According to the research report, the global electric vehicles market in 2019 surpassed USD 140 Billion. The market is expected to grow at a CAGR of more than 22% and is anticipated to reach around USD 700 Billion by 2026.

The global electric vehicles (EVs) market is witnessing substantial growth in the coming years owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the globe; favorable policies, incentives, and subsidies introduced by several state governments; along with the quick establishment of infrastructure supporting EVs. Some European countries, China, and the U.S. led the global electric vehicle market in terms of sales of hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). Apart from this, the launch of turbo-chargers and wireless charging setups for electric vehicles is positively impacting the industry growth during the study timeframe.

According to the research report, the global electric vehicles market in 2019 surpassed USD 140 Billion. The market is expected to grow at a CAGR of more than 22% and is anticipated to reach around USD 700 Billion by 2026.

The extensive demand for mid-priced vehicles is likely to flourish the EV segment at splendid CAGR

The EV market is swiftly expanding with time and in the next few decades, the electric vehicle segment will overwhelm the gasoline vehicles segment. To improve the EV adoption rate, the industrial players are dedicated to developing highly efficient & durable batteries at affordable prices. The automakers are trying to implement a comfortable driving experience for the mid-priced EV segment rather than offering premium features like instrument clusters and infotainment. China EV market leads in terms of demand & sales of mid-priced electric vehicle segment. Some of the globally renowned automakers are offering electric vehicles at affordable prices compared to other industries.

Under vehicle type segment, the"commercial vehicle" is projected to grow splendidly during the projected period

The commercial vehicle category, which primarily includes electric buses, is anticipated to spur at a remarkable CAGR, as the electric buses are being adopted at an increased rate in Asian countries, particularly India & China. Moreover, several regions are focused on substituting their existing gasoline-based vehicle fleet with electric buses.

Top Market Players

Some of the key players driving the global electric vehicles market are Mitsubishi, BAIC, Toyota, General Motors, Daimler, Tesla, Ford, Changan, BMW, Hyundai, JMCG, Volkswagen, JAC, Yutong, SAIC, Renault-Nissan, BYD, Zotye, Geely, and Chery, among others.

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