Electric Vehicle Market Size Grows by 25927.15 Thousand Units from 2022 to 2027: Coronavirus Recovery Descriptive Analysis, Vendor Assessment, and Market Dynamics

New YorkAnd January 25, 2023 /PRNewswire/ – File global electric vehicle market The volume is expected to increase by 25,927.15 thousand units from 2022 to 2027. The market growth momentum will accelerate at a CAGR of 37.45% during the forecast period. The worldwide outbreak of COVID-19 also affected this sector in 2020. Car production in the first quarter of 2020 witnessed a decrease of about 23.07% compared to the production in the first quarter of 2019. Similarly, the second quarter of 2020 witnessed a decrease of 32.42% % in vehicle production compared to the first quarter of 2020. The figure for the second quarter of 2019 and the third quarter of 2020 saw a decrease in production by 22.92% compared to the third quarter of 2019. Hence, the temporary closure of manufacturing facilities and the ongoing disruptions in the global supply chain due to The pandemic has adversely affected automobile production in all areas. regions all over the world. Request a sample report

Technavio announced its latest market research report titled Global Electric Vehicle Market 2023-2027

Technavio announced its latest market research report titled Global Electric Vehicle Market 2023-2027

Global Electric Vehicle Market – Vendor Analysis

Seller Offers –

  • Spark Company Limited – The company offers electric cars such as the Aspark Owl electric supercar.

  • BMW AG – The company offers electric cars such as the BMW iX Sports Activity Vehicle.

  • BYD Electronic Co., Ltd. – The company offers electric cars such as the BYD HAN EV.

  • Kanoo Inc – The company offers electric vehicles such as the Canoo lifestyle car.

  • For details about vendors and their offers – Buy the report!

seller view –

global electric vehicle market FragmentedIn the presence of many vendors. A few of the notable vendors that introduce electric vehicles in the market are Aspark Co. Ltd. and BMW AG and BYD Electronic Co. Ltd. and Canoo Inc. and Ford Motor Co. and General Motors Co. and Hero Ecotech Ltd. and Hyundai Motor Co. Mercedes Benz Group AG Nissan Motor Co. Ltd. Renault SAS, Rivian Automotive Inc. Sinotruk Hong Kong Ltd. Stellantis NV, Tesla Inc. Toyota Motor Corp., Inc. Volkswagen AG, AB Volvo, Honda Motor Co. Ltd. , Mahindra and Mahindra Limited and others.

The global electric vehicle market is expanding rapidly across different regions. Electric vehicle sales are increasing at a high rate, creating revenue streams for automakers and other players such as integrators and battery manufacturers. As market competition heats up, vendors are increasing their production capacity with new factories and partnerships. Market expansion and product launches are prominent growth strategies adopted by market players to mitigate competition. Most vendors are also investing in research and development to offer new and better EV models.

Global electric vehicle market – customer landscape

To help companies assess and develop growth strategies, the report identifies –

Global Electric Vehicle Market – Segmentation Assessment

Sector overview

Technavio has segmented the market based on type (BEV and PHEV) and charge (normal charge and supercharged).

  • the bev A segment that will account for a significant share of the market growth during the forecast period. A battery electric vehicle (BEV) is a battery electric vehicle. There are many benefits to using BEVs. For example, it produces no emissions and is easy to manufacture. These benefits are expected to fuel demand for BEVs during the forecast period.

Geography overview

On the basis of geography, the global electric vehicle market is segmented into Asia Pacific, EuropeAnd North AmaricaAnd South americaAnd Middle east And Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global Electric Vehicle market.

  • your father An estimated 46% of the global market growth over the forecast period. It is a major producer and consumer of automobiles, with several auto manufacturers present. JapanAnd South KoreaAnd SingaporeAnd IndonesiaAnd ThailandAnd MalaysiaAnd Filipinos are the major countries in the market. Governments of various countries in the region are focusing on sustainable and low-emission vehicles such as electric vehicles to reach emission targets and reduce dependence on oil and gas imports. These factors will support the regional market during the forecast period

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global electric vehicle marketMarket dynamics

Leading drivers – the Strict rules and regulations driving market growth. Regulations vary based on goals set by governments. Many countries have adopted earlier ECE or UN versions Europe Mobile source emissions regulations. Some countries have adopted recent revisions in regulations in the United States and Europe. for example, Norway It aims to make BEVs responsible for 100% of new vehicle sales by 2025. These factors are fueling the growth of the global market.

