Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on electric vehicle market provides in-depth analysis of segments and sub-segments in the BRICS as well as regional electric vehicle market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional electric vehicle market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of BRICS electric vehicle market. According to the report, the BRICS electric vehicle market is projected to grow at a CAGR of 25.95% over the forecast period of 2021-2027.
BRICS electric vehicle market was valued at USD 232.41 billion in 2021 and is expected to reach USD 927.79 billion in 2027, growing with a CAGR of 25.95% during the forecast period. An electric vehicle also recognizes as an electric motor, is a vehicle that used an electric motor for propulsion. Some of the general electric vehicles are electric cars, electric trucks, electric trains, electric airplanes, electric airplanes, electric lorries, electric boats, and many others. In electric vehicles, electric energy is utilized as a transportation fuel that powers electric vehicles. Furthermore, electric vehicles are very different from fossil fuel-powered vehicles, in which, they receive their power from a wide range of sources, comprising nuclear power, fossil fuels, and renewable sources such as solar power, tidal power, and wind power, or any combination of those.
An electric vehicle is an alternative to a fuel-based vehicle which itself is a major growth factor anticipated to increase the market growth. Furthermore, the trend of reduction in vehicular emission owing to stringent rules and regulations in BRIC countries and the growth of public charging infrastructure in China, India, and other countries are further projected to boost the market growth in the near future. On the other hand, the high manufacturing cost of electric vehicles and low fuel economy and serviceability are the factors that might hinder the market growth. In addition, technological advancements in electric vehicles and proactive government initiatives are estimated to create numerous opportunities for the growth of the market.
BRIC electric vehicle market shares are predicted to exhibit significant growth prospects over the forecast period. Countries such as India and China are predicted to have major contributions owing to numerous on-going initiatives and developments. With rapid urbanization and an upsurge in vehicle sales, China is determined to reduce exhaust emissions from vehicles. In the meantime, the country also intends to reduce its dependence on oil imports, pouring the demand for and sales of electric vehicles in the country. In addition, some major cities and provinces are imposing more severe restrictions. For instance, Beijing only issues 10,000 permits for the registration of combustion-engine vehicles per month to boost its populaces to switch to electric vehicles.
The report on BRICS electric vehicle market covers segments such as propulsion type, vehicle type, and charging type. On the basis of propulsion type, the sub-markets include battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of vehicle type, the sub-markets include passenger car, and commercial vehicles. On the basis of charging type, the sub-markets include normal charging, and fast charging.
The report provides profiles of the companies in the market such as Volkswagen AG, Tesla Motors Inc., Hyundai Motors, Toyota Motor Corporation, BMW AG, Nissan Motor Co. Ltd, Jaguar Land Rover Limited, Zhejiang Geely Holding Group Co. Ltd, SAIC Motor Corp. Ltd, and Honda Motor Company Ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of electric vehicle market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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