Electric Vehicle Market Value Projected To Reach US$ 810.5 Billion By 2028 Covering COVID-19 Impact: Acumen Research and Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Electric Vehicle Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”

LOS ANGELES, July 20, 2021 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Market is expected to grow at a CAGR of around 23.2% from 2021 to 2028

The Asia Pacific region will dominate the electric vehicle market. Among APAC provinces, China stands out as one of the most successful in increasing EV production and sales. According to EV volumes, China accounted for more than half of the world's electric car market in 2019, with nearly 1.2 million electric vehicles sold. According to the China Electric Vehicle Charging Infrastructure Promotion Alliance, as of the end of 2019, China had built over 516 thousand public EV charging outlets, a 56% increase from the end of 2018.

Europe commands a sizable market share in the electric vehicle market. The number of new electric car registrations has more than doubled to 1.4 million, representing a 10% sales share. Germany registers 395,000 new electric cars in large markets, while France registers 185,000. In Norway, electric cars have reached a record high sales share of 75%, up roughly one-third from 2019. Furthermore, sales of electric vehicles exceeded 50% in Iceland, 30% in Sweden, and 25% in the Netherlands. Such factors will drive the growth of the European electric vehicle market in the coming years.

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COVID-19 impact on electric vehicle market

According to an IEA report, the outbreak of the COVID-19 pandemic has had a significant impact on electric car sales. The COVID-19 pandemic raised serious concerns about the economic crisis, prompting the government to relax fuel efficiency standards in order to relieve pressure on struggling automakers, reduce support measures for electric vehicles, and free up funds for other uses. However, this has not occurred thus far.

Market Driver

With rise in sustainable projects worldwide, OEMs are triggering production of electrification vehicles 

According to the IEA report, a number of manufacturers have raised the bar to go beyond previous announcements about the adoption of electric vehicles. More than ten of the world's largest OEMs have declared electrification targets for 2030 and beyond. Volvo, for example, will only sell electric vehicles beginning in 2030. Furthermore, Ford will only sell electric cars in Europe beginning in 2030, General Motors plans to offer only electric light-duty vehicles (LDVs) by 2035, Volkswagen aims for 70% electric car sales in Europe, 50% in China and the US by 2030, and Stellantis N.V. aims for 70% electric car sales in Europe and 35% in the US by 2030.

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Key Takeaways:

The Climate Group's EV100 initiative brings together 100 companies from 80 different markets that are committed to making electric transportation the new normal by 2030. The EV100 members are increasing the availability of charging infrastructure for staff and customers by installing 16,900 charging points at 2,100 locations around the world. Over half of the EV100 members use renewable energy to power all of their charging operations.

Segmental Analysis

The global electric vehicle market is segmented as type, vehicle class, and vehicle type. Based on type, the market is segmented as Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV). By vehicle class, the market is bifurcated into mid-priced and luxury. By vehicle type, the market is classified into passenger cars and commercial vehicles.

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Competitive Analysis

The global players of the electric vehicle market involve Volvo Cars, Ford Motor Company, General Motors, Volkswagen, Stellantis N.V., Tesla, Inc., BYD Co. Ltd. (Build Your Dreams), LUCID MOTORS, ABB, and among others

  • In December 2020, Nissan announced the launching of a new model namely, “Leaf model" in the US. The newly launched model comes with a choice of battery between 40 kWh and 62 kWh. The newly launched model ranges between 149 miles and 226 miles per charge.

  • In November 2019, BYD announced the launching of a new e3 electric sedan in China. The newly launched product comes with two battery options raning from 35.2 kWh and 47.3 kWh and a single 70 kW electric motor. The vehicle has a wide range of 252 miles.

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