New York, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global electric vehicle market is anticipated to surpass $812,888.1 million, rising at a stable CAGR of 19.8% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the electric vehicle market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market:
Drivers: Emergence of advanced technologies and innovations is predicted to be the primary growth driver of the electric vehicle market in the forecast period. Additionally, company investments by leading market players and business expansion strategies are predicted to help the market grow substantially in the forecast period.
Opportunities: Stringent government regulations on vehicular emissions in order to curb pollution caused from greenhouse gases is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, increased demand for high performance, low-emission, and fuel-efficient vehicles is anticipated to push the market forward.
Restraints: However, according to market analysts, lack of charging infrastructure might become a restraint in the growth of the electric vehicle market.
Access to the Complete PDF Sample of Electric Vehicle Market (Including Tables, TOC, and Figures)
Impact of Covid-19 on the Market:
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The electric vehicle market, too, faced tremendously negative impact of the pandemic. Due to the lockdowns, the global supply chains were disrupted on a huge scale, affecting the supply of raw materials required for manufacturing electric vehicles. Also, the import-export restrictions affected the distribution and sale of the manufactured products, which brought down the overall growth rate of the market substantially.
Segments of the Market:
The report has fragmented the electric vehicle market across different segments such as type, vehicle type, vehicle class, and region.
Type: Hybrid Electric Vehicle Sub-segment to be the Most Dominant
By type, the hybrid vehicle sub-segment is expected to be the most dominant sub-segment and generate a revenue of $295,602.6 million by 2028. Hybrid electric vehicle uses electric engine power at lower speeds while using gas engine power at higher speeds, thereby saving fuel. This advantage provided by hybrid vehicles is expected to boost the demand for hybrid electric vehicles, and thus the growth of the sub-segment at the forecast period.
Vehicle Type: Passenger Car Sub-segment to have the Maximum Market Share
By vehicle type, the passenger car sub-segment of the electric vehicle market is predicted to be the most profitable one and garner a revenue of $598,466.0 million by 2028. Growing demand for new-age passenger cars such as Jaguar I-Pace, Tata Nexon EV, Mercedes-Benz EQC, etc. which come with various benefits, is predicted to boost the growth of the sub-segment in the forecast period.
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Vehicle Class: Luxury Sub-segment to be the Most Lucrative
By vehicle class, the luxury sub-segment is expected to be the most lucrative one and generate a revenue of $438,183.3 million by 2028. Luxury car manufacturers such as Tesla, Porsche, BMW have launched a series of electric vehicles with stunning and advanced features. These product launches are expected to boost the growth of this sub-segment in the forecast period.
Region: Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the electric vehicle market in Asia-Pacific region is predicted to register a revenue of $359,981.7 million by 2028, thereby possessing the highest market share. Increasing governmental regulations in various countries of this region to curb vehicular emissions and curb the carbon footprint is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players:
Some prominent players in the electric vehicle market are
- Bayerische Motoren Werke Aktiengesellschaft
- Ford Motor Company
- Tesla, Inc.
- BYD Company Limited
- Nissan Motor Co., Ltd.
- Volkswagen AG
- Energica Motor Company S.p.A
- General Motors Company
- Toyota Motor Corporation
- Daimler AG
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in May 2022, Jindal Worldwide, an Indian conglomerate, through its subsidiary, Jindal Mobilitric, announced the acquisition of Earth Energy EV, an EV startup based in Mumbai, India. With this acquisition, Jindal Worldwide has announced its entry in the electric vehicle market and is expected to gain a leading position very quickly in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the electric vehicle market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Electric Vehicle Market:
- Eco-friendly Features of Electric Vehicles
- Most Amazing Benefits of Purchasing Electric Vehicles
- Global Electric Vehicle Market Propelling due to Eco-Friendly Features of Electric Vehicles
