Electric Vehicle Market Growth, Industry Trends, Shares, Size and forecasts 2019-2026

The Global Electric Vehicle market is growing at a significant rate over the forecast period (2020-2027). As per the electric vehicle market report, the strong demand for high-performance and fuel-efficient vehicles, along with the growing awareness to decrease oil consumption at the global level, are the two major factors that are surging the electric vehicle market growth rate.

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An electric vehicle refers to a type of vehicle that runs on an electric motor rather than an internal combustion engine. It operates on electric motors and motor controllers for propulsions. An electric vehicle is either fully or partially powered on electric power.

According to the electric vehicle market analysis, the rising number of stringent government policies toward vehicle emission, strong demand for high-performance and fuel-efficient vehicles, followed by the growing awareness to decrease oil consumption are some of the significant factors which are surging the market growth over the forecast period. In addition to this, the increasing investment in the manufacturing of electric vehicles by leading players such as General Motors Company, Nissan Motor Company, BMW Group, Daimler AG, Hyundai Motor Company, and BAIC Motor Corporation, and other companies, which is one of the market trends that will further accelerate the growth of the electric vehicle market share in terms of revenue.

The rising convenience of consumers, such as home charging options for electric vehicles, followed by the growing usage of renewable energy sources, including a solar photovoltaic system to recharge electric vehicles, will further boost the growth of the electric vehicle market size. As per the electric vehicle market forecast, the increasing trend towards more eco-friendly production of electric vehicles and their components with the use of recycled materials and bioplastics will encourage consumers to opt for electric vehicles. Numerous companies such as LEVA (The Light Electric Vehicle Association), EVI (Electric Vehicle Initiative), WEVA (World Electric Vehicle Association), SMEV (Society of Manufacturers of Electric Vehicles), and EAA (Electric Auto Association) are introducing new innovations in the electric vehicles, which in turn, will propel the market's demand. On the other edge of the spectrum, the lack of charging infrastructure and the high cost related to electric vehicles are likely to hamper the electric vehicle market growth.

Key Players of the Global Electric Vehicle Market:

• Tesla, Inc.
• BYD Company Limited
• Nissan Motor Company
• BMW Group
• Volkswagen AG
• Volvo Group
• Daimler AG
• Honda Motor Co., Ltd.
• Toyota Motor Corporation
• Ford Motor Company
• Hyundai Motor Company
• Continental Engines
• BAIC Motor Corporation, Ltd.
• General Motors Company

Market Segmentation:

Global Electric Vehicle Market Report Segment by Product Type:

• • Battery Electric Vehicles (BEV)
• • Plug-in Hybrid Electric Vehicles (PHEV)
• • Hybrid Electric Vehicles (HEV)

Business Development Executive at GMI Research