• Stacy Lawlor

Global Electric Vehicle Market Size to Grow $691.56 Billion By 2028

The Global Electric Vehicle Market Size was valued at USD 229.07 billion in 2021. The market is projected to grow USD 691.56 billion in 2028 at a CAGR of 17.10%.

Electric Vehicles run on an electric motor that requires a constant supply of energy from batteries to operate. Electric vehicles were designed to replace traditional means of travel as they are one of the main causes of environmental pollution.

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EVs are gaining traction across the globe due to low carbon emission and maintenance, the convenience of charging at home, reduced engine noise, fuel efficiency, and smoother drive. Moreover, stringent government regulation regarding vehicle emissions and the drop in prices electric vehicle batteries drive the market.

The COVID-19 pandemic has had an adverse effect on the global automotive sector. The automobile industry has also suffered in terms of vehicle production and sales, across the globe.

For instance, the Society of Electric Vehicle Manufacturers (SMEV), said that electric vehicle registrations fell by 20% in 2021 i.e. 236,802 units, down from 295,683 units in 2020.

In addition, during the pandemic, key players are trying to devise several approaches like Omega Seiki introducing a new Rage+ Frost electric three-wheeler with refrigeration for COVID-19 vaccine delivery. Rage+ Frost will require no maintenance, provide pollution-free delivery of essentials, economic and environmental gain, and maximize productivity. This helps in increasing sales during the forecast period.

The development of self-driving electric vehicle technology, proactive government initiatives, and technological advancements in the electric vehicles industry is expected to create opportunities for the key players operating in the market.

Governments provide consumers with multiple benefits, such as zero or low registration fees, and subsidies are prominent factors that drive market growth.

For instance, The U.S. Department of Transportation’s Federal Highway Administration (FHWA) has invested USD 60 million in Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Program. This program supports electric-vehicle charging and other technologies that help reduce emissions. Electric vehicle sales are also growing with the rising stringency of vehicle emission norms to curb pollution.

The Ministry of Power India clarified that no license is required to operate electric vehicle charging stations in the country. This is also expected to drive growth in this market.

The Asia-Pacific is the largest market for electric vehicles, due to governments of developing countries offering attractive incentives on registrations of new electric vehicles such as zero or low registration fees, and the free charging infrastructure of electric vehicles. Moreover, China accounts for the huge share in the region’s market.

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The North American Electric Vehicle Market is expected to show significant growth due to the American Department of Energy (ADOE) supporting the development of new charging infrastructure. The presence of major market players in this region such as Ford Motor Company., General Motors Company., Tesla, Inc., and others has also contributed to the growth of this market.

The Global Electric Vehicle Market is segmented by Type, Vehicle Type, Drive Type, and Region. Based on Type, the market is categorized into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV). Based on Vehicle Type, the market is categorized into Passenger cars and commercial vehicles. Based on Drive Type, the market is categorized into Front-Wheel Drive, Rear-Wheel Drive, and All-Wheel Drive. Based on Region, the market is categorized into North America, Europe, the Asia-Pacific, Latin America, the Middle East and Africa.

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