The global electric vehicle market is expected to reach 17,957 thousand units by 2026, growing at a CAGR of 19.80% during the forecast period, 2022-2026. The base year considered for the study is 2021, and the estimated period is between 2022 and 2026. The market study has also analyzed the impact of COVID-19 on the global electric vehicle market qualitatively and quantitatively.

GLOBAL ELECTRIC VEHICLE MARKET FORECAST 2022-2026

Global Electric Vehicle Market by Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Vehicles, Fuel Cell Electric Vehicles) Market by End-use (Passenger Vehicles, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial Vehicles)) by Geography

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The global electric vehicle market is expected to reach 17,957 thousand units by 2026, growing at a CAGR of 19.80% during the forecast period, 2022-2026. The base year considered for the study is 2021, and the estimated period is between 2022 and 2026. The market study has also analyzed the impact of COVID-19 on the global electric vehicle market qualitatively and quantitatively.

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In contrast to internal combustion engines, which produce power by burning fuel and gases, electric vehicles (EVs) are propelled by an electric motor. As a result, electric vehicles are considered a potential replacement for the present generation of vehicles to address issues such as rising pollution, global warming, the depletion of natural resources, etc.

Electric Vehicle Market

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The global electric vehicle market is concentrated in China, the United States, and Europe based on high sales observed in these regions. The investments and commitments drive the market by global OEMs and market players to shift their focus from ICE vehicles to the electrification of their vehicle models. Additionally, the global GHG emission via tailpipe and overall transport industry’s emission is pushing the need to use electric vehicles as an alternative, thus propelling demand for electric vehicles for transportation purposes by businesses and governments.

Key growth enablers of the global electric vehicle market are:

  • Beneficial government subsidies and policies
    • To promote EV sales, governments are implementing enticing subsidies and policies. There are numerous advantages to buyers, including decreased selling prices, no registration fees or low registration fees, etc.
    • Some governments also exempt roads, imports, purchases, etc., depending on policies. Additionally, governments are investing in infrastructure and other favorable policies.
    • For instance, a multi-government policy forum called the Electric vehicle Initiative (EVI) was established to promote the introduction and uptake of electric vehicles globally.
  • Stringent government regulations on vehicles emission

Key growth restraining factors are:

  • Insufficient charging infrastructure
    • A major obstacle in the growth of electric vehicles is insufficient charging stations.
    • Although there are gas stations every few miles in urban and suburban areas, public infrastructure for electric vehicles is only found in major metropolitan areas.
    • Additionally, allowing people to charge where they typically park—at home or work—has its difficulties, including managing multi-tenant buildings, grid connections, and the availability of charging slots.
    • Because of this, there is a lesser network of functional charging stations, discouraging consumers from switching to EVs.
  • A potential grid overload

Global Electric vehicle Market | Top Trends

  • The growth of the global electric vehicle market largely depends upon the willingness of existing market players to shift their focus from ICE vehicles to BEV, PHEV, and FCEV-based vehicles.
  • Such transition necessitates the contribution in terms of investments, research and developments etc. Thus, many players have announced plans, investments, and commitments toward the electrification of their product offerings.
  • For instance, in December 2021, Toyota Motor Corporation announced its plan to invest in the production and development of electric vehicles. By 2026, Toyota will offer 30 BEV vehicles across all market segments, including sedans, SUVs, K-Cars, commercial vehicles, and others, under the Lexus and Toyota brands.
  • Toyota intends to invest over $70 billion worldwide in electrified cars, including HEVs, PHEVs, FCEVs, and BEVs. From 2022 through 2026, almost $35 billion will be invested in BEVs.

Market Segmentation Analysis – Propulsion Type and End-Use –

Market by Propulsion Type:

  • Battery Electric vehicle
    • In 2021, the majority of the market share was captured by battery electric vehicles in the market by propulsion type.
    • Battery electric vehicles (BEV) are all-electric vehicles with rechargeable batteries to power the motor.
    • Unlike internal combustion engines, BEVs have also been considered zero-emission vehicles as they don’t produce any air pollution hazards or toxic exhaust emissions.
  • Plug-In Hybrid Vehicles
  • Fuel Cell Electric Vehicles

Market by End-Use:

