Overview

The electric vehicle (EV) market will witness a healthy growth from 2020to 2027, a research report suggests. Growing at a CAGR of 21.60%, the market is projected to reach US$1,160 million by 2027. The surging demand for electric vehicles is expected to support the market growth along with supportive government policies. As predicted by analysts, high prices of EVs will negatively affect the market’s performance from 2019 to 2025. During the forecast period, the market will be supported by electrification of cars, buses, and trucks and rollout of new policies. The high prices of EVs on the other hand will challenge electric motor vehicles sector based organizations functioning in the global electric vehicle (EV) market. Analysts have split the market into vehicle type and technology segments based on products and services.

Electric motor vehicles based companies have been profiled. Reduction in subsidies is set to affect the global market during the forecast period 2019 to 2025. The report also provides the market’s performance forecasts till 2025. Analysts have studied the strategy of electric motor vehicles segment based organizations to help new entrants and established businesses. The electric motor vehicles sector itself is supported by mandate adherence to latest emission standards as well as steps for ensuring a smooth transition. During the forecast period 2019 to 2025, the electric vehicle (EV) market is set to witness a health growth across vehicle type and technology segments as well as regional markets.

Market Segmentation

The electric motor vehicles sector has seen growth across vehicle type and technology segments owing to emerging economies to lower emission rates and developing economies are planning to roll out policies. To study the market, analysts have further segmented vehicle type and technology into passenger cars, commercial vehicles, and two wheelers on the basis of vehicle type. The market is further segmented into the technology sub segment which is split into battery, hybrid and plug-in hybrid electric vehicles.

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The segmental analysis presented in the report provides electric motor vehicles field based organizations insights into key growth factors such as crowding in buses and other forms as well as challenges such as the contraction of car sales the market will face from 2019 to 2025. The rising population in urban areas and electric two-wheelers and e-rickshaws are some of the key factors having an influence on electric motor vehicles industry based companies, suggest analysts as per the electric vehicle (EV) market report. But the report also identifies the economic depression and a weak supply chain as major threats companies in electric motor vehicles will face till 2025. 

Regional Overview

Electric motor vehicles market based companies in the electric vehicle (EV) market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The increasing number of residential units will be a key growth driver for regional markets. However, the lack of awareness among consumers will turn out to be a threat. For the forecast period 2019 to 2025 each of these regional markets are studied in the report.

Starting from North America, the regional market and electric motor vehicles vertical based companies are spread across the United States, Canada, and Mexico. High maintenance and deployment costs will turn out to be a major challenge from 2019 to 2025. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by establishment of charging infrastructure as well as people aiming for more comfort, suggests the report. Similarly, the electric motor vehicles sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the electric vehicle (EV) market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2025.

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Competitive Landscape

The global electric vehicle (EV) market research report brings a comprehensive study of vehicle type and technology market segments, regional analysis, and electric motor vehicles vertical based company details of key players. As the forecast period 2019 to 2025 will bring new opportunities for the market owing to the growing demand from companies across many industries and the presence of many untapped opportunities across the market, the market is set to grow at a compound annual growth rate of 18.4% and is predicted to reach a value of US$1,160 million by 2025. With SWOT analysis of electric motor vehicles sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of effective marketing investment and the availability of alternative solutions, companies in the electric motor vehicles sector can change the way business is done.

Industry News 

Royal Dutch Shell announced on Monday that it will buy ubitricity, the UK's largest public electric vehicle charging network, for an undisclosed amount. The deal for the company, which has over 2,700 on-street charging stations across the country, is expected to close by the end of the year. According to industry experts and car dealers, electric vehicle sales will begin to rise in 2021 as more models are introduced to the market and policymakers advocate for the use of renewable energy to meet climate targets. As part of its proposal for a tougher EU climate target for 2030, the European Commission has already outlined proposals to further tighten car CO2 limits.

Read More News @ https://www.globenewswire.com/en/news-release/2021/05/20/2233073/0/en/Electric-Vehicle-Market-to-touch-USD-893-5-Billion-by-2027-Market-Research-Future-MRFR.html