Electric Vehicle Market, By Propulsion Type

1
Electric Vehicle Market, By Propulsion Type,
Trend Analysis, Competitive Market Share
2021-2027
2
Industry Trends Forecast Report
2027 ?According to BlueWeave Consulting, the
global electric vehicle market is estimated to
have reached USD 121.8 billion in 2020 and is
further projected to reach USD 236.3 billion by
2027, growing at a CAGR of 10.6 during the
forecast period. The growing sensitivity of
various governments toward a cleaner environment
has increased the demand for zero-emission
vehicles. Developed nations such as the US,
Germany, and the UK are actively promoting the
use of electric vehicles to reduce emissions,
which has resulted in the growth of electric
vehicle sales. Rising investments in electric
vehicles are considered a major driver for the
market. Companies such as Daimler AG, Ford Motor
Company, and Group Renault are investing heavily
in their plan to manufacture EVs. 
3
Growth drivers Stringent Vehicular Emission
Rules and Regulations There are several laws and
regulations set up by the government across the
globe in countries to monitor vehicular
emissions. The countries have adopted strict
versions of European and United Nations Economic
Commission for Europe (UN-ECE) emission
regulations. These rules and regulations that had
been made to control the emission in the
environment would likely to drive the demand for
electric vehicles. Even some countries have
adopted more than advanced regulations based on
the most recent version of European and U.S.
regulations. For instance, in Germany, more than
half of Germany's electricity is generated from
coal and gas.
4
Restraints Limitations associated with electrical
commercial vehicles Electric vehicles own
specific limitations that can hamper the market
growth. These limitations include the limited
Range, charging, and limited availability of
vehicles for the buyers. Currently, the average
electric vehicle range is around 100 km for
passenger cars, while the desired range is around
200 km. The High ambient temperatures, especially
around the afternoon, further reduced the range
to 85-90 km per charge. Charging which is another
demerit of an electric vehicle, the power cuts,
and fluctuations posed challenges. The Grid
condition needs to be improved for better and
continuous charging. Limited vehicle options for
buyers in the market. Currently, there are very
limited products available in the market. 
5
Impact of COVID-19 The COVID-19 pandemic caused
a devastating effect on the EV market owing to
restrictions on production and contraction of
automobile sales globally. But the adoption of
EVs in China, the U.S., and European countries
and large sales of battery-operated vehicles can
bode well for the market. The global goal of
reducing dependence on oil imports and shifting
the focus on zero-emission vehicles can dwell
favorably for the global electric vehicle (EV)
market. The increasing number of residential
units and the establishment of charging
infrastructure and falling prices of batteries
are expected to change consumer attitudes and
bolster the market demand significantly. The
successful launch of Teslas Cybertruck is an
indicator of the latent potential of the market.
6
Global Electric Vehicle Market Regional
Insights Based on the region the global electric
vehicle market segmented into North America,
Europe, Asia-Pacific, Latin America, and Middle
East Africa. Amidst the segmentation, North
America held a substantial market share in 2020.
This share is attributed to the increasing demand
for electric vehicles in U.S. Furthermore, new
initiatives are being taken up by automotive
manufacturers, policymakers, non-profit
organizations, and charging network companies,
and have launched a new non-profit organization
named Veloz. This new organization aims at
attracting investments, innovation, marketing,
and growth of electric vehicles in North America.
Thus, the demand for electric vehicles in North
America is bound to rise over the forecast
period.
7
Competitive Landscape The market is consolidated
and characterized by high competition owing to
the presence of major players such as Tesla, BYD,
BMW, Volvo, Mercedez, FREIGHTLINER, Piaggio C.
SpA, Addax Motors, Balkancar Record,
Hero Electric Vehicles Pvt. Ltd., Terra Motors
Corporation other prominent players. These
companies have strong distribution networks at a
global level. In addition, these companies offer
an extensive product range in this market. These
companies adopt strategies such as new product
developments, collaborations, and contracts
agreements to sustain their market position.
Sample Copy https//www.blueweaveconsulting.com/r
eport/global-electric-vehicle-market/report-sample

8
About Us Blueweave Consulting offers a one-stop
solution for your market intelligence needs for
any service or product. You get well-researched
comprehensive reports based on qualitative and
quantitative data to put your business plan into
action. Your well-informed and timely decisions
using our reports avert situations of excessive
risks and help you grow your business with
optimum risk-return trade-off. Delivering
quality insights into several product or service
markets within the timeline as per the needs of
the clients has earned BWC an excellent
reputation among clients. BWC strives to provide
timely and accurate digital market intelligence
services for making your business endeavors
successful.
9
Contact Us
1 866 658 6826  1 425 320 4776
 44 1865 60 0662  
 info(_at_)blueweaveconsulting.com   
www.blueweaveconsulting.com