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Electric Vehicle Market by Type, Charging, and Geography - Forecast and Analysis 2023-2027

  • Published: Jan 2023
  • Pages: 174
  • SKU: IRTNTR70839
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The electric vehicle market is estimated to grow at a CAGR of 37.45% between 2022 and 2027. The size of the market is forecast to increase by USD 25,927.15 thousand units. The growth of the market depends on serval factors, including growing demand for fuel-efficient and low-emission vehicles, stringent rules and regulations, and increasing government support. 

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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Electric Vehicle Market During the Forecast Period?

Electric Vehicle Market Size

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Parent Market Analysis

Technavio categorizes the global electric vehicle (EV) market as a part of the global automotive market under the global automobiles and components industry. The parent market, the global automotive market, covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles. It does not include manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers.  Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Electric Vehicle Market: Key Drivers, Trends, Challenges, and Customer Landscape

The stringent rules and regulations are notably driving the market growth, although factors such as the high manufacturing cost of EVs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Electric Vehicle Market Driver

The stringent rules and regulations are notably driving the market growth. Emission regulations are getting stringent, both at the city level and the national level. Several rules and regulations have been enacted by various countries to monitor emissions from vehicles. On a regional basis, the regulations differ depending on the goals set by the government as well as the regulations already in place. The previous versions of European or United Nations Economic Commission for Europe mobile source emission regulations have been adopted by many countries. On the other hand, some countries have adopted more advanced regulations based on the recent revisions in regulations in the US and Europe.

For instance, Norway, a leading country that focuses on adopting EVs, aims to make BEVs (Battery Electric Vehicles) account for 100% of its new car sales by 2025. Other countries such as California, France, and the UK have also claimed to end sales of combustion engine-based vehicles by 2040. These regulations pose a threat as well as provide new opportunities for vendors.  Hence, these factors are boosting the growth of the global market.

Significant Electric Vehicle Market Trend

Charging stations powered by renewable energy is an emerging trend in the market. As the world shifts toward sustainable and energy-efficient modes of transport, EVs are slowly becoming popular. With more fleet operators opting for the electrification of vehicles and more consumers owning EVs, the demand for electricity will significantly rise. Hence, with the growing demand for electricity, utility companies are expected to shift to an alternative source of electricity.

A cost-efficient and practical solution to address the growing electricity demands is to use renewable energy as an alternative. Furthermore, the steady reduction in the cost of renewable power generation will make electricity an attractive low-cost source to fuel the transport sector. The growing adoption of renewable energy will further propel the global EV market as the burden on the power grid will be lesser.  Thus, the use of renewable energy to power the EV charging stations is expected to reduce the burden of electricity generation from the power grid and make the electrification technology more environmentally friendly. Charging stations powered through solar panels is one such trend, which can be witnessed in the market in focus. Therefore, these factors will fuel the market growth during the forecast period. 

Major Electric Vehicle Market Challenge

The high manufacturing cost of EVs is a major challenge impeding the market. The cost of manufacturing EVs is higher than gas-powered vehicles, which is a big hindrance to the growth of the global market. The high cost of production restricts automakers from manufacturing more units of EVs. Furthermore, the high price of EVs makes them less affordable for many consumers, especially in countries with low economic growth.

Furthermore, the lack of awareness among consumers about various incentives provided by the government adds up to the anxiety in consumers about buying EVs. The cost factor remains a significant concern and an important factor for consumers while buying vehicles. Hence, the high cost of EVs is potentially a challenge to the growth of the global market during the forecast period. 

Key Electric Vehicle Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Electric Vehicle Market Share by Geography

Global Electric Vehicle Market Customer Landscape

Who are the Major Electric Vehicle Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Renault SAS - The company operates under one segment. The company under this segment operates in one reportable segment which is further divided into four heads which are automotive excl. AVTOVAZ, AVTOVAZ, sales financing, and mobility services. The key offerings of the company include electric vehicles. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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.
  • Rivian Automotive Inc.
  • Sinotruk Hong Kong Ltd.
  • Stellantis NV
  • Tesla Inc.
  • Toyota Motor Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Electric Vehicle Market?

