Global Electric Vehicle Market

Global Electric Vehicle Market, By Propulsion Type (Battery electric vehicle, Hybrid electric vehicle, Plug-in hybrid electric vehicle & Fuel-cell electric vehicle), By Charging Type (Normal charging & Supercharging), By Vehicle Type (Passenger Vehicles, Commercial vehicles & Two-wheelers), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2021-2027
- Published Date: January 2021
- Report ID: BWC20284
- Available Format: PDF
- Page: 178
Report Overview
Global Electric Vehicle Market Size –
Industry Trends & Forecast Report 2027
The global electric vehicle market is estimated to have reached USD 121.8 billion in 2020 and is further projected to reach USD 236.3 billion by 2027, growing at a CAGR of 10.6% during the forecast period. The electric vehicle market has witnessed rapid evolution with the ongoing developments in the automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates, and other non-financial benefits in the form of carpool lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.
Source: BlueWeave Consulting
Global Electric Vehicle Market Overview:
An electric vehicle (EV) is one that operates on an electric
motor, instead of an internal-combustion engine that generates power by burning
a mix of fuel and gases. Therefore, such a vehicle is seen as a possible
replacement for current-generation automobile, to address the issue of rising
pollution, global warming, depleting natural resources, etc. Though the concept
of electric vehicles has been around for a long time, it has drawn a
considerable amount of interest in the past decade amid a rising carbon
footprint and other environmental impacts of fuel-based vehicles. Applications
of electric vehicles are growing, owing to an increase in the battery storage
capacity of these vehicles.
Global Electric Vehicle Market Forecast
and Trends
Growth Drivers
Stringent Vehicular Emission Rules and
Regulations
There are several laws and regulations set up by the government
across the globe in countries to monitor vehicular emissions. The countries
have adopted strict versions of European and United Nations Economic Commission
for Europe (UN-ECE) emission regulations. These rules and regulations that had
been made to control the emission in the environment would likely to drive the
demand for electric vehicles. Even some countries have adopted more than
advanced regulations based on the most recent version of European and U.S.
regulations. For instance, in Germany, more than half of Germany's electricity
is generated from coal and gas. For instance, China adopted emission
regulations for large cities based on European Stage V emission
standards.
Benefits associated with commercial
electric vehicles
There are various advantages associated with electric vehicles
that are driving their demand in the market. For instance, less pollution: The
Commercial electric vehicle helps to reduce harmful air pollution from exhaust
emissions. An EV has zero exhaust emissions. According to the International
Energy Agency (EA), more than 20% of the CO2 global emissions can be reduced
through the adoption of sustainable transportation systems. To achieve this
goal, a crucial role is played by the Electric Vehicles (EVs)- based mobility,
that has the merits of declining the dependence from the petroleum industry,
and at the same time enables alternative energy market scenarios, leveraging
the synergy with the Smart Grid. Renewable energy: Commercial Electric vehicle
helps to reduce greenhouse gas emissions.
Restraints
Limitations associated with electrical
commercial vehicles
Electric vehicles own specific limitations that can hamper the
market growth. These limitations include the limited Range, charging, and
limited availability of vehicles for the buyers. Currently, the average
electric vehicle range is around 100 km for passenger cars, while the desired
range is around 200 km. The High ambient temperatures, especially around the
afternoon, further reduced the range to 85-90 km per charge. Charging which is
another demerit of an electric vehicle, the power cuts, and fluctuations posed
challenges. The Grid condition needs to be improved for better and continuous
charging. Limited vehicle options for buyers in the market. Currently, there
are very limited products available in the market.
Recharging the electric vehicle's Battery
Takes Time
Fueling up a gas tank of the electric vehicles may take as long
as three minutes at the service station while reviving the battery of an
electric vehicle takes much longer. Contingent upon the model, an electric
vehicle can at times take as long as 20 hours to completely charge. More up to
date and more costly models can charge in as fast as four hours. Be that as it
may, having a charging station in the carport helps make this more reasonable
and packs are accessible to assist cut with bringing down the charging time.
Thus, the long duration taken by the electric vehicles to charge upholds
another major restraint for the market.
Impact of COVID-19 in the industry
The COVID-19 pandemic caused a devastating effect on the EV
market owing to restrictions on production and contraction of automobile sales
globally. But the adoption of EVs in China, the U.S., and European countries
and large sales of battery-operated vehicles can bode well for the market. The
global goal of reducing dependence on oil imports and shifting the focus on
zero-emission vehicles can dwell favorably for the global electric vehicle (EV)
market. The increasing number of residential units and the establishment of
charging infrastructure and falling prices of batteries are expected to change
consumer attitudes and bolster the market demand significantly. The successful
launch of Tesla’s Cybertruck is an indicator of the latent potential of the
market.
