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Classified in: Transportation, Covid-19 virus
Subject: MRR

Electric Vehicle Market size to grow by 25,927.15 thousand units from 2022 to 2027; The stringent rules and regulations to be a major driver - Technavio

NEW YORK, June 9, 2023 /PRNewswire/ -- The electric vehicle market size is forecast to increase by 25,927.15 thousand units from 2022 to 2027, at a CAGR of 37.45%, according to the recent market study by Technavio. The growth of the market will be driven by the growing demand for fuel-efficient and low-emission vehicles, stringent rules and regulations, and increasing government support. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Read our Sample Report

Electric Vehicle Market - Vendor Analysis

The global EV market is expanding rapidly across different geographies; however, the regional performance varies, with some regional EV markets approaching near-mainstream positions. Though EVs represent only a fraction of overall automotive sales, global EV sales are increasing at a high rate to create growing revenue streams for automakers and other upstream players, such as integrators and battery manufacturers. 

Technavio has extensively analyzed 15 major vendors, including 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.

Vendor Offerings -

Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download The Sample Report

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Electric Vehicle Market - Market Segmentation:

This report extensively covers market segmentation by type (BEV and PHEV), charging (normal charging and supercharging), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 

Get a holistic view of the Electric Vehicle Market by industry experts to evaluate and develop growth strategies. Download the Sample

Electric Vehicle Market - Market Dynamics:

Key Drivers:

The stringent rules and regulations notably drive the market growth of electric vehicles. Both at the city level and the national level, mission regulations are getting stringent, and various rules and regulations have been enacted by various countries to monitor emissions from vehicles. The regulations differ on a regional basis depending on the goals set by the government as well as the regulations already in place. Furthermore, the previous versions of European or United Nations Economic Commission for Europe mobile source emission regulations have been adopted by many countries. Hence, such factors are boosting the growth of the global market.

Major Trends:

Charging stations powered by renewable energy is an emerging trend influencing market growth. EVs are slowly becoming popular as a result of the world's shifting toward sustainable and energy-efficient modes of transport. As more fleet operators opt for the electrification of vehicles and more consumers own EVs, the demand for electricity will significantly rise. Moreover, charging stations powered through solar panels is one such trend, which can be witnessed in the market in focus. Thus, these factors will fuel the market growth during the forecast period. 

Key Challenges:

The high manufacturing cost of EVs is a major challenge that may hinder market growth. The manufacturing cost of EVs is higher compared to gas-powered vehicles. This is a big hindrance to the growth of the global market. The high production cost restricts automakers from manufacturing more units of EVs. Additionally, the high price of EVs makes them less affordable for many consumers, especially in countries with low economic growth. Hence, such challenges impede market growth during the forecast period.

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Related Reports:

The passenger vehicle dashboard camera market is projected to grow by USD 3.00 billion with a CAGR of 19.82% during the forecast period 2021 to 2026. Furthermore, this report extensively covers the passenger vehicle dashboard camera market segmentation by product (single channel and dual channel), component (battery, lens, gravity sensor, GPS, microphone, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The increasing adoption of multi-channel dashboard cameras is one of the key drivers supporting the passenger vehicle dashboard camera market growth. 

The vehicle conversion market size is estimated to grow at a CAGR of 7.75% between 2022 and 2027. The market size is forecast to increase by USD 2,167.54 million. This vehicle conversion market report extensively covers market segmentation by type (product and services), vehicle type (passenger car, commercial vehicle, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The growing focus on electric technology for vehicles is the key factor driving the growth of the global vehicle conversion market. 

Electric Vehicle Market Scope

Report Coverage


Base year


Historic period


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 37.45%

Market growth 2023-2027

25927.15 thousand units

Market structure


YoY growth 2022-2023 (%)


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, Market condition analysis for 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.

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 focuses on emerging market trends and provides 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.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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