The market share growth by the BEV segment will be significant during the forecast period. A battery electric vehicle (BEV) is an EV powered by a battery. Unlike the PHEV model, the only source of propulsion is the battery, which generates the power required by the vehicle. Instead of a fuel tank, a large battery is used to store the required energy to run the electric motor.

Electric Vehicle Market Size

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The BEV segment was valued at USD 1,343.66 thousand units in 2017 and continued to grow until 2021. A BEV is a 100% pure EV. Some of the most popular models of BEV available in the market as of 2019 are Tesla Model 3, Nissan LEAF, and Renault ZOE. Some of the benefits of using BEVs are from the vendor point of view, BEV is one of the most manufactured vehicle types due to its ease of manufacturing, it requires considerably less expertise and capital when compared with PHEV; as BEV contains only one motor and a battery, there are fewer components in this model which makes the maintenance simple when compared with the counterparts; and most importantly BEVs do not produce emissions, and hence, they are called zero-emission vehicles. therefore, such benefits are expected to fuel the demand for BEVs during the forecast period. 

Which are the Key Regions for the Electric Vehicle Market?

Electric Vehicle Market Share by Geography

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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

From the automotive industry's point of view, APAC is the most diverse region in the world. It is a major producer as well as consumer of vehicles, with many major vehicle manufacturers, such as BYD, Mahindra, and Nissan, based out in the region. Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia, and the Philippines remain the key markets, with China leading in the EV adoption rate. 

Furthermore, various countries in APAC are facing major challenges, such as traffic congestion and deteriorating urban air quality. With the growing urbanization, mobility needs are also rising, which, in turn, is increasing the demand for conventional fuel significantly. Increased import bills of oil and gas have shifted the attention of various governments in the region toward more sustainable and low-emission vehicles such as EVs. EVs enable countries in the region to alleviate mobility issues and also help governments reach emission targets and reduce dependence on oil and gas imports. Therefore, factors like these will fuel the regional market during the forecast period. 

In 2020, the market in APAC witnessed certain challenges due to the COVID-19 pandemic.  However, operations in various industries resumed with limited capacities while maintaining social distancing norms in 2021. Also, key vendors operating in the market are expanding in the region. For instance, on December 9, 2022, Mercedes committed to manufacturing EVs in Thailand after signing an agreement to import its battery-powered cars. This is expected to stabilize the growth of the market in the region during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (BEV and PHEV), Charging (Normal charging and Super charging), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

  • Type Outlook (USD Thousand Units, 2017 - 2027)
    • BEV
    • PHEV
  • Charging Outlook (USD Thousand Units, 2017 - 2027)
    • Normal charging
    • Supercharging
  • Region Outlook (USD Thousand Units, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Brazil
      • Argentina

Electric Vehicle Market Scope

Report Coverage

Details

Page number

174

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 37.45%

Market growth 2023-2027

25,927.15 th units

Market structure

Fragmented

YoY growth 2022-2023(%)

35.24

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, and Market condition analysis for the 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.

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What are the Key Data Covered in this Electric Vehicle Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the electric vehicle market between 2023 and 2027
  • Precise estimation of the electric vehicle market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of electric vehicle market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Charging
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global electric vehicle market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global electric vehicle market 2017 - 2021 (thousand units)
    • 4.2 Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 (thousand units)
    • 4.3 Charging Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Charging Segment 2017 - 2021 (thousand units)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (thousand units)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand units)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Type
      • Exhibit 32: Chart on Comparison by Type
      • Exhibit 33: Data Table on Comparison by Type
    • 6.3 BEV - Market size and forecast 2022-2027
      • Exhibit 34: Chart on BEV - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 35: Data Table on BEV - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 36: Chart on BEV - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on BEV - Year-over-year growth 2022-2027 (%)
    • 6.4 PHEV - Market size and forecast 2022-2027
      • Exhibit 38: Chart on PHEV - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 39: Data Table on PHEV - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 40: Chart on PHEV - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on PHEV - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 42: Market opportunity by Type (thousand units)

