Global Electric Vehicles Market Outlook, 2027 - Who are the Leading Players and How are they Succeeding

DUBLIN, Feb. 24, 2022 /PRNewswire/ -- The "Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global electric vehicles market reached a volume of 12.7 million units in 2021. Looking forward, the market is projected to reach 106.6 million units by 2027, exhibiting a CAGR of 41.8% during 2022-2027.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the growth of the market. Furthermore, growing concerns regarding the detrimental environmental effects due to greenhouse gases (GHGs) emissions, along with the implementation of favorable government policies encouraging sustainable development, are also providing a boost to the market growth. For instance, various benefits, including tax exemptions, subsidies, low buying costs and free charging facilities, are some of the government privileges offered to those utilizing EVs, thus encouraging their overall adoption rates.

Additionally, manufacturers are focusing on the development of advanced technologies to produce zero- and low-emission vehicles with improved fuel efficiency and soundless operations. Also, enhancements in the EV charging infrastructure are leading to more investments in utilities, charging hardware manufacturers and other power sector stakeholders.

Other factors, including rapid urbanization, increasing disposable incomes and extensive research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation

This report provides an analysis of the key trends in each sub-segment of the global electric vehicles market, along with forecasts at the global, regional and country level from 2022-2027. The report has categorized the market based on component, charging type, propulsion type and vehicle type.

Breakup by Component:

• Battery Cells & Packs
• On-Board Charger
• Fuel Stack

Based on the component, battery cells & packs currently account for the highest market share.

Breakup by Charging Type:

• Slow Charging
• Fast Charging

Based on the charging type, slow charging represents the largest category.

Breakup by Propulsion Type:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

Based on the propulsion type, hybrid electric vehicle currently account for the largest market share.

Breakup by Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles
• Others

Based on the vehicle type, passenger vehicles currently account for majority of the market share.

Breakup by Region:

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific currently represents the biggest market for electric vehicles.

Competitive Landscape

The competitive landscape of the industry has also been examined with some of the top electric vehicles companies being:

• Bayerische Motoren Werke AG
• BYD Auto
• Chery
• Daimler AG
• Ford Motor Company
• Geely
• General Motors
• Honda Motor Company
• Hyundai Motor Company
• Nissan
• Renault
• SAIC Motor
• Tesla Inc.
• Toyota Motor Corporation
• Volkswagen

Key Questions Answered in this Report

1. What was the size of the global electric vehicles market in 2021?
2. What is the expected growth rate of the global electric vehicles market during 2022-2027?
3. What are the key factors driving the global electric vehicles market?
4. What has been the impact of COVID-19 on the global electric vehicles market?
5. What is the breakup of the global electric vehicles market based on the component?
6. What is the breakup of the global electric vehicles market based on the charging type?
7. What is the breakup of the global electric vehicles market based on the propulsion type?
8. What is the breakup of the global electric vehicles market based on the vehicle type?
9. What are the key regions in the global electric vehicles market?
10. Who are the key players/companies in the global electric vehicles market?

For more information about this report visit https://www.researchandmarkets.com/r/nn6twz

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Research and Markets
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SOURCE Research and Markets