Electric vehicle market size to grow by 25,927.15 thousand units from 2022 to 2027: A descriptive analysis of covid recovery, vendor assessment, and market dynamics

NEW YORK, Jan. 25, 2023 /PRNewswire/ — The global electric vehicle market size is estimated to increase by 25,927.15 thousand units from 2022 to 2027. The market’s growth momentum will accelerate at a CAGR of 37.45% during the forecast period. The outbreak of COVID-19 worldwide also affected this sector in 2020. Automotive production in Q1 2020 saw a decline of about 23.07% compared with the production in Q1 2019. Similarly, Q2 2020 witnessed a drop of 32.42% in automotive production compared with the Q2 2019 figure, and Q3 2020 saw a production dip of 22.92% compared with that in Q3 2019. Thus, the temporary shutting down of manufacturing facilities and ongoing disruptions in the global supply chain due to the pandemic has adversely affected automotive production in all key regions across the world.  – Request a sample report

Technavio has announced its latest market research report titled Global Electric Vehicle Market 2023-2027

Technavio has announced its latest market research report titled Global Electric Vehicle Market 2023-2027

Global electric vehicle market – Vendor analysis

Vendor offerings –

  • Aspark Co. Ltd.  – The company offers electric vehicles such as Aspark Owl electric hypercar.

  • BMW AG – The company offers electric vehicles such as the BMW iX sports activity vehicle.

  • BYD Electronic Co. Ltd. – The company offers electric vehicles such as BYD HAN EV.

  • Canoo Inc. – The company offers electric vehicles such as the Canoo lifestyle vehicle.

  • For details on vendors and their offerings – Buy the report!

Vendor landscape –

The global electric vehicle market is fragmented, with the presence of several vendors. A few prominent vendors that offer electric vehicles in the market are Aspark Co. Ltd., BMW AG, BYD Electronic Co. Ltd., Canoo Inc., Ford Motor Co., General Motors Co, Hero Ecotech Ltd., Hyundai Motor Co., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Renault SAS, Rivian Automotive Inc., Sinotruk Hong Kong Ltd., Stellantis NV, Tesla Inc., Toyota Motor Corp., Volkswagen AG, AB Volvo, Honda Motor Co. Ltd., and Mahindra and Mahindra Ltd. and others.

The global EV market is expanding rapidly across different regions. EV sales are increasing at a high rate, which is creating revenue streams for automakers and other upstream players such as integrators and battery manufacturers. With the intensifying competition in the market, vendors are ramping up their production capacity with new plants and partnerships. Market expansion and product launches are two prominent growth strategies adopted by market players to mitigate competition. Most vendors are also investing in R&D to introduce new and better EV models.

Global electric vehicle market – Customer landscape

To help companies evaluate and develop growth strategies, the report outlines –

Global electric vehicle market – Segmentation assessment

Segment overview

Technavio has segmented the market based on type (BEV and PHEV) and charging (normal charging and supercharging).

  • The BEV segment will account for a significant share of the market’s growth during the forecast period. A battery electric vehicle (BEV) is an EV powered by a battery. There are several benefits of using BEVs. For example, they produce no emissions and are easy to manufacture. Such benefits are expected to fuel the demand for BEVs during the forecast period.

Geography overview

Based on geography, the global electric vehicle market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric vehicle market.

  • APAC is estimated to account for 46% of the growth of the global market during the forecast period. It is a major producer and consumer of vehicles, with the presence of many vehicle manufacturers. Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia, and the Philippines are the key countries in the market. The governments of various countries in the region are focusing on sustainable and low-emission vehicles such as EVs to reach emission targets and reduce dependence on oil and gas imports. Such factors will support the regional market during the forecast period

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Global electric vehicle market – Market dynamics

Leading drivers – The stringent rules and regulations are driving the market growth. The regulations differ based on the goals set by governments. Many countries have adopted the previous versions of European or United Nations Economic Commission for Europe mobile source emission regulations. Some countries have adopted recent revisions in regulations in the US and Europe. For instance, Norway aims to make BEVs account for 100% of its new car sales by 2025. These factors are boosting the growth of the global market.

Key trends – Charging stations powered by renewable energy is a key trend in the market. Utility companies are expected to shift to alternative sources of electricity due to the growing demand for electricity. In addition, the steady reduction in the cost of renewable power generation will make electricity an attractive low-cost source to fuel the transport sector. The growing adoption of renewable energy will further propel the global EV market. Thus, the use of renewable energy to power the EV charging stations is expected to reduce the burden of electricity generation from the power grid and make the electrification technology more environmentally friendly. These factors will support the market growth during the forecast period.

Major challenges – The high manufacturing cost of EVs is challenging market growth. The manufacturing cost of EVs is higher than gas-powered vehicles. This restricts automakers from manufacturing more units of EVs. It also makes EVs unaffordable for many consumers. In addition, there is a lack of awareness about the incentives provided by governments. These factors will impede the growth of the global market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this electric vehicle market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the electric vehicle market between 2023 and 2027

  • Precise estimation of the size of the electric vehicle market and its contribution to the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the electric vehicle market across APAC, Europe, North America, South America, and Middle East and Africa

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of electric vehicle market vendors

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Electric Vehicle Market Scope

Report Coverage

Details

Page number

174

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 37.45%

Market growth 2023-2027

25,927.15 thousand units

Market structure

Fragmented

YoY growth 2022-2023 (%)

35.24

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 46%

Key countries

US, China, Japan, Norway, and Germany

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

Aspark Co. Ltd., BMW AG, BYD Electronic Co. Ltd., Canoo Inc., Ford Motor Co., General Motors Co, Hero Ecotech Ltd., Hyundai Motor Co., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Renault SAS, Rivian Automotive Inc., Sinotruk Hong Kong Ltd., Stellantis NV, Tesla Inc., Toyota Motor Corp., Volkswagen AG, AB Volvo, Honda Motor Co. Ltd., and Mahindra and Mahindra Ltd.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Charging

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Global Electric Vehicle Market 2023-2027

Global Electric Vehicle Market 2023-2027

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