Pune, India--(Newsfile Corp. - March 25, 2021) - The global electric vehicles (EVs) market is witnessing substantial growth in the coming years owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the globe; favorable policies, incentives, and subsidies introduced by several state governments; along with the quick establishment of infrastructure supporting EVs. Some European countries, China, and the U.S. led the global electric vehicle market in terms of sales of hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). Apart from this, the launch of turbo-chargers and wireless charging setups for electric vehicles is positively impacting the industry growth during the study timeframe.
According to the research report, global electric vehicles market in 2019 surpassed USD 140 Billion. Also, the market is expected to grow at a CAGR of more than 22% and is anticipated to reach around USD 700 Billion by 2026.
Also, according to the marketing lead Milind Khangan at Facts and Factors, global electric vehicles market research report also delivers an acute valuation and taxonomy of the global electric vehicles industry by practically splitting the market on the basis of different vehicle types, propulsion types, components, charging station types, vehicle classes, power outputs, and regions.
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The extensive demand for mid-priced vehicles is likely to flourish the EV segment at splendid CAGR
The EV market is swiftly expanding with time and in the next few decades; the electric vehicle segment will overwhelm the gasoline vehicles segment. To improve the EV adoption rate, the industrial players are dedicated to developing highly efficient & durable batteries at affordable prices. The automakers are trying to implement a comfortable driving experience for the mid-priced EV segment rather than offering premium features like instrument cluster and infotainment. China EV market leads in terms of demand & sales of mid-priced electric vehicle segment. Some of the globally renowned automakers are offering electric vehicles at affordable prices compared to other industries.
Under vehicle type segment, the "commercial vehicle" is projected to grow splendidly during the projected period
The commercial vehicle category, which primarily includes electric buses, is anticipated to spur at a remarkable CAGR, as the electric buses are being adopted at an increased rate in Asian countries, particularly India & China. Moreover, several regions are focused on to substitute their existing gasoline-based vehicle fleet with electric buses.
Top Market Players
Some of the key players driving the global electric vehicles market are Mitsubishi, BAIC, Toyota, General Motors, Daimler, Tesla, Ford, Changan, BMW, Hyundai, JMCG, Volkswagen, JAC, Yutong, SAIC, Renault-Nissan, BYD, Zotye, Geely, and Chery, among others.
For more information, browse the details report ith TOC here: https://www.fnfresearch.com/global-electric-vehicles-market-by-vehicle-type-two-677
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