Electric Vehicle Market to Witness a Pronounce Growth During 2026

by Tiago Decker
Electric Vehicle

 ‘Electric Vehicle Market’ report is the latest addition to the syndicated reports offering an in-depth analysis of the major drivers influencing the Electric Vehicle industry share over the forecast timeframe. The report provides a detailed overview of factors covering the regional trends pertaining to the Electric Vehicle market growth opportunities, demand trends, and Regression Analysis Tool market size over the forecast period 2020 to 2026.

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Global Electric Vehicle Market is accounted for $162.34 billion in 2019 and is expected to reach $716.87 billion by 2027 growing at a CAGR of 20.4% during the forecast period. Some of the key factors propelling the market growth include favourable government policies and subsidies, growing concerns over environmental pollution, demand for increased vehicle range per charge, rapidly increasing sales of electric vehicles, and rising fuel prices will boost the demand for electric vehicles. However, lack of standardization of charging infrastructure is likely to hamper the market.

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). The electric vehicle industry holds a great potential in the near future to change the global vehicular emissions scenario. 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.

Some of the key players in Electric Vehicle Market include Energica Motor Company S.P.A, Ford Motors, General Motors Company, Volvo, Honda Motor Company Ltd, Nissan Motors Co. Ltd., Tesla, Inc., Toyota Motor Corporation, Hyundai, Bayerische Motoren Werke AG (BMW), BYD Company Limited, Daimler AG, Continental, Volkswagen AG, Geely Automobile Holding Limited, Groupe Renault, Mitsubishi Motors Corporation, Jiangling Motors Corporation Limited, Lucid Motors, Inc., and Zotye International Automobile Trading Co. Ltd.

By propulsion type, plug-in hybrid electric vehicle segment is projected to witness the lucrative growth during the forecast period, due to the growing infrastructure of electric vehicle charging stations globally. This upsurge is due to the initiatives taken by the government of developing countries such as India and China to promote the usage of electric vehicles. Furthermore, companies such as Volkswagen Group are focusing on increasing its plug-in electric car sales.

On the basis of geography, The Asia Pacific market is expected to witness the significant growth, during the forecast period, due to increasing demand for reducing carbon emission and developing. The automotive industry in the countries such as China, Japan and South Korea is inclined toward innovation, technology, and development of advanced electric vehicle. more advanced and fast charging stations are expected to propel the growth of electric vehicle. BYD, BAIC, Chery and SAIC among others are some of the key players in the Asia Pacific electric vehicle market.

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Propulsion Types Covered: Plug-in hybrid electric vehicle (PHEV), Hybrid electric vehicle (HEV), Battery electric vehicle (BEV), Fuel cell electric vehicle (FCEV)

Battery Technologies Covered: Lithium-Ion, Lead-Acid, Nickel Metal Hydride, Solid State, Metal-Air, Lithium-Sulfur, Flash Cell, Sodium Nickel Chloride

Vehicle Types Covered: Commercial Vehicles, Two wheelers, Passenger Cars

Plug-in EVSE Covered: Power Supply Range, Deployment

Charging Station Types Covered: Super Charging, Normal Charging

Materials Covered: Conductive, Semiconductor, Substrate, Dielectric

Light Weighting Materials Covered: Aluminum, Steel, High Strength Steel, Carbon Fiber Reinforced Polymer (CFRP)

High Power Electronics Covered: Insulated-gate Bipolar Transistor (IGBT), Silicon Carbide (SiC), Gallium Nitride (GaN)

Components Covered: Infotainment System, Electric Motor, Battery Cells & Packs, On-Board Charger, Electric Engine, Drivetrain, Base Charging Pad, Power Control Unit, Vehicle Charging Pad, Charge Cords, Vehicle Connectors, Attachment Plugs

Power Outputs Covered: Above 250 KW, Less than 100 KW, 100-250 KW

Energy Harvesting Covered: Energy Type, Heat Recovery

Vehicle Classes Covered: Luxury, Mid-Priced

Sales Channels Covered: Aftermarket, Original Equipment Manufacturer (OEM)

Applications Covered: Flexible Display, OLED Lighting, Electronics and Components, Organic Photovoltaic

Electric Vehicle Market Regions Covered: North America, US, Canada, Mexico, Europe, Germany, France, Italy, UK, Spain, Rest of Europe, Asia Pacific, Japan, China, India, Australia, New Zealand, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Rest of South America, Middle East & Africa, Saudi Arabia, UAE, Qatar, South Africa, Rest of Middle East & Africa

Contact Us:

Ranjeet Dengale

Director Sales

Analytical Research Cognizance

+1 (646) 403-4695, +91 90967 44448

sales@arcognizance.com

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