Acumen Research and Consulting Recently Published Report On “Electric Vehicle Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026″. The electric vehicle market is set to surpass US$ 568.2 billion by the year end of 2026. This report also covers details of market size, growth spectrum, and the competitive scenario of electric vehicle market in the forecast timeline.
Electric vehicle also knows as electric motor or EV, is a vehicle that uses the electric motor for propulsion. Some of the common electric vehicles are electric cars, electric trucks, electric trains, electric airplanes, electric lorries, electric boats, electric airplanes, and others. In electric vehicles, 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.
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Based on Type, the global electric vehicle market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Hybrid electric vehicle is the largest segment for electric vehicle by type which is most likely to be the largest one of by the end of forecast period. One of the major advantages associated with hybrid electric vehicle is combining conventional internal combustion engine system with an electric propulsion system. Moreover, the presence of electric power train is directed to achieve better fuel efficiency than a conventional vehicle. This has led hybrid vehicle to attain highest market share over other segments, on the spit side, battery electric vehicle segment expected to progress in terms of market share and exhibit largest market share by the end of assessment period. Based on application, the global Electric Vehicle market is segregated into two-wheeler, passenger cars, and commercial cars. Passenger car segment emerged as the global leader in electric vehicle market due to growing in adoption of electric passenger cars as compared to two wheelers and commercial vehicles. Over the next five years, commercial vehicle expected to grow at highest CAGR benefits associate with electric motor engines as compared internal combustion one.
Geographically, the Electric Vehicle market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global Electric Vehicle market owing to the adoption of the advanced technology, presence of major players and high spending power of the people. U.S. holds the major share in the global market. High spending power, innovative technology and presence of the major players will support the growth of the market. Europe holds the second leading position in the market followed by Asia Pacific. Germany, France and U.K. are the major shareholders in the market. Asia Pacific is expected to have a huge opportunity in the market. Presence of the developing economy, rapid development in the technology, development in the infrastructure and increasing spending power of the people have driven the growth of the electric vehicle market.
LAMEA holds the least share in the market. Middle East holds the major share in the market whereas, African region holds the developing market.
The profiles of the leading players are done with the analyzing of the Porter’s Five Force model and SWOT analysis to understand the competitive landscape in the electric vehicle market. The study also encompasses market attractiveness, wherein the services are benchmarked based on market share, market size, and growth rate.
Some of the major players in the 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.
Market Segment Analysis:
Acumen Research report focuses on market attractiveness by assessing the key market segments. The report also combines region-wise segments for a better understanding of the supply and demand ratio of the global electric vehicle market. This exclusive study of the report analyzes the present and future market scenario and the industry trends that are influencing the growth of the segments. Besides, the report also covers the value chain analysis, supply chain analysis, and year-on-year basis analysis of the global electric vehicle market.
Market by Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Market by Type of Application
- Passenger Cars
- Commercial Cars
Market Regional Analysis:
Based on the regions, the global electric vehicle market. is segmented into -North America (US and Canada), Europe (UK, Germany, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), Latin America (Mexico, Brazil and Rest of Latin America), Middle East & Africa (GCC, South Africa and Rest of MEA)
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Peple Also Ask: FAQ
At what compound annual growth rate (CAGR) is the Electric Vehicle Market projected to grow during 2019 - 2026?
The global electric vehicle market projected to grow at a CAGR of 25.6% during the forecast time frame 2019 to 2026. Read More
The major companies operating 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. Read More
The global electric vehicle market is segmented on the basis of types, applications and regions. Read More
Middle East holds the major share in the electric vehicle market. Read More