Global Electric Vehicle Market: By
Propulsion Type
The propulsion type is bifurcated into battery electric vehicles (BEV), hybrid electric, fuel cell hybrid, plug-in hybrid electric vehicles (PHEV). The BEV segment is expected to witness a major share during the forecast timeframe. This is attributed to the increasing environmental awareness and benefits of BEV among people. Meanwhile, the plug-in hybrid electric vehicles (PHEV) segment is projected to register the highest CAGR of over 10.5% in terms of revenue during the forecast timeframe. This upsurge is due to the initiatives taken by the government of developing countries such as India and China to promote the usage of electric vehicles. Furthermore, companies such as Volkswagen Group are focusing on increasing their plug-in electric car sales.
Source: BlueWeave Consulting
Global Electric VehicleMarket:
By Vehicle Type
Based on vehicle type, the market has been divided into
passenger cars, commercial vehicles, and two-wheelers. In 2020, the passenger
cars segment held the largest share in the global electric vehicle market,
followed by commercial vehicles and two-wheelers. However, the passenger cars
segment has registered the fastest-growing segment during the forecast period
due to the rapidly increasing sales of electric cars across the globe. The
commercial segment is estimated to lead the segment during the forecasting
period owing to the initiatives and allocation of funding by the governments
and automobile manufacture for expanding public EVCI infrastructure.
Global Electric Vehicle Market: Regional
insights
Based on the region the global electric vehicle market segmented
into North America, Europe, Asia-Pacific, Latin America, and Middle East &
Africa. Amidst the segmentation, North America held a substantial market share
in 2020. This share is attributed to the increasing demand for electric
vehicles in U.S. Furthermore, new initiatives are being taken up by automotive
manufacturers, policymakers, non-profit organizations, and charging network
companies, and have launched a new non-profit organization named “Veloz”. This
new organization aims at attracting investments, innovation, marketing, and
growth of electric vehicles in North America. Thus, the demand for electric
vehicles in North America is bound to rise over the forecast period.
Source: BlueWeave Consulting
Recent Development
·
In March
2019, Tesla launched its fully electric Model Y, which can carry 7 passengers
and their cargo. It has two ultra-responsive, independent electric motors that
digitally control torque to the front and rear wheels—for better handling,
traction, and stability control.
·
In July 2018,
Tesla landed a deal with Chinese authorities to build a new auto plant in
Shanghai, its first factory outside the US that would double the size of the
electric car maker’s global manufacturing.
·
In April
2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia
and the Philippines by 2020, underscoring Nissan's commitment to driving
electrification in the region.
Competitive landscape
The market is consolidated and characterized by high competition owing to the presence of major players such as Tesla, BYD, BMW, Volvo, Mercedez, FREIGHTLINER, Piaggio & C. SpA, Addax Motors, Balkancar Record, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation & other prominent players.These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
Scope of the Report
Attribute |
Details |
Years Considered |
Historical
data – 2017-2027 Base
Year – 2020 Forecast
– 2021 – 2027 |
Facts
Covered |
Revenue
in USD Billion |
Market
Coverage |
U.S,
Canada, UK, Spain, Germany, Italy, France,United Kingdom, China, India,
Japan, South-Korea, Saudi Arabia, UAE, South Africa |
Product/Service
Segmentation |
By propulsion
type, vehicle type &charging type. |
Key Players |
Key
players for global electric vehiclemarket include:Tesla, BYD, BMW,
Volvo, Mercedez, FREIGHTLINER, Piaggio & C. SpA, Addax Motors, Balkancar
Record, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation
& other prominent players. |
Scope of the Report
By Propulsion Type
Ø Battery electric vehicle
Ø Hybrid electric vehicle
Ø Plug-in hybrid electric vehicle
Ø Fuel-cell electric vehicle
By Vehicle Type
Ø Passenger vehicles
Ø Commercial vehicles
Ø Two-wheelers
By Charging Type
Ø Normal charging
Ø Super charging
By Region:
Ø Asia Pacific
Ø North America
Ø Europe
Ø Middle East & Africa
Ø Latin America
1.
Research Framework
1.1.
Research
Objective
1.2.
