Global Electric Vehicle Market Size Is Expected To Reach USD 980 Billion By 2028

14-Mar-2022 | Facts and Factors

The global electric vehicle market was valued at roughly USD 185 billion in 2021 and is expected to reach USD 980 billion by 2028 at a CAGR of 24.5% during the forecast period 2022-2028.

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Electric vehicles, 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.

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.

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

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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.

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

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.

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 percent. 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.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 185 Billion

Projected Market Size in 2028

USD 980 Billion

CAGR Growth Rate

24.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Chevrolet Motor Company, Karma Automotive, Okinawa Autotech Pvt. Ltd., WM Motor, Ford Motor Company, Benling India Energy and Technology Pvt Ltd, Hyundai Motor Company, Mahindra Electric Mobility Limited, Toyota Motor Corporation, Energica Motor Company S.p.A., Kia Corporation, Ampere Vehicles, Lucid Group, Inc., Tata Motors, Xiaopeng Motors, NIO, BYD Company Limited, Hero Electric, Nissan Motors Co., Ltd., Volkswagen AG, General Motors, Rivain, Daimler AG, Tesla Inc., BMW AG., and Others

Key Segment

By Module, Charging Station, Propulsion, Vehicle Type, Drivetrain, Vehicle Class, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the main competitors dominating the global electric vehicle market are Chevrolet Motor Company, Karma Automotive, Okinawa Autotech Pvt. Ltd., WM Motor, Ford Motor Company, Benling India Energy and Technology Pvt Ltd, Hyundai Motor Company, Mahindra Electric Mobility Limited, Toyota Motor Corporation, Energica Motor Company S.p.A., Kia Corporation, Ampere Vehicles, Lucid Group, Inc., Tata Motors, Xiaopeng Motors, NIO, BYD Company Limited, Hero Electric, Nissan Motors Co., Ltd., Volkswagen AG, General Motors, Rivain, Daimler AG, Tesla Inc., and BMW AG.

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 bZ 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.

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

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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