At 24.3% CAGR, Electric Vehicles Market Size [2021-2028] to Reach USD 1,318.22 Billion
Pune, India, Dec. 09, 2021 (GLOBE NEWSWIRE) — The global electric vehicle market size was USD 246.70 billion in 2020. 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.”
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. Purchasers are progressively partial towards using battery-powered or hybrid vehicles, which is estimated to bolster the electric vehicle market growth and demand.
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|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||Favorable Government Subsidies and Policies to Promote Sales|
|Strict Government Regulations on Vehicle Emissions to Boost Growth|
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Market to Demonstrate Affirmative Signals of Retrieval Post COVID-19 Crisis
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.
Drivers and Restraints:
Governments of almost every region are offering enticing incentives and strategies to reassure the sales of electric vehicles. It offers several profits to customers, such as declined selling prices, zero or low processing fees, and the cost-free charging infrastructure of EVs at numerous charging stations. Furthermore, numerous governments across the globe excuse road tax, import tax, as well as purchase tax grounded on diverse grants.
These subsidies have also encouraged automobile producers to enhance their EV manufacturing. Additionally, the government has also financed infrastructure construction and promising articulated policies. For example, the U.S. government is scheduling to make an investment worth USD 287 billion on highway constructions in the coming five years.
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The important players present in the market often implement numerous tactics to boost their position in the market as dominating companies. One such prominent tactic is procuring companies to thrust the brand value among users. Another vital tactic is intermittently promoting innovative products with a methodical analysis of the market and its target audience.
- 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)
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Global Electric Vehicles Market Segmentation:
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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