Electric Vehicle Market Overview
The electric vehicle (EV) market was valued at USD 171.26 billion in 2020, and it is expected to reach a value of USD 725.14 billion by 2026, registering a CAGR of around 27.19% during the forecast period (2021-2026). The report covers the latest trends and technologies followed by COVID-19 impact on the market. The electric vehicle (EV) market is witnessing substantial growth owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the world. Factors, such as the increasing cost of fuel and the government initiatives across different geographies to increase awareness about EVs, are expected to promote the usage of electric vehicles over the forecast period.
Geographical Overview
The Asia Pacific holds the highest share in the electric vehicle market in 2020.
The automotive industry in countries such as China, India, Japan, and South Korea is inclined toward innovation, technology, and advanced electric vehicle development. China to solidify its leadership position in the electric vehicle market during the forecast period. With a sales share of around 94%, domestic OEMs currently dominate the Chinese EV market. Generous subsidies and tight regulation continue to drive much of the growth. Electric vehicles are exempt from license-plate lotteries and auctions in some Chinese cities, and this still plays an instrumental role in promoting EVs. BYD, BAIC, Chery, and SAIC are some of the key regional players in the Asia-Pacific electric vehicle market.
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Key Highlights of the Market
List of Key Players in the Electric Vehicle Market
*List Not Exhaustive
Mordor Intelligence has segmented the global electric vehicle market on the basis of propulsion, vehicle, charging type, and geography:
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Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.
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