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Press Release
As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
According to a new report by EMR titled, ‘Global Electric Vehicle Market Report and Forecast 2021-2026, the global electric vehicle reached a volume of around 3.25 million units in 2020. The market is likely to increase at a CAGR of 20.75% in the forecast period 2021-2026 to reach a volume of 10.1 million units by 2026.
The global electric vehicle market is rapidly growing due to the rising demand for sustainable transportation. Various governments' increasing commitment to a healthier environment has resulted in an increased demand for zero-emission vehicles. Developed countries, such as the United States, Germany, and the United Kingdom, actively promote the use of electric vehicles to minimize pollution increasing electric vehicle sales. With the growing use of electric buses, especially in China and India, the growth of the commercial electric sector has been growing. Various countries will replace their current fuel-based buses with electric busses. The rise of commercial electric vehicles is motivated by a growing trend to replace public transport fuelled by fossil fuels with electric buses.
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The market is being driven by the growing innovations and product diversifications by the major players in the market. In April 2020, Tesla, Inc. (NASDAQ: TSLA), one of the leading players in the market, announced its longest-range electric vehicle. The company modified its models, Model S and Model X, to allow them to travel unparalleled distances without recharging. They broke their record for the production of the longest-range EVs on the road.
Market Analysis by Type, Vehicle Type, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The primary key players in the global electric vehicle market include companies like Tesla, Inc., SAIC Motor Corporation Limited, BYD Company Ltd., Toyota Motor Corporation, Beijing Automobile Co., Ltd., and Dongfeng Motor Group Co., Ltd., among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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