Based on technology, the global electric vehicle market is segmented into passenger cars, commercial vehicles, and two-wheelers. Europe is one of the most promising regions in the electric vehicles market. North America region is Dominating global electric vehicles market due to the growing demand for electric cars at a rapid pace across the US and Canada. If you would like to learn more about how we use cookies and how you can manage them, see our Cookie policy. The electric vehicle revolution calls for a surge in battery demand. Dec 01, 2020 (AmericaNewsHour) -- The need to attain sustainable transportation plays a significant role in driving the electric vehicles demand. But guesses about the timing of gas guzzlers’ eclipse are all over the map. On the basis of region, the global Electric Vehicle market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW). Rapidly Increasing Sales of Electric Vehicles and Rising Fuel Prices Are Driving Factors of Global Electric Vehicle Market. The EV evolution is taking off in new parts of the world. Passenger cars segment accounted for the largest share in the global market throughout the forecast period. 1.1 What are Electric Vehicles? The Electric Vehicle Charging Infrastructure Market will grow by $ 17.64 bn during 2020-2024 ... APAC is going to have a lucrative growth during the forecast period. On the basis of technology, the global electric vehicle market is segmented into battery hybrid and plug-in electric vehicle. We've paired our proven authority in macro oil forecasting with unrivaled expertise in power and renewables, metals and automotive sectors. All of these sectors will be transformed by growing electric car adoption. What Factors Are Affecting Global Electric Vehicle Market? Report predicts EV industry annual growth rate of 28 percent over next ten years and a 14-fold increase in jobs as annual investment in sector is set to increase from $1.7 billion to $7 billion . Retail fuels. Assumptions: US auto sales: Auto analysts and economists do not agree on future US auto sales, but for our forecast, we are assuming that auto sales will see a modest decline over the next several years do to a slowing economy, changing purchase behavior including consumers holding onto cars longer and forgoing second and third cars by sharing and use of ride-sharing services. The key players of the global Electric Vehicle market are Nissan Motor Company (Japan), Tesla Inc. (US), Toyota Motor Corporation (Japan), Ford Motor Company (US), Volkswagen (Germany), BMW (Germany), General Motors (US), Daimler AG (Germany), Hyundai Motor Company (South Korea), and Mitsubishi Motors Corporation (Japan). To meet these mandated targets, the EV market will have to grow significantly. The battery-electric vehicle segment is expected to dominate the market due to the growing uses of lithium-ion batteries in EV's. Gain unbiased market insight into the industries  surrounding the EV space. On the basis of vehicle type, the market has been divided into passenger cars, commercial vehicles, and two-wheelers. Our globally focused research connects market intelligence that was previously siloed for stakeholders in the electric vehicle market. In 2018, the US … Our global EV forecast is for a compound annual growth rate of 29 per cent achieved over the next ten years: Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. The RoW region is projected to witness significant growth in the global market due to increasing major electric vehicle manufacturers and the growing development of charging infrastructure across the region. This market has seen substantial growth over the past few years, and it has been experienced that the market will remain on the same growth level until the forecast period. Among the regions covered, Asia-Pacific has accounted for the largest market, followed by Europe and North America. The global electric vehicle sales is projected to grow at a CAGR of 32.57% during the forecast period, to reach 10.79 million units by 2025, from an estimated 1.50 million units in 2018. Link the transformation of the transport segment across mining, power and infrastructure and oil markets. Electric vehicles are projected to account for 7.6 percent of the market in 2026, up from just 1.2 percent in 2018. We help our clients address their most pressing strategic and commercial challenges. 4 1.3 How many Electric Vehicles are on UK roads? This research report categorizes the given market based on, vehicle type, propulsion type, vehicle class, component, charging station type, Europe and North America witness substantial growth in the global electric vehicle market. Metals and mining. Copyright © 2020 MarketWatch, Inc. All rights reserved. Sign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts. Request For Full Report- https://www.kennethresearch.com/sample-request-10195914. The global electric vehicle market has been segmented based on technology, vehicle type, and region. The global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. We deliver real-time and historical data, forecasts, analytical insight, tools and software solutions. It covers light duty passenger vehicles, commercial vehicles, buses, and two/three-wheeled vehicles. The global electric vehicle market demand was estimated at 8.6 million units in 2018 and it is projected to reach 40.6 million units by 2026, EV industry exhibiting a CAGR of 21.1% during the forecast period. What was the historic market size (2017)? The report draws on our team of specialists around the world and looks at how these trends will impact the … The Global Electric Vehicle (EV) Market is estimated to register a CAGR of 18.4% during the forecast period. They let you easily navigate your way around the site and allow us to improve its performance, or even recommend content we believe will be of most interest to you. Inform strategies for the confluence of emerging  power sources of the future and transportation  advancements, Plan for the future with unrivaled expertise in the  power and renewables, metals and oil sectors. This market has achieved an ample scope due to the presence of major automakers, technological advancements, and massive demand for e-cars across the country such as Germany, UK, France, and Norway. We use cookies on the public areas of our website. We are in process of revamping Electric Vehicle Market with respect to COVID-19 Impact. We cover a diverse range of industry sectors and focus areas across the entire natural resources value chain. You can also contact MarketWatch Customer Service via our Customer Center. EVs would secure approximately 32 per cent of the total market share for new car sales (see figure 2). Which segmentation (technology/vehicle type) is driving market growth? Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by … This paper summarizes the current status, and projected growth, of the U.S. electric vehicle (EV) industry over the next five to ten years. A dramatic move away from ICE-only vehicles is expected and by 2025 only plug-in electric vehicles and HEVs will likely be sold. The International Energy Agency estimates there will be 125 million electric vehicles on the road by 2030 (Credit: Pixabay) Only one in six cars and vans built globally in 2035 will be zero-carbon despite upcoming petrol and diesel bans, according to a researcher’s latest electric vehicle growth projections. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. Evaluate the growth of the electric vehicle market across multiple segments Inform financial models and supply/demand forecasts with one-stop data set Identify companies in a position to succeed as electric vehicle adoption grows Connect the moving parts between oils, metals, fuels, power and infrastructure industries to gain a full view of electric vehicles' global market impacts in our one-stop-shop solution. By Technology: Battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles, By Vehicle Type: Passenger cars, commercial vehicles, and two-wheelers. At the same time, BNEF says, electric vehicles will add 6.8% to global electricity demand in 2040, and drive a growth in demand for Lithium-ion batteries from 151 GWh in … Electric vehicle (EV) sales should hit 2.7 million in 2019 even as the broader auto market declines (paywall). North America region has witnessed significant growth in the global electric vehicles market during the forecast period due to the growing demand for electric cars at a rapid pace across the US and Canada.The rest of the world (RoW) consists of the Middle East & Africa and South America. As fuel efficiency gains grow in ICE cars and EV popularity takes hold, gasoline and diesel retailers need detailed forecasts and market analysis to understand what’s next for their business. For example, for the EU fleet average CO. 2. emission targets to be met, the PHEV and BEV market share will need to reach a combined 10 per cent by 2025 and 22 per cent in 2030, with BEVs accounting for more than half of it. If the electric vehicle sector continues to grow as projected, nearly half the vehicles sold in Canada in 2030 will be electric. The global energy transition ties together established markets with emerging power sources of the future. By continuing to browse the site you are agreeing to our use of cookies. China is charging full speed ahead into electric vehicles, on track to sell over 2 million this year, from 1.1M in 2018. The electric vehicle market is expected to register a CAGR of over 20% over the forecast period. Electric Car Statistics and Facts (Editor’s Pick) China took the plug-in vehicle market by storm with 645,000 units sold in the first half of 2019. Request To Download Sample of This Strategic Report- https://www.kennethresearch.com/sample-request-10195914. Radical changes to EV economics and technological innovations are disrupting transportation, metals, utility and oil and fuel markets around the world. By 2024, the electric vehicle charging station market is expected to reach a CAGR of 38%. However, the passenger cars segment has registered the fastest-growing segment during the forecast period due to the rapidly increasing sales of electric cars across the globe. The Electric Vehicle Outlook is BloombergNEF’s annual long-term forecast of how electrification, shared mobility and autonomous driving will impact road transport from now out to 2040. Natural resources research for financial services, Oil Field Services & Original Equipment Manufacturers, 2020 Featured Reports - Power & Renewables, Evaluate key market trends in the electric vehicle market across multiple segments, Assess commodity demand, supply and price impact across oil, fuels, power, infrastructure, and metals and mining, Understand consumer behaviors driving the adoption of electric vehicles, Inform financial models and supply/demand forecasts with a one-stop data set, Make more confident decisions in business development plans, Understand which commodity segments are most at risk of the revolution sweeping through transport, Quantify electric vehicles versus internal combustion engines in various regions, Evaluate the growth of the electric vehicle market across multiple segments, Stay up-to-date on the policy landscape and drivers behind the electric vehicle world, Realise investment options and drive corporate strategy, Understand consumer behaviours driving the adoption of electric vehicles, Inform financial models and supply/demand forecasts with one-stop data set, Inform supply/demand forecasts with one-stop data set, Stay up-to-date on the global policy landscape, Understand commodity segments risk of the transport revolution, Identify companies in a position to succeed as electric vehicle adoption grows. The global electric vehicle market volume was 2,265.5 thousand units in 2019 and is expected to register a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027. Utilities. The global electric vehicle market has been segmented based on the charging station, connector type, installation type, vehicle type, and region.Based on technology, the global electric vehicle market has been segregated into the battery, hybrid, and plug-in hybrid electric vehicle. