Electric Vehicle Market Size [2022-2028] Worth USD 1318.22 Billion by 2028 | Fortune Business Insights
The global Electric Vehicle market size hit USD 246.70 billion in 2020. The market valuation is expected to increase from USD 287.36 billion in 2021 to USD 1318.22 billion by 2028 at a healthy CAGR of 24.3% over 2022-2028
Pune, India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Market was valued at USD 246.70 billion in the year 2020 and is forecast to grow from USD 287.36 billion in 2021 to USD 1318.22 billion by the end of the year 2028, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period 2022-2028.
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. The growing popularity of battery-powered hybrid cars among consumers will simultaneously elevate the demand.
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The electric vehicle (EV) industry involves the design, manufacture, and sale of vehicles that are powered by electricity instead of gasoline or diesel fuel. The market for EVs has been growing in recent years, driven by concerns about air pollution and climate change, as well as advances in battery technology that have made EVs more affordable and practical for everyday use. Some of the major players in the EV industry include Tesla, General Motors, Nissan, and BMW. Governments around the world have also been promoting the adoption of EVs through various incentives and regulations.
Electric Vehicle Industry Drivers and Restraint:
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.
Improvements in technology
Electric vehicles have become more efficient and have longer ranges, making them more practical for everyday use.
Increasing awareness and concern for the environment
As awareness of the impact of fossil fuels on the environment grows, more people are looking for ways to reduce their carbon footprint, and electric vehicles are seen as a way to do that.
Increasing availability of charging infrastructure:
As the number of electric vehicles on the road increases, the availability of charging infrastructure is also increasing, making it more convenient for people to own and operate electric vehicles.
However, there are also several factors that have been restraining the growth of the electric vehicle market includes
High initial cost:
Electric vehicles are still generally more expensive than traditional gasoline-powered vehicles, which can be a barrier for some consumers.
Some consumers may be uncertain about the reliability and long-term cost of owning an electric vehicle, and may be hesitant to make the switch from a traditional gasoline-powered vehicle.
Battery degradation over time:
The battery degrades over time which means the range of the vehicle is reduced. which can lead to the high cost of replacement.
Limited lithium-ion battery recycling:
Limited recycling of lithium-ion batteries which can lead to the environmental issues.
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COVID-19 Impact On EV Industry:
COVID-19 has had a significant impact on the electric vehicle industry in several ways:
The pandemic caused production disruptions and supply chain disruptions, leading to delays and reduced production of electric vehicles. The economic downturn caused by the pandemic led to a reduction in consumer demand for electric vehicles.
Despite the challenges caused by the pandemic, the electric vehicle industry is expected to continue to grow in the future as the demand for electric vehicles is driven by climate change and environmental concerns, as well as the need to reduce dependence on fossil fuels.
By Vehicle Type:
Passenger Car -
The passenger car segment of the electric vehicle market is the largest and most mature segment. This segment includes electric vehicles such as sedans, hatchbacks, SUVs, and crossovers. Consumer demand for electric passenger cars is driven by factors such as environmental concerns, government incentives, and the falling cost of electric vehicles. The market is dominated by companies such as Tesla, Nissan, and BMW.
Commercial Vehicle -
The commercial vehicle segment of the electric vehicle market is still in its early stages of development, but it is expected to grow in the future. This segment includes electric vehicles such as delivery vans, buses, and trucks. The growth of this segment is driven by factors such as the need to reduce emissions in urban areas and the increasing availability of charging infrastructure. Companies such as Daimler, Volvo, and Tesla are active in this segment.
Battery Electric Vehicle (BEV)
Battery electric vehicles, also known as all-electric vehicles, are powered solely by electricity stored in a battery pack and have no internal combustion engine. They are considered the most environmentally friendly type of electric vehicle as they produce no tailpipe emissions.
Plug-In Hybrid Electric Vehicle (PHEV)
Plug-in hybrid electric vehicles have both an electric powertrain and an internal combustion engine. They can be charged via an external power source, and the battery can be used to power the vehicle for a certain distance before the internal combustion engine takes over.
Hybrid Electric Vehicle (HEV)
Hybrid electric vehicles have both an electric powertrain and an internal combustion engine. However, they are not able to be plugged in to charge the battery, instead the battery is charged through regenerative braking and by the internal combustion engine. The HEV segment led the market with a revenue share of above 65% in 2020.
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High Demand for Passenger Vehicles and Increased EV Sales to Aid Growth in Asia Pacific
Asia Pacific held maximum electric vehicle market share and is projected to display substantial growth in the global EV 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.
The electric vehicle industry is highly competitive and dynamic, with several major players vying for market share. The competitive landscape can be analyzed by looking at the major players in the market and their market share, as well as their competitive strategies.
Leading players: The leading players in the electric vehicle market include Tesla, Nissan, BMW, and Volkswagen. These companies have established a strong presence in the market and have a wide range of models available.
The major players in the electric vehicle market are focusing on strategies such as product innovation, R&D investment, and strategic partnerships to differentiate themselves from the competition and gain market share.
Many new companies are entering the market such as Lucid Motors, Fisker Inc, Rivian, Lordstown Motors and others, these companies are expected to disrupt the market with their new innovative designs and technology.
Companies are also looking for mergers and acquisitions to expand their market share and product portfolio. General Motors acquired Cruise Automation, a leading autonomous vehicle technology company and Ford Motor Company acquired Rivian, an electric vehicle and technology company.
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 Market Players:
- 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)
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis For Major Players
4.3 Growth and Penetration Analysis
4.4 Porters Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
5. Global Electric Vehicle Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast By Type
5.2.1 Battery Electric Vehicle (BEV)
5.2.2 Plug-In Hybrid Electric Vehicle (PHEV)
5.2.3 Hybrid Electric Vehicle (HEV)
5.3 Market Analysis, Insights and Forecast By Vehicle Type
5.3.1 Passenger Car
5.3.2 Commercial Vehicle
5.4. Market Analysis, Insights and Forecast By Region
5.4.1 North America
5.4.3 Asia pacific
5.4.4 Rest of the World
6. North America Electric Vehicle Market Analysis, Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis By Type
6.2.1 Battery Electric Vehicle (BEV)
6.2.2 Plug-In Hybrid Electric Vehicle (PHEV)
6.2.3 Hybrid Electric Vehicle (HEV)
6.3. Market Analysis By Vehicle Type
6.3.1 Passenger Car
6.3.2 Commercial Vehicle
6.4. Market Analysis By Country
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