Pune, India, Sept. 06, 2021 (GLOBE NEWSWIRE) — The global electric vehicle market size was USD 246.70 billion in 2020. This 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. This information is published by Fortune Business Insights™ in its report titled, “Electric Vehicle Market, 2021-2028.”
According to our expert analysts, the environmental effect of conservative gasoline automobiles and the rise in fuel prices have given novel prospects to alternative fuel vehicles in the market. Purchasers are progressively partial towards using battery-powered or hybrid vehicles, which is estimated to bolster the electric vehicle market growth and demand.
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We deliver our reports which are directed with an all-inclusive analysis approach that primarily accentuates on providing accurate information. Our scholars have utilized a data triangulation approach which further aids us to deliver reliable approximations and test the overall market dynamics precisely. Further, our experts have gained admittance to various international as well as local financed records for offering revised material in order for the shareholders and business experts to make investments only in the indispensable areas.
Market to Demonstrate Affirmative Signals of Retrieval Post COVID-19 Crisis
The coronavirus was stated as a public health emergency crisis and had an adverse influence on the global automotive industry. Moreover, the lockdown occasioned owing to the COVID-19 crisis resulted in the shutting down of numerous automotive production divisions. However, the augmented sales of all kinds of EV’s in the second half of 2020 as the lockdown rules were softened in the majority of the nations.
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On the basis of vehicle type, the EV market is segregated into commercial vehicles and passenger cars.
Based on the type, the market is classified into a Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Battery Electric Vehicle (BEV). The HEV segment led the market with a revenue share of above 65% in 2020.
Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
Drivers and Restraints
Promising Government Backings and Strategies to Endorse EV Sales
Governments of almost every region are offering enticing incentives and strategies to reassure the sales of electric vehicles. It offers several profits to customers, such as declined selling prices, zero or low processing fees, and the cost-free charging infrastructure of EVs at numerous charging stations. Furthermore, numerous governments across the globe excuse road tax, import tax, as well as purchase tax grounded on diverse grants.
These subsidies have also encouraged automobile producers to enhance their EV manufacturing. Additionally, the government has also financed infrastructure construction and promising articulated policies. For example, the U.S. government is scheduling to make an investment worth USD 287 billion on highway constructions in the coming five years.
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High Demand for Passenger Vehicles to Aid Growth in Asia Pacific
Asia Pacific held maximum electric vehicle market share and is projected to display substantial growth in the global market owing to the increasing demand for passenger vehicles in emerging economies. China is responsible for the maximum share regarding passenger automobiles and other vehicles.
Further, Europe is estimated to emerge as the prime region. The methods conducted by the local government to deteriorate carbon releases have been the powering aspect for the growth of the market in Europe.
Inventive Product Launch Declaration by Chief Players to Boost Market Growth
The important players present in the market often implement numerous tactics to boost their position in the market as dominating companies. One such prominent tactic is procuring companies to thrust the brand value among users. Another vital tactic is intermittently promoting innovative products with a methodical analysis of the market and its target audience.
April 2020: Honda Motor Co., Ltd. and General Motors (GM) agreed to co-jointly manufacture two all-novel EVs for Honda, with the assistance of the advanced technology from GM in electric vehicle platform driven by Ultium batteries.
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List of Key Players Covered in this Market Report
- BMW Group
- BYD Company Ltd.
- Daimler AG
- Ford Motor Company
- General Motors Company
- Nissan Motor Corporation
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
- Groupe Renault
Major Table of Content for Electric Vehicle Market:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Impact of COVID-19
- Global Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of the World
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