According to the business intelligence 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 vehicles market, which was worth USD 169.95 billion in 2020, is slated to record a colossal growth by the end of the forecast timeframe.

Report findings suggest that factors such as government initiatives that focus on minimizing carbon emissions, and escalating demand for two and three-wheeler electric vehicles are the major growth stimulants for global electric vehicle market.

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Also, expanding production capacities of prominent automakers, enhancements in vehicle infrastructure, alongside increasing number of charging points will accelerate product demand in the forthcoming years.  

However, a notable slump in the adoption of electric vehicles in leading economies like Japan is expected to pose as a challenge that industry veterans may have to overcome during the analysis period.

Speaking of Covid-19 impact, the temporary shutdown of production facilities and disruptions in supply chain network arrested the industry growth in the past years. On the bright side though, subsidiaries offered by governments to purchase electric automobiles to aid inventory clear-out will provide impetus to the market.

The global electric vehicle industry is bifurcated in terms of propulsion type, vehicle type, and geographical terrain. Each sub-market is thoroughly analyzed as per historical date and current growth trends along with future potential, thereby facilitating a clear understanding of market behavior among stakeholders to widen their profit margins during the study period.

From a regional frame of reference, growth opportunities and trends across North America, Europe, and Asia Pacific are thoroughly studied to identify their contribution to overall market remuneration.

Leading conglomerates like The Volvo Group, The Mercedes – Benz Group AG (previously named Daimler AG), General Motors Company, Bayerische Motoren Werke AG (BMW), Tesla Inc., Renault S.A., BYD Co. Ltd., Ford Motor Company, Volkswagen Group, and Nissan Motor Co. Ltd. are influencing the worldwide electric vehicle market trends.