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: Besides, the government exempts purchase tax, import tax, and road tax based on different subsidies. These subsidies have also encouraged automakers to increase their production of EVs. In addition, the government has also invested in infrastructure construction and formulated favorable policies. For instance, the U.S. government is planning to invest USD 287 billion in highway developments over the next five years. In addition, the government shall also be developing EV charging stations across the U.S. to support the development of EVs in the country. Strict Government Regulations on Vehicle Emissions to Promote Market
In order to reduce the amount of greenhouse gas emissions in the atmosphere, governments of many countries in the world have implemented strict vehicle emission regulations. In Europe, the European Union has formed a regulation to reduce the CO2 emissions of light and medium commercial vehicles by 15% before 2025. The Petroleum Ministry of India mandated all automotive manufacturers to start manufacturing BS-VI vehicles post 1 April 2020, The decision was aimed at reducing air pollution in the country. The strict steps taken by various governments to curb air pollution are anticipated to boost the EVs industry over the forecast period. RESTRAINING FACTORS
High Manufacturing Cost to Hinder Market Growth
EVs are superior to conventional vehicles, but the cost is higher than that of gasoline-powered vehicles.