Global Electric Vehicle Market Expected To Reach USD 802.75 Billion By 2028, With a CAGR Of 21.6% | Growth Market Reports
PUNE, India, May 17, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Electric Vehicle Market by Vehicle Types (Passenger Cars, Commercial Vehicles, and Two Wheelers), Vehicle Class (Mid-Priced and Luxury), Types (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-In Hybrid Electric Vehicles (PHEV)), and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market size was valued at USD 273.31 billion in 2020 and is projected to reach USD 802.75 billion by 2028, expanding at a CAGR of 21.6% during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing fuel prices and adverse effect of traditional fuel vehicles.
Electric vehicle runs on electricity. These vehicles do not have internal engine, as they function on electric motor that needs constant electric supply from batteries. Different types of batteries are used in electric vehicles such as molten salt, lithium ion, several nickel-based designs, and zinc air. Main motive of launching electric vehicle was to reduce environmental pollution.
Key Market Players Profiled in the Report
- Tesla
- Nissan
- BMW
- BYD
- Volkswagen AG
- Toyota Motor Corporation
- Daimler AG
- BYD Company Motors
- Ford Motor Company
- Tata Motors
- Bajaj Auto Corp
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Electric Vehicle Market
Based on vehicle types, the global electric vehicle market is segregated as passenger cars, commercial vehicles, and two wheelers. The commercial vehicles segment is projected to expand at a rapid pace during the forecast period. Growth of the segment is attributed to rising adoption of electric buses in developing countries such as India and China. Various countries are focusing on replacing their existing fuel-based buses with electric buses. Rising trend of replacement of fossil fuel-based vehicles with electric buses are likely to boost the market. Moreover, advancements in the battery of electric vehicles to improve the load capacity of vehicle are expected to drive the segment. The growth of logistics, shared mobility, and e-commerce is expected to propel the market during the forecast period.
The two-wheeler segment is expected to expand at a substantial CAGR during the forecast period. Transportation poses a challenge in several developing countries and many people in these regions opt for two wheelers. Rising petrol prices encouraged consumers to adopt electric vehicles.
On the basis of vehicle class, the global electric vehicle market is bifurcated into mid-priced and luxury. The mid-priced vehicle segment held a major market share of the total revenue in 2018. The price of batteries is decreasing, which leads to decreasing price of electric vehicles. Mid-class vehicles have few features with limited emphasis on instrument cluster and infotainment. Key player in the mid-price vehicle segment is China. Companies like Smart, Great Wall Motors, and BYD are focusing on manufacturing less expensive cars. In 2018, Great Wall Motors declared a partnership with BMW to launch MINI vehicles in China. In December 2018, the company introduced a new flagship vehicle under its new brand, 'ORA' electric car: the ORA R1.
In terms of types, the global electric vehicle market is classified as battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The BEV segment is estimated to expand at a CAGR of more than 25% during the forecast period. Growth of the segment is attributed to rising environmental awareness and multiple advantages of BEV. The PHEV segment is anticipated to expand at a substantial CAGR of 45% during the forecast period. Government of developing countries such as China and India are taking initiatives to promote the usage of electric vehicles. Moreover, major companies such as Volkswagen Group are concentrating on increasing its sales of plug-in electric cars. The HEV segment provides fuel-based and electric driving base. This feature has increased HEV sales in regions with inadequate charging infrastructure.
On the basis of regions, the global electric vehicle market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Automotive industries in Asia Pacific such as Japan, South Korea, and China are inclined towards technology, development, and innovation of advanced electric vehicles. Rising demand for decreasing carbon emissions and developing fast and advanced charging stations are estimated to boost the market in the region. Additionally, presence of major players such as BAIC, BYD, SAIC, and Chery in the region is expected to propel the market. Several companies are concentrating on manufacturing electric vehicles in China. For instance, Tesla Inc. has planned to manufacture more than 150 thousand 3s car Models in Shanghai, China. In 2018, Volkswagen Group declared its plan to manufacture 22 billion EVs until 2026. Among that, half of the cars were to be manufactured in China.
North America held a considerable market share of around 15% of the total revenue in 2019. Growth of the market is attributed to initiatives taken by policy makers, automotive manufacturers, charging network companies, and non-profit organizations. Furthermore, in 2018, Electrify America was launched to promote EV adoption and had a plan to invest USD 200 billion in California. Thus, demand for EV in North America is projected to rise during the forecast period.
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Market Drivers, Restraints, Trends, and Opportunities
- Technological advancements have increased the popularity of electric vehicles.
- Rising awareness of clean environment has increased the demand for electric vehicles.
- Increasing fuel prices and adverse effects of traditional fuel on environment have increases the demand for electric vehicles.
- Changing consumer preferences towards hybrid or battery-powered cars is expected to drive the market.
- Rising demand for fuel efficient, low emission, and high-performance vehicles are estimated to fuel the market.
- Favorable government policies, support for subsidies & grants, and tax rebates is projected to drive the market.
- Factors such as low fuel economy & serviceability and high cost of manufacturing are expected to hamper the market growth.
- Absence of charging infrastructure is estimated to hamper the market growth.
- Rising preference for electric vehicles in government and commercial sector is projected to fuel the market.
Read 160 Pages Research Report with Detailed ToC on "Electric Vehicle Market by Vehicle Types (Passenger Cars, Commercial Vehicles, and Two Wheelers), Vehicle Class (Mid-Priced and Luxury), Types (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-In Hybrid Electric Vehicles (PHEV)), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa)"
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Segments Covered in the Report:
The global electric vehicle market has been segmented on the basis of
Vehicle Types
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Vehicle Class
- Mid-Priced
- Luxury
Types
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-In Hybrid Electric Vehicles (PHEV)
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
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