Electric Vehicles (EV) are making all the hype these days and we're gradually seeing more and more of them, not only overseas, but also in the domestic market. In India, Hyundai has recently launched the Kona EV, MG is all set to launch the ZS EV early next month. Globally too, Tesla is creating waves in the electric vehicle segments, more recently with the Cybertruck, as well as the Jaguar iPace, one of the most critically acclaimed electric cars. Now it's also very common that as the number of launches in a segment increases, we see its market expanding and that's likely to be the case with EVs as well. According to a research by Fortune Business Insights, the global EV market size is projected to reach 24.6 million units by 2026 as the market is expected to strengthen from rising government initiatives across the globe to curb emission.
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Fortune Business Insight's research titled 'Electric Vehicle Market Size, Share & Industry Analysis, by type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), and Others), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2019-2026' mentions that the EV market was worth 2.5 million units in 2018 and it is expected to grow at an impressive CAGR of 32.3 per cent between 2019 and 2026. Apart from the type of electric and electrified vehicles, the research also classifies their volumes geographically into zones like Asia Pacific, Latin America, The Middle East and Africa and Europe. The geographical classification of course depends on how stringent emission rules are in a particular zone. For instance, Europe is planning to reduce the amount of carbon emission by 15 per cent by 2026 for medium to lightweight commercial vehicles. The Bharat Stage 6 which is similar to the Euro 6 standards will be regulated in India in April 2020 and should positively affect the forecast period and in the same year China will implement China 6 standards.
Also Read: Hyundai Kona Electric India Review
Though Europe is most likely to be the major growth region during the forecast period, the Asia Pacific region will also grow significantly due to the increasing presence of prominent players, increasing research and development activities and technological innovations that together would contribute to the growth. The North American region will also witness a high CAGR growth due to rising disposable income.
Source: Fortune Business Insights
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