Electric Vehicle Market Key Players, Trends, Share, Industry Size, Growth, Opportunities And Forecast To 2029

 Electric Vehicle Market Overview: 

The electric vehicle technology provides a full insight into the competition, including the market share and company profiles of the key worldwide rivals. The scope of the research covers a thorough investigation of the Electric Vehicle Market, as well as the causes for variances in the industry's growth in different regions.

Estimated Increase in Revenue:

Electric Vehicle Market was valued at 6,697 Thousand Units in 2021, and it is expected to reach 32,225 Thousand Units by 2029, exhibiting a CAGR of 21.7 % during the forecast period (2022-2029)

Electric Vehicle Market Scope:

Following the completion of market engineering, which comprised market statistics calculations, estimations of market size, market projections, market breakdown, and data triangulation, major primary research was conducted to obtain information and verify and validate critical numbers. Top-down and bottom-up strategies, as well as several data triangulation procedures, were often used throughout the market engineering process to perform market estimating and forecasting for the overall market segments and sub-segments discussed in this research. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all data gathered throughout the market engineering process.

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Electric Vehicle Market Dynamics:

Low-cost EV batteries will increase demand for the vehicles: Due to advancements in technology and the massive scale of EV battery production, the price of EV batteries has reduced during the past ten years. Since EV batteries are one of the more expensive parts of the car, this has caused the price of electric vehicles to decrease. An EV battery cost roughly USD 1,100 per kWh in 2010. However, by 2020, the cost had decreased to about USD 137 per kWh, and by 2021, it had fallen all the way to USD 120. These batteries could cost as little as USD 100 per kWh in China.

Electric Vehicle Market Segment Analysis: 

The market is divided into three categories: BEV, PHEV, and FCEV based on propulsion. 2020 saw a market dominance of the HEV category, which accounted for more than 65% of all sales. The HEV provides both fuel-based and electric driving alternatives, which is particularly advantageous in locations with sparse charging infrastructure. As governments and private businesses attempt to create a global network of charging infrastructure to promote the use of green energy, the demand for battery electric automobiles is rising. Additionally, the PHEV category is expanding steadily. In the upcoming years, demand for these vehicles is anticipated to rise as prices for them decline.

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Major Players:

Primary and secondary research is used to identify market leaders, and primary and secondary research are used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers' annual and financial reports. Secondary data is used to determine percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data.

• Tesla
• NIO
• BMW
• Li Auto
• Nissan
• Rivian
• Chevrolet
• LucidMotors
• Ford
• XPeng
• Toyota
• Volkswagen
• Polestar
• Kia
• Fisker
• Nikola

Regional Analysis:

Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Electric Vehicle market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.

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COVID-19 Impact Analysis on Electric Vehicle Market:

End-user industries where Electric Vehicle are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Electric Vehicle manufacturers, influencing the development of the Electric Vehicle market in 2020. End-user business demand for Electric Vehicle has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.

Key Questions Answered in the Electric Vehicle Market Report are: 

• In 2021, which segment held the highest proportion of the Electric Vehicle market?
• What is the Electric Vehicle market's competitive landscape?
• What are the primary drivers assisting Electric Vehicle market growth?
• Which region has the most market share in the Electric Vehicle market?
• What will be the Electric Vehicle market's CAGR throughout the projected period (2022-2029)?

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