October 18, 2021

New Energy Vehicles (NEVS) Market Continues To Expand With China In The Driving Seat

3 min read

According to a new market research report published by Acute Market Reports “New Energy Vehicles (NEVs) Market (By Energy Type– Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs) and Fuel Cell Electric Vehicles (FCEVs); By Vehicle Type: Passenger Cars, Buses, Industrial Vehicles, Scooters, and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2020 – 2028”, China is playing a crucial role in driving the overall NEV market.

The complete report is available at https://www.acutemarketreports.com/report/new-energy-vehicles-market

Market Insights

With rising dependence on oil and environmental hazards of running countless conventional vehicles, there has been a growing need to shift to new and alternative fuel sources for general commute in several countries. Factors such as rising pollution in some of the major cities especially in countries including China and India have led to growing investments towards new energy vehicles in recent years. In addition, favorable government initiatives and policies have led to the increasing production of these vehicles leading to a reduction in production costs and availability. Furthermore, strategic steps towards providing sustainable infrastructure to run new energy vehicles in regions including North America, Europe, and the Asia Pacific have led to the growing adoption of electric vehicles.

Competitive Insights:

The global new energy vehicles (NEV) market is fairly consolidated with few of the leading providers of all-electric vehicles attributing to a major share of the overall NEV market globally. Some of the leading NEV companies included Renault-Nissan Alliance, Mitsubishi Motors Corporation, General Motors Company, Toyota Motor Corporation, Ford Motor Company, BMW Group, Zhejiang Geely Holding Group Co., Ltd., BAIC Motor Corporation, LTD., Volkswagen Group, BYD Auto Co., Ltd., Tesla, Inc., SAIC Motor Corporation Limited, China Anhui Jianghuai Automobile Co., Ltd. (JAC Motors), Motrec International, Inc., Taylor-Dunn Manufacturing Company, Karrior EV and Bradshaw Electric Vehicles. However, with the growing entrance of existing traditional car manufacturers into the NEV segment, the competition is expected to rapidly intensify during the forecast period from 2020 to 2028.

Key Trends:

  • The market is primarily driven by positive government initiatives and public awareness
  • China is expected to continue its dominance in the global NEV market
  • Fuel cell electric vehicles are expected to witness strong demand in the consumer’s segment

Key questions answered in this report

  • What are the current market trends and dynamics in the new energy vehicles nevs market and valuable opportunities for emerging players?
  • Estimated forecast and market projections up to 2029
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which is the largest regional market for new energy vehicles nevs?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • The worldwide market value of the new energy vehicles nevs market in 2019 and 2020
  • Which are the key trends driving the global new energy vehicles nevs market growth?
  • Who are the leading service providers in the new energy vehicles nevs market worldwide?

About Acute Market Reports

Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.

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