New energy vehicles (NEVs) encompass various automotive four-wheelers and two-wheelers which make use of alternative fuel sources as opposed to conventional oil and gas. The new energy vehicles make use of electric motors that can run on electricity either stored in a battery, generated during braking, and general running or created using a hydrogen fuel cell. Moreover, these vehicles can be stand-alone or hybrid depending on the product offering. Thereby, these vehicles can be classified into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). The BEVs are essentially vehicles that only run on an electric motor powered by electricity stored in a large battery cell in the vehicle. Thereby, these vehicles offer a long drive range with practically zero emissions and these vehicles can be charged at various public charging stations or at home. The PHEVs offer the combined benefits of a traditional combustion engine along with an additional electric motor. The electric motor in the PHEVs is run by a battery that gets charged while general running and braking of the vehicle moreover, the battery can be charged separately for the long run. The FCEVs make use of the same electric motors used in BEVs however, differs in terms of its electricity generation process. The FCEVs make use of fuel cells which are filled with hydrogen and combine with atmospheric oxygen to produce electricity and water as a byproduct. These vehicles can be easily charged at hydrogen fuel stations and offer a similar driving rage as BEVs

Rising environmental concerns and growing demand for pollution-free and energy-efficient transportation solutions have led to the increasing demand for new energy vehicles across the world. Some of the leading markets across the world have witnessed a growing demand for various types of NEVs such as passenger cars, buses, industrial vehicles, scooters, and other low-velocity neighborhood cars, golf carts, and personal mobility vehicles, among others. Depending on various government initiatives and existing infrastructure, these types of vehicles have witnessed varied rates of adoption in different countries. However, with increasing investments towards new energy vehicle production and favorable government policies, the overall NEVs market is expected to witness significant growth during the forecast period.

The report titled “Global New Energy Vehicles Market- Growth, Future Prospects and Competitive Analysis, 2020 – 2028” offers strategic insights into the global new energy vehicles market along with the market size and estimates for the duration 2018 to 2028. The said research study covers in-depth analysis of multiple market segments based on energy type, vehicle type, and cross-sectional study across different geographies and sub-geographies. The study covers the comparative analysis of different segments for the years 2019 & 2028. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities. In addition, the report covers a section providing production trends and sales in some of the major markets.

In order to help strategic decision-makers, the report also includes competitive profiling of the leading providers of new energy vehicles, market positioning, and key developments. Some of the major players profiled in the report are 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.

Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the new energy vehicles industry
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2018 – 2019)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global new energy vehicles market, offering market size and estimates for the period from 2018 to 2028, keeping in mind the above-mentioned factors.

The global new energy vehicles (NEVs) market is segmented, based on energy type, into the following categories:

• Battery Electric Vehicles (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
• Fuel Cell Electric Vehicles (FCEVs)

In 2019, the battery electric vehicles (BEVs) segment was the largest contributor in the global new energy vehicles (NEV) market, in terms of both production and sales revenue. The BEVs are widely used in various applications such as general commute, warehouse operations, and handling, and neighborhood transport. Thereby, the BEV segment is expected to maintain its dominance throughout the forecast period from 2020 to 2028.

The fuel cell electric vehicles (FCEVs) are expected to witness the fastest growth on account of ongoing technological advancements in fuel cell technology. Despite immense growth during the forecast period, the FCEVs segment is not expected to have a significant impact as compared to the BEVs and PHEVs segments in the overall NEVs market.

In 2019, Asia Pacific dominated the overall new energy vehicles (NEVs) market across the world. The segment contributed to more than half of the total revenue generated globally in 2019. With an increasing demand for energy-efficient vehicles with near to zero emissions in China, the overall Asia Pacific market is expected to witness tremendous growth during the forecast period despite being the largest market currently.

Europe and North America followed the Asia Pacific in the overall NEVs market in terms of revenue in 2019. With ongoing installations of charging stations in some of the key countries including the U.S., UK, Germany, and France, among others, these regions are expected to witness the growing adoption of the NEVs in the following years.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of New Energy Vehicles market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the New Energy Vehicles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of New Energy Vehicles market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the New Energy Vehicles market?
• Which is the largest regional market for New Energy Vehicles market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving New Energy Vehicles market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the New Energy Vehicles market worldwide?