Global Electric Vehicle Market Report 2022: Rising Fuel Costs Continue to Bolster Demand
DUBLIN, Jan. 20, 2023 /PRNewswire/ — The “Global Electric Vehicle Market By Vehicle Type, By Propulsion Type, By Range, By Battery Capacity, By Region, Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
Global electric vehicle market stood at around USD 570.34 billion in 2021 and is estimated to reach USD 1,657.10 billion in 2027, registering a CAGR of 21.20% through 2027. Rapidly increasing government push and rising awareness toward zero emission is expected to drive the growth of the global electric vehicle market during the forecast period.
Electric vehicles which can be vans, trucks, buses, construction machinery are energized by electricity rather than diesel or gasoline. The power to operate them generates from an on-board battery, which gets recharged from the power grid. As in an electric vehicle, the electric motor transforms the electrical energy into mechanical energy. DC-to-DC converter is one of the key components in the electrical system, which supplies power to the power network. In these vehicles, the driver inverter transforms the battery’s DC into AC, which is needed to power the vehicle.
Rising Fuel Cost
Escalating fuel prices is a major factor which makes electric vehicles an attractive alternative for the internal combustion engine vehicles for the buyers/consumers. As compared to any other commodities, the fuel prices are increasing at a robust pace, which has been felt by the consumers also. The fuel prices are majorly influenced by the fluctuation of the exchange rate of the currencies across the world. This is also throwing challenge to the commuters as it is impacting the travel fares and daily commuting costs. Therefore, the people are shifting toward the adoption of electric vehicles in the recent years and the trend is expected continue in the upcoming years also.
Lack of Standardization
The unavailability of international standards may affect the connectivity of charging stations and restrict industry growth. Harmonization of electric car charging stations is hampered due to the use of multiple charging standards globally. Standardization of charging stations would make it simpler to charge electric vehicles in public and help the demand for electric vehicles grow more quickly globally. As a result, the market’s expansion is being constrained by a lack of uniformity.
The governments of various countries across the globe are offering various incentive schemes and tax rebates to aid the faster adoption of EVs. As per the U.S. Energy Information Administration, around 90% of the energy consumed in U.S. transportation is petroleum. The transportation sector also is the leading source of greenhouse gas emissions (GHGs) in the U.S., accounting for 29% of the nation’s greenhouse gas emissions.
To minimize this, many states have implemented incentives to benefit the adoption of electric vehicles (EVs), which includes plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs). In 2020, California was the first country to introduce a ZEV sales requirement for electric vehicles as per Advanced Clean Passenger Vehicle Regulation. Netherlands and many other countries are introducing zero-emission vehicle zones.
With such initiatives, government(s) are concerned about the ICE vehicle emissions and are providing numerous schemes for better and faster adoption of zero-emission vehicles, including electric vehicle and hence the market is being aided by such initiatives globally.
Economic Slowdown Throwing Challenge to the Market
The global economy is facing an economic slowdown, which is significantly impacting the global electric vehicle industry. In the year 2019, the world’s major economic investments contracted out of the targeted investment of around trillions of dollars. The infrastructure segments were majorly impacted by the economic recession including production and sales. For instance, in 2019, the World Bank targeted the goal of doubling road infrastructure development but awarded only half of it. Thus, this trend is expected to pressurize manufacturers to cut-down their production capacity and operational activities due to a lack of funds and demand.
In this report, global electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Electric Vehicle Market, By Propulsion Type:
Global Electric Vehicle Market, By Vehicle Type:
- Two Wheelers
- Passenger Cars
Global Electric Vehicle Market, By Range:
- 51-150 Miles
- 0-50 Miles
- 151-200 Miles
- 201-400 Miles
- Above 400 Miles
Global Electric Vehicle Market, By Battery Capacity:
- Less Than 50 kWh
- 51 kWh to 100 kWh
- 101 kWh to 200 kWh
- 201 kWh to 300 kWh
- Above 300 kWh
Global Electric Vehicle Market, By Region:
- South Korea
- United Kingdom
- North America
- United States
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Electric Vehicle Market
5. Voice of Customers
6. Global Electric Vehicle Market Outlook
7. Asia-Pacific Electric Vehicle Market Outlook
8. Europe Electric Vehicle Market Outlook
9. North America Electric Vehicle Market Outlook
10. South America Electric Vehicle Market Outlook
11. Middle East and Africa Electric Vehicle Market Outlook
12. Market Dynamics
13. Market Trends and Developments
14. Competitive Landscape
15. Strategic Recommendations
16. About the Publisher & Disclaimer
- BYD Auto Co., Ltd.
- The General Motors Company
- Tesla, Inc.
- SAIC Motor Corp., Ltd.
- BMW AG
- Vmoto Soco Group
- Jiangsu Xinri E-Vehicle Co.,Ltd
- Tailing Electric Vehicle Co., Ltd.
- Gesits Technologies Indo (1)
For more information about this report visit https://www.researchandmarkets.com/r/gv6ioo
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