Electric Vehicles Market Size 2021 | Is Expected to reach 985.72 Billion by 2027, exhibiting a CAGR of 17.4%

Electric Vehicles Market Key Players Studied in this Report are Bayerische Motoren Werke AG (BMW) (Munich, Germany), BYD Company Limited (Shenzhen, China), Daimler AG (Stuttgart, Germany),Energica Motor Company S.P.A (Modena, Italy), Ford Motors (Michigan, USA), General Motors Company (Michigan, United States), Nissan Motors Co. Ltd. (Kanagawa, Japan), Tesla, Inc. (California, United States), Toyota Motor Corporation (Toyota City, Japan), Volkswagen AG (Wolfsburg, Germany), Groupe Renault (Boulogne-Billancourt, France), Jiangling Motors Corporation Limited (Jiangxi, China), Lucid Motors, Inc. (California, United States), Zotye International Automobile Trading Co. Ltd. (Hangzhou, China).

/EIN News/ -- Pune, India, April 12, 2021 (GLOBE NEWSWIRE) -- The global electric vehicle market size is expected to reach 985.72Billion by 2027, exhibiting a CAGR of 17.4% during the forecast period. The growing popularity of battery-powered hybrid cars among consumers will simultaneously elevate the demand of the market.

The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

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Stringent Emission Regulations to Enhance Business Development

The constant efforts to curb greenhouse gas emissions have led to the implementation of strict emission laws by the governments, which, in, turn will bolster the healthy growth of the market. For instance, in Europe, a regulation was imposed to reduce the CO2 emissions of light and medium commercial vehicles by 15% by 2025. More countries have mandated the regular pollution-check of vehicles. The implementation of the Bharat Stage VI (BS-VI) norm in India with an aim to use efficient engines in reducing carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global market during the forecast period.

Increased Electric Vehicle Sales to Augment Growth in Asia Pacific

The market size in Asia Pacific is predicted to witness a high growth rate during the forecast period owing to the increasing demand for passenger cars. The rapid adoption of fuel-efficient vehicles will influence the healthy growth of the market in Asia Pacific. Moreover, the rising disposable income is predicted to foster healthy growth in Asia Pacific. Europe is expected to lead the global market during the forecast period owing to the rising government initiatives to reduce carbon emissions. The increasing production of cars in the United Kingdom, Germany, and France will contribute positively to the growth of the market in the region.

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Geely Auto announced the launch of the new research and development center in Raunheim, Germany. The company will use the R&D center to produce high-end electric vehicles, advanced electrification, and connectivity technologies.

Stringent Emission Regulations to Enhance Business Development

The constant efforts to curb greenhouse gas emissions have led to the implementation of strict emission laws by the governments, which, in, turn will bolster the healthy growth of the market. For instance, in Europe, a regulation was imposed to reduce the CO2 emissions of light and medium commercial vehicles by 15% by 2025. More countries have mandated the regular pollution-check of vehicles. The implementation of the Bharat Stage VI (BS-VI) norm in India with an aim to use efficient engines in reducing carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global market during the forecast period.

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• Bayerische Motoren Werke AG (BMW) (Munich, Germany)
• BYD Company Limited (Shenzhen, China)
• Daimler AG (Stuttgart, Germany)
• Energica Motor Company S.P.A (Modena, Italy)
• Ford Motors (Michigan, USA)
• General Motors Company (Michigan, United States)
• Nissan Motors Co. Ltd. (Kanagawa, Japan)
• Tesla, Inc. (California, United States)
• Toyota Motor Corporation (Toyota City‎, Japan)
• Volkswagen AG (Wolfsburg, Germany)
• Groupe Renault (Boulogne-Billancourt, France)
• Jiangling Motors Corporation Limited (Jiangxi, China)
• Lucid Motors, Inc. (California, United States)
• Zotye International Automobile Trading Co. Ltd. (Hangzhou, China)

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Global Electric Vehicles Market Segmentation:

By Vehicle Type:

• Passenger Car
• Commercial Vehicle

By Type:
               

• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

By Geography

• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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