The global electric vehicles (EV) market is expected to grow at a CAGR of around 44% during 2020-2025. This report provides a deep insight into the global electric vehicles market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc.
The increasing demand for fuel-efficient automobiles across the globe is one of the key factors driving the growth of the market.
Furthermore, growing concerns regarding the detrimental environmental effects due to greenhouse gases (GHGs) emissions, along with the implementation of favorable government policies encouraging sustainable development, are also providing a boost to the market growth. For instance, various benefits, including tax exemptions, subsidies, low buying costs and free charging facilities, are some of the government privileges offered to those utilizing EVs, thus encouraging their overall adoption rates.
Additionally, manufacturers are focusing on the development of advanced technologies to produce zero- and low-emission vehicles with improved fuel efficiency and soundless operations. Also, enhancements in the EV charging infrastructure are leading to more investments in utilities, charging hardware manufacturers and other power sector stakeholders.
Other factors, including rapid urbanization, increasing disposable incomes and extensive research & development (R&D) activities, are projected to drive the market further.
The competitive landscape of the industry has also been examined with some of the key players being Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc. Toyota Motor Corporation, Volkswagen, etc.