Electric Vehicle Market by Propulsion Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)) and Vehicle Type (Two-Wheelers, Passenger Cars, and Commercial Vehicles) and Region: Competitive Market Share & Forecast, 2020 - 2027

Global Electric Vehicle Market was valued at $ 160.22 billion in 2019, and is expected to reach $ 822.2 billion by 2027, registering a CAGR of 23.2 % from 2020 to 2027.

An Electric Vehicle works on electricity not similar to the vehicle, which operates on fuel. Electric Vehicle (EV) works on electric motors or the traction motors for propulsion, unlike vehicle, which works on internal combustion engine. The Electric motor that is used in Electric Vehicle requires constant supply of energy from batteries. In addition, there are different types of batteries used in these vehicles, which are lithium ion, zinc-air, molten salt and various nickel-based designs. Furthermore, an Electric vehicle has various technological developments that have gained popularity.

However, the normal vehicle, which has internal combustion engine, lead to environmental pollution, Due to this disadvantage of internal combustion engine, Electric Vehicles was primarily designed. The Electric Vehicle has various advantages over conventional vehicle i.e. high fuel economy, cheap maintenance, convenience of charging at home, low carbon emission, and less noise pollution. There are three types of Electric Vehicles, which are as follows, Battery electric vehicle (BEV), Plug-in hybrid electric vehicles (PHEV) and Hybrid electric vehicle (HEV).One or more than one electric motors or traction motors are used for drive in electric vehicle.

Market Snapshot:

For operation of a conventional vehicle, fossil fuel is a very important aspect, which will get exhausted in near future. It is necessary to develop and use alternative sources of fuel. Therefore, it has increase demand for the Electric vehicle that works on electric motors which dissimilar to conventional vehicle which works on internal combustion engine. Due to rise in prices of fossil fuel, the demand for fuel-efficient vehicles has increase. The conventional vehicle has internal combustion engine for power generation. This engine cremate the fuel and only creates carbon dioxide and water as a waste. Combustion engine generates various harmful gases, leading to increase in environment pollution. Top leading countries like U.S, China, France, and Germany have implemented strict laws and regulations for vehicle emission. Which has made it necessary for automobile manufacturers to use advance technologies to lower emission levels in vehicles. There are various advantages of Electric Vehicle over conventional vehicle but they cost higher than conventional vehicles. This is due to unavailability of infrastructure, which is required for electric vehicle growth, which affects the growth of Electric Vehicle Market. Huge investment is required for manufacturing electric vehicle, which also affects growth of market. Automobile companies are focusing on the production of advanced electric vehicle systems, which will anticipate the lower particular emission at relatively lowers costs. Electric Vehicle charging stations will emerge electronic charging market.

Segment Insight:

The Electric Vehicle Market is segmented based on Propulsion Type, Vehicle Type and Region.

Based on Propulsion Type, it is classified into Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV).

Based on Vehicle Type, it is divided into Two-wheelers, Passenger Cars, and Commercial Vehicles.

By Propulsion Type Insight:

The Electric Vehicle Market is segmented by Propulsion Type into Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV). 

The segment of battery electric vehicle accounted for the largest market share of the electric vehicle in 2019. The large part of this segment can be attributed to increased government support and increased investment by the company.

By Vehicle Type Insight:

The Electric Market is segmented by Vehicle Type into Two-Wheelers, Passenger Cars and Commercial Vehicles. The segment of Commercial Vehicles accounted for the largest market share of the electric vehicle in 2019.

Major Key Players of Global Electric Market:

The Report Provides a Comprehensive Analysis of the Key Players operating in the Global Electric Vehicle Market, such as BYD, Bayerische Motoren Werke Aktiengesellschaft (BMW), Daimler AG, Tesla, Nissan, Energica Motor Company, Volkswagen, Toyota, General motors, Ford.

Most of the Key Players in Electric Vehicle Market are focusing on business expansion to gain a higher revenue share through the adoption of strategies, such as mergers and acquisitions and new product development.

Electric Vehicle Market Key Segments:

By Propulsion Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicle

By Vehicle Type

• Two-wheelers
• Passenger cars

By Region:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Argentina
  • Turkey
  • South Africa
  • Rest of LAMEA