BANGALORE, India, June 4, 2020 /PRNewswire/ -- The global Electric Vehicle Market Size was estimated at USD 162.34 Billion in 2019 and is expected to reach USD 802.81 Billion by 2027, at a CAGR of 22.6 percent.
An automobile with a large battery to store energy and propelled by one or more electric motors is known as an electric vehicle. Some of these vehicles also come with an additional Internal Combustion Engine (ICE). Such vehicles are called Hybrid Electric Vehicles (HEVs). When a hybrid electric vehicle is provided with a plug-in function for directly recharging the battery, it is known as a Plug-in Hybrid Vehicle (PHEV). The difference between a HEV and a PHEV is their battery capacity and the ability to charge the battery via a direct power source.
The global electric-vehicle (EV) industry is expanding rapidly. The regional output differs, with some EV markets reaching near-mainstream status, while others remain neutrally stuck. However, the Global EV sales are getting big enough to create substantial profit pools for well-positioned suppliers and other upstream players.
This report presents the analytical depiction of the global EV, HEV and PHEV market analysis along with the current trends and future estimations to depict imminent investment pockets.
TRENDS INFLUENCING THE ELECTRIC VEHICLE MARKET SIZE:
Stringent restrictions on automotive emissions have contributed to the growth of electric vehicles' market size. The European Union, for example, has set itself a net-zero greenhouse gas emissions target by 2050. Electric vehicles produce lower emissions as compared to conventional vehicles. This has led governments around the world to raise awareness and promote the use of EVs to reduce oil consumption, air pollution, and associated emissions.
With new inventions coming up on a regular basis, major changes have been brought into EV batteries. The average energy density of batteries is predicted to increase at 4-5 percent each year. Furthermore, the maximum EV charging velocities are also increasing. This raise in technological advancements is expected to increase the electric vehicles market size during the forecast period.
As part of their long-term climate commitments, automakers and large fleet operators are accelerating their investments in electrification and meeting short-term policy requirements. It is expected that strong investments by automakers will meet the increasing demand for EVs and play a major role in the growth of electric vehicles market size. OEMs are selling electric vehicles in different sizes, from small hatchbacks such as Nissan Leaf to high-end sedans such as Tesla Model 3. The wide product range has attracted many consumers and led to a growing electric vehicle market.
ICE vehicles are emitting high GHG concentrations into the atmosphere. To curb that, several-countries have taken initiatives to deploy EVs. These initiatives would help to enhance air quality. This growing concern about the environment is expected to increase the electric vehicle market size.
Lack of charging infrastructure is expected to impede the electric vehicles market during the forecast period. Charging load variations and a lack of standardization are major market drawbacks. Various countries have their own standards, such as CCS (Europe, the United States, and Korea), CHAdeMO (Japan), and GB / T (China). However, some electric producers like Tesla, Inc., focus on overcoming this obstacle by having their own charging network.
It is expected the Asia Pacific market will witness the fastest growth followed by Europe and North America. In countries like China, Japan, and South Korea, the automobile industry is inclined towards innovation, technology, and advanced electric vehicle development.
Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by 2027, with a CAGR of 20.1%. Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share.
North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%. Elon Musk-led Tesla, Inc. continues to dominate the U.S. market for electric vehicles.
Global Electric Car Market Size is Projected to Reach USD 1438.8 Billion by 2025 with a CAGR of 19.40%.
Some of the major factors driving the growth of Electric car market size are, fuel-efficiency, high-performance, stringent government rules and regulations toward car emission. Electric cars are getting close to the sales price of gasoline and diesel-powered cars. This, in turn, is expected to fuel the adoption of electric cars during the forecast period.
The global low-speed electric vehicle market size was valued at USD 2.3958 Billion in 2017 and is projected to reach USD 7.6173 Billion by 2025, at a CAGR of 15.4% from 2018 to 2025.
The growth of Low-Speed Electric Vehicle Market size is powered by strict government legislation and restrictions on vehicle emissions and an increase in fuel cost. In addition, the rise in pollution, technological advances, and the decrease in fossil fuel reserves have fuelled the growth in low-speed electric vehicle development and production.
The global Electric Vehicle Battery Market size was valued at USD 23 Billion in 2017 and is projected to reach USD 84 Billion by 2025, growing at a CAGR of 17.2 percent from 2018 to 2025. Over the last two decades, the emergence of Lithium-ion technology has fuelled the growth rate of batteries.
High-energy density, charging retention capacity, and low maintenance are some of the advantages that accelerated Li-ion 's growth as battery technology. Automotive manufacturers introducing BEVs and PHEVs into the EV battery market are further enhancing the technology and are expected to offer Li-ion powered solutions as their vehicle's primary power source.
The global electric vehicle charging system market size was valued at USD 3.18 Billion in 2018 and is projected to reach USD 66.27 Billion by 2026, at a 45.6 percent CAGR from 2019 to 2026.
An electric vehicle charging system is an infrastructure that supplies electric energy for the charging of plug-in electric vehicles, including electric cars and plug-in hybrids.
Electric vehicles are gaining a lot of traction in the developed regions, namely North America and Europe, making them the industry-leading revenue drivers for electric vehicle charging systems.
Asia-Pacific is a lucrative market with a high potential for growth due to the fast-growing number of electric vehicles in countries such as China and Japan. Japan has the highest density of fast electric-vehicle charging stations within the Asia-Pacific region.
● Electric Vehicle (EV) Transmission Market Report
The global transmission of electric vehicles ( EV) market size was valued at USD 2.52 Billion in 2018 and is projected to reach USD 15.38 Billion by 2026, at a CAGR of 25.8 percent from 2019 to 2026.
This study presents the analytical representation of the global market analysis for transmission of electric vehicles ( EV) along with current trends and future estimates to depict the imminent pockets of investment.
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