According to the research report titled ‘Global Electric Vehicle (EV) Market (Value, Volume) - Analysis By Product Type (BEV, PHEV), Vehicle Type (2W and 3W, PV, CV), By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global electric vehicle (EV) market was worth USD 169.95 billion in 2020 and is anticipated to accrue notable gains by the year 2026.

Decisive findings by analysts state that growing environmental concerns and significant initiatives by various governments toward zero emission, thereby lowering carbon emissions in the environment, are driving the growth of the electric vehicles market.

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Furthermore, increasing government spending, and investments by top OEMs are boosting the demand for electric vehicles (EVs).

Moreover, rising demand for two and three wheelers, as well as growing efforts of leading manufacturers to enhance production & construction of EV charging infrastructure are expected to fuel market growth during the forecast timeline.

Notably, electric car manufacturers are eager to produce zero-emission electric vehicles that are designed to reduce greenhouse gas emissions in the environment. Top market competitors have increased their research and development efforts to meet the industry's unique needs, which is expected to impel the worldwide electric vehicle (EV) industry size.

However, during the COVID-19 outbreak, the production units were temporarily suspended due to new government directives during the early days of the shutdown, causing interruptions in the manufacturing facilities and global supply networks, thereby hampering the marketplace. Nevertheless, the governments have begun providing incentives for the purchase of electric vehicles, which is acting as a significant boost to the market.

Based on propulsion type, the market is split into plug-in hybrid electric vehicle, and battery electric vehicle. In terms of vehicle type, the industry is divided into commercial vehicles, passenger cars, and 2 & 3 wheelers.

Regionally, the market trends are studied across North America, Asia Pacific, Europe, and Latin America.

Speaking of competitive scenario, Nissan Motor Co. Ltd., Ford Motor Company, AB Volvo, General Motors Company, Renault S.A., BMW AG, BYD Company Limited, Volkswagen AG, Daimler AG, and Tesla Inc. are the leading players in worldwide electric vehicle (EV) marketplace.