Pune, May 15, 2020 (GLOBE NEWSWIRE) -- The global electric vehicle (EV) market size is projected to reach 40.6 million units by the end of 2026. The increasing adoption of electric cars in several countries across the world will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Electric Vehicle Market Size, Share & Industry Analysis, By Type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), and Others), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2019-2026,” the market was worth 8.6 million units in 2018 and will exhibit a CAGR of 21.1% during the forecast period, 2019-2026.
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Electric vehicles make use of a high voltage battery that can store a huge volume of energy. The use of advanced concepts in the development of this battery will emerge in favor of the adoption of electric vehicles over normal vehicles. The benefits offered by these products such as low pollution and lesser operational and maintenance cost will lead to wider product adoption across the world.
The high investment in the development of the product, coupled with the emphasis on technological intervention will have a positive impact on the growth of the market. The increasing awareness regarding environmental pollution by the government, as well as private organizations, will have a huge impact on the growth of the Electric Vehicle market. The efforts taken to maximize the production of electric cars and the presence of several large scale manufacturers will emerge in favor of market growth.
Tesla’s Constant Innovations Will Drive the Market in the Coming Years
The Electric Vehicle Market report encompasses several factors that have contributed to the growth of the market in recent years. There are several market players, a few of which have a renowned global reputation. Due to the scope for innovations, several large scale companies are looking to integrate innovative products in electric cars. Tesla is among the most renowned companies that are operating across the world.
Tesla’s constant innovations have not just benefited the company by having a huge impact on the global market. In May 2019, Tesla unveiled two new safety features in their electric cars. The company introduced Lane Departure and Emergency Lane Departure; safety features that will reduce the incidences of collisions and accidents. The feature will keep the vehicle within the boundaries of the lane when they are being used in the cruise control mode. Tesla’s latest safety feature upgrades will lead to wider product adoption in the coming years.
Browse Summary of Electric Vehicle Market Research Report with Detailed Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-market-101678
Europe Held the Highest Market Share; Increasing Adoption of Electric Cars Will Emerge in Favor of Electric Vehicle Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Europe currently holds the highest market share in 2018. The strict government regulations regarding greenhouse emissions will lead to wider adoption of these products over conventional vehicles. The efforts taken to reduce carbon emissions in countries such as Germany, UK, and France will aid the growth of the regional market.
The low costs of electric vehicles, coupled with the increasing number of charging stations will emerge in favor of growth. Moreover, the presence of several large scale companies in this region will contribute to the growing adoption of these products in numerous countries across Europe.
As of 2019, the market in Europe was worth USD 3.1 million units, and this value is projected to increase further in the coming years.
List of Top Companies Covered in Electric Vehicle Market Research Report:
- Bayerische Motoren Werke AG (BMW)
- BYD Company Limited
- Daimler AG
- Energica Motor Company S.P.A
- Ford Motors
- General Motors Company
- Nissan Motors Co. Ltd.
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
- Geely Automobile Holding Limited
- Groupe Renault
- Jiangling Motors Corporation Limited
- Lucid Motors, Inc.
- Zotye International Automobile Trading Co. Ltd.
Quick Buy – Electric Vehicle Market Research Report:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Mergers, Acquisitions and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor landscape
- Global Electric Vehicle Market Analysis, Insights and Forecast, 2015-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- BEV
- PHEV
- HEV
- Market Analysis, Insights and Forecast – By Vehicle Type
Industry Developments:
- May 2019: Geely Auto announced the launch of a new R&D center in Raunheim, Germany. The primary focus of this research and development center is to develop premium electric cars, advanced electrification, and connectivity in these cars.
- September 2019, Volkswagen announced the launch of a new line of long-range electric vehicles called ID.3. This vehicle can directly communicate with the driver and occupants over voice as well as the intelligent ID concept.
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Have a Look at Related Research Insight:
Electric Vehicle Battery Market Size, Share & Industry Analysis, By Type (Lead Acid Battery, Nickel-Metal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type (PHEV, BEV, HEV), and Regional Forecasts, 2019-2026
Electric Vehicle Charging Station Market Size, Share & Industry Analysis, By Charger Type (Fast, Slow/ Moderate), By Application (Commercial, Residential), and Regional Forecasts, 2019-2026
Electric Vehicle Telematics Market Size, Share & Industry Analysis, By Type (embedded, retrofitted), By Market (OEMs, aftermarket), By Application (safety & security, entertainment, information & navigation, diagnostics, others), and Regional Forecasts, 2019-2026
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