The global electric vehicle market is expected to grow at CAGR 25.6% during the forecast period, 2019- 2026 and will reach over USD 568.2 Billion by 2026.
Electric vehicle also knows as electric motor or EV, is a vehicle that uses electric motor for propulsion. Some of the common electric vehicles are electric car, electric truck, electric train, electric airplanes, electric lorries, electric boats, electric airplanes, and other. In electric vehicle, electric energy is used as a transportation fuel to power electric vehicles. Electric vehicles are very different from fossil fuel powered vehicles, wherein, they receive their power from a wide range of sources, including fossil fuels, nuclear power, and renewable sources such as tidal power, solar power, and wind power or any combination of those.
Electric vehicle is a product of technology advancement and is also seen to be the one of the finest revolution in the automotive industry. Electric vehicle is an alternative to fuel based vehicle which itself is a biggest growth driver in this market. Globally, the market is picking the growth momentum with rising adopting of electric vehicle every year. On the other hand, strict vehicle emission itself is promoting the adoption of electric vehicle across the globe. Factors such as increase in demand for fuel-efficient, high-performance, and low-emission vehicles are driving the demand of electric vehicles. Emergence of electric vehicle is considered to be technology driven, hence, technological impact to further come up with innovative product formulation by widening the growth dimension of this market.
On the split side, high manufacturing cost of electric vehicle as compared to traditional vehicle, and low fuel economy and serviceability are the key growth barriers in this market. High manufacturing cost is expected to challenge the growth of electric vehicle market during the forecast period. Nevertheless, consistent technological advancement in the automotive industry and favorable government policies by government o boost the sales of electric vehicles and tremendous responses from consumer is anticipated to offer extensive growth opportunities over the next decade.
Some of the major players in the global Electric Vehicle market are, Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.
–Electric Vehicle market, Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026 Report
Acumen Research and Consulting
