According to the most recent Emergen Research report, the global Electric Vehicle (EV) ecosystem market is expected to reach USD 832.14 Billion in 2028, with a revenue CAGR of 17.7% over the forecast period. Increasing greenhouse gas (GHG) emissions from large vehicles, rising demand for low-emission vehicles, and an increase in the number of leading vehicle manufacturers focusing on the shifting trend toward EVs are some of the key factors driving market revenue growth. Electric vehicles are designed with features and functionalities that improve user convenience while reducing environmental impact.
Increased government investments around the world in developing Electric Vehicle (EV) Ecosystem charging stations and Hydrogen fueling stations, combined with buyer incentives, will create opportunities for OEMs to expand their revenue stream and geographical presence. The Asia Pacific Electric Vehicle Ecosystem market is expected to grow steadily due to the high demand for low-cost, low-emission vehicles, whereas the North American and European markets are rapidly expanding due to government initiatives and the growing high-performance Passenger vehicle segment. However, the relatively low number of Electric Vehicle Ecosystem charging stations and hydrogen fuel stations, higher initial investment costs, and performance constraints may stymie the global Electric Vehicle Ecosystem market’s growth.
The pandemic in early 2020 had a moderate impact on the Electric Vehicle Ecosystem charging business due to lockdowns. The demand for Electric Vehicle (EV) Ecosystem charging stations increased in 2021 as a result of the growing demand for the Electric Vehicle Ecosystem market during the pandemic due to government incentives worldwide. However, the COVID-19 pandemic hurt the extraction of materials such as steel, copper, and aluminum. Raw material prices, such as copper, have continued to rise, with the copper price reaching USD 10,000 per tonne for the first time in ten years in May 2021. Top Electric Vehicle Ecosystem manufacturers, on the other hand, have rapidly increased their EV sales over the last two years.
Some Key Highlights from the Report
Due to numerous advantages such as low maintenance and reduced noise and vibrations when compared to traditional cars, the motor segment accounted for a moderate revenue share in 2020.
Due to a higher preference for affordable cars and improved efficiency of these vehicles, the mid-priced segment accounted for the largest revenue share in 2020. EVs are becoming more affordable as the cost of batteries falls over time.
In 2020, the Asia Pacific market had the highest revenue share, with China contributing the highest revenue share to the global market. To encourage the adoption of electric vehicles, governments in China, India, and Japan have offered incentives and reduced taxes on electric vehicles, resulting in a steady shift toward more eco-friendly vehicles in these countries.
Tesla Inc., BYD Company Motors, Volkswagen AG, BMW Group, Nissan Motors, Toyota Motors Corporation, Daimler AG, Ford Motor Company and SAIC Motor, and Hyundai Group are among the major companies profiled in the global market report.
Emergen Research has segmented the global electric vehicle ecosystem market based on component, vehicle class type, battery type, vehicle charging point type, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Power Control Unit
- Air Compressor
Vehicle Class Type Outlook (Revenue, USD Billion; 2018–2028)
Battery Type Outlook (Revenue, USD Billion; 2018–2028)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Vehicle Charging Point Type Outlook (Revenue, USD Billion; 2018–2028)
- Level 1 Charging Type
- Level 2 Charging Type
- Level 3 Charging Type
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- the U.S.
- the U.K.
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
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