Electric Vehicle (EV) Market Size to Reach USD 917.70 Billion in 2028, Says Reports and Data

Rising government investments in development of charging infrastructure and significant advancements in charging technologies are key factors driving market revenue growth

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Reports And Data

Oct 18, 2021, 09:35 ET

NEW YORK, Oct. 18, 2021 /PRNewswire/ -- The global Electric Vehicle (EV) market size is expected to reach USD 917.70 Billion in 2028 and register a revenue CAGR of 20.6% over the forecast period, according to a latest report by Reports and Data. Supportive government policies and regulations, rising environmental concerns, decreasing prices of batteries, and advancements in charging technologies are some key factors expected to drive market revenue growth. Technological advancements have brought down overall cost of Electric Vehicles (EVs) and various battery producers are specializing in offering excessive-capacity batteries and lowering battery prices to develop cost-efficient and high performance electric mobility.

Governments are investing in charging infrastructures both through direct investments for public charging stations or by offering subsidies for private charging stations at houses and workplaces. In addition, offering attractive incentives and policies such as subsidy, lower registration fees, and free EV charging infrastructure at most charging stations to promote sales of EVs are factors expected to support market growth. Besides, exemption of road tax, purchase tax, and import duties, depending on the different subsidies, are encouraging automobile producers to increase EV production.

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Automotive manufacturers are responding well to the ever-changing market trends. Manufacturing and capacity at a number EV production plants is expected to increase owing to presence of supportive government policies. Utilities and power companies are also increasing investment in development of EV charging infrastructure, which further supports market growth.

Some Key Highlights From the Report

Commercial vehicle segment revenue is expected to register significantly steady growth rate over the forecast period. Governments in countries around the world are focusing on electrification of commercial vehicles to reduce greenhouse gas emissions, which is expected to positively impact market revenue growth.
Plug-In Hybrid Electric Vehicle (PHEV) segment revenue is expected to expand significantly over the forecast period. PHEVs can be recharged from domestic electric power sources, use roughly 30–40 percent of petroleum compared to other ICE vehicles, and carbon emissions are substantially lower than regular vehicles.
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The Electric Vehicle (EV) market in Asia Pacific is expected to register robust revenue CAGR over the forecast period. Rising disposable income, increasing air pollution rate in countries such as China, and India, and technological advancements in charging infrastructure are key factors expected to drive demand for EVs in this region. Also, rising investment in R&D by market players to develop and introduce more innovative electric charging technologies is expected to drive market growth.
Companies in global market report include Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Daimler AG, Energica Motor Company S.p.A, Ford Motor Company, General Motors Company, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, and Volkswagen AG.
In March 2021, Volvo announced the launch of its new C40 Rechargeable model. According to company, the vehicle is primarily designed as an electric car and its features are the same as the XC60 model.

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For the purpose of this report, Reports and Data has segmented the Electric Vehicle (EV) market based on vehicle type, battery type, propulsion, and region:

Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)

Passenger Cars
Commercial Vehicles
Two-wheelers

Battery Type Outlook (Revenue, USD Billion; 2018-2028)

Lithium-Ion
Lead-Acid
Nickel-Metal Hydride
Sodium-Ion
Others

Propulsion Outlook (Revenue, USD Billion; 2018-2028)

Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)

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Regional Outlook (Revenue, USD Billion; 2018-2028)

North America

U.S.
Canada
Mexico

Europe

Germany
UK
France
Italy
Spain
Sweden
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of APAC

Latin America

Brazil
Rest of LATAM

Saudi Arabia
UAE
South Africa
Israel
Rest of MEA

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About Reports and Data

RND is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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