According to a research report titled ‘Global Electric Vehicle Market 2019-2027’, available with Market Study Report, global electric vehicle market is anticipated to grow at a remarkable rate of 20.95% during the forecast period 2019-2027.
 

As per report findings, robust government policies advocating the use of electric vehicles (EV), cost-effectiveness of EVs, and increasing per capita income are major factors promoting worldwide electric vehicle industry growth.
 

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Moreover, increase lithium-ion battery production, massive spending on research & development, and government proposals to control greenhouse gas emissions are likely to stimulate market development in the forthcoming years.
 

Despite the lucrative returns, performance issues faced by EV models, and lack of awareness among public are expected to put a dampen global electric vehicle market expansion.
 

Based on vehicle type, the market is arrayed into commercial vehicles, passenger cars, and two-wheelers among others. In terms of power source, the industry space is classified into stored electricity, and on-board electricity generator variants.
 

Moving on to technology gamut, global electric vehicle market is split into hybrid EV, battery EV, and plug-in hybrid EV.
 

Considering the regional outlook, the scrutiny spans across North America, Europe, Asia Pacific, and Latin America. Among these, Asia Pacific accounts for a major market share presently and is anticipated to grow at a hefty rate during the forecast period. The growth can be attributed to the recent government initiatives aimed at promoting the use of electric vehicles due to continuous rise in CO2 emissions in the region.
 

Key contenders in global electric vehicles market are Bayerische Motoren Werke AG (BMW), Fiat Chrysler Automobiles N.V., BYD Co. Ltd., General Motors Company, Honda Motor Company Ltd., Daimler AG, Hyundai Motor Company, Ford Motor Company, Groupe PSA, Mitsubishi Motors Corporation, Tesla Inc., Zhejiang Geely Holding Group Co. Ltd., Nissan Motor Company Ltd., Volkswagen AG, and Toyota Industries Corporation.