Westford, USA, May 18, 2022 (GLOBE NEWSWIRE) -- An electric vehicle is powered by an electric motor rather than an internal combustion engine, which creates power only by burning a mixture of fuel and gases. As a result, an electric vehicle industry is considered as a viable substitute for today's automobile in the near future in order to solve environmental concerns.
The research discusses the most recent trends and technology, as well as the influence of COVID-19 on the market. The original outbreak of COVID 19 had disturbed the whole ecosystem, halting the manufacturing and sale of new automobiles throughout the world. OEMs had to wait until lockdowns were removed before they could begin manufacturing, which had an impact on their operations. As a result, automobile makers had to modify manufacturing output.
Component manufacturing was also halted, and minor Tier II and Tier III firms were experiencing cash concerns. The automobile sector is very capital-intensive and requires constant funding to stay in business. Thus, the production halt during the first months of the epidemic, along with weaker demand, had an extraordinary impact on EV producers during the first months of the pandemic.
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Due to the COVID-19 epidemic, global electric vehicle market battery manufacturers had a large decrease in revenue in Q1 of 2020, while sales and net profit rebounded by Q3 of 2020. Samsung SDI's li-ion battery sector sales declined 18.8 % compared to the previous quarter (Q4-2019), while the company's net profit fell 33.1 %. COVID-19 had a substantial impact on Panasonic because to a decrease in demand and investment in China. Panasonic's overall sales for fiscal year 2019-20 (ending March 31, 2020) dropped by 6%, while its operating profit (non-adjusted) plummeted by 29%. Despite the fact that the pandemic had an influence on key manufacturers' sales, the sale of electric cars surged in several countries, resulting in overall growth in the EV battery market in 2020.
Companies are developing business models like as battery swapping and battery-as-a-service (BaaS) that allow consumers to change/swap EV batteries once they have been drained. This saves customers time wasted on battery charging, enhancing customer happiness and addressing one of the key reasons consumers do not choose EVs.
Several Chinese EV battery manufacturers, including NIO, use the BaaS approach, which decouples the battery from the vehicle. Instead of purchasing a battery with the EV, the BaaS model allows EV owners to rent battery services on a monthly basis. The concept offers two significant advantages: buyers may save money on battery costs and are not concerned about battery degeneration. Europe is expected to account for more than 30% % of the worldwide EV battery market by volume in 2021, with a CAGR of 36.12 % over the forecast period. Because electric vehicles are still relatively costly, the expansion of the region's EV battery business is heavily reliant on government incentives and money.
Factors such as the expansion of the electric car industry and variations in charging loads have highlighted the importance of standardising electric vehicle charging stations. Certain EV charging stations may only work with a specific voltage. AC charging stations, for example, give a voltage of 120V AC via level 1 charging stations and 208/240V AC via level 2 charging stations. DC charging stations, on the other hand, allow quick charging using 480V AC. Governments must standardise charging infrastructure in order to create a favourable ecology and encourage EV sales. Distinct nations have different quick charging requirements.
Read market research report, "Global electric vehicle market is segmented By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), Vehicle Type (Two-Wheelers, Passenger Cars, and Commercial Vehicles), Vehicle Class (Mid-Priced and Luxury), Top Speed (Less Than 100 MPH, 100 to 125 MPH, and More Than 125 MPH) and Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive) & By Region - Forecast and Analysis 2021-2027” by SkyQuest
With rising environmental concerns, governments and environmental organisations throughout the world are establishing tough emission standards and rules to decrease car emissions. Major regulatory initiatives include rigorous emission limits for reducing nitrogen oxides (NOx) and carbon dioxide (CO2) in the atmosphere. Vehicles release large volumes of greenhouse gases, and federal and state governments in the United States are stepping up efforts to make transportation cleaner.
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The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. The report also covers electric vehicle market size, electric vehicle share, electric vehicle market growth rates, and analysis on electric vehicle market key players/companies/manufacturers.
SkyQuest has segmented the Global Electric Vehicle Market based on Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Region:
- Electrical Vehicle by Type (Revenue, USD Million, 2021 - 2027)
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- Electrical Vehicle by Vehicle Type (Revenue, USD Million, 2021 - 2027)
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
- Electrical Vehicle by Vehicle Speed (Revenue, USD Million, 2021 - 2027)
- Less Than 100 MPH
- 100 to 125 MPH
- More Than 125 MPH
- Electrical Vehicle by Vehicle Drive Type (Revenue, USD Million, 2021 - 2027)
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
- Electrical Vehicle by Vehicle Class (Revenue, USD Million, 2021 - 2027)
- Mid-Priced
- Luxury
- Electrical Vehicle by Region (Revenue, USD Million, 2021 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of electric vehicle market
- Tesla (US)
- BYD (China)
- Volkswagen AG (Germany)
- BMW Group (Germany)
- Nissan Motors (Japan)
- Daimler AG(Germany)
- Energica Motor Company S.p.A. (Italy)
- Ford Motor Company (US)
- General Motors (US)
- Hero Electric (India)
- Hyundai Motor Company (South Korea)
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