Chicago, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The report "Electric Vehicle (EV) Market by Components (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, Humidifier), Vehicle Type (Passenger Cars, Commercial Vehicles), Vehicle Class (Low-priced, Mid-priced, Luxury), Top Speed (<125 MPH, >125 MPH), Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), Point Type (Normal Charging, Super Charging), Vehicle Connectivity (V2B or V2H, V2G, V2V, V2X), Propulsion (BEV, PHEV, FCEV), End Use (Private, Commercial Fleets) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2028", it is projected to grow from USD 170.5 billion in 2021 and is projected to reach USD 457.9 billion by 2028; it is expected to grow at a CAGR of 17.9% from 2021 to 2028. The main reasons propelling the electric vehicle market's growth include favorable government policies and regulations, growing environmental concerns, increasing expenditures by top automobile OEMs, declining battery prices, and improvements in charging technology.
Recent Developments:
- In February 2022, It was possible to see the MG 4, an electric vehicle that MG Motors would launch in India later in 2022. The EV should have a range of roughly 400 km thanks to its 61.1 kWh battery pack.
- In January 2022, Volkswagen ID.5 model development was revealed to be based on the Skoda Enayaq iV vehicle. The automobile should go roughly 300 miles on one charge.
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Electric Vehicle (EV) Market: Overview:
The demand for EVs is also being stimulated by rising consumer concern over ecological sustainability and rising public awareness of the negative environmental effects caused by greenhouse gas (GHG) emissions. Along with this, the market's growth is strengthened by implementing positive government programs supporting sustainable development. Additionally, it is projected that leading market players' growing investments in intensive research and development (R&D) efforts will fuel market expansion.
Scope of the Report:
| Report Matrics | Details |
| Market size for available years | 2022-2028 |
| Base year considered | 2021 |
| Forecast period | 2022-2028 |
| Market Segmentation | By Component, Vehicle Type, Vehicle Class, Top Speed, Drive Type, Charging Point Type, Vehicle Connectivity, Propulsion, End Use |
| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Tesla, Volkswagen AG, Saic Motors, BYD, Stellantis, BMW Group, Nissan Motors, Hyundai Group, Great Wall Motors, Toyota Motor Corporation, GAC Motors, Renault Group, Geely, General Motors, Rivian, Fisker, Lucid Motors, Ford Motor Company, Baic Motors, Mitsubishi Motors, Chery, JAC, Zoyte, Daimler AG, Xpeng, Byton, Nikola Corporation, Altcraft Motor Company, NIO, Faraday Future, Leap Motors, WM Motors, Fresco Motors and Lordstown Motors |
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Segmentation of Global EV Market :
Global Electric Vehicle (EV) Market – By Component
- Hardware
- ASIC
- GPU
- FPGA
- Others
- Software
- Mining Platform
- Exchange
- Coin Wallet
Global Electric Vehicle (EV) Market – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Global Electric Vehicle (EV) Market – By Vehicle Class
- Low-priced
- Mid-priced
- Luxury
Global Electric Vehicle (EV) Market – By Top Speed
- <125 MPH
- >125 MPH
Global Electric Vehicle (EV) Market – By Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
Global Electric Vehicle (EV) Market – By Charging Point Type
- Normal Charging
- Super Charging
Global Electric Vehicle (EV) Market – By Vehicle Connectivity
- V2B or V2H
- V2G
- V2V
- V2X
Global Electric Vehicle (EV) Market – By Propulsion
- BEV
- PHEV
- FCEV
Global Electric Vehicle (EV) Market – By End Use
- Private
- Commercial Fleets
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Rear wheel drive category of the electric vehicle (EV) market to record the highest CAGR from 2022 to 2027
The rear-wheel drive category is expected to account for the highest CAGR of the EV market from 2022 to 2027. RWD EV demand is rising worldwide, especially in Asia-Pacific and Europe. This is because they are simple to manage, and there is a rising demand for these vehicles. These vehicles have also increased more quickly in North America, where the most popular models include the Tesla Model 3 Standard, BMW i3, Volkswagen ID4, Porsche Tycan, and others. The MEA will see the greatest increase in RWD EVs over the next ten years, followed by the Asia Pacific due to its younger market.
<125 MPH category of electric vehicle (EV) market to record highest CAGR from 2022 to 2027
The <125 MPH category is expected to account for the highest CAGR of the EV market from 2022 to 2027. The rapid expansion of the market is mostly attributable to the increasing usage of electric buses and trucks, particularly for freight delivery and public transit. EVs, including passenger and light commercial transportation like pickup trucks, vans, and utility carriers, are generally thought to have a power output of <125 MPH. Because of the government's increased fuel prices and attempts to reduce fleet emissions from trucks and buses, the purchase of such EVs is increasing. As a result, the above considerations are accelerating the electric vehicle market.
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The commercial fleet category in the electric vehicle (EV) market is expected to be the fastest-growing segment during the forecast period
The commercial fleet category is projected to grow the fastest during the forecast period. The significant growth of this market is related to rising fuel prices, strict pollution regulations enforced by governments, the rising use of autonomous delivery vehicles, and the rising use of electric buses and trucks. In the future, commercial electric vehicles will likely be more frequent on the road. In addition to lowering greenhouse gas emissions and reducing reliance on fossil fuels, commercial electric vehicles assure seamless operation and adhere to the most recent emission standards.
North America is anticipated to grow at a significant rate in electric vehicle (EV) market share from 2022 to 2027
North America is anticipated to be the fastest-growing region in the electric vehicle (EV) market. This proportion is attributed to the US's rising interest in electric vehicles. In addition, a modern nonprofit organization called Veloz has been established by automakers, nonprofits, legislators, and charging network firms. These new businesses had as their goals the development of electric vehicles in North America and obtaining capital, marketing, and growth. These elements have contributed to the increase in EV use in this area. By constructing a nationwide charging station network, the Department of Energy (DOE) hopes to promote the market for electric cars. As a result, North America maintains its position as the market's fastest-growing region.
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Key Market Players:
Key players in the electric vehicle (EV) market include Tesla, Volkswagen AG, Saic Motors, BYD, Stellantis, BMW Group, Nissan Motors, Hyundai Group, Great Wall Motors, Toyota Motor Corporation, GAC Motors, Renault Group, Geely, General Motors, Rivian, Fisker, Lucid Motors, Ford Motor Company, Baic Motors, Mitsubishi Motors, Chery, JAC, Zoyte, Daimler AG, Xpeng, Byton, Nikola Corporation, Altcraft Motor Company, NIO, Faraday Future, Leap Motors, WM Motors, Fresco Motors and Lordstown Motors.
Frequently Asked Questions (FAQ):
- Which is the leading region of the market for electric vehicles (EV)?
Answer- Asia Pacific accounted for the most heightened share in the global electric vehicle (EV) market. - What are the key drivers for the growth of the electric vehicle (EV) market?
Answer- The market is anticipated to grow in the coming years due to the acceptance of virtual or digital currencies. - Which is the major segment in the electric vehicle (EV) market by vehicle type?
Answer- The passenger cars segment had a major share of the global market in 2021. - Which is propulsion's major segment in the electric vehicle (EV) market?
Answer- The BEV had a major share in the global market.
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