Electric Vehicles (Electric Vehicles) Market is Expected to Grow at a CAGR of Over 25% from 2021 to 2031

Electric Vehicles (Electric Vehicles) Market 2022

The electric vehicle market should be worth USD 940.12 billion by 2031. The electric vehicle market is expected to be worth 35,000 units by 2031. In fact, it is expected to witness a huge CAGR of more than 25% between 2021 and 2031.

Electric vehicles are becoming increasingly popular as people become more environmentally conscious. Electric cars produce zero emissions, which is great for the environment. They also have a much longer range than gas-powered cars, and they are getting cheaper and cheaper.

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Persistence Market Research recently published a report titled “Electric Vehicle Market: Global Industry Analysis and Forecast, 2016-2031” offering structured insights and in-depth research on the growing Electric Vehicle Market globally . The report study covers the most important factors driving the growth of Electric Vehicles, offers potential opportunities for manufacturers to exploit its growth, changing trends and developments shaping the market dynamics and insightful information covering important key segments.

There are several types of electric vehicles. The most common type is the battery electric vehicle, or BEV. These cars run entirely on electricity and are powered by batteries that store energy captured from the grid or solar panels. Some BEVs can also be plugged into wall outlets for faster charging.

Another type of electric car is the plug-in hybrid vehicle, or PHEV. These cars have both an electric motor and a gasoline engine. The electric motor propels the car for short distances and the gas engine kicks in when you need to go further than that. PHEVs can also be plugged into wall outlets for faster charging.

Key Companies-

Persistence Market Research has listed the players as follows:

  • Nissan Motor Corporation
  • BMW AG
  • Honda Motor Co., Ltd.
  • Mitsubishi Motors Corporation
  • Toyota Motor Corporation
  • Volkswagen SA
  • Tesla Motors, Inc.
  • Renault group
  • Ford Motor Company
  • Daimler S.A.
  • General Motors Company
  • PSA Group

The prominent strategy adopted by major electric vehicle manufacturers is to take advantage of the disadvantages caused by conventional vehicles, thereby using them as a way to aggressively advertise electric vehicles as vehicles of the future to customers. .

The market is categorically divided into six segments based on technology, power source, vehicle type, powertrain and region. The market value of electric vehicles is presented in US$ millions for all segments. However, from the perspective of Powertrain segment, it does not represent overall market figures i.e. market volume and market value due to the fact that Battery Electric Vehicles do not require the capabilities of a powertrain, which is usually limited to vehicles. which have both the internal combustion engine and the electric motor to turn the wheels.

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This also applies to all regions. The report also presents significant factors as well as barriers affecting the growth of the market over the forecast period. The ever-changing trends and buying habits of the customers are also taken into account and examined which are thus integrated into the study to provide the customer with complete and relevant insights into the market dynamics leading to better decision-making. client.

Other important parameters such as macrocosmic factors, comparative study between conventional vehicles and electric vehicles, regulations affecting its usage in important regions, and forecasting factors are also added in the report to provide more insights added value to the customer.

Research Methodology

The production and sales statistics of electric vehicles on a yearly basis are taken into consideration for the purpose of market research, however, for the calculation of the market volume per year, only the sales statistics of electric vehicles are taken into consideration. account.

Market volume based on EV sales is inferred by secondary sources and confirmed by key respondents to get a near-accurate tally. The average selling prices of electric vehicles in different regions are only integrated into the vehicle type segment, which is used to calculate the total market value.

The electric vehicle market is forecasted for a period of 15 years taking 2015 as the base year for calculating market figures and projected till 2030. The current size of the market, together with the information obtained from the side of supply and demand and the sales model of electric vehicles provided by dealerships shaping the market.

The forecasts incorporated in the report are presented in terms of compound annual growth rate or CAGR, while other decisive parameters i.e. year-over-year growth and opportunity in absolute dollars are also included in the report to present the client with clearer information and in-depth knowledge about the aforementioned market.

Finally, essential parameters such as market attractiveness index and impact analysis of drivers and restraints for all regions are presented in the report, providing insights into dynamics, growth, performance, and opportunities untapped in the electric vehicle market.

A comprehensive profiling of major EV manufacturers is included in the final section of the report detailing each manufacturer’s strengths, weaknesses and competitive strategies.

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Main stakeholders
Electric Vehicles Market Manufacturers (Electric Vehicles)
Distributors/Traders/Wholesalers of Electric Vehicles Market (Electric Vehicles)
Electric Vehicles Market Subcomponent Manufacturers (Electric Vehicles)
industry association
Downstream suppliers

Answers to key questions about electric vehicles (electric vehicle) Market report –

Who are the major EV (Electric Vehicle) manufacturers and suppliers?

What will be the growth rate of the Electric Vehicles (Electric Vehicles) market in the future?

What are the key factors driving the global Electric Vehicles (Electric Vehicles) market?

Who are the key manufacturers in the Electric Vehicles (Electric Vehicles) market?

What are the opportunities and threats faced by the vendors in the global Electric Vehicle (Electric Vehicle) Industry?

What are sales, revenue, and price analysis by regions of Electric Vehicle (Electric Vehicle) industry?

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