Global Electric Vehicle Market is anticipated to rise at a value CAGR of 31.3 % over 2019-2028. According to a study published by Insure Insights on the Global Electric Vehicle Market. An electric vehicle is those vehicles that use one or more electric motors or traction motors for force. An electric vehicle is powered through a collector system by electricity from off-vehicle sources or from self-contained with a battery, solar panels, fuel cells, or by an electric generator that converts fuel to electricity. Electric Vehicles are used in road and rail vehicles, electric aircraft, and also in underwater. The technological advancements in Electric Vehicle and decrease in fossil fuel levels have driven the market
Top Driver: The Escalation in the air pollution levels have driven the Electric Vehicle Market
The surge in the air pollution levels especially caused by vehicles has primarily improved the demand for the Electric Vehicle market. The Internal Combustion Engine in the vehicles emit a high volume of GHG into the atmosphere and thus pollutes the environment. The growth in government initiatives to combat air pollution has driven the Electric Vehicle market.
Passenger Car has held the highest growth in the Electric Vehicle market
Based on the Vehicle Type, Passenger Car segment is poised to obtain lucrative growth. Passenger Care is the major contributor to environmental pollution, as they produce significant amounts of nitrogen oxides, carbon monoxide, and other pollutants. The decrease in the levels of Fossil fuels and the increase in government initiatives to reduce air pollution have driven segmental growth.
In terms of the Charging Station, the Supercharging segment has held the most remarkable growth in the market as they charge vehicles more efficiently as compared with others, they change the electric vehicles about 30 times faster, and various innovation in Supercharging has further escalated the growth. Based on the Vehicle class, Mid- Price segment has held the most significant growth as they are more economical, the product launches for these vehicles have boosted the segment share
Asia Pacific to rule the Electric Vehicle market due to the rise in the Government Initiatives
The elevating levels of air pollution in the Asia Pacific region have raised the demand for electric vehicles, the rising government initiatives to combat pollution have improved the market of the region. The rise in the adoption rate of electric vehicles in China and India to combat air pollution has triggered the country’s growth for the region. The North American region is the second-highest in the regional market, owing to the presence of key companies like Tesla and Ford, technological innovational have further fostered the growth.
Technological advancements, product launches, mergers, and acquisition, are the major strategies of the competitors
The Players of the Global Electric Vehicle Market is fragmented. Technological advances, Product launches, Mergers, and acquisitions, are the key strategies used by the competitors The key competitors of the Global Electric Vehicle Market are Daimler AG; Volkswagen Group; Tesla, Inc; Toyota Motor Corporation; and Groupe Renault
Volkswagen Group: Volkswagen Group is one of the key competitors of the Global Electric Vehicle Market; for instance, In October 2019 Volkswagen Group, had announced the merger agreement with three entities like Volkswagen India, Volkswagen Group Sales India, and Skoda Auto India. The new entity was named as Skoda Auto Volkswagen India. The merger agreement was being made to gain significant market shares for Volkswagen and Skoda by 2025.
Toyota Motor Corporation: Toyota Motor Corporation is a popular competitor in the Global Electric Vehicle market. In April 2020, Toyota Motor and BYD Company Ltd. (BYD) had announced the agreement for the establishment of a joint venture company to conduct research and development of battery electric vehicles (BEVs). The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET).
Scope of the Report
By Vehicle Type
By Charging Station
By Vehicle class
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