Electric Vehicle Market to Reach 106.6 Million Units by 2027 | CAGR 41.8% | Size, Share, Analysis, Growth 2022-2027

The electric vehicle market reached a volume of 12.7 Million Units in 2021 and expects to reach 106.6 Million Units by 2027, at a CAGR of 41.8% during 22-2027.

SHERIDAN, WYOMING, UNITED STATES, January 28, 2022 /EINPresswire.com/ -- As per the latest report by IMARC Group, titled “Electric Vehicle Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027”, the global electric vehicles market reached a volume of 12.7 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 106.6 Million Units by 2027, exhibiting at a CAGR of 41.8% during 2022-2027. An electrical vehicle (EV) is a self-propelling automobile that operates on electricity. Battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs) are some of the common types of EVs available in the market. Compared to the traditionally used vehicles, EVs provide better fuel economy, lower carbon emissions, lesser maintenance, and reduced noise pollution.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Electric Vehicles Market Trends and Drivers:

The global market is majorly driven by an enhanced focus on sustainable development. With the growing concerns regarding climate change, there has been a considerable rise in the sales of fuel-efficient automobiles across the globe. Furthermore, continual improvements in the EV charging infrastructure are creating a positive outlook for the market. Other factors, including inflating disposable income levels of the masses, the implementation of several favorable government policies encouraging sustainable development and extensive research and development (R&D) activities conducted by key players, are also projected to drive the market growth.

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Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market with some of the top electric vehicles companies being

• Bayerische Motoren Werke AG
• BYD Auto
• Chery
• Daimler AG
• Ford Motor Company
• Geely
• General Motors
• Honda Motor Company
• Hyundai Motor Company
• Nissan
• Renault
• SAIC Motor
• Tesla Inc. Toyota Motor Corporation
• Volkswagen

Market Breakup by Component:

• Battery Cells & Packs
• On-Board Charger
• Fuel Stack

Market Breakup by Charging Type:

• Slow Charging
• Fast Charging

Market Breakup by Propulsion Type:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

Market Breakup by Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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