Pune, India, Nov. 15, 2021 (GLOBE NEWSWIRE) -- The global electric vehicle market size was USD 246.70 billion in 2020. The 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. The sudden rise in CAGR is attributable to this market’s growth and demand, returning to pre-pandemic levels once the coronavirus crisis is over.
The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 24.3% |
| 2028 Value Projection | USD 1,318.22 billion |
| Base Year | 2020 |
| 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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Around the world, traditional fuel vehicles are one of the main causes of air pollution. Therefore, it forces many governing bodies to impose strict emission regulations on car market manufacturers to curb vehicle emissions. In recent years, the demand for PHEV, Fuel Cell Electric Vehicle (FCEV), and BEV is increasing considerably among consumers because these vehicles do not use traditional fuels such as gasoline or diesel as power. The maintenance cost of EVs is also considerably less, which gives it an advantage over traditional fuel-based vehicles.
Stringent Emission Regulations to Enhance Business Development
The constant efforts to curb greenhouse gas emissions have led to the implementation of strict emission laws by the governments, which, in, turn will bolster the healthy growth of the market. For instance, in Europe, a regulation was imposed to reduce the CO2 emissions of light and medium commercial vehicles by 15% by 2025. More countries have mandated the regular pollution-check of vehicles. The implementation of the Bharat Stage VI (BS-VI) norm in India with an aim to use efficient engines in reducing carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global market during the forecast period.
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Regional Highlights:
Asia Pacific is expected to show significant growth in this market owing to the growing demand for passenger cars in developing nations. China accounts for the largest share in terms of passenger cars and other automobiles. Moreover, North America is expected to witness the highest growth in the market. The regional growth can be attributed to growing initiatives by the Department of Energy (DOE) to build charging infrastructure throughout the U.S. to support the growing number of EVs in the region.
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Governments are offering attractive incentives and policies to encourage the sales of EVs. It provides consumers with multiple benefits, such as reduced selling prices, zero or low registration fees, and the free charging infrastructure of EVs at multiple charging stations. Moreover, several governments across the world exempt road tax, import tax, and purchase tax based on different subsidies. These subsidies have also stimulated automobile manufacturers to upsurge their EV production. In addition, the government has also invested in infrastructure construction and formulated favorable policies. For instance, the U.S. government is planning to invest USD 287 billion in highway developments over the next five years. In addition, the government shall also be developing EV charging stations across the United States to support the development of these vehicles in the country.
- 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
By Type:
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Geography
- 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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