Title: Electric Vehicle Market Size, Share & Growth | Forecast [2027]
Headings: Electric Vehicle Market Size, Share & Covid-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)) and Regional Forecasts, 2020-2027
Electric Vehicle Market Size, Share & Covid-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)) and Regional Forecasts, 2020-2027
KEY MARKET INSIGHTS
Market to Show Positive Signs of Recovery Post COVID-19 Lockdown
LATEST TRENDS
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Increasing Investments in Electric Cars to Drive the Market
DRIVING FACTORS
Favorable Government Subsidies and Policies to Promote Electric Vehicle Sales
Strict Government Regulations on Vehicle Emissions to Promote Market
RESTRAINING FACTORS
High Manufacturing Cost to Hinder Market Growth
SEGMENTATION
By Vehicle Type Analysis
Passenger Car Segment is Expected to Hold the Largest Electric Vehicle Market Share
By Type Analysis
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Battery Electric Vehicles BEV Segment is Expected to Dominate the Market
REGIONAL INSIGHTS
Asia Pacific Electric Vehicle Market Size, 2019 (USD Billion)
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KEY INDUSTRY PLAYERS
Tesla Inc. is the Top Player in the Market
LIST OF KEY PLAYERS PROFILED:
KEY INDUSTRY DEVELOPMENTS:
REPORT COVERAGE
An Infographic Representation of Electric Vehicle Market
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Report Scope & Segmentation
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Content: Based on our analysis, the global EV market will exhibit a growth of -9.7% in 2020. The market is projected to grow from USD 246.74 billion in 2020 to USD 985.72 billion in 2027 at a CAGR of 17.4% in the 2020-2027 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The rise in fuel prices and the environmental impact of traditional fuel vehicles have opened the door to alternative fuel vehicles on the market. Consumers are increasingly inclined to use hybrid or battery-powered cars, which is expected to drive the market. All EV models use one or more electric motors for propulsion. Electricity is the main energy source for EVs. There is no internal combustion engine among them. On a global scale, conventional cars are one of the main causes of air pollution. Therefore, it forces many governing bodies to impose strict emission vehicle regulations on car manufacturers to curb vehicle emissions.