The global electric vehicle market will be driven by the increase in demand for fuel-efficient vehicles during the forecast period 2021-2026

Expert Market Research’s new report titled “Global Electric Vehicles Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026”, gives an in-depth analysis of the global electric vehicles market, assessing the market on the basis of its segments like vehicle type and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2016-2026)

• Forecast CAGR (2021-2026): 20.75%

Electric vehicles are rapidly gaining popularity because they are fuel efficient, generate less carbon, require minimal maintenance, are easy to charge at home, offer a smoother ride and operate quietly. Self-charging equipment such as regenerative braking systems, turbochargers and the like, or a collection system powered by electricity from charging station facilities, can power electric vehicles. According to the Norwegian Road Federation, a government-run road transport organization in Norway, pure electric and hybrid vehicles accounted for 53% of all new car sales in 2018, up from 42% in 2017. Norway’s parliament passed a resolution aiming for zero emissions for all new cars sold by 2024, which should boost the market for electric vehicles.

Industry definition and major segments

An electric vehicle refers to a vehicle that requires one or more electric motors for its propulsion. Electricity used to run battery electric vehicles as transportation fuel. Electric vehicles include electric trains, electric cars, trucks, buses, planes, boats, motorcycles, scooters and even spacecraft.

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By Type, the market is split into:

• Battery electric vehicle
• Hybrid electric vehicle
• Plug-in hybrid electric vehicle

On the basis of vehicle type, the market can be segmented into:

• Two wheels
• Passenger car
• Commercial vehicles
• Heavy Duty Vehicles (HCV)
• The buses
• Truck

Regional markets include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market trends

The global electric vehicle market is driven by reasons such as increased awareness of the negative impacts of greenhouse gas emissions. Electric vehicles are designed to replace polluting traditional modes of transport. Additionally, governments around the world are setting strict rules and regulations on automotive emissions surcharges. They are also encouraging the use of long-range, zero-emission automobiles and expanding public electric vehicle charging infrastructure, helping to drive industry growth. Additionally, intensive research and development initiatives are boosting the individual adoption of electric vehicles, which is expected to boost the market growth throughout the forecast period.

Main market players

The major market players are Tesla, Inc. (NASDAQ: TSLA), SAIC Motor Corporation Limited, BYD Company Ltd, Toyota Motor Corporation, Beijing Automobile Co., Ltd., Dongfeng Motor Group Co., Ltd. and others.

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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.

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