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Electric Vehicle Market Set to Grow at 21.1% CAGR Driven by Electric Buses and Commercial Vehicles to 2030

PUNE, India, Sept. 13, 2019 /PRNewswire/ -- According to Electric Vehicle Market Study, the analysis made by electric buses and commercial vehicles and highlighted by increasing adoption of fossil fuel-based and public transport fleet. It contributes to the growth of electric commercial vehicle segment in China and India. Global electric vehicle market growing at 21.1% CAGR and estimated to grow from 3,269,671 units in 2019 to reach 26,951,318 units by 2030 research study added to ReportsnReports.

Browse Complete Study Spread across 154 Pages and 26 Company Profiles with 46 Tables and 50 Figures on "Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles), Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region - Global Forecast to 2030" at .

European Electric Vehicle Market is projected to experience steady growth, owing to a well-developed infrastructure for electric vehicles, while Asia Pacific market is the fastest due to strong presence of major electric vehicle manufacturing OEMs. Increased emphasis on reduction in carbon emissions is expected to boost the market. However, lack of availability of charging stations and initial high costs can create a hurdle for its growth.

"Heavy investments from automakers in EVs and encouraging government policies and subsidies are significant factors for growth of electric vehicle market globally"

Encouraging investments made by governments for electric vehicle across the globe to increase the adoption of electric vehicles, creating opportunities for OEMs to expand their revenue stream and geographical presence. Additionally, the growth of ecommerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.

Download PDF Brochure of Electric Vehicle Market - Global Forecast to 2030 Research Study Now at .

Mid-priced segment is expected to be the fastest growing electric vehicle market. In the Asia Pacific region, China is one of the leading countries for mid-priced vehicles. The commercial vehicle segment is expected to be the fastest growing market. Increasing adoption of electric buses, particularly in China and India, has contributed to the growth of the electric commercial vehicle segment.

Region comprises Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. Automotive industry in countries like China, Japan, and South Korea is inclined toward innovation, technology, and development of advanced electric vehicles. In December 2018, company launched its new flagship vehicle-ORA R1-under its new 'ORA' electric car brand. Small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.

Key Players in electric vehicle market is dominated by major players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan), Toyota(Japan), Ford, Volvo, Daimler, Hyundai, Honda, Continental. Order the Complete Report on Electric Vehicle Market - Forecast to 2030 at .

Future of electric vehicle is expected to be bright and with time, price of batteries, one of the most vital components in an EV, will reduce significantly, which would make electric vehicle more affordable. Mid-priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries in the mid-priced segment.

Key Benefits of Buying the Report:

Market study covers electric vehicle market across segments. Report also helps stakeholders understand pulse of market and provides them with information on key market drivers, restraints, challenges, and opportunities. It aims at estimating market size and future growth potential of market across different segments like charging station type, propulsion type, vehicle type, vehicle class, component, and region.

The study In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

  • By Company Type: Tier I - 38%, Tier II - 37%,and Tier OEM - 25%
  • By Designation: C Level - 30%, D Level - 50%,and Others - 20%
  • By Region: North America - 31%, Europe - 32%, and Asia Pacific - 37%

Another research titled Electric Scooter and Motorcycle Market - Global Forecast to 2027. The global electric scooter and motorcycle market growing at 35.8% CAGR and estimated to grow from 684 thousand units in 2019 to reach 7,919 thousand by 2027. The electric scooter and motorcycle market comprises major manufacturers such as Yadea (China), Hero Electric (India), Vmoto (Australia), Electrotherm (India), and Jiangsu Xinri E-Vehicle Co., Ltd. (China).

Download Free Sample Now at .

Explore More Study on Automotive Market Research .

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