Selbyville, Delaware, June 25, 2020 (GLOBE NEWSWIRE) — Ongoing COVID-19 pandemic spread is massively influencing the global electric vehicle market size, which was valued over USD 162 billion in 2019. The industry is estimated to grow profusely at a CAGR of 22.6 per cent over 2020-2026. Mounting adoption of EVs in tandem with escalating concerns pertaining to environmental pollution are likely to stimulate the EV industry outlook.
The market, according to given report, has been fragmented into various segments such as type, vehicle class, vehicle types, and regions. Individual current and predicted market share, current and projected CAGRs, and potential drivers impacting the particular segment has also been mentioned in an elaborative manner in the study.
As per the Edison Electric Institute, the global electric vehicles sales reached 312,000 in Q1 2018, depicting a growth rate of 58 per cent compared to that of Q1 2017.
An electric vehicle, or an EV, operates on electricity unlike other vehicles that run on fuel. These vehicles run on an electric motor that involves continuous supply of energy from the batteries. EVs are fundamentally intended to stand as an alternate for typical ways of travel that add to the environmental pollution. In addition to this, the electric vehicles are power-driven either through a collector system with help of getting electricity from charging stations or being charged via the self-charging devices such as regenerative braking systems and turbochargers.
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Although the EV market is expected to foresee tremendous growth in the near future, high cost associated with their production is likely to deter the market growth in the upcoming years.
COVID-19 impact on the overall EV industry:
COIVD-19 pandemic spread has posed a major threat to the global automobile industry given the fact that various economies across the globe have been witnessing lockdown currently, severely affecting the production of EVs on a global level. Moreover, operations of some auto giants have also been adversely impacted by this spreading infectious disease.
Companies like Nissan Motor Co., Tesla Inc., Daimler AG, BMW AG, and Kia Motors Corp have halted their production facilities and shifted their interest towards the production of PPE, bringing about dynamism of these market spaces. However, government stimulus packages, in future, could help the EV market to get through with the economic crisis in lieu of COVID-19 by investing heftily in EV charging infrastructure, thus driving the EV market expansion.
In terms of the regional landscape, the global EV industry is diversified into various regions and economies including North America, Asia Pacific, Europe, Latin America, and Rest of the World. Of these, Asia Pacific is set to emerge as a hotbed for EV industry owing to the increasing acceptance of electric vehicles, in line with the advancement in fast charging station in the region.
Besides stringent government efforts subject to reducing carbon emissions in China and India, would also urge Asia Pacific to garner significant gains over the forecast period.
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The worldwide EV market in bifurcated on the basis of type, vehicle class, vehicle type, region, and competitive landscape:
Electric Vehicle Market Type Analysis (Revenue, USD Million, 2016-2026)
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
Electric Vehicle Market Vehicle Class Analysis (Revenue, USD Million, 2016-2026)
Electric Vehicle Market Vehicle Type Analysis (Revenue, USD Million, 2016-2026)
- Passenger Cars
- Commercial Vehicles
Electric Vehicle Market Regional Analysis (Revenue, USD Million, 2016-2026)
Rest of the World
Electric Vehicle Market Competitive Landscape Analysis (Revenue, USD Million, 2016-2026)
- Bayerische Motoren Werke AG (BMW)
- BYD Company Limited
- Daimler AG
- Energica Motor Company S. p. A
- Ford Motor Company
- General Motors Company
- Nissan Motor Co., Ltd.
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
Table of Contents:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2026 (USD Billion)
1.2.1. COVID Impact on Electric Vehicle Market, by Region, 2018-2026 (USD Billion)
1.2.2. COVID Impact on Electric Vehicle Market, by Type, 2018-2026 (USD Billion)
1.2.3. COVID Impact on Electric Vehicle Market, by Vehicle Class, 2018-2026 (USD Billion)
1.2.4. COVID Impact on Electric Vehicle Market, by Vehicle Type, 2018-2026 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global COVID Impact on Electric Vehicle Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global COVID Impact on Electric Vehicle Market Dynamics
3.1. COVID Impact on Electric Vehicle Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global COVID Impact on Electric Vehicle Market Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global COVID Impact on Electric Vehicle Market, by Type
5.1. Market Snapshot
5.2. Global COVID Impact on Electric Vehicle Market by Type, Performance – Potential Analysis
5.3. Global COVID Impact on Electric Vehicle Market Estimates & Forecasts by Type 2016-2026 (USD Billion)
5.4. COVID Impact on Electric Vehicle Market, Sub Segment Analysis
Chapter 6. Global COVID Impact on Electric Vehicle Market, by Vehicle Class
6.1. Market Snapshot
6.2. Global COVID Impact on Electric Vehicle Market by Vehicle Class, Performance – Potential Analysis
6.3. Global COVID Impact on Electric Vehicle Market Estimates & Forecasts by Vehicle Class 2016-2026 (USD Billion)
6.4. COVID Impact on Electric Vehicle Market, Sub Segment Analysis
Chapter 7. Global COVID Impact on Electric Vehicle Market, by Vehicle Types
7.1. Market Snapshot
7.2. Global COVID Impact on Electric Vehicle Market by Vehicle Types, Performance – Potential Analysis
7.3. Global COVID Impact on Electric Vehicle Market Estimates & Forecasts by Vehicle Types 2016-2026 (USD Billion)
7.4. COVID Impact on Electric Vehicle Market, Sub Segment Analysis
7.4.2. Passenger Cars
7.4.3. Commercial Vehicles
Chapter 8. Global COVID Impact on Electric Vehicle Market, Regional Analysis
Fuel Cell Electric Vehicle (FCEV) Market Size, Share & Forecast, 2019 – 2025
Fuel Cell Electric Vehicle Market size estimated to exhibit over 42% CAGR from 2019 to 2025; as per new research report. Rising demand for curbing carbon emission levels for improving air quality is positively influencing the fuel cell electric vehicle market share. Increasing environmental concerns pertaining to vehicle emissions are leading to the higher adoption of fuel cell electric vehicles. Shifting preference for deploying advanced technologies in heavy-duty freight trucks for delivering efficient vehicle performance will further boost the product penetration. For instance, in November 2018, Nikola Corporation launched hydrogen powered electric truck incorporating 120 kW hydrogen fuel cell offering superior fuel economy.
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