Electric Vehicle Market has shown an exceptional penetration in countries such as China, U.S. and Germany. Although growing environmental concern about vehicle pollution across the globe still electric vehicles have not created any head turning penetration in developing countries.
According to Data Bridge Market Research the market for electric vehicle the market in Asia-Pacific region has the highest market share followed by Europe and North America. The market leader Tesla accounts an estimated market share of approximately 75% to 85% of market share in the U.S. The automotive sales revenue of Tesla has increased drastically by 23% to generate sales revenue of USD 2,100 million 2019 as compared to 2018. The company has gained outstanding lease through their vehicle leasing programs in Canada and the U.S. Under this program, company gives their vehicle on lease to customer for up to 40 months, thereby resulting in generation of automotive leasing revenue. While the market for alternative fuel vehicle and self-driving automobiles are increasing at a significant rate, which creates lucrative opportunities for Tesla across the globe. In addition to this constant innovation such as improving battery and powertrain technology in electric vehicles and accessibility of products to mass number of customers will help to grow the market share of Tesla in the global electric vehicle market.
In the year 2019, major chunk of company’s sales is carried out by Tesla Model 3 with 114,749 models sold, owing to its lower cost compared to Model S and Model X. Tesla will initiate with the production of Model 3 in to their first phase of Gigafactory in Shanghai, which will lead to penetration of their low cost sedan in the competitive market such as China. The company has also planned to roll out all new Model 3 based SUV in 2020 and will be named as Model Y. Tesla Model 3 is the best-selling electric vehicle in the U.S. and is eventually gaining momentum in Europe.
Trends impacting the market
Now the question is which other regions Tesla, General Motors and Nissan Motors are targeting? Data Bridge Market Research has forecasted a large growth in Europe electric vehicle market and the market leaders targeting Germany and the U.K. to be their next revenue pockets for 2020.
The electric vehicle market is becoming more competitive every year with companies including General Motors and Tesla are the market leaders for electric vehicles. The Data bridge market research new reports highlight the major growth factors and opportunities in the electric vehicle market.
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Daimler Trucks & Buse formed agreement with Contemporary Amperex Technology Co. Limited (CATL) for lithium-ion battery cell modules in September 2019.
Hyundai Motor UK a subsidiary of Hyundai Motor Company has been awarded by Next Green Car Award for their Kona electric car at Family Car of the Year 2018 event
BMW AG introduced new electric Mini concept for USD 36,400 for Europe market in July 2019
Global electric vehicle market is segmented on the basis of countries into U.S., Canada, Mexico, Brazil, Rest of South America, Germany, France, U.K., Italy, Spain, Netherlands, Belgium, Russia, Turkey, Israel, Switzerland, Rest of Europe, China, Japan, India, Australia, Singapore Thailand, Malaysia, Taiwan, Indonesia, Philippines, Rest of Asia Pacific (APAC), U.A.E, Egypt, Saudi Arabia, South Africa Rest of middle East and Africa (MEA).
All country based analysis of the electric vehicle market is further analyzed based on maximum granularity into further segmentation. On the basis of component, the market is segmented into battery cells & packs, on-board charger, infotainment system and others. Based on propulsion type, the market is segmented into plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVS), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs). On the basis of charging station type, the market is segmented into normal charging and super charging. On the basis of class, the market is segmented into mid-priced and luxury. On the basis of power train, the market is segmented into parallel hybrid, series hybrid and combined hybrid. On the basis of vehicle type, the market is segmented into passenger cars, two wheelers and commercial vehicles.
Instead of an internal combustion engine, electric vehicles are powered by an electric motor. The internal combustion engine is responsible for the production of fossil products. With the depleting fossil fuel sources, huge investments from automobile manufacturers in electric vehicles, government initiatives towards promoting electric vehicles is witnessing a rapid growth in electric vehicle market.
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Key Pointers Covered in the Electric Vehicle Market Industry Trends and Forecast to 2027
Key Market Competitors Covered in the report
Above are the key players covered in the report to know about more and exhaustive list of electric vehicle company’s contact us https://www.databridgemarketresearch.com/toc/?dbmr=global-electric-vehicle-market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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