Pune, India, July 05, 2021 (GLOBE NEWSWIRE) -- According to the report, Electric Vehicle market size is projected to reach USD 985.72 billion by 2027. The Global Electric Vehicle Market was worth USD 246.74 billion in 2020 and will exhibit a CAGR of 17.4% during the forecast period. Electric vehicles make use of a high voltage battery that can store a huge volume of energy. The use of advanced concepts in the development of this battery will emerge in favor of the adoption of electric vehicles over normal vehicles. The benefits offered by these products such as low pollution and lesser operational and maintenance cost will lead to wider product adoption across the world.
The high investment in the development of the product, coupled with the emphasis on technological intervention will have a positive impact on the growth of the market. The increasing awareness regarding environmental pollution by the government, as well as private organizations, will have a huge impact on the growth of the Electric Vehicle market. The efforts taken to maximize the production of electric cars and the presence of several large scale manufacturers will emerge in favor of market growth.
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The Electric Vehicle Market report encompasses several factors that have contributed to the growth of the market in recent years. There are several market players, a few of which have a renowned global reputation. Due to the scope for innovations, several large scale companies are looking to integrate innovative products in electric cars. Tesla is among the most renowned companies that are operating across the world.
Tesla’s constant innovations have not just benefited the company by having a huge impact on the global market. In May 2019, Tesla unveiled two new safety features in their electric cars. The company introduced Lane Departure and Emergency Lane Departure; safety features that will reduce the incidences of collisions and accidents. The feature will keep the vehicle within the boundaries of the lane when they are being used in the cruise control mode. Tesla’s latest safety feature upgrades will lead to wider product adoption in the coming years.
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The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Europe currently holds the highest market share in 2018. The strict government regulations regarding greenhouse emissions will lead to wider adoption of these products over conventional vehicles. The efforts taken to reduce carbon emissions in countries such as Germany, UK, and France will aid the growth of the regional market.
The low costs of electric vehicles, coupled with the increasing number of charging stations will emerge in favor of growth. Moreover, the presence of several large scale companies in this region will contribute to the growing adoption of these products in numerous countries across Europe.
As of 2019, the market in Europe was worth USD 3.1 million units, and this value is projected to increase further in the coming years.
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List of Key Companies Covered in the Electric Vehicles Market Report:
- Bayerische Motoren Werke AG (BMW)
- BYD Company Limited
- Daimler AG
- Energica Motor Company S.P.A
- Ford Motors
- General Motors Company
- Nissan Motors Co. Ltd.
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
- Geely Automobile Holding Limited
- Groupe Renault
- Jiangling Motors Corporation Limited
- Lucid Motors, Inc.
- Zotye International Automobile Trading Co. Ltd.
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Global Electric Vehicle Market Segmentation:
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Type:
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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