Electric vehicle market worth $171.35 billion by 2020 at 27.19% growth rate – IndustryARC

Market Research Reports, Business Advisory Services and Analytics

Analysis of the electric vehicle industry, particularly the global electric utility vehicle market, will be driven by this rising investment.

HYDERABAD, TELANGANA, INDIA, Aug. 29, 2022 /EINPresswire.com/ — IndustryARC in its latest report predicts that the market size of electric vehicles is valued at USD 171.35 billion in 2020 and is expected to reach a value of 726, USD 14 billion by 2026 at a CAGR of 27.19% during the forecast period 2021-2026. Plug-in hybrid electric vehicles are modern electric propulsion, consisting of electric machinery, electronic power converters, electrical energy sources such as fuel cells and storage devices, and electronic controllers. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.

Key points to remember:

1. Rising awareness for reducing harmful emissions and fuel efficiency is highly boosted by the global electric vehicle market during the forecast period 2021-2026.

2. Government incentives such as cheap or non-existent registration fees, as well as exemptions from import tax, sales tax and road tax are estimated to drive the market size of vehicles electrical.

3. APAC is analyzed to grow at the highest CAGR during the forecast period due to increasing government involvement and presence of original equipment manufacturers.

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Segmental analysis:

1. EV passenger vehicle is expected to have the largest market share globally. This is due to the strong government support for passenger electric vehicles in countries. Passenger EVs are estimated to hold a huge share of the APAC market owing to the presence of original equipment manufacturers and other automobile manufacturers.

2. Asia-Pacific has the largest EV market for passenger cars, followed by Europe and North America. As China is the world’s largest producer of electric vehicles, about 90% of domestic OEMs currently dominate China’s electric vehicle market.

3. The demand for rear-wheel-drive electric vehicles has increased in all regions, especially in Asia-Pacific and Europe. This is due to the fact that it is easier to drive and there is an increasing demand for these vehicles. North America has also seen a faster increase in these vehicles, with Tesla Model 3 Standard, BMW i3, Volkswagen ID4, Porsche Tycan and other models.

Competitive Landscape:

Top 5 Industry Players of Electric Vehicles Market are –


2. Volkswagen AG

3. Nissan engines

4. BMW Group

5. General Engines

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Related reports:

A. Market for electric vehicle charging services

B. Light Electric Vehicle Market

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