    7 Market Segmentation by Charging

    • 7.1 Market segments
      • Exhibit 43: Chart on Charging - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Charging - Market share 2022-2027 (%)
    • 7.2 Comparison by Charging
      • Exhibit 45: Chart on Comparison by Charging
      • Exhibit 46: Data Table on Comparison by Charging
    • 7.3 Normal charging - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Normal charging - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 48: Data Table on Normal charging - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 49: Chart on Normal charging - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Normal charging - Year-over-year growth 2022-2027 (%)
    • 7.4 Super charging - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Super charging - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 52: Data Table on Super charging - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 53: Chart on Super charging - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Super charging - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Charging
      • Exhibit 55: Market opportunity by Charging (thousand units)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 57: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 59: Chart on Geographic comparison
      • Exhibit 60: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 69: Chart on North America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 73: Chart on South America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 81: Chart on China - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 82: Data Table on China - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 85: Chart on US - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 86: Data Table on US - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Norway - Market size and forecast 2022-2027
      • Exhibit 89: Chart on Norway - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 90: Data Table on Norway - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 91: Chart on Norway - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on Norway - Year-over-year growth 2022-2027 (%)
    • 9.11 Japan - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.12 Germany - Market size and forecast 2022-2027
      • Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 101: Market opportunity by geography (thousand units)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 102: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 103: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 104: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 105: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 106: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 107: Matrix on vendor position and classification
            • 12.3 Aspark Co. Ltd.
              • Exhibit 108: Aspark Co. Ltd. - Overview
              • Exhibit 109: Aspark Co. Ltd. - Product / Service
              • Exhibit 110: Aspark Co. Ltd. - Key offerings
            • 12.4 BMW AG
              • Exhibit 111: BMW AG - Overview
              • Exhibit 112: BMW AG - Business segments
              • Exhibit 113: BMW AG - Key offerings
              • Exhibit 114: BMW AG - Segment focus
            • 12.5 BYD Electronic Co. Ltd.
              • Exhibit 115: BYD Electronic Co. Ltd. - Overview
              • Exhibit 116: BYD Electronic Co. Ltd. - Business segments
              • Exhibit 117: BYD Electronic Co. Ltd. - Key news
              • Exhibit 118: BYD Electronic Co. Ltd. - Key offerings
              • Exhibit 119: BYD Electronic Co. Ltd. - Segment focus
            • 12.6 Canoo Inc.
              • Exhibit 120: Canoo Inc. - Overview
              • Exhibit 121: Canoo Inc. - Business segments
              • Exhibit 122: Canoo Inc. - Key offerings
              • Exhibit 123: Canoo Inc. - Segment focus
            • 12.7 Ford Motor Co.
              • Exhibit 124: Ford Motor Co. - Overview
              • Exhibit 125: Ford Motor Co. - Business segments
              • Exhibit 126: Ford Motor Co. - Key news
              • Exhibit 127: Ford Motor Co. - Key offerings
              • Exhibit 128: Ford Motor Co. - Segment focus
            • 12.8 General Motors Co
              • Exhibit 129: General Motors Co - Overview
              • Exhibit 130: General Motors Co - Business segments
              • Exhibit 131: General Motors Co - Key news
              • Exhibit 132: General Motors Co - Key offerings
              • Exhibit 133: General Motors Co - Segment focus
