Electric Vehicle Industry Forecast 2030 - Featuring Bayerische Motoren Werke AG (BMW) and more…
Final Report will add the Impact of COVID-19 Analysis on Electric Vehicle Industry:
An electric vehicle (EV) basically consists of an electric motor, instead of an internal-combustive engine, that propels the vehicle on the road. The global electric vehicle market size will expand significantly owing to increasing adoption of electric vehicles by several economies. Fortune Business Insights, predicts positive growth for the market through its upcoming report, titled “Electric Vehicle (EV) 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.”
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Electric vehicles, are mostly portrayed as possible future replacement of current generation petrol and diesel cars. Increasing restrictions on emissions and fuel-efficiency regulations is the primary reason of paradigm shift by large motor companies from combustible cars to electric vehicles. For instance, leading auto manufacturers estimate that the market will have over 130 electric vehicle (EV) models by 2025. The growing demand for electric vehicles is anticipated to boost the global electric vehicle market growth during the forecast period.
The report provides an in-depth analysis of the global electric vehicle market. It highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. Forecast values have been provided for the market for the period between 2019 and 2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
Drivers & Restraints:
Promising Government Policies to Drive the Market
Urban pollution and depleting oil resources has propelled multinational governments and local authorities across the world to support adoption of electric vehicles. The favorable government policies include purchase rebates, tax exemptions, and tax credits for the consumers. Additionally, waiver on fees for charging, parking, and tolls are the policy driven incentives provided by the government. This initiative is expected to drive the sales of the electric vehicles in the forthcoming years.
For instance, in India, the Delhi government wants 25% of all new vehicles by 2023 to be electric vehicles. Furthermore, the U.S. government offering EV tax credits worked well for Tesla recording high number of sales for its Model 3 in 2018. The government policies to promote the sales of electric vehicles will boost the global electric vehicle market during the projected horizon.
Rising Adoption of Fuel-efficient Vehicles to Bolster Growth in North America
Among regions, North America is expected to register highest growth owing to rising adoption of fuel-efficient vehicles and increasing awareness of air pollution. On the other hand, market in Europe is expected to have a major potential on the account of favorable government initiatives to reduce carbon emissions. The U.K., Germany, and France are set to contribute positively for the market growth in Europe.
Asia-Pacific will expand at a faster rate owing to the presence of major players operating in the electric vehicle market. Technological innovations and large investments in R&D by key players will boost the market considerably in this region. China will emerge as the major player accounting for largest passenger electric vehicle market share in Asia-Pacific between 2019 and 2026.
Product Innovations by Major Automakers to Aid Growth
The report comprises of several factors that have contributed to the growth of the market revenue in recent years. Among all factors, product innovations by key players will have a positive impact on the growth of the market in the forthcoming years. For instance, Innolith, a Swiss-based startup, claims to have developed an electric car battery with a 600 miles of range once charged full. Similarly, major automakers are aiming to achieve similar range by innovating products in their electric vehicles. Moreover, this is expected to create growth opportunities for the major companies operating in the global electric vehicles market.
- May 2019: Tesla launches two safety features such as Lane Departure and Emergency Lane Departure Avoidance, in their cars. These safety features are designed to avoid collisions, while ensuring the vehicle follows the lane even in cruise control mode.
- May 2019: Geely Auto launches a R&D center in Raunheim, Germany. The R&D center will primarily focus on developing premium electric cars, advanced electrification, and connectivity.
- September 2019: Volkswagen launches its electric vehicle ID. 3, with up to 341 miles of range. It is the first affordable long-range electric car from the Volkswagen stable.
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List of Key Players Operating in Global Electric Vehicle Market:
- 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.
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