According to the recent study the electric vehicle market is projected to reach an estimated $563.7 billion by 2026 from $117.8 billion in 2020, at a CAGR of 8% from 2021 to 2026. Growth in this market is primarily driven by increasing fuel prices, government subsidies as tax benefits to promote electric vehicles, and growing concerns for environmental pollution.
Browse 120 figures / charts and 104 tables in this 200 -page report to understand trends, opportunities and forecast in electric vehicle market by propulsion type (battery electric vehicles and hybrid & plug-in-hybrid electric vehicles), by vehicle type (compact car, luxury car, SUVs & crossover, small car, mid-size car, and others), by component type (independent drive component, battery, motor and gearbox, charger, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Battery electric vehicle market is expected to remain the largest segment during the forecast period.”
Based on propulsion type, the electric vehicle market is segmented into battery electric vehicles, and hybrid & plug-in-hybrid electric vehicles. Lucintel forecasts that the battery electric vehicles market is expected to remain the largest segment and it is also expected to witness the highest growth over the forecast period due to the consumers’ demand for zero emission vehicles, and decreasing electric vehicle battery cost.
“Within the electric vehicle market, the compact car segment is expected to remain the largest vehicle type”
Based on vehicle type, the compact car segment is expected to witness largest vehicle type and it is expected to witness the highest growth over the forecast period due to increasing features such as, improvement in vehicle range per charge and charging infrastructure.
“Asia pacific will dominate the Electric vehicle market in near future”
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to growing concerns on environmental pollution, government subsidies and tax rebates, and heavy investment from automaker in electric vehicle development.
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Major players of electric vehicle market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Tesla, General Motors, Nissan Motor, Mitsubishi, Volkswagen, BMW, Ford, Mercedes Benz, Hyundai, and Kia Motor are among the major electric vehicle providers.
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