Surge In The R&d Funding Is Impelling The Global Electric Vehicle Market To Grow At 20.95% Of Cagr By 2027

Triton Market Research presents the Global Electric Vehicle Market report is segmented by Vehicle Type (Two wheelers, Passenger cars, Commercial vehicles, and Others), by Power Source Type (Stored electricity, and Onboard electricity generator), by Technology (Hybrid electric vehicle, Battery electric vehicles, and Plug-in Hybrid electric vehicles), by Geographical Region (North America, Europe, Asia Pacific, and Rest of World), discussing Industry Value Chain Analysis, Porter's 5 Force Analysis, Drivers, Restraints, Vendor Profiles, Global Market Size, Forecasts & Analysis (2019-2027).

Triton Market Research depicts that the Global electric vehicle Market is estimated to evolve at a CAGR of 20.95% during the forecast period (2019-2027). The augmenting emission of greenhouse gas, CO₂ along with increasing utilization of energy in transport, favorable government norms, and rising dispensable income are factors driving the electric vehicle market growth globally. However, low performance compared to conventional vehicles and high cost are some of the key restraints in the growth of the market.

The market comprises of vehicles that are effusively or partly reliable on electricity for fuel and uses stored power in the battery to impel the traction motors or a vehicle that can be charged on heat engine or even hybrid electric vehicle.

The global electric vehicle market is led by the Asia Pacific region, by holding the largest share in the year 2018. The region is also expected to be evolving rapidly at the fastest growing CAGR over the forecasting years. The key countries of the region such as China, Japan, and India are severely impacted by the radiations of CO_2, owing to the rising industrialization in the region, which is leading to the significant development in the manufacturing units of automobiles in the countries, as the sources are cheap compared to the emerging countries of certain regions. This, prevailing rise in the CO₂ emissions has encouraged the government and automobile players to boost the awareness and production of electric automobiles, which will act as an alternative for conventional vehicles. The countries such as Japan and China are offering varied incentives in the form of purchase discounts and tax redemption to increase the utilization of EV. Moreover, the presence of dominant players in the region such as Toyota Motor Corporation, Honda and Nissan is also fueling the growth of the Asia-Pacific automobile market, giving rise to increasing adoption of electric vehicles.

The top players in the global electric vehicle market are BYD Company Ltd, Daimler AG, General Motors, Nissan Motor Co., Ltd., Tesla, Inc., and others. These players dominated the EV market by holding 45% of share in the year 2016. The companies are adopting key strategies, which include product launch, mergers, collaborations, acquisition, and others to maintain their dominance in the competitive market. For instance, the majority share of Tesla Inc. is contributed by the growing strategic initiative and funding done by the company. In August 2017, Tesla Inc. launched its first mass electric vehicle. The company planned to construct a low-built car, using that money build affordable cars, and using that money building more economical cars with zero-emission electric power generation options. The company also invested $350 million in its Nevada factory and hired hundreds of workers to increase the production of drivetrains for its forthcoming Model 3 mass-market vehicle, which is priced at $35000.