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  • 20 November 2019 00:18

Electric Vehicle Market Insights and FAQs

The Global Electric Vehicle Market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 567.2 Billion by 2026.

Frequently Asked Questions (FAQ):

1 What will be the market value of electric vehicle in the forecast period 2019 to 2026?

- The electric vehicle market value is anticipated to be around USD 567.2 Billion in 2026.

2 What will be the growth rate of electric vehicle market during the forecast period 2019 to 2026?

- The electric vehicle market is anticipated to grow over 25.6% CAGR during the forecast period 2019 to 2026.

3 Which region held the maximum share of the electric vehicle market?

- North America held maximum share in 2018 for electric vehicle market.

4 Which region is projected to grow at a fastest rate during the forecast period?

- Asia Pacific is projected to grow at a fast pace during forecast period in the electric vehicle market.

5 What is the main driver of electric vehicle market?

- Continuously increasing demand for fuel efficient vehicles and continuously increasing concern toward greenhouse gases are main driver of the electric vehicle market.

6 Which are the top key players operating in the electric vehicle market?

- Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company are the top players operating in the electric vehicle market.

The Global Electric Vehicle Market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 567.2 Billion by 2026.

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Based on Type, the global electric vehicle market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Hybrid electric vehicle is the largest segment for electric vehicle by type which is most likely to be the largest one of by the end of forecast period. One of the major advantages associated with hybrid electric vehicle is combining conventional internal combustion engine system with an electric propulsion system. Moreover, the presence of electric power train is directed to achieve better fuel efficiency than a conventional vehicle. This has led hybrid vehicle to attain highest market share over other segments, on the spit side, battery electric vehicle segment expected to progress in terms of market share and exhibit largest market share by the end of assessment period. Based on application, the global Electric Vehicle market is segregated into two-wheeler, passenger cars, and commercial cars. Passenger car segment emerged as the global leader in electric vehicle market due to growing in adoption of electric passenger cars as compared to two wheelers and commercial vehicles. Over the next five years, commercial vehicle expected to grow at highest CAGR benefits associate with electric motor engines as compared internal combustion one.

Geographically, the Electric Vehicle market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

North America dominates the global Electric Vehicle market owing to the adoption of the advanced technology, presence of major players and high spending power of the people. U.S. holds the major share in the global market. High spending power, innovative technology and presence of the major players will support the growth of the market. Europe holds the second leading position in the market followed by Asia Pacific. Germany, France and U.K. are the major shareholders in the market. Asia Pacific is expected to have a huge opportunity in the market. Presence of the developing economy, rapid development in the technology, development in the infrastructure and increasing spending power of the people have driven the growth of the electric vehicle market.

LAMEA holds the least share in the market. Middle East holds the major share in the market whereas, African region holds the developing market.

Some of the major players in the market are Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.

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