At 24.5% CAGR, Global Electric Vehicle Market Size & Share to Surpass US$ 980 Bn by 2028

By Facts & Factors

NEW YORK, US, March 15, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Electric Vehicle (EV) Market By Module (On-Board Charger, Battery Cells & Packs, Infotainment System, and Others), By Charging Station (Super and Normal), By Propulsion (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Plug-In Electric Vehicles, and Hybrid Electric Vehicles), By Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles), By Drivetrain (Series Hybrid, Parallel Hybrid, and Combined Hybrid), By Vehicle Class (Luxury and Mid-Priced), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.

“According to the latest research study, the demand of global Electric Vehicle Market size & share was valued at roughly USD 185 billion in 2021 and is expected to reach USD 980 billion by 2028 at a compound annual growth rate (CAGR) of 24.5% during the forecast period 2022-2028.” The report analyzes various factors and their implications on the electric vehicle market’s growth.

What is the electric vehicle market? How much is the electric vehicle industry worth?

Electric Vehicle (EV) Market Overview:

Electric vehicles (EVs), unlike gasoline-fueled vehicles, are powered by electricity. Instead of a gasoline engine, these vehicles use an electric motor that runs on a large quantity of energy from batteries. A variety of batteries are used in these vehicles. The electric vehicle was developed primarily to replace polluting traditional ways of transportation. As a result of various technological developments, it has gained in popularity.

It outperforms traditional automobiles in terms of fuel efficiency, carbon emissions, and maintenance, as well as ease of charging at home, a smoother ride, and less engine noise. Pure, hybrid, and plug-in hybrid batteries are the three primary types of electric car batteries. Electric vehicles are also slightly more expensive than gasoline-powered competitors, despite the fact that they do not require engine oil changes.

Market Growth Factors

• Strict government restrictions and regulations toward vehicle emission are expected to drive the market’s growth

The expansion of the electric vehicle market has been helped by public awareness campaigns promoting the use of electric vehicles as well as an increase in the number of electric vehicle manufacturing plants. Electric vehicles employ low-emission technology that aids in the reduction of greenhouse gas emissions and the resolution of other environmental challenges. To reduce greenhouse gas emissions, a number of developing economies are turning to long-term solutions. Concerns about emissions from traditional internal combustion engines have spurred demand for electric vehicles, which has benefited the global electric vehicle market. In many ways, such as motors, battery capacities, and other electrical components, an electric vehicle outperforms a typical IC-engine vehicle.

Despite the fact that electric vehicles have been shown to be superior to traditional vehicles, electric vehicles have a hefty price tag, which may lead to client apathy in this sector. The lack of charging stations in large cities is a significant impediment to the global electric vehicle market’s expansion. Electric vehicles lack an alternative source of fuel, putting commute schedules in peril. The automobile may halt if the battery is completely depleted, putting the traveler in danger. These flaws in electric vehicles constitute a significant market disadvantage.

Some of the main competitors dominating the global electric vehicle market are;

• Tesla Inc.
• Okinawa Autotech Pvt. Ltd.
• Ford Motor
• Hyundai Motor Company
• Kia Corporation
• Tata Motors
• BYD Company Limited
• Hero Electric
• Nissan Motors Co. Ltd.
• Volkswagen AG
• General Motors
• Rivain
• Daimler AG
• Chevrolet
• BMW AG.
• Mahindra Electric Mobility Limited
• Toyota Motor Corporation

Electric Vehicle Market: COVID-19 Impact Analysis

The COVID-19 outbreak has had a detrimental effect on the automobile sector as a whole, and thus on the electric vehicle market as well. According to data supplied by the Society of Electric Vehicle Manufacturers (SMEV), new EV registrations of all types of electric vehicles fell by 20% during FY21 compared to FY20.

Furthermore, in the midst of the pandemic, various players are attempting to design novel techniques in order to maintain up with the situation, such as deploying electric cars for medical supplies because they provide economical transportation with outstanding agility. For instance, Omega Seiki Mobility has launched Rage+frost, a cold load carrier three-wheeler specifically built for vaccines, medicine, and food distribution in these difficult circumstances.

Key questions answered in this report:

• What is the market size and growth rate forecast for Electric Vehicle Industry?
• What are the main driving factors propelling the Electric Vehicle Market forward?
• What are the leading companies in the Electric Vehicle Industry?
• What segments does the Electric Vehicle Market cover?
• How can I receive a free copy of the Electric Vehicle Market sample report and company profiles?

