London, May 11, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Electric Vehicle (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography - Global Forecast to 2027”, published by Meticulous Research®, electric vehicle market is expected to grow at a CAGR of 33.6% from 2020 to reach $2,495.4 billion by 2027.
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By volume, the electric vehicle market is expected to reach 233.9 million units by 2027, at a CAGR of 21.7% during the forecast period of 2020 to 2027. The growth of the electric vehicle market is mainly attributed to factors such as supportive government policies and regulations promoting the adoption of EVs, increasing investments by leading automotive OEMs, rising environmental concerns regarding automotive emissions, and the decreasing prices of batteries. However, the lack of charging infrastructure and standardization is likely to hinder the market’s growth. The increasing adoption of electric mobility in emerging economies and the growing adoption of autonomous driving vehicles are projected to provide significant growth opportunities for vendors operating in this market. Some of the major trends that may support the growth of this market are the growing deployment of charging stations by retail MNCs, increasing adoption of shared mobility, and increasing deployment of smart charging systems.
The Asia-Pacific region held the largest market share during the forecast period. The large share of the Asia-Pacific region is mainly attributed to the increasing demand for EVs and associated charging facilities, the rising number of electric mobility start-ups offering numerous solutions and services, growing government initiatives to develop charging infrastructure, and increasing incentive programs for promoting the adoption of EVs.
The global electric vehicles market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and geography.
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Based on vehicle type, the electric vehicles market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and E-scooters & bikes. In 2020, the passenger vehicles segment commanded the largest share of the overall electric vehicles market. The large share of this segment is mainly attributed to the increasing favourable government policies and subsidies promoting the adoption of electric vehicles, growing awareness about emission reductions through the use of electric vehicles, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. However, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the rising usage of electric vehicles to reduce fleet emissions, increasing adoption of electric vehicles by retail MNCs and transport fleet operators, and stringent government rules and regulations for vehicular emissions.
By volume, the E-scooters & bikes segment accounted for the largest share of the overall electric vehicles market in 2020. The large share of this segment is primarily attributed to the increasing government subsidies and support to promote electric mobility across the globe, increasing use of e-scooters & bikes in courier and e-commerce delivery applications, and growing demand for energy-efficient commuting.
Based on propulsion type, the electric vehicles market is segmented into battery electric vehicles, fuel cell electric vehicles, and hybrid vehicles. In 2020, the battery electric vehicles segment commanded the largest share of the overall electric vehicles market. The large share of this segment is majorly attributed to the increasing need to reduce greenhouse gases, the growing requirement for clean mobility & transportation solutions, the growing demand for zero-emission vehicles, and continuous reductions in battery prices. However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. Major factors contributing to the high growth of this segment are the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, a growing emphasis on the adoption of FCEVs due to their fast-refuelling capabilities, and increasing government initiatives and investments for developing fuel cell technology.
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Based on power output, the electric vehicle market is segmented into less than 100kW, 100kW to 250 kW, and more than 250 kW. In 2020, the less than 100kW segment accounted for the largest share of the overall electric vehicles market. The large share of this segment is majorly attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in developing EV charging infrastructure, and favourable policies, incentives, and subsidies introduced by state-level authorities. However, the 100kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period.
Based on end use, the electric vehicles market is segmented into private use, commercial use, and industrial use. In 2020, the private use segment commanded the largest share of the overall electric vehicles market. The large share of this segment is majorly attributed to the growing awareness regarding the hazards of greenhouse gas emissions and environmental pollution, stringent emission norms, and the demand for premium EVs among consumers.
Geographically, the global electric vehicles market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Asia-Pacific commanded the largest share of the global electric vehicles market by value and volume, followed by Europe and North America. The large share of this region is mainly attributed to the increasing demand for EVs and associated charging facilities, the growing number of electric mobility start-ups offering numerous solutions and services, growing government initiatives to develop charging infrastructure, and increasing incentive programs for promoting the adoption of EVs. However, Europe is expected to register the highest CAGR by value during the forecast period. The high growth of this regional market is attributed to the stringent emission regulations set by the European Union, the countries’ increasing focus on reducing the number of conventional cars on the roads, and the extensive charging infrastructure networks in Europe.
Some of the key players operating in the global electric vehicles market are AB Volvo (Sweden), Alcraft Motor Company Ltd.,(U.K.) BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), and Zero Electric Vehicles Inc. (U.S.) among others.
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Scope of the Report
Electric Vehicle Market, by Vehicle Type
- Passenger Vehicles
- Heavy Commercial Vehicles
- Two-Wheelers
- E-Scooters & Bikes
- Light Commercial Vehicles
Electric Vehicle Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
Electric Vehicle Market, by Power Output
- Less than 100 kW
- 100 kW to 250 kW
- More than 250 kW
Electric Vehicle Market, by End Use
- Private Use
- Commercial Use
- Shared Mobility
- Micromobility
- Public Transport
- Industrial Use
Electric Vehicle Market, by Charging Standard
- Guobiao standards (GB/T)
- CHArge de MOve (CHAdeMO)
- Combined Charging System (CCS)
- Tesla Supercharger
- Type 1 (SAE J1772)
- Type 2 (IEC 62196)
Electric Vehicle Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- Thailand
- Singapore
- India
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- France
- U.K.
- Norway
- Sweden
- Netherlands
- Italy
- Spain
- Switzerland
- Denmark
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Rest of the World
- Latin America
- Middle East & Africa
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