Electric Vehicles Market Analysis 2022:
As per the latest report by IMARC Group, titled “Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global electric vehicles market reached a volume of 12.7 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 106.6 Million Units by 2027, exhibiting at a CAGR of 41.8% during 2022-2027. An electric vehicle (EV) is a self-propelling automobile that is partially or fully powered on electric traction motors instead of an internal combustion engine. It uses a large traction battery pack to power the electric motor, which requires a charging from electric vehicle supply equipment (EVSE). EVs can also be charged through turbochargers and regenerative braking systems that function by converting kinetic energy into electrical energy. Some other key components of EVs include a charge port, DC/DC converter, electric traction motor, onboard charger, power electronic controller, thermal system (cooling), traction battery pack, and transmission. As compared to conventional automobiles, EVs are more environment friendly and cost-effective as they omit the use of fossil fuels, eliminate tailpipe emissions, reduce the dependency on liquid fuel components, and require lesser maintenance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Electric Vehicles Market Trends and Drivers:
Growing environmental concerns, rapid urbanization, and increasing per capita income, particularly in emerging economies, are primarily facilitating the demand for electronic vehicles across the globe. This is further supported by extensive research and development (R&D) activities to engineer zero- and low-emission vehicles with improved fuel efficiency and a strong, soundless engine. Manufacturers are also aiming to reduce the dependence on other forms of fuels through considerable investments in improving the charging infrastructure by launching vehicle-to-grid (V2G) charging energy management system, which is acting as a major growth-inducing factor. Moreover, the widespread adoption of resource-efficient production techniques, along with significant expansion in the electronics. automotive, and new energy sectors are also catalyzing the market growth. Additionally, governments of various nations are undertaking favorable initiatives to provide subsidies, tax exemptions and free-of-cost charging facilities to the users, which, in turn, is creating a positive outlook for the market. Apart from this, the widespread adoption of lithium-ion and graphene-based batteries is further helping key players to generate new business opportunities in the market.
Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/electric-vehicles-market Competitive Landscape:
The competitive landscape of the market with some of the top electric vehicles companies being
Key Market Segmentation:
Market Breakup by Component:
Market Breakup by Charging Type:
Market Breakup by Propulsion Type:
Market Breakup by Vehicle Type:
Breakup by Region:
Key highlights of the Report:
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