  • Passenger Vehicles
    • The passenger vehicles segment is expected to be the fastest growing market by end-use over the forecast period.
    • In 2021, it was estimated that 6,717 thousand units of electric vehicles were sold, out of which passenger vehicles accounted for over 94% of the total sales.
    • The adoption of electric passenger vehicles is credited to ongoing efforts by governments around the globe. Various schemes, grants, tax rebates, etc., to customers and manufacturers, encourage sales and production of electric passenger vehicles.
  • Commercial Vehicles
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles

Geographical Study Based on Four Major Regions:

  • North America: The United States and Canada
    • North America is expected to be the fastest-growing electric vehicle market over the forecast period.
    • The presence of major global players like Tesla Inc, General Motors Company, etc., is expected to drive the market in the region.
    • Heavy investments, research and development efforts and technological advancements by the market players will contribute to the market growth in the region.
  • Europe: The United Kingdom, Germany, France, Italy, Netherlands, Spain, Norway, Sweden, and Rest of Europe
  • Asia-Pacific: China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific
  • Rest of World: Latin America, the Middle East & Africa

Major players in the global electric vehicle market are:

  • Tesla Inc
  • Volkswagen AG
  • BYD Company Ltd
  • General Motors Company
  • Stellantis NV
  • Toyota Motor Corporation

Key strategies adopted by some of these companies:

In August 2022, Mahindra Group launched two EV brands: XUV and electric-only brand ‘Born Electric.’ Also, the company unveiled five new electric SUVs based on the company’s proprietary technology.

Sony Group Corporation and Honda Motor Company entered into a joint venture agreement in June 2022 where the parties will produce and sell premium electric vehicles and offer mobility services

Lexus, in April 2022, launched its first globally-available BEV model.

Report Synopsis:

Report Scope

Details
Market Forecast Years2022-2026
Base Year2021
Market Historical Years2018-2021
Forecast UnitsIn Thousand Units
Segments AnalyzedPropulsion Type and End-Use
Geographies AnalyzedNorth America, Europe, Asia-Pacific, and Rest of World
Companies Analyzed

BMW Group, BYD Company Ltd, Ford Motor Company, General Motors Company, Li Auto, NIO, Stellantis NV, Tesla Inc, Toyota Motor Corporation, Volkswagen AG, Xpeng

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • KEY DRIVERS
      • BENEFICIAL GOVERNMENT SUBSIDIES AND POLICIES
      • STRINGENT GOVERNMENT REGULATIONS ON VEHICLES EMISSIONS
    • KEY RESTRAINTS
      • INSUFFICIENT CHARGING INFRASTRUCTURE
      • POTENTIAL GRID OVERLOAD
  1. KEY ANALYTICS
    • IMPACT OF COVID-19 ON ELECTRIC VEHICLE MARKET
    • KEY MARKET TRENDS
    • PORTER’S FIVE FORCES ANALYSIS
      • BUYERS POWER
      • SUPPLIERS POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
    • KEY BUYING CRITERIA
    • REGULATORY FRAMEWORK
  2. MARKET BY PROPULSION TYPE
    • BATTERY ELECTRIC VEHICLES
    • PLUG-IN HYBRID VEHICLES
    • FUEL CELL ELECTRIC VEHICLES
  3. MARKET BY END-USE
    • PASSENGER VEHICLES
    • COMMERCIAL VEHICLES
      • LIGHT COMMERCIAL VEHICLES
      • HEAVY COMMERCIAL VEHICLES
  1. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • NETHERLANDS
        • SPAIN
        • NORWAY
        • SWEDEN
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY STRATEGIC DEVELOPMENTS
      • PRODUCT LAUNCHES & DEVELOPMENTS
      • PARTNERSHIPS & AGREEMENTS
      • BUSINESS EXPANSIONS & DIVESTITURES
    • COMPANY PROFILES
      • BMW GROUP
      • BYD CO LTD
      • FORD MOTOR COMPANY
      • GENERAL MOTORS COMPANY
      • LI AUTO
      • NIO
      • STELLANTIS NV
      • TESLA INC
      • TOYOTA MOTOR CORPORATION
      • VOLKSWAGEN AG
      • XPENG

