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 valued USD 169.95 billion in 2020 and is anticipated to register a healthy growth rate during 2021-2026.
 

Global electric (EV) market is mainly driven by rising concerns regarding environmental degradation, stringent government regulations regarding carbon emissions, and escalating demand for two- and three-wheeler vehicles.
 

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Increasing efforts by EV manufacturers to boost production, along with developing electric vehicle charging infrastructure are further projected to catapult the industry growth. Besides, hefty investments by companies, as well as governments, are adding impetus to the growth. 
 

Notably, there are two type of EVs, namely battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). These vehicles are available in all the common vehicle types – 2/3 wheelers, passenger cars, and commercial cars.
 

Elaborating on the Covid-19 impact, worldwide electric vehicle (EV) market growth saw a dip as temporary halt of production units during the initial phase of the pandemic disrupted entire supply chains. Manufacturers were then forced to make adjustments with the production volume because of the excess inventory or had to push back schedules to lack of resources. However, government subsidies on EVs acted as major push for the industry.
 

Considering the geographical scope, as per the report, North America (United States, Canada), Europe (Germany, United Kingdom, France, Norway, Netherlands), and Asia Pacific (India, South Korea, China) are the major growth avenues for the market.
 

Coming to the competitive backdrop, companies are ramping up R&D activities and expanding production capacity to improve their positioning in this business sphere. Nissan Motor Co. Ltd., Ford Motor Company, AB Volvo, General Motors Company, Renault S.A., Daimler AG, BMW, BYD Company Limited, Volkswagen AG, and Tesla Inc. are the major contenders in the industry.