Directly Purchase a copy of the report with TOC @ https://www.fnfresearch.com/buynow/su/electric-vehicle-market

Key Insights from Primary Research:

• As per the analysis shared by our key respondents, the Electric Vehicle market is expanding at a CAGR of around 24.5% during 2022-2028.
• The Electric Vehicle market was assessed at approximately USD 185 billion in 2021and is expected to surpass USD 980 billion by 2028, based on primary research.
• Based on the vehicle type segment, Passenger cars dominate the market and have the highest CAGR.
• On the basis of region, the Asia Pacific region dominates the electric vehicle market.

Who dominates the electric vehicle market?

Segmentation Analysis

The global electric vehicle market is segregated on the basis of module, charging station, propulsion, vehicle type, drivetrain, vehicle class, and region.

• Rising demand for electric vehicles boosts battery cells

By module, the market is divided into on-board chargers, battery cells & packs, infotainment systems, and others. Rising demand for electric vehicles boosts battery cells and pack manufacturing unexpectedly. As a result of this element, automotive battery makers or suppliers are always focused on research and development, which has helped to reduce battery costs. This aspect enables the market to develop at the fastest CAGR. By charging station, the market is segmented in super and normal. Normal charging stations dominate the market, as the majority of customers choose to charge their vehicle at home while it is idle. By propulsion, the market is classified into battery electric vehicles, fuel cell electric vehicles, plug-in electric vehicles, and hybrid electric vehicles. The battery electric vehicle segment dominates the market, but hybrid electric vehicles are predicted to increase at the fastest rate in the forecasted years.

• Passenger cars dominate the market

By vehicle type, the market is divided into two-wheelers, passenger cars, and commercial vehicles. Passenger cars dominate the market and have the highest CAGR. By drivetrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. The series hybrid drivetrain segment dominates the market because it provides maximum efficiency when driving on city streets or in congested areas. In comparison to parallel hybrid vehicles, series hybrid vehicles have higher fuel efficiency and lower emissions. By vehicle class, the market is segmented into luxury and mid-priced. Mid-priced vehicles segment dominates the market and also has the highest CAGR.

Regional Dominance: (Future of Electric Vehicle Market)

• Asia Pacific region dominates the electric vehicle market

Asia Pacific electric vehicle industry is dominated by China, which is the world’s leading manufacturer of electric vehicles and exporter of significant component parts for electric vehicles. According to the IEA’s worldwide electric vehicle projection, China will be the market leader in 2030, with a share of roughly 57%. Furthermore, foreign manufacturers such as General Motors and Volkswagen are stepping up their operations in China. Because of rising population consumption, the European area is predicted to increase at the fastest rate during the forecast period.

Recent Developments

• April 2021: Toyota Motor Corporation introduced Toyota bZ, a new BEV product line that includes a comprehensive range of models. By 2025, the business plans to introduce 15 BEV models, including seven new Toyota by BEV variants.
• October 2020: Hino Motors, Ltd. (Hino) and BYD Firm Ltd. formed a joint venture agreement to establish a new company dedicated to the development of commercial BEVs.

Browse the full “Electric Vehicle Market By Module (On-Board Charger, Battery Cells & Packs, Infotainment System, and Others), By Charging Station (Super and Normal), By Propulsion (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Plug-In Electric Vehicles, and Hybrid Electric Vehicles), By Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles), By Drivetrain (Series Hybrid, Parallel Hybrid, and Combined Hybrid), By Vehicle Class (Luxury and Mid-Priced), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/electric-vehicle-market

The global electric vehicle market is segmented as follows:

By Module

• On-Board Charger
• Battery Cells & Packs
• Infotainment System
• Others

By Charging Station

• Normal
• Super

By Propulsion

• Battery Electric Vehicles
• Fuel Cell Electric Vehicles
• Plug-In Electric Vehicles
• Hybrid Electric Vehicles

By Vehicle Type

• Two-wheelers
• Passenger Cars
• Commercial Vehicles

By Drivetrain

• Series Hybrid
• Parallel Hybrid
• Combined Hybrid

By Vehicle Class

• Luxury
• Mid-Priced

Key Offerings:

• Market Size, Share, Trends & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Module, Charging Station, Propulsion, Vehicle Type, Drivetrain, Vehicle Class, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors