May 10, 2022 07:40 ET | Source: GreyViews GreyViews
Pune India, May 10, 2022 (GLOBE NEWSWIRE) -- Global Electric Vehicle Market was valued at USD 185.1 billion in 2021 and projected to grow at a CAGR of 16.9% during the Projection period 2022-2029.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the electric vehicle market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the electric vehicle market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global electric vehicle market are Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, Daimler AG, Chevrolet Motor Company, Nissan Motors Co., Ltd., Ford Motor Company, General Motors, Hero Electric, and others. To achieve a substantial market share in the worldwide electric vehicle market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Tesla is one of the most significant manufacturers and distributors present in the global electric vehicle market.
Electric vehicles are either partially or fully powered on electric power. The fully electric powered electric vehicle operates on an electric motor instead of an internal combustion (IC) engine. They have lower running costs owing to less moving parts for maintenance and are environment friendly as they use little or no fossil fuels such as diesel or petrol. The set of properties which these fibres consist of makes them suitable to be used in clothing, Armor and other such applications.
The number of technological advancements along with the production of EV batteries on a mass scale has led to the reduced cost of EV batteries. Hence, the reducing cost of electric vehicles is one of the most promising drivers of the electric vehicle market. In addition, an electric vehicle directly converts electric power into movement which makes it significantly efficient as compared with the conventional cars. Moreover, electric motors convert more than 85% of electrical energy into motion or mechanical energy as compared with less than 40% for a gas combustion. Such benefits associated with the electric vehicles as compared with traditional vehicles drives growth of the market.
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Scope of Electric vehicle Market Report
Battery management system segment is expected to be the fastest growing segment in 2021.
The components segment includes battery cells & packs, on-board charge, motor, reducer, fuel stack, power control unit, battery management system, fuel processor, power conditioner, air compressor, and humidifier. Battery management system (BMS) segment is expected to witness highest growth rate during the Projection period. BMS is the brain behind optimized usage of battery power and to ensure that the battery is protected. Hence, the need for BMS to monitor the components closer to the battery cell primarily boosts growth of this segment.
Commercial vehicles segment is expected to be the fastest growing segment in 2021.
The Vehicle Type segment includes passenger cars and commercial vehicles. Commercial vehicles segment is expected to witness highest growth rate during the Projection period due to the continued infrastructure development and rise in awareness for an environment friendly commercial vehicle. The manufacturers of commercial vehicles are actively working on innovative vehicle designs, customizing vehicles according to weight regulations, and reducing load factors & size. Aforementioned factors boost growth of the market.
Plug-in hybrid electric vehicle (PHEV) segment is expected to be the fastest growing segment in 2021.
The propulsion segment includes BEV, PHEV, and FCEV. Plug-in hybrid electric vehicle (PHEV) segment is expected to witness highest growth rate during the Projection period. Such vehicles have both the internal combustion (IC) engine and a battery-powered electric motor. The increasing environmental concerns and associated awareness among the people has driven demand for PHEV.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the electric vehicle include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region has registered highest value for the year 2021. Growth of this region is mainly driven by easy availability of convenient financing options along with the significant emphasis by the governments to ensure in-house automotive production. However, Asia-Pacific is projected to register higher growth rate during the Projection period of 2022-2029. Growth of this region is driven by availability of labor, cheap raw materials, and the presence of major battery manufacturers.
Why Germany is leading country in automotive sector?
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. According to the Capgemini “COVID -19 and the automotive consumer” study in 2020, interest in car ownership amongst under 35-year-olds is on the rise in the country. This trend of car ownership is creating demand for electric vehicles. Germany electric vehicle market size was valued at USD 13.6 billion in 2021, at a CAGR of 18.5% from 2022 to 2029.
Further, in Germany, the government has announced plans to double the amount of purchase incentives already in place for battery electric vehicles (BEVs) as part of its EUR 130 billion stimulus package intended to shore up the country’s post-coronavirus economy. Hence, promotion of electric vehicles industry in this country is anticipated to create lucrative growth opportunities for the market.
How China became the largest manufacturers in Electric Vehicle market?
China is the world’s largest light vehicle manufacturer. This country is leading automotive producer, consumer and exporter. In addition, the country has seen a growing demand for luxury electric cars in recent years as it is a vastly populous nation and attracts significant investments from worldwide carmakers. Furthermore, in January 2022, the Ministry of Commerce and the National Development and Reform Commission, the country’s top economic planning agency announced the support to full foreign ownership of passenger car manufacturing in the country. Such initiatives are anticipated to create lucrative growth opportunities for China electric vehicle market. China electric vehicle market size was valued at USD 21.0 billion in 2021 and is expected to reach USD 66.4 billion by 2029, at a CAGR of 18.5% from 2022 to 2029.
How Electric Vehicle Emerging in India Market?
India is one of the strongest growing economies in Asia. In addition, the emerging popularity of electric vehicles in this country is expected to create lucrative growth opportunities for automotive ambient lighting market. For instance, According to NITI Aayog and Rocky Mountain Institute (RMI), the EV finance industry in India is expected to reach about $50 in 2030. Furthermore, a report by India Energy Storage Alliance estimated that EV industry in India is likely to increase at a CAGR of 36% until 2026. India electric vehicle market size was valued at USD 1.5 billion in 2021 and is expected to reach USD 11.6 billion by 2029, at a CAGR of 25.7% from 2022 to 2029.
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for electric vehicle has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of electric vehicle were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for electric vehicle significantly decreased.
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Electric vehicles are either partially or fully powered on electric power. The fully electric-powered electric vehicle operates on an electric motor instead of an internal combustion (IC) engine. They have lower running costs owing to fewer moving parts for maintenance and are environment friendly as they use little or no fossil fuels such as diesel or petrol. The set of properties that these fibers consist of makes them suitable to be used in clothing, armor, and other such applications.
https://greyviews.com/reports/electric-vehicle-market/43