Product
Overview
1.3.
Market
Segmentation
2. Research Methodology
2.1.
Qualitative Research
2.1.1. Primary & Secondary Research
2.2.
Quantitative Research
2.3.
Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4.
Breakdown of Primary Research Respondents, By Region
2.5.
Assumption & Limitation
3. Executive Summary
4.
Global Electric Vehicle Market
Insights
4.1.
DROC Analysis
4.1.1. Growth Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2.
Recent
Development
4.3.
Porter’s Five
Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Intensity of Rivalry
4.4.
Impact of
Covid-19 on Electric Vehicle Industry
5.
Global Electric Vehicle Market Overview
5.1.
Market Size
& Forecast by Value, 2017-2027
5.1.1. By Value (USD Million)
5.1.2. By Volume (Thousand Units)
5.2.
Market Share & Forecast
5.2.1. By Propulsion
Type
5.2.1.1. Battery electric Vehicle
5.2.1.2. Hybrid electric Vehicle
5.2.1.3. Plug-in hybrid electric Vehicle
5.2.1.4. Fuel-cell electric Vehicle
5.2.2. By Vehicle
Type
5.2.2.1. Passenger vehicles
5.2.2.2. Commercial vehicles
5.2.2.3. Two-wheelers
5.2.3. By Charging
Type
5.2.3.1. Normal charging
5.2.3.2. Super charging
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia Pacific
5.2.4.4. Latin America
5.2.4.5. Middle East & Africa
6.
North America Electric Vehicle Market
6.1.
Market Size
& Forecast by Value, 2017-2027
6.1.1. By Value (USD Million)
6.1.2. By Volume (Thousand Units)
6.2.
Market Share & Forecast
6.2.1. By Propulsion Type
6.2.2. By Vehicle Type
6.2.3. By Charging Type
6.2.4. By Country
6.2.4.1. United States
6.2.4.2. Canada
7.
Europe Electric Vehicle Market
7.1.
Market Size
& Forecast by Value, 2017-2027
7.1.1. By Value (USD Million)
7.1.2. By Volume (Thousand Units)
7.2.
Market Share & Forecast
7.2.1. By Propulsion Type
7.2.2. By Vehicle Type
7.2.3. By Charging Type
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. Italy
7.2.4.3. France
7.2.4.4. United Kingdom
7.2.4.5. Rest of Europe
8.
Asia Pacific Electric Vehicle Market
8.1.
Market Size
& Forecast by Value, 2017-2027
8.1.1. By Value (USD Million)
8.1.2. By Volume (Thousand Units)
8.2.
Market Share & Forecast
8.2.1. By Propulsion Type
8.2.2. By Vehicle Type
8.2.3. By Charging Type
8.2.4. By Country
8.2.4.1. China
8.2.4.2. India
8.2.4.3. Japan
8.2.4.4. South Korea
8.2.4.5. Rest of Asia Pacific
9.
Latin America Electric Vehicle Market
9.1.
Market Size
& Forecast by Value, 2017-2027
9.1.1. By Value (USD Million)
9.1.2. By Volume (Thousand Units)
9.2.
Market Share & Forecast
9.2.1. By Propulsion Type
9.2.2. By Vehicle Type
9.2.3. By Charging Type
9.2.4. By Country
9.2.4.1. Brazil
9.2.4.2. Mexico
9.2.4.3. Rest of Latin America
10.
Middle East & Africa Electric Vehicle Market
10.1.
Market Size
& Forecast by Value, 2017-2027
10.1.1. By Value (USD Million)
10.1.2. By Volume (Thousand Units)
10.2.Market Share & Forecast
10.2.1. By Propulsion Type
10.2.2. By Vehicle Type
10.2.3. By Charging Type
10.2.4. By Country
10.2.4.1. Saudi Arabia
10.2.4.2. UAE
10.2.4.3. South Africa
10.2.4.4. Rest of Middle East & Africa
11.
Competitive Landscape
11.1.List of Key Players and Their
Offerings
11.2.Market/Ranking Share Analysis
11.3.Competitive Benchmarking, By
Operating Parameters
12.
Company Profile (Company Overview, Financial Matrix, Competitive
landscape, Key Personnel, Key Competitors, Contact Address, and Strategic
Outlook) *
12.1. Tesla
12.2. BYD
12.3. BMW
12.4. Volvo
12.5. Mercedez
12.6. FREIGHTLINER
12.7. Piaggio
& C. SpA
12.8. Addax
Motors
12.9. Balkancar
Record
12.10.
