The global electric vehicle market size was USD 246.70 billion in 2020. In conclusion This market is anticipated to grow from USD 287.36 billion in 2021 to USD 1,318.22 billion in 2028 at a CAGR of 24.3% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Electric Vehicle Market, 2021-2028.”
Electric Vehicles Market Key Players Analyzed in Report are Ford Motor Company (Michigan, U.S.), General Motors Company (Michigan, U.S.), Nissan Motor Corporation (Kanagawa, Japan), Tesla, Inc. (California, U.S.), Toyota Motor Corporation (Toyota City, Japan), Volkswagen AG (Wolfsburg, Germany), Groupe Renault (Boulogne-Billancourt, France), BMW Group (Munich, Germany), BYD Company Ltd. (Shenzhen, China), Daimler AG (Stuttgart, Germany).
According to our expert analysts, the environmental effect of conservative gasoline automobiles and the rise in fuel prices have given novel prospects to alternative fuel vehicles in the market. In other words Purchasers are progressively partial towards using battery-powered or hybrid vehicles, which is estimated to bolster the electric vehicle market growth and demand.
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||24.3%|
|2028 Value Projection||USD 1,318.22 billion|
|Market Size in 2021||USD 287.36 billion|
|Historical Data for||2017 to 2019|
|No. of Pages||250|
|Segments covered||Vehicle Type, Type, and Geography|
|Growth Drivers||In other words Favorable Government Subsidies and Policies to Promote Sales|
|Strict Government Regulations on Vehicle Emissions to Boost Growth|
Market to Demonstrate Affirmative Signals of Retrieval Post COVID-19 Crisis
According to report The coronavirus was stated as a public health emergency crisis and had an adverse influence on the global automotive industry. Moreover, the lockdown occasioned owing to the COVID-19 crisis resulted in the shutting down of numerous automotive production divisions. However, the augmented sales of all kinds of EV’s in the second half of 2020 as the lockdown rules were softened in the majority of the nations.
Therefore EVs are superior as compared to traditional fuel automobiles, but the cost is higher than that of gasoline-powered vehicles. These vehicles have not yet achieved economies of scale as they are not mass-produced. In addition, the absence of charging infrastructure associated with the development of EVs has proven to be a negative factor, which has affected the growth of the market. Likewise, the manufacturers need a lot of investment and assets, which may also hamper the growth of the market. However, owing to the increased production of EV batteries on a mass scale in large volumes and technological advancements, the cost of batteries is expected to decrease in the upcoming years.
Importantly On the basis of vehicle type, the EV market is segregated into commercial vehicles and passenger cars.
Based on the type, the market is classified into a Hybrid Electric Vehicle (In other words HEV), Plug-In Hybrid Electric Vehicle (In other words PHEV), and Battery Electric Vehicle (In other words BEV). The HEV segment led the market with a revenue share of above 65% in 2020.
Moreover, Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
Drivers and Restraints:
Moreover Governments of almost every region are offering enticing incentives and strategies to reassure the sales of electric vehicles. For example in addition governments across the globe excuse road tax, import tax, as well as purchase tax grounded on diverse grants.
Moreover These subsidies have also encouraged automobile producers to enhance their EV manufacturing. Additionally, the government has also financed infrastructure construction and promising articulated policies. Therefore the U.S. government is scheduling to make an investment worth USD 287 billion on highway constructions in the coming five years.
Likewise China is responsible for the maximum share regarding passenger automobiles and other vehicles.
However, on the other hand Europe is estimated to emerge as the prime region. The methods conducted by the local government to deteriorate carbon releases have been the powering aspect for the growth of the market in Europe.
In conclusion The important players present in the market often implement numerous tactics to boost their position in the market as dominating companies. Moreover One such prominent tactic is procuring companies to thrust the brand value among users.
- BMW Group (Munich, Germany)
- BYD Company Ltd. (Shenzhen, China)
- Daimler AG (Stuttgart, Germany)
- Ford Motor Company (Michigan, U.S.)
- General Motors Company (Michigan, U.S.)
- Nissan Motor Corporation (Kanagawa, Japan)
- Tesla, Inc. (California, U.S.)
- Toyota Motor Corporation (Toyota City, Japan)
- Volkswagen AG (Wolfsburg, Germany)
- Groupe Renault (Boulogne-Billancourt, France)
Global Electric Vehicles Market Segmentation:
By Vehicle Type:
- Passeger Car
- Commercial Vehicle
- Battery Electric Vehicle (In other words BEV)
- Plug-In Hybrid Electric Vehicle (In other words PHEV)
- Hybrid Electric Vehicle (In other words HEV)
- North America (In other words USA, Canada)
- Europe ( In other words UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (In other words Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (In other words Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (In other words South Africa, GCC, and Rest of Middle East & Africa)
Table Of Content:
- Moreover Introduction
1.1. Moreover Research Scope
1.2. Moreover Market Segmentation
1.3. Moreover Research Methodology
3.1. Moreover Market Drivers
3.2. Moreover Market Restraints
3.3. Moreover Market Opportunities
- Moreover Key Insights
4.1 Moreover Merger, Acquisitions, and Partnerships
4.2 Moreover Porter’s Five Forces Analysis
4.3 Moreover SWOT Analysis
4.4 Moreover Technological Developments
4.5 Moreover Impact of COVID-19
- Moreover Global Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028
5.1. Moreover Key Findings / Summary
5.2. Moreover Market Analysis, Insights and Forecast – By Type
5.2.1 Moreover Battery Electric Vehicle (BEV)
5.2.2 Moreover Plug-In Hybrid Electric Vehicle (PHEV)
5.2.3 Moreover Hybrid Electric Vehicle (HEV)
5.3 Moreover Market Analysis, Insights and Forecast – By Vehicle Type
5.3.1 Moreover Passenger Car
5.3.2 Moreover Commercial Vehicle
5.4. Moreover Market Analysis, Insights and Forecast – By Region
5.4.1 Moreover North America
5.4.2 Moreover Europe
5.4.3 Moreover Asia pacific
5.4.4 Moreover Rest of the World