Key trends – charging stations powered by renewable energy It is a major trend in the market. Utility companies are expected to turn to alternative sources of electricity due to the growing demand for electricity. In addition, a steady reduction in the cost of renewable energy generation will make electricity an attractive, low-cost source of fuel for the transportation sector. The increasing reliance on renewable energy will drive the global electric vehicle market. Thus, the use of renewable energy to operate electric vehicle charging stations is expected to reduce the burden of generating electricity from the power grid and make electricity technology more environmentally friendly. These factors will support the growth of the market during the forecast period.

major challenges – the High manufacturing cost of electric vehicles Challenging market growth. The manufacturing cost of electric vehicles is higher than that of gas-powered vehicles. This restricts automakers from making more EV units. It also makes electric vehicles unaffordable for many consumers. In addition, there is a lack of awareness about incentives offered by governments. These factors will hinder the growth of the global market during the forecast period.

Drivers, trends, and challenges influence market dynamics, which can affect a business. Find out more ideas in a sample report!

What is the key data covered in this Electric Vehicle Market report?

  • The compound annual growth rate of the market over the forecast period

  • Detailed information on the factors that will drive the growth of the electric vehicle market between 2023 and 2027

  • An accurate estimate of the size of the electric car market and its contribution to the parent market

  • Accurate predictions about upcoming trends and changes in consumer behaviour

  • electric vehicle market growth across the asia pacific region, EuropeAnd North AmaricaAnd South americaAnd Middle east And Africa

  • Comprehensive analysis of the competitive landscape of the market and detailed information on vendors

  • Exhaustive analysis of factors that will challenge the growth of the electric vehicle market vendors

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The scope of the electric vehicle market

report coverage

details

page number

174

base year

2022

historical period

2017-2021

forecast period

2023-2027

Growth momentum and compound annual growth rate

Acceleration at a compound annual growth rate of 37.45%

Market growth 2023-2027

25927.15 thousand units

Market structure, market structure

Fragmented

2022-2023 Annual Growth (%)

35.24

Regional analysis

Asia Pacific, Europe, North America, South America, Middle East and Africa

market share performance

Asia and the Pacific by 46%

Major countries

United States, China, Japan, Norway and Germany

Competitive scene

Top vendors, vendor positioning in the market, competitive strategies, and industry risks

Profile of the main companies

Aspark Co. Ltd. BMW AG, BYD Electronic Co., Ltd. Ltd. , Canoo Inc. Ford Motor Co. Ltd. General Motors Co., Hero Ecotech Ltd. Hyundai Motor Co., Ltd. Mercedes Benz Group AG Nissan Motor Co. Ltd. and Renault SAS and Rivian Automotive Inc. and Sinotruk Hong Kong Ltd. and Stellantis NV and Tesla Inc. and Toyota Motor Corp. Volkswagen AG, AB Volvo and Honda Motor Co. Ltd. and Mahindra and Mahindra Ltd.

Market dynamics

Key market analysis, market growth drivers and obstacles, fast-growing and slow-growing segments analysis, COVID-19 impact analysis, recovery and future consumer dynamics, market situation analysis for the forecast period.

field of customization

If our report doesn’t include the data you’re looking for, you can reach out to our analysts and customize your segments.

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table of contents

1. Executive summary

2 market view

3 Market Sizing

4 Historical market size

5 Five Forces Analysis

6 Segmentation of the market by type

7 Segmentation of the market by freight

8 Customer perspective

9 geographical landscape

10 drivers, challenges and trends

11 landscape vendor

12 Vendor Analysis

13 Appendix

about us
Technavio is a leading global technology research and advisory firm. Their research and analysis focus on emerging market trends and provide actionable insights to help companies identify market opportunities and develop effective strategies to improve their market positions. With more than 500 dedicated analysts, Technavio’s reporting library consists of more than 17,000 reports and statistics, covering 800 technologies, spanning 50 countries. Their client base consists of organizations of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in current and potential markets and assess their competitive positions within changing market scenarios. .

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Global Electric Vehicle Market 2023-2027

Global Electric Vehicle Market 2023-2027

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