Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The electric vehicles (EVs) market is estimated to witness a robust growth rate of 23.5% during the period 2019-2028. The market growth is attributed to the rising concern about air pollution in urban areas. Conventional fuel vehicles are one of the leading causes of air pollution which has encouraged government bodies to impose strict rules and regulations on car manufacturers to restrain vehicle emissions. EVs can reduce reliance on oil-based fuels and deliver significant reductions in greenhouse gas emissions. The governments of several economies are actively participating in soaring the sales of EVs by focusing on providing subsidies to customers on EV sales. Supportive government policies are helping in increasing demand for EVs in recent years, which is driving the market growth. Furthermore, technological advancements coupled with the ongoing development of self-driving EV technology are expected to create ample growth opportunities for the market.
Market Segmentation
The global electric vehicles market has been analyzed on the basis of vehicle type, number of wheels, end-user, and region. Based on the vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. The passenger car segment is estimated to be a significant contributor to the market. Based on number of wheels, the market is segmented into two-wheelers, three-wheelers, four-wheelers, and multi-wheelers. Among these, four-wheelers segment is projected to hold a prominent share in the market.
Based on type, the market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). Among these, BEV segment is estimated to hold a prominent share in the market. By end-user, the market is bifurcated into commercial and non-commercial. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Structure and Competition Landscape
The growth of the global electric vehicles market is characterized by the presence of players operating in the market. Some of the players operating in the market include Tesla Inc., Volkswagen AG, SAIC Motors, BYD Auto Co. Ltd., BMW Group, Nissan Motor Co. Ltd., Hyundai Group, Toyota Motor Corp., Renault Group, GAC Motor, Honda Motor Company Ltd., Mahindra Electric Mobility Ltd., Daimler AG, General Motors Company, and Geely (Zhejiang Geely Holding Group Co., Ltd.) among others. Tesla is one of the leading companies operating in the global EV market and has a strong foothold in the US EV market. Players operating in the market adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global EV market include,
• In February 2022, Reliance Industries Ltd. announced the acquisition of the stake in an EV technology company, Altigreen. The investment is a part of the company's strategic intent, which is the collaboration with innovative companies. This would enable Reliance to diversify its product and service offerings.
• In January 2022, Volkswagen announced the development of its ID.5 model based on the Skoda Enayaq iV model. The vehicle is expected to have a range of around 300 miles on 1 charge.
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