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. What are the strategies adopted by key players? The post Electric Vehicle (EV) Market 2020 Dynamics, Trends, Emerging Growth Factors and Forecast to 2025 appeared first on America News Hour. The Global Electric Vehicle (EV) Market is estimated to register a CAGR of 18.4% during the forecast period. A weighted average of multiple forecasts puts U.S. market share for electric cars and plug-in hybrids at 8.2 percent in 2020. Around 45% of electric cars on the road in 2018 were in China – a total of 2.3 million – compared to 39% in 2017. Significant factors that have driven the electric vehicles market are rapidly increasing sales of electric vehicles; rising fuel prices will boost the demand for electric vehicles, and government initiatives.The global electric vehicle market by region has been segmented into North America, Europe, Asia-Pacific, and rest of the world. Key topics addressed include drivers of U.S. and global EV growth, auto manufacturer investments in EV development, announced new EV model introductions, projected EV In Europe, plug-in electric vehicles (BEVs and PHEVs) will rise from roughly a 2% share of total new sales in 2017 to around 9% by 2025, nearly eclipsing 1.5 million vehicles by the middle of the next decade. No matter your role in the global transport market, we have you covered. What Are the Major Players of Electric Vehicle Global Industry? In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players. How will manufacturers keep up with evolving technology advancements? Electric Vehicles (EVs) present multitudes of uncertainties across several energy markets. Buy our reports to address business challenges and make better commercial decisions with objective insights, analyses and data. If the forecast is correct, new electric car sales in Britain in 2020 will have to be 260% higher than in 2019. Whereas, China is the largest market for an electric car and electric two-wheeler in the region. Europe is expected to witness significant growth in the global electric vehicle market, owing to the new vehicle emission standards regulated by the government. Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. That’s up from the firm's previous forecast. The MarketWatch News Department was not involved in the creation of this content. Is there a problem with this press release? In 2018, the passenger cars segment held the largest share in the global electric vehicle market, followed by commercial vehicles and two-wheelers. Government measures to encourage uptake of EVs 7 2.1 Road to Zero strategy 8 2.2 EV targets 9 EV market forecasts 10 2.3 Charging Infrastructure 11 Availability of charging points: “Range anxiety” 12 Which Region is Dominating Global Electric Vehicle Market? Authors. Contact the source provider Comtex at editorial@comtex.com. Production of electric vehicles is estimated to climb to at least 1.3 million and could reach 1.5 million depending on market conditions this year. Subscribe to our trusted data and analysis for global energy, chemicals, metals and mining industries. Among the regions, in 2018, the global electric vehicle market was led by Asia-Pacific followed by Europe and North America. The fuel retail business will never be the same again. Electrified vehicles will account for a third of global vehicle sales by 2025, according to the Boston Consulting Group. COMTEX_375326839/2606/2020-12-01T06:27:15. What Are the Major Segments of Global Electric Vehicle (EV) Market? The electric vehicle (EV) market witnessed significant growth, due to the need for addressing future energy requirements. Click the infographic below to get a glimpse of our integrated research. The Global Electric Vehicle Market Has Been Segmented Based on the Technology, Vehicle Type, Charging Station, Connector Type, Installation Type, Vehicle Type and Region. Electric Vehicle Market is Rising at Cagr of 18.4% Through 2025 Globally. 4 1.2 Why do we need Electric Vehicles? With 250 million electric vehicles on the road by 2030 in the Sustainable Development Scenario, the share of electric vehicle charging in the average evening peak demand could rise to as high as 4-10% in the main electric vehicle markets (China, European Union … Similarly, in June 2019, Toyota Motor Corp. invested USD 2 Bn for the development of electric vehicle in Indonesia. See how our results transformed business decisions. Some of the major factors driving the growth of the market studied are the enactment of stringent emission and fuel economy norms, government incentives, and improving charging infrastructure, leading to the increasing adoption of electric vehicles. Electric car deployment has been growing rapidly over the past ten years, with the global stock of electric passenger cars passing 5 million in 2018, an increase of 63% from the previous year. https://www.kennethresearch.com/sample-request-10195914, Electric Vehicle (EV) Market 2020 Dynamics, Trends, Emerging Growth Factors and Forecast to 2025, Review: The new and improved 2021 Porsche Panamera, Four home improvement projects you should never do yourself, Apple TV+ killed a show about Gawker after Tim Cook disapproved: report, How a divided government could affect the municipal bond market, Sen. Kelly Loeffler disavows white supremacist after posing with him for photo. The key players of the global Electric Vehicle market are Nissan Motor, Tesla Inc, Toyota Motor, Ford Motor, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor and Mitsubishi Motors. Volkswagen’s embrace of electric cars has been the most ambitious in Europe, claiming 25% of its global sales in 2025 will be electric only (BEV) … This exponential growth means that electric vehicles (EVs)* will soon make up a large portion of the global car … Integrated oil and gas. How Large is the Electric Vehicle Market? Presence of China, Japan, and South Korea is one of the major factors that is driving the electric vehicles market in the Asia-Pacific region. Kenneth ResearchEmail: Sales@kennethresearch.comPhone: +1 313 462 0609. The world’s … The number of electric vehicles on the road around the world will hit 125 million by 2030, the International Energy Agency forecasts. Significant role in the global EV market to reach a CAGR of over 20 % over the.... 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