Global Electric Vehicle Market Size, Research Report: Information by Technology (Battery, Hybrid and Plug-In Hybrid Electric Vehicles), Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers) and Region (North America, Europe, Asia–Pacific and RoW) – Forecast till 2025
Electric Vehicle Market Synopsis
The major growth driver of Electric Vehicle Market Size, includes growing integration of electric vehicles within the product portfolio of OEMs, collaboration of e-mobility value chain, growing infrastructure, and innovative government regulations and subsidies among others.
The report published by Market Research Future (MRFR) suggests that the global Electric Vehicle Market Size, is poised to mark 18.4% CAGR over the forecast period. It indicates that the market is expected to attract massive investments over the next couple of years owing to the rapid shift to EVs.
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Innovations in battery technology is another key driver of the market. Automotive industry leaders are investing in research & development to develop batteries that elongate the lifespan of the vehicles.
Nissan Motor Company (Japan), Toyota Motor Corporation (Japan), Tesla Inc. (US), Ford Motor Company (US), BMW (Germany), Volkswagen (Germany), General Motors (US), Hyundai Motor Company (South Korea), Daimler AG (Germany), and Mitsubishi Motors Corporation (Japan) are few of the key players of the global Electric Vehicle Market Size,.
On the basis of technology, the Electric Vehicle Market Size has been segmented into hybrid, battery, and plug-in hybrid electric vehicles.
By vehicle type, the Electric Vehicle Market Size, has been segmented into commercial vehicles, passenger cars, and two wheelers.
The regional assessment of the Electric Vehicle Market Size, is included in the report from the following regions – North America, Asia-Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are further analyzed on the basis of country-level markets. Asia Pacific has garnered the largest share of the market. It is presumed to maintain its standing at the pole position through the review period. The governments in the economies such as China and India are investing in measures to control air pollution. It is supposed to have a positive effect on the growth curve of the electric vehicles market in the region. Europe is also likely to earn remarkable amount of revenue during the assessment period. Increasing focus on the adoption of industrial electric cars in the region is expected to drive market growth.
In December 2019, MG (Morris Garages) Motor India has announced the introduction of ZS electric vehicle which is anticipated to be launched in the Indian market by 2020.
In December 2019, Tata Motors India has announced the launch of its Nexon electric vehicle (EV).
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