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 slated to record impressive growth during 2021-2026.

Rising environmental concerns compelling the government across the world to take initiatives in the form of zero-emission laws, surging demand for two & three-wheel vehicles, and growing efforts by companies to enhance the EV charging infrastructure are parameters contributing to global electric vehicle (EV) industry development.

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Besides, soaring expenditure employed by governments and leading original equipment manufacturers (OEMs) are increasing the product uptake, thus facilitating market expansion.

Moreover, key players have indulged in research & development activities to cater to the specific requirements of the consumers, creating a highly competitive environment in the business sphere.

Notably, this is also leading to the generation of profitable avenues for stakeholders and businesses in this domain to enhance their efforts toward product innovation and catapult their target audience.

During the COVID-19 pandemic, the outbreak of the virus affected many sectors like manufacturing, automotive, oil & gas, and power generation, among others. Due to lockdowns, the supply chain was severely disrupted, and global electric vehicle (EV) market observed a temporary suspension of production units. This resulted in the manufacturers making adjustments to volumes of inventory which was left idle.

Now with the decrease in cases and subsidies offered by the government for the purchase of EVs, the industry is expected to pick up pace and head towards a robust recovery in the coming years. 

The prominent companies in worldwide electric vehicle (EV) market include Nissan Motors Co. Ltd., Tesla Inc., Ford Motors Company, Volkswagen AG, Volvo Group, BYD Co. Ltd., General Motors Company, Bayerische Motoren Werke (BMW) AG, Groupe Renault, and Mercedes-Benz Group AG among others.