Hero Electric Vehicles
Pvt. Ltd.
12.11.
Terra Motors Corporation.
12.12.
Other prominent players
List
of Figures
Fig: Global Electric
Vehicle Segmentation |
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Fig: Global Electric
Vehicle Market Value Chain Analysis |
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Fig: Company Market
Share Analysis, 2019 |
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Fig: Global Electric
Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: Global
Electric Vehicle Market Size, By Volume (Thousand Units), 2017-2027 |
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Fig: Global Electric
Vehicle Market Share, By Vehicle Type, By Value, 2017-2027 |
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Fig: Global
Electric Vehicle Market Share, By Vehicle Type, By Volume, 2017-2027 |
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Fig: Global Electric
Vehicle Market Share, By Propulsion Type, By Value, 2017-2027 |
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Fig: Global
Electric Vehicle Market Share, By Propulsion Type, By Volume, 2017-2027 |
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Fig: Global Electric
Vehicle Market Share, By Charging Type, By Value, 2017-2027 |
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Fig: North
America Electric Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: North
America Electric Vehicle Market Size, By Volume (Thousand Units), 2017-2027 |
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Fig: North
America Electric Vehicle Market Share, By Vehicle Type, By Value, 2017-2027 |
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Fig: North
America Electric Vehicle Market Share, By Vehicle Type, By Volume, 2017-2027 |
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Fig: North
America Electric Vehicle Market Share, By Propulsion Type, By Value, 2017-2027 |
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Fig: North
America Electric Vehicle Market Share, By Propulsion Type, By Volume, 2017-2027 |
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Fig: North
America Electric VehicleMarket Share, By Charging Type, By Value, 2017-2027 |
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Fig: North
America Electric Vehicle Market Share, By Country, By Value, 2017-2027 |
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Fig: North
America Electric Vehicle Market Share, By Country, By Volume, 2017-2027 |
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Fig: Europe
Electric Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: Europe
Electric Vehicle Market Size, By Volume (Thousand Units), 2017-2027 |
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Fig: Europe
Electric Vehicle Market Share, By Vehicle Type, By Value, 2017-2027 |
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Fig: Europe
Electric Vehicle Market Share, By Vehicle Type, By Volume, 2017-2027 |
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Fig: Europe
Electric Vehicle Market Share, By Propulsion Type, By Value, 2017-2027 |
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Fig: Europe
Electric Vehicle Market Share, By Propulsion Type, By Volume, 2017-2027 |
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Fig: Europe
Electric Vehicle Market Share, By Charging Type, By Value, 2017-2027 |
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Fig: Europe
Electric Vehicle Market Share, By Country, By Value, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Size, By Volume (Thousand Units), 2017-2027 |
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Fig: Asia Pacific
Electric Vehicle Market Share, By Vehicle Type, By Value, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Share, By Vehicle Type, By Volume, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Share, By Propulsion Type, By Value, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Share, By Propulsion Type, By Volume, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Share, By Charging Type, By Value, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Share, By Country, By Value, 2017-2027 |
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Fig: Asia
Pacific Electric Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Size, By Volume (Thousand Units), 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Share, By Vehicle Type, By Value, 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Share, By Vehicle Type, By Volume, 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Share, By Propulsion Type, By Value, 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Share, By Propulsion Type, By Volume, 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Share, By Charging Type, By Value, 2017-2027 |
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Fig: Latin
America Electric Vehicle Market Share, By Country, By Value, 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Size, By Value (USD Million), 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Size, By Volume (Thousand Units), 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Share, By Vehicle Type, By Value, 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Share, By Vehicle Type, By Volume, 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Share, By Propulsion Type, By
Value, 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Share, By Propulsion Type, By
Volume, 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Share, By Charging Type, By Value, 2017-2027 |
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Fig: Middle
East & Africa Electric Vehicle Market Share, By Country, By Value, 2017-2027 |
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List
of Tables
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|
Market Segmentation
Scope of the Report
By Propulsion Type
Ø Battery electric vehicle
Ø Hybrid electric vehicle
Ø Plug-in hybrid electric vehicle
Ø Fuel-cell electric vehicle
By Vehicle Type
Ø Passenger vehicles
Ø Commercial vehicles
Ø Two-wheelers
By Charging Type
Ø Normal charging
Ø Super charging
By Region:
Ø Asia Pacific
Ø North America
Ø Europe
Ø Middle East & Africa
Ø Latin America
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