19 March 2021
Visiongain has published a new report on Electric Vehicle Market Report to 2031: Forecasts by Component (On-board Charge, Battery Cells and Packs, Electric Motor and Infotainment), by Propulsion Type (Fuel-cell Electric Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle), by Vehicle Type (Commercial Vehicle, Passenger Car and Two Wheelers), by Vehicle Class (Luxury and Mid-priced), by charging Station Type (Normal Charging and Super Charging) and by Power Output (Less than 100kW, 100-250Kw and Above 250 KW) PLUS Profiles of Leading Electric Vehicle type Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Electric Vehicle type market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. Growing demand of safety and easy commute, government regulations and subsidies and initiative to develop charging stations will open the doors for electric vehicle market to expand.
COVID-19 Impact on Electric Vehicle type Market
As Covid-19 has caused a lot of damage in various industries, it has brought electric vehicle industry to a halt too by causing vehicle production, supply disruptions, research and development and product innovation. Restrictions due to pandemic caused market to see downfall but expect to balance and upsurge during first quarter of 2021.
Favourable government policies and subsidies for electric vehicle consumers in various countries have formulated stringent norms for C02 emission reduction. Government providing subsidies and incentives for electric vehicles that has increase the sales of electric vehicle. Automakers are making heavy investments in electric vehicle markets. A different segment is offered by OEMs for EVs ranging from small hatchbacks such as Nissan leaf to high-end Sedans like Tesla model 3. Government taking initiatives to deploy the GCG in air causing air pollution, showing concern towards the environmental conditions
Use of vehicle-to-grid charging stations where there is direct flow of electricity between plug-in EV and grid. This technology stores the unused power and improves the electrical component performance and enhances the value of it. Other huge opportunity in the market is use of solar panels for EV charging. Use of renewable energy for EV charging is new goal for automakers to compete in the market. Due to easier installation of panels and lower cost, it is easier way for house owners and commercial residential people.
The global Electric Scooter and Electric Motorcycle type market is dominated by big players such as Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Ford, Volvo, Daimler, and Hyundai. These companies have secured their position in the market to offer wide range of advanced assistance systems. The key strategies adopted by these companies is to sustain their market position are new technology, new product development, Contract agreement and Collaborations.
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