Electric vehicle market size to grow by 25,927.15 thousand units from 2022 to 2027: A descriptive analysis of covid recovery, vendor assessment, and market dynamics

NEW YORK, Jan. 25, 2023 /PRNewswire/ — The global electric vehicle market size is estimated to enhance by 25,927.15 thousand units from 2022 to 2027. The market’s development momentum will speed up at a CAGR of 37.45% throughout the forecast interval. The outbreak of COVID-19 worldwide additionally affected this sector in 2020. Automotive manufacturing in Q1 2020 noticed a decline of about 23.07% in contrast with the manufacturing in Q1 2019. Similarly, Q2 2020 witnessed a drop of 32.42% in automotive manufacturing in contrast with the Q2 2019 determine, and Q3 2020 noticed a manufacturing dip of 22.92% in contrast with that in Q3 2019. Thus, the non permanent shutting down of manufacturing amenities and ongoing disruptions within the international provide chain due to the pandemic has adversely affected automotive manufacturing in all key areas internationally.  – Request a sample report

Global electrical vehicle market – Vendor analysis

Vendor choices –

• Aspark Co. Ltd.  – The firm presents electrical autos reminiscent of Aspark Owl electrical hypercar.

• BMW AG – The firm presents electrical autos such because the BMW iX sports activities exercise vehicle.

• BYD Electronic Co. Ltd. – The firm presents electrical autos reminiscent of BYD HAN EV.

• Canoo Inc. – The firm presents electrical autos such because the Canoo way of life vehicle.

• For particulars on distributors and their choices – Buy the report!

Vendor panorama –

The international electrical vehicle market is fragmented, with the presence of a number of distributors. A few outstanding distributors that supply electrical autos within the market are Aspark Co. Ltd., BMW AG, BYD Electronic Co. Ltd., Canoo Inc., Ford Motor Co., General Motors Co, Hero Ecotech Ltd., 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., Volkswagen AG, AB Volvo, Honda Motor Co. Ltd., and Mahindra and Mahindra Ltd. and others.

The international EV market is increasing quickly throughout completely different areas. EV gross sales are rising at a excessive charge, which is creating income streams for automakers and different upstream gamers reminiscent of integrators and battery producers. With the intensifying competitors within the market, distributors are ramping up their manufacturing capability with new vegetation and partnerships. Market growth and product launches are two outstanding development methods adopted by market gamers to mitigate competitors. Most distributors are additionally investing in R&D to introduce new and higher EV fashions.

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Global electrical vehicle market – Customer panorama

To assist corporations consider and develop development methods, the report outlines –

Global electrical vehicle market – Segmentation evaluation

Segment overview

Technavio has segmented the market based mostly on sort (BEV and PHEV) and charging (regular charging and supercharging).

• The BEV phase will account for a big share of the market’s development throughout the forecast interval. A battery electrical vehicle (BEV) is an EV powered by a battery. There are a number of advantages of utilizing BEVs. For instance, they produce no emissions and are straightforward to manufacture. Such advantages are anticipated to gasoline the demand for BEVs throughout the forecast interval.

Geography overview

Based on geography, the worldwide electrical vehicle market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report gives actionable insights and estimates the contribution of all areas to the expansion of the worldwide electrical vehicle market.

• APAC is estimated to account for 46% of the expansion of the worldwide market throughout the forecast interval. It is a significant producer and client of autos, with the presence of many vehicle producers. Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia, and the Philippines are the important thing international locations within the market. The governments of varied international locations within the area are specializing in sustainable and low-emission autos reminiscent of EVs to attain emission targets and scale back dependence on oil and gasoline imports. Such components will assist the regional market throughout the forecast interval

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Global electrical vehicle market – Market dynamics

Leading drivers – The stringent guidelines and laws are driving the market development. The laws differ based mostly on the targets set by governments. Many international locations have adopted the earlier variations of European or United Nations Economic Commission for Europe cellular supply emission laws. Some international locations have adopted latest revisions in laws within the US and Europe. For occasion, Norway goals to make BEVs account for 100% of its new automotive gross sales by 2025. These components are boosting the expansion of the worldwide market.

Key developments – Charging stations powered by renewable power is a key pattern within the market. Utility corporations are anticipated to shift to different sources of electrical energy due to the rising demand for electrical energy. In addition, the regular discount in the price of renewable energy technology will make electrical energy a sexy low-cost supply to gasoline the transport sector. The rising adoption of renewable power will additional propel the worldwide EV market. Thus, the use of renewable power to energy the EV charging stations is predicted to scale back the burden of electrical energy technology from the ability grid and make the electrification know-how extra environmentally pleasant. These components will assist the market development throughout the forecast interval.

Major challenges – The excessive manufacturing value of EVs is difficult market development. The manufacturing value of EVs is greater than gas-powered autos. This restricts automakers from manufacturing extra units of EVs. It additionally makes EVs unaffordable for a lot of customers. In addition, there’s a lack of consciousness in regards to the incentives offered by governments. These components will impede the expansion of the worldwide market throughout the forecast interval.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the important thing knowledge lined on this electrical vehicle market report?

• CAGR of the market throughout the forecast interval

• Detailed data on components that may drive the expansion of the electrical vehicle market between 2023 and 2027

• Precise estimation of the size of the electrical vehicle market and its contribution to the mother or father market

• Accurate predictions about upcoming developments and adjustments in client habits

• Growth of the electrical vehicle market throughout APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market’s aggressive panorama and detailed details about distributors

• Comprehensive analysis of components that may problem the expansion of electrical vehicle market distributors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Charging

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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