            • 12.9 Hero Ecotech Ltd.
              • Exhibit 134: Hero Ecotech Ltd. - Overview
              • Exhibit 135: Hero Ecotech Ltd. - Product / Service
              • Exhibit 136: Hero Ecotech Ltd. - Key offerings
            • 12.10 Honda Motor Co. Ltd.
              • Exhibit 137: Honda Motor Co. Ltd. - Overview
              • Exhibit 138: Honda Motor Co. Ltd. - Business segments
              • Exhibit 139: Honda Motor Co. Ltd. - Key news
              • Exhibit 140: Honda Motor Co. Ltd. - Key offerings
              • Exhibit 141: Honda Motor Co. Ltd. - Segment focus
            • 12.11 Hyundai Motor Co.
              • Exhibit 142: Hyundai Motor Co. - Overview
              • Exhibit 143: Hyundai Motor Co. - Business segments
              • Exhibit 144: Hyundai Motor Co. - Key news
              • Exhibit 145: Hyundai Motor Co. - Key offerings
              • Exhibit 146: Hyundai Motor Co. - Segment focus
            • 12.12 Mahindra and Mahindra Ltd.
              • Exhibit 147: Mahindra and Mahindra Ltd. - Overview
              • Exhibit 148: Mahindra and Mahindra Ltd. - Business segments
              • Exhibit 149: Mahindra and Mahindra Ltd. - Key news
              • Exhibit 150: Mahindra and Mahindra Ltd. - Key offerings
              • Exhibit 151: Mahindra and Mahindra Ltd. - Segment focus
            • 12.13 Mercedes Benz Group AG
              • Exhibit 152: Mercedes Benz Group AG - Overview
              • Exhibit 153: Mercedes Benz Group AG - Business segments
              • Exhibit 154: Mercedes Benz Group AG - Key offerings
              • Exhibit 155: Mercedes Benz Group AG - Segment focus
            • 12.14 Nissan Motor Co. Ltd.
              • Exhibit 156: Nissan Motor Co. Ltd. - Overview
              • Exhibit 157: Nissan Motor Co. Ltd. - Business segments
              • Exhibit 158: Nissan Motor Co. Ltd. - Key news
              • Exhibit 159: Nissan Motor Co. Ltd. - Key offerings
              • Exhibit 160: Nissan Motor Co. Ltd. - Segment focus
            • 12.15 Renault SAS
              • Exhibit 161: Renault SAS - Overview
              • Exhibit 162: Renault SAS - Product / Service
              • Exhibit 163: Renault SAS - Key news
              • Exhibit 164: Renault SAS - Key offerings
            • 12.16 Stellantis NV
              • Exhibit 165: Stellantis NV - Overview
              • Exhibit 166: Stellantis NV - Business segments
              • Exhibit 167: Stellantis NV - Key news
              • Exhibit 168: Stellantis NV - Key offerings
              • Exhibit 169: Stellantis NV - Segment focus
            • 12.17 Tesla Inc.
              • Exhibit 170: Tesla Inc. - Overview
              • Exhibit 171: Tesla Inc. - Business segments
              • Exhibit 172: Tesla Inc. - Key news
              • Exhibit 173: Tesla Inc. - Key offerings
              • Exhibit 174: Tesla Inc. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 175: Inclusions checklist
                • Exhibit 176: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 177: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 178: Research methodology
                • Exhibit 179: Validation techniques employed for market sizing
                • Exhibit 180: Information sources
              • 13.5 List of abbreviations
                • Exhibit 181: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Electric Vehicle market growth will increase by $25927.15 thousand units during 2023-2027.
              The electric vehicle market is expected to grow at a CAGR of 37.45% during 2023-2027.
              Technavio has segmented the electric vehicle market by type (BEV and PHEV) ,charging (Normal charging, Super charging, North America, South America, and MEA) , and geography (APAC, Europe, North America, South America, and Middle East and Africa).
              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., Mahindra and Mahindra Ltd. are a few of the key vendors in the electric vehicle market.
              APAC will register the highest growth rate of 45.76% among the other regions. Therefore, the electric vehicle market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the electric vehicle market growth are:
              • Growing demand for fuel-efficient and low-emission vehicles
              • Technological advances in EVs
              The electric vehicle market vendors should focus on grabbing business opportunities from the bev segment as it accounted for the largest market share in the base year.
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