Global electric vehicle (EV) market was worth USD 169.95 billion in 2020 and is anticipated to progress at a healthy CAGR over 2021-2026.

Industry Snapshot:

• Environmental concerns and significant initiatives by various governments toward zero emission, thereby lowering carbon emissions in the environment, are driving the industry growth.
• Increasing government spending and investments by top original equipment manufacturers (OEMs) are boosting the demand for electric vehicles.
• Rising demand for two and three wheelers, as well as growing efforts of leading manufacturers to enhance production of EVs and construction of EV charging infrastructure are expected to bolster industry expansion growth during 2021-2026.
• A relatively slower adaptation in developed countries like Japan is likely to hinder the progress of the worldwide electric vehicle industry sphere.

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Segmental Overview:

Propulsion Type	Plug-in Hybrid Electric Vehicle
	Battery Electric vehicle
Vehicle Type	Commercial Vehicle
	Passenger Cars
	2&3 Wheelers
Regions	Americas
	Europe
	Latin America and Middle East & Africa (LAMEA)
	Asia Pacific

 

Window to the future:

• Asia Pacific electric vehicle industry is slated to grow significantly over the forecast period, owing to initiatives taken by the government to provide subsidies to EV buyers, significant funding for the installation of EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles in the region.

Explainer:

During the COVID-19 pandemic, the production was temporarily suspended due to new government directives of the shutdown to contain the spread of the virus, causing interruptions in the manufacturing facilities and global supply networks. thereby hampering the marketplace.

However, electric car manufacturers are now eager to produce zero-emission electric vehicles that are designed to reduce greenhouse gas emissions in the environment. Top market competitors have increased their research and development efforts to meet the evolving needs, which is expected to impel worldwide electric vehicle (EV) industry.

Speaking of which, Nissan Motor Co. Ltd., Ford Motor Company, AB Volvo, General Motors Company, Renault S.A., BMW AG, BYD Company Limited, Volkswagen AG, Daimler AG, and Tesla Inc. are the leading players in the marketplace.

Concluding lines:

Market research enables business owners to remain innovative and adapt to the dynamic situations. MarketStudyReport has a report titled ‘Global Electric Vehicle (EV) Market (Value, Volume) - Analysis By Product Type (BEV, PHEV), Vehicle Type (2W and 3W, PV, CV), By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, which stresses upon the latest happenings in the industry. This report is created using various proven methods and provide significant detail about this business sphere.