Electric Vehicle Market Overview
The electric vehicle (EV) market was valued at USD 171.26 billion in 2020, and it is expected to reach a value of USD 725.14 billion by 2026, registering a CAGR of around 27.19% during the forecast period (2021-2026). The report covers the latest trends and technologies followed by COVID-19 impact on the market. The electric vehicle (EV) market is witnessing substantial growth owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the world. Factors, such as the increasing cost of fuel and the government initiatives across different geographies to increase awareness about EVs, are expected to promote the usage of electric vehicles over the forecast period.
The Asia Pacific holds the highest share in the electric vehicle market in 2020.
The automotive industry in countries such as China, India, Japan, and South Korea is inclined toward innovation, technology, and advanced electric vehicle development. China to solidify its leadership position in the electric vehicle market during the forecast period. With a sales share of around 94%, domestic OEMs currently dominate the Chinese EV market. Generous subsidies and tight regulation continue to drive much of the growth. Electric vehicles are exempt from license-plate lotteries and auctions in some Chinese cities, and this still plays an instrumental role in promoting EVs. BYD, BAIC, Chery, and SAIC are some of the key regional players in the Asia-Pacific electric vehicle market.
Key Highlights of the Market
- The Asia-Pacific region is expected to witness the fastest growth, followed by Europe and North America.
- The increasing demand for reducing carbon emissions and developing more advanced and fast-charging stations is expected to propel the growth of electric vehicles during the forecast period.
- Heavy investments from automakers are expected to cater to the growing demand for EVs and play a major role in the evolution of the electric vehicle market.
- The growing sensitivity of various governments toward a cleaner environment increases the demand for zero-emission vehicles during the forecast period.
List of Key Players in the Electric Vehicle Market
- Tesla Motors Inc.
- Daimler AG
- BYD Company Ltd
- Volkswagen AG
- Toyota Motor Corporation
- Honda Motor Company Ltd
- Nissan Motor Co. Ltd
- Chery Automobile Co. Ltd
- SAIC Motor Corp. Ltd
*List Not Exhaustive
Mordor Intelligence has segmented the global electric vehicle market on the basis of propulsion, vehicle, charging type, and geography:
- Propulsion Type (Market Size & Forecast (2018-2026) in USD billion)
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Vehicle Type (Market Size & Forecast (2018-2026) in USD billion)
- Passenger Cars
- Commercial Vehicles
- Charging Type (Market Size & Forecast (2018-2026) in USD billion)
- Normal Charging
- Fast Charging
- Geography (Market Size & Forecast (2018-2026) in USD billion)
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle-East and Africa
- North America
Related Reports & Links
- Electric Vehicle Charging Station Market – Growth, Trends, Covid-19 Impact, and Forecasts (2021 – 2026)
- E-Bike Market – Growth, Trends, Covid-19 Impact, And Forecasts (2021 – 2026)
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