Global Electric Vehicle Market Overview, 2022-2027

The report titled ‘Global Electric Vehicle Market Overview, 2022-2027‘published by Bonafide Research identifies and discusses recent developments in electric mobility across the globe. The electric vehicles market has made great strides, and not just in terms of sales, but also by investments to deliver new electrified models, from R&D to factory redesign. The market that was recorded at a value of USD 268 Billion in the year 2021 is anticipated to grow to a market of USD 819 Billion in the forecasted period. This report not only serves with the facts, figures, and forecasts but also has a detailed study about the Covid-19 effect on the electric vehicle industry. Further, the market is anticipated to grow with more than 20.48% CAGR for 2022-2027.

Seen as the need of the hour, the electric vehicle market is hurdled highly because of the lack of infrastructure and the high manufacturing cost. The gap between the existing infrastructure and the required one for the electric vehicle to overtake the conventional vehicles is huge, becoming a major fuel for the range anxiety among the drivers. By the end of 2027, commercial electric vehicles are likely to reach a higher market share. The market is expected to incline towards the PHEV segment, which is to grow with significant value of CAGR in terms of volume of 18.19%, through the forecast period.

Companies are manufacturing comparatively less expensive vehicles, however, with the increase in the disposal income and government incentives; the market is likely to get inclined towards the luxury class segment that is expected to account for an approx share of 40% by end of the forecasted period. The mid-priced vehicle class has limited features with less emphasis on expensive features, yet ruled the market with a share of over 70% in 2021. Further, the Asia Pacific market is expected to witness the fastest growth, with countries such as China, Japan, and South Korea is inclined toward innovation, technology, and the development of the advanced electric vehicle. The lack of standardization in the charging load is also a major drawback for the global market. Electric vehicle manufacturers are focusing on overcoming this by having their charging network.

The governments of various countries have formulated stringent CO2 emission norms that have increased the demand for electric vehicles. Besides, the governments are providing incentives and subsidies to encourage EV sales. Gaining popularity in 2018, the electric Go-Karting is expected to be the next big thing in the industry. Of all the leading companies, Tesla, Nissan, and Toyota together accounted for 31.45% of the share in 2019. The other smaller and local players also play an important role with the mergers amend acquisitions around the industry.

Companies Mentioned:
Aiways Automobile Europe GmbH, Arrival Limited, Ashok Leyland, Beijing Automobiles Industry Holding Corporative limited, Bentley Motors Limited, Blue Bird Corporation, BMW Group, BYD Company Motors, Changsha Sunda New Energy Technology Limited, Citroen, Daimler AG, Ford Motors, General Motors, Hyundai, Irizar, Lightening GT, Micro Mobility, MW Motors, NFI Group, Nikola Motor Company, Nio, Nissan Motor, PoleStar, Proterra, Rimac Automobiles, SAIC, Tata Motors, Tesla, Toyota Motor Corporation, VDL Groep, Volkswagen, Workhorse Group, Yutong, Zacua, Zhejiang Geely Holding Group

Considered In the Report
• Geography: Global
• Base year: 2021
• Historical year: 2016
• Estimated Year: 2022
• Forecasted year: 2025

Countries covered:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects Covered In the Report
• Market Size By Value for the time period (2016-2027F)
• Market Size By Volume for the time period (2016-2027F)
• Market Share by Vehicle Type (Passenger & Light Commercial)
• Market Share by Propulsion Type (BEV & PHEV)
• Market Share by Sales Channel (2016, 2021 & 2027F)
• Market Share by Charging Type (Normal & Fast)
• Market Share by Region
• Market Share by Country

Key Points Covered in this report:
• Market Evolution through value and volume CAGRs at different verticals
• Detailed discussion on the market dynamics that influence the market and the possible opportunities
• In sights on the market leader's performance including market shares, strategies, products, financial positions, etc

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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