An electric vehicle runs on electricity, unlike other vehicles, which run on fuel. Instead of having an internal combustion engine, these vehicles have got an electric motor which needs continuous supply of energy from batteries. Popular batteries used in these vehicles are molten salt, lithium ion and zinc-air. An electric vehicle has got competitive edge over conventional vehicles in terms of low carbon emission, fuel economy and maintenance. Demand for electric vehicles is going to accelerate considerably in upcoming years.
The "Global Electric Vehicle Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the electric vehicle market with detailed market segmentation by type, vehicle category and geography. The report provides key statistics on the market status of the leading electric vehicle market players and offers key trends and opportunities in the market.
- Based on type, the global electric vehicle market is segmented into battery electric vehicles, plug-in hybrid electric vehicles and hybrid electric vehicles.
- On the basis of vehicle category, the market is segmented into passenger cars, commercial vehicles and two wheelers.
- Strict government norms regarding carbon emission.
- Rising urbanization and increasing per capita disposable income to boost market growth of electric vehicles.
- Smooth drive and convenience of charge the vehicle at home.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The electric vehicle market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the electric vehicle market in these regions.
IMPACT OF COVID-19 ON ELECTRIC VEHICLE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Due to travel limitations, movement of people was restricted almost all over the world. Also, this pandemic resulted in job loss and salary cuts, which affected the buying capacity of the customer. All this has severely impacted the demand for the electric vehicles. However, after the situation gets back to normal, this market is expected to experience a significant growth.
The report covers key developments in the electric vehicle market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from electric vehicle market are anticipated to lucrative growth opportunities in the future with the rising demand for electric vehicles in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the electric vehicle market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BAIC Group
- BYD Company Motors
- Daimler AG
- Ford Motor Company
- General Motors
- Mitsubishi Motors
- Nissan Motor Corporation
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.