LIST OF TABLES  

TABLE 1:  MARKET SNAPSHOT – ELECTRIC VEHICLE

TABLE 2:  REGULATORY FRAMEWORK

TABLE 3:  GLOBAL ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 4:  GLOBAL ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 5:  GLOBAL BATTERY ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 6:  GLOBAL BATTERY ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 7:  GLOBAL PLUG-IN HYBRID VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 8:  GLOBAL PLUG-IN HYBRID VEHICLES MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 9:  GLOBAL FUEL CELL ELECTRIC VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 10:  GLOBAL FUEL CELL ELECTRIC VEHICLES MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 11:  GLOBAL ELECTRIC VEHICLE MARKET, BY END-USE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 12:  GLOBAL ELECTRIC VEHICLE MARKET, BY END-USE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 13:  GLOBAL PASSENGER VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 14:  GLOBAL PASSENGER VEHICLES MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 15:  GLOBAL COMMERCIAL VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 16:  GLOBAL COMMERCIAL VEHICLES MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 17:  GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 18:  GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 19:  GLOBAL LIGHT COMMERCIAL VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 20:  GLOBAL LIGHT COMMERCIAL VEHICLES MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 21:  GLOBAL HEAVY COMMERCIAL VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 22:  GLOBAL HEAVY COMMERCIAL VEHICLES MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 23:  GLOBAL ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 24:  GLOBAL ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 25:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 26:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 27:  KEY PLAYERS OPERATING IN NORTH AMERICA ELECTRIC VEHICLE MARKET

TABLE 28:  EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 29:  EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 30:  KEY PLAYERS OPERATING IN EUROPE ELECTRIC VEHICLE MARKET

TABLE 31:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 32:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 33:  KEY PLAYERS OPERATING IN ASIA-PACIFIC ELECTRIC VEHICLE MARKET

TABLE 34:  REST OF WORLD ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

TABLE 35:  REST OF WORLD ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

TABLE 36:  KEY PLAYERS OPERATING IN REST OF WORLD ELECTRIC VEHICLE MARKET

TABLE 37:  LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 38:  LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 39:  LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: KEY BUYING CRITERIA

FIGURE 7: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2021

FIGURE 8: GLOBAL ELECTRIC VEHICLE MARKET, BY BATTERY ELECTRIC VEHICLE, 2022-2026 (IN THOUSAND UNITS)

FIGURE 9: GLOBAL ELECTRIC VEHICLE MARKET, BY PLUG-IN HYBRID VEHICLES, 2022-2026 (IN THOUSAND UNITS)

FIGURE 10: GLOBAL ELECTRIC VEHICLE MARKET, BY FUEL CELL ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

FIGURE 11: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY END-USE, IN 2021

FIGURE 12: GLOBAL ELECTRIC VEHICLE MARKET, BY PASSENGER VEHICLES, 2022-2026 (IN THOUSAND UNITS)

FIGURE 13: GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

FIGURE 14: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLES, IN 2021

FIGURE 15: GLOBAL ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

FIGURE 16: GLOBAL ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

FIGURE 17: NORTH AMERICA ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2021 & 2026 (IN %)

FIGURE 18: UNITED STATES ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 19: CANADA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 20: EUROPE ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2021 & 2026 (IN %)

FIGURE 21: UNITED KINGDOM ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 22: GERMANY ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 23: FRANCE ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 24: ITALY ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 25: NETHERLANDS ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 26: SPAIN ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 27: NORWAY ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 28: SWEDEN ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 29: REST OF EUROPE ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 30: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2021 & 2026 (IN %)

FIGURE 31: CHINA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 32: JAPAN ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 33: INDIA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 34: SOUTH KOREA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 35: AUSTRALIA & NEW ZEALAND ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 36: REST OF ASIA-PACIFIC ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 37: REST OF WORLD ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2021 & 2026 (IN %)

FIGURE 38: LATIN AMERICA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

FIGURE 39: MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

  1. MARKET BY PROPULSION TYPE
    • BATTERY ELECTRIC VEHICLES
    • PLUG-IN HYBRID VEHICLES
    • FUEL CELL ELECTRIC VEHICLES
  2. MARKET BY END-USE
    • PASSENGER VEHICLES
    • COMMERCIAL VEHICLES
      • LIGHT COMMERCIAL VEHICLES
      • HEAVY COMMERCIAL VEHICLES
  1. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • NETHERLANDS
        • SPAIN
        • NORWAY
        • SWEDEN
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA

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    Frequently Asked Questions (FAQs):

    Which is the fastest-growing region in the global electric vehicle market?

    North America is anticipated to be the fastest-growing region in the global electric vehicle market over the forecast period.

    What segments are covered in the global electric vehicle market report?

    Propulsion type and end-use are covered in the global electric vehicle market.

    What is the major end-use in the global electric vehicle market?

    Passenger vehicles are the largest market by end use in the global electric vehicle report.

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    We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.

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