According to our industry expert analysts, the environmental effect of conservative gasoline automobiles and the rise in fuel prices have given novel prospects to alternative fuel vehicles in the industry. Purchasers are progressively partial towards using battery-powered or hybrid vehicles, which is estimated to bolster the electric vehicle (ev) industry growth and demand.
Inventive Product Launch Declaration by Chief Players to Boost Industry Growth
The important players present in the industry often implement numerous tactics to boost their position in the industry as dominating companies. One such prominent tactic is procuring companies to thrust the brand value among users. Another vital tactic is intermittently promoting innovative products with a methodical analysis of the industry and its target audience.
On the basis of vehicle types, the EV industry is segregated into commercial vehicles and passenger cars. Based on the type, the industry is classified into a Hybrid Electric vehicle (ev) (HEV), Plug-In Hybrid Electric vehicle (ev) (PHEV), and Battery Electric vehicle (ev) (BEV). The HEV segment led the industry with a revenue share of above 65% in 2020. Geographically, the industry is divided into North America, Europe, Asia Pacific, and the rest of the world.
The global electric vehicle (ev) industry size was USD 246.70 billion in 2020. This industry is anticipated to grow from USD 287.36 billion in 2021 to USD 1,318.22 billion in 2028 at a CAGR of 24.3% in the 2021-2028 period.
Governments of almost every region are offering enticing incentives and strategies to reassure the sales of electric vehicle (ev). It offers several profits to customers, such as declined selling prices, zero or low processing fees, and the cost-free charging infrastructure of EVs at numerous charging stations. Furthermore, numerous governments across the globe excuse road tax, import tax, as well as purchase tax grounded on diverse grants.
Industry to Demonstrate Affirmative Signals of Retrieval Post COVID-19 Crisis
The coronavirus was stated as a public health emergency crisis and had an adverse influence on the global automotive industry. Moreover, the lockdown occasioned owing to the COVID-19 crisis resulted in the shutting down of numerous automotive production divisions. However, the augmented sales of all kinds of EV’s in the second half of 2020 as the lockdown rules were softened in the majority of the nations.
These subsidies have also encouraged automobile producers to enhance their EV manufacturing. Additionally, the government has also financed infrastructure construction and promising articulated policies. For example, the U.S. government is scheduling to make an investment worth USD 287 billion on highway constructions in the coming five years.
We deliver our research which are directed with an all-inclusive analysis approach that primarily accentuates on providing accurate information. Our scholars have utilized a data triangulation approach which further aids us to deliver reliable approximations and test the overall industry dynamics precisely. Further, our experts have gained admittance to various international as well as local financed records for offering revised material in order for the shareholders and business experts to make investments only in the indispensable areas.
Worldwide Industry Companies in 2022
List of Key companies Covered in this Industry Research include BMW Group (Munich, Germany), BYD Company Ltd. (Shenzhen, China), Daimler AG (Stuttgart, Germany), Ford Motor Company (Michigan, U.S.), General Motors Company (Michigan, U.S.), Nissan Motor Corporation (Kanagawa, Japan), Tesla, Inc. (California, U.S.), Toyota Motor Corporation (Toyota City, Japan), Volkswagen AG (Wolfsburg, Germany), Groupe Renault (Boulogne-Billancourt, France)
High Demand for Passenger Vehicles to Aid Growth in Asia Pacific
Asia Pacific held maximum electric vehicle (ev) industry share and is projected to display substantial growth in the global industry owing to the increasing demand for passenger vehicles in emerging economies. China is responsible for the maximum share regarding passenger automobiles and other vehicles.
Further, Europe is estimated to emerge as the prime region. The methods conducted by the local government to deteriorate carbon releases have been the powering aspect for the growth of the industry in Europe.
Few Industry Development
April 2020: Honda Motor Co., Ltd. and General Motors (GM) agreed to co-jointly manufacture two all-novel EVs for Honda, with the assistance of the advanced technology from GM in electric vehicle (ev) platform driven by Ultium batteries.