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Electric Vehicles Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 33.6% to Reach $2,495.4 billion by 2027

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Electric Vehicles Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 33.6% to Reach $2,495.4 billion by 2027

August 31
16:31 2021
Electric Vehicles Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 33.6% to Reach $2,495.4 billion by 2027
The electric vehicle market is expected to grow at a CAGR of 33.6% from 2020 to reach $2,495.4 billion by 2027.
Electric Vehicle (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography – Global Forecast to 2027

Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are powered by rechargeable battery packs or through an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles.

In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micromobility, logistics, and industrial applications. Meticulous Research, in its latest publication on Electric Vehicles Market, states that the market will increase at a CAGR of 33.6% from 2020 to 2027 to reach $2,495.4billion by 2027. 

The growth of this market is backed by supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, and decreasing prices of batteries, and advancements in charging systems technologies. Increasing adoption of electric mobility in emerging economies and growing adoption of autonomous driving vehicles also stimulate this market’s growth.

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To provide efficient analysis, Meticulous Research® has segmented this market based on Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW, More Than 250 kW), End Use (Private, Commercial, Industrial), Charging Standard (GB/T, CHAdeMO, CCS, Tesla Supercharger, Type 1, Type2), and Geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Scope of the Report

Electric Vehicle Market, by Vehicle Type

  • Passenger Vehicles
  • Heavy Commercial Vehicles
  • Two-Wheelers
  • E-Scooters & Bikes
  • Light Commercial Vehicles

Electric Vehicle Market, by Propulsion Type

  • Hybrid Vehicles
    • Pure Hybrid Vehicles
    • Plug-in Hybrid Vehicles
  • Battery Electric Vehicles
  • Fuel Cell Electric Vehicles

Electric Vehicle Market, by Power Output

  • Less than 100 kW
  • 100 kW to 250 kW
  • More than 250 kW

Electric Vehicle Market, by End Use

  • Private Use
  • Commercial Use
    • Shared Mobility
    • Micromobility
    • Public Transport
  • Industrial Use

Electric Vehicle Market, by Charging Standard

  • Guobiao standards (GB/T)
  • CHArge de MOve (CHAdeMO)
  • Combined Charging System (CCS)
  • Tesla Supercharger
  • Type 1 (SAE J1772)
  • Type 2 (IEC 62196)

Electric Vehicle Market, by Geography

  • Asia-Pacific (APAC)
    • China
    • Japan
    • South Korea
    • Thailand
    • Singapore
    • India
    • Rest of Asia-Pacific (RoAPAC)
  • Europe
    • Germany
    • France
    • U.K.
    • Norway
    • Sweden
    • Netherlands
    • Italy
    • Spain
    • Switzerland
    • Denmark
    • Rest of Europe (RoE)
  • North America
    • U.S.
    • Canada
  • Rest of the World
    • Latin America
    • Middle East & Africa

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Based on vehicle type, the electric vehicles market is segmented into passenger vehicles, heavy commercial vehicles, two-wheelers, e-scooters & bikes, and light commercial vehicles. The passenger vehicles segment accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is attributed to the favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.

Based on propulsion type, the electric vehicles market is segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles segment accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is majorly attributed to the stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices.

Based on power output, the electric vehicles market is mainly segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The less than 100 kW segment accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is majorly attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in developing EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.

Based on end use, the electric vehicles market is mainly segmented into private use, commercial use, and industrial use. The private use segment accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers.

Geographically, the Asia-Pacific electric vehicles market is developing and expanding at a significant pace. The major factors contributing to the region’s large market share are the increasing demand for EVs and associated charging facilities, growing number of start-ups offering numerous solutions and services in the electric mobility industry, and growing government initiatives in developing charging infrastructures.

To gain more insights into the market with a detailed table of content and figures, click here : https://www.meticulousresearch.com/product/electric-vehicles-market-5179

Key Players

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for some of the key players operating in this market, including BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia Corporation (South Korea)Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Mahindra & Mahindra Ltd. (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), Toyota Motor Company (Japan), Mitsubishi Motors Corporation (Japan), Groupe Renault (France), Beijing Automotive Industry Corp. (BAIC) (China), SAIC Motor Corporation Limited (China), Geely Automobile Holdings Limited (China), Guangzhou Xiaopeng Motors Technology Company Ltd. (China), and NIO Inc. (China).

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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