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Electric Vehicle Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast

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Global Electric Vehicle Market is projected to reach over 10.5 million units by the end of 2026 and is estimated to grow at a CAGR of over 31.5% during the forecast period of 2019 to 2026. 
Electric Vehicle Market Global Trends, Market Share, Industry Size, Growth,
Opportunities, and Market Forecast 2019 to 2026
Global Electric Vehicle Market Introduction:
Global Electric Vehicle Market is projected to reach over 10.5 million units by the end
of 2026 and is estimated to grow at a CAGR of over 31.5% during the forecast period
of 2019 to 2026.
Considering the amount of awareness that has spread across the world regarding
environmental concerns, this sales number is easily achievable.
Stringent government regulations regarding pollution of the environment have led to
the growth of the market. The European Union and the United States have imposed
high penalties on excessive greenhouse emission from vehicles. Norway
government's plan of making all cars of zero emissions by 2025 is likely to fuel the
market. The Chinese government has introduced norms which aim to promote
automakers to make electric vehicles by inventing a credit system. Companies like
Tesla are enhancing electric vehicles by amending the batteries which has further
boosted the market.
Lack of charging points in cities is limiting the growth of the market. In addition, the
high manufacturing cost and buying cost of these cars may hinder the growth of the
market.
North America holds a vast majority of the market. It's followed by Europe. Both
regions use electric vehicles in high numbers. Asia-Pacific region is expected to see
growth in the coming years.
Global Electric Vehicle Market Overview:
Depending on the type of electric vehicle, the market is categorised into fuel cell
electric vehicle (FCEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle
(PHEV). China, who is currently dominating the EV market, is primarily investing in
producing BEVs and they have a sales share of 94 percent due to the dominance of
domestic OEMs. These are the factors that have assisted the BEV market segment to
grow globally.
Based on the type of charging infrastructure, the market is bifurcated as Tesla SC,
type-2 AC, Combined Charging System (CCS), CHAdeMO. The next-gen charging
networks in U.S and Europe are preferring CCS over CHAdeMO despite it being used
in charging systems for many years. This is a key factor for the market growth of CCS
segment which is predicted to dominate the market during the forecast period.
Installation-wise, the market is segmented into public and residential
installation. Depending on the power output, the market is categorised into level 1,
level 2 and level 3.
Vehicle-wise, the market is bifurcated into two-wheeler, passenger cars and public
vehicles. The two-wheeler EV market segment is currently dominating the global
market due to its penetration in developing economies like India along with
developed economies. Passenger cars segment is steadily growing in the market and
will continue to do the same during the forecast period.
Global Electric Vehicle Market Regional Insight:
The regional bifurcation of the market is represented as North America, Europe, Asia
Pacific, Latin America and Rest of the World. Although China is the most dominant in
the global EV market, Japan is working on something that no one has touched yet.
They are conducting research on harnessing the battery power in electric vehicles
during disaster like tsunami, earthquakes and typhoons which they face frequently.
Nissan held an event on March 2019 where people used the electricity stored in their
vehicles by staying overnight in their cars for simulating an emergency situation.
Such unique and innovative initiatives will surely help the Japanese region witness
substantial market growth during the forecast period.
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Electric Vehicle Market Segmentation
By Propulsion:
• FCEV
• BEV
• PHEV
By Vehicle:
• CV
• PC
By Charging Station:
• Normal
• Super
• Inductive
By Charging Infrastructure:
• Tesla SC
•
•
•
•
Type-2-AC
CCS
Normal
CHAdeMO
By Power Output:
• Level1
• Level2
• Level3
By Installation:
• Commercial
• Residential
By Region:
• Europe
• North America
• APAC
• Latin America
• Rest of the World
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Takeaways
• Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on electric vehicle market by propulsion,
vehicle charging station, charging infrastructure, power output, installation, and
region
• To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America,
Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and
core competencies
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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