and limited driving range are the restraining factors which hampers the market growth. Technological advancements in batteries used in EVs, increased performance in terms of maintenance, and improvements in built charging will create opportunities for the electric vehicle market to grow in upcoming years. Major challenge is the cost of material used as the batteries used in EVs are very expensive and also the limited storage capacity so that the driving range becomes limited. Hence battery manufacturers will have more focus on overcoming these challenges and performance improvement.
Market Segmentation:
Global Electric Vehicle Market – By Type
Battery Electric Vehicle
Hybrid Electric Vehicle
Plug-In Electric Vehicle
Global Electric Vehicle Market – By Vehicle Type
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
normal and super
Global Electric Vehicle Market – By Charging Station
Normal
Super
Global Electric Vehicle Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
Asia Pacific is the fastest growing electric vehicle market amongst all the regions. The growth is owing to the government initiatives for lower emissions and encouraging the automotive sector for production of electric vehicles in the countries like China and India. China is the largest manufacturer of electric vehicles across the globe. North America also has significant growth as U.S. government has taken many steps to decrease usage of vehicles running on conventional fuel through corporate average fuel economy program. In Europe, electric vehicle market shows the rapid growth as there is increasing demand for plug in electric vehicles as the sales goes up by 70% from last year.
Competitive Scenario:
Some of the major key players in electric vehicle market are Toyota Motor Corporation, Tesla, Inc., General Motors, Nissan Motor Co. Ltd., Daimler AG, Smith Electric Vehicles, BYD Auto Co. Ltd., Volkswagen AG, Mitsubishi Motors Corporation, Audi AG, BMW AG, Chevrolet, Hyundai Motors, Ford Motor Company, Volvo Cars.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Electric Vehicle industry, although key threats, opportunities and disruptive technologies that could shape the Global Electric Vehicle Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Electric Vehicle Market most.
The data analysis present in the Global Electric Vehicle Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Electric Vehicle Market business.
The 2021 Annual Global Electric Vehicle Market offers:
100+ charts exploring and analysing the Global Electric Vehicle Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Electric Vehicle Market type
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About Us:
Decision Foresight is a market research organization known for its reliable and genuine content, market estimation and the best analysis which is designed to deliver state-of-the-art quality syndicate reports to our customers. Apart from syndicate reports, you will find the best market insights, strategies that will help in taking better business decisions on subjects that may require you to develop and grow your business-like health, science, technology and many more. At Decision Foresight, we truly believe in disseminating the right piece of knowledge to a large section of the audience and cover the in-depth insights of market leaders across various verticals and horizontals.
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