New York, USA, Aug. 16, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global electric vehicle market is projected to register a revenue of $812,888.1 million at a CAGR of 19.8% during the forecast period from 2021 to 2028, increasing from $190,628.7 million in 2020. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the stringent regulations related to the emission of greenhouse gases in the atmosphere along with several initiatives taken by the government of various countries to promote the deployment of electric vehicles are the major factors projected to bolster the growth of the global electric vehicle market over the forecast period. In addition, the cost of electricity required for charging electric vehicles is about 40% lower compared to the cost of fuel used to run vehicles, which is predicted to drive the market growth. Moreover, the increasing demand for high performance, fuel-efficient, and low vehicles are expected to generate lucrative growth opportunities for the market by 2028. However, the lack of charging infrastructure in developing countries is expected to hamper the market growth in the coming years.
Check out How COVID-19 impacts the Global Electric Vehicle Market: https://www.researchdive.com/connect-to-analyst/3109
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has adversely affected the global electric vehicle market. This is majorly owing to the devastating effect on several industries owing to complete lockdown restrictions in many countries. This led to shortage of labor, supply chain disruptions, and shutting down of factories. In addition, the shift in preference of consumers towards the purchase of affordable vehicles amidst the COVID-19 crisis has declined the demand for electric vehicles.
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Hybrid Electric Vehicle Sub-segment to be Hold Largest Market Share
By type, the hybrid electric vehicle sub-segment valued for $76,321.7 million in 2020 and is anticipated to account for a dominant market share by 2028. The hybrid electric vehicle offers conventional engine and electric motor. Electric power is used at lower speeds and gas engine power is used at higher speeds in hybrid vehicles, which conserves fuel and also has emits low carbon in the air. These factors are accelerating the growth of hybrid electric vehicles.
Passenger Car Sub-segment to Witness Fastest Growth
By vehicle type, the passenger car sub-segment is projected to account for $598,466.0 million by 2028 and is predicted to grow at the fastest rate over the forecast period. The passenger electric cars such as Jaguar I-Pace, and Mercedes-Benz EQC offer several benefits as these cars are entirely powered by electricity, reduces the emission of harmful greenhouse gases that cause air pollution. These factors are boosting the growth of passenger car sub-segment.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Luxury Sub-segment to be Most Profitable
By vehicle class, the luxury sub-segment is predicted to garner a revenue of $438,183.3 million by 2028 and dominate in the global industry throughout the forecast period. This is mainly because the leading luxury car manufacturers such as BMW, Tesla, Porsche, and others are greatly focusing on manufacturing best electric car with advanced features, excellent range, and speed.
Asia Pacific Region to be Most Dominant
By region, the Asia Pacific market for electric vehicle accounted for $96,560.5 million in 2020 and is projected to subjugate in the global industry over the forecast period. The dominant growth of the region can be attributed to the rapid increase in fuel prices and the rising government initiatives for reducing the carbon footprint. In addition, the rapid economic growth in several countries including China, India, and others have enabled more consumers to purchase their own cars, which is driving the regional market growth.
Prominent Market Players
• Bayerische Motoren Werke Aktiengesellschaft
• BYD Company Limited
• Daimler AG
• Energica Motor Company S.p.A
• Ford Motor Company
• General Motors Company
• Nissan Motor Co., Ltd.
• Tesla, Inc.
• Toyota Motor Corporation
• Volkswagen AG
For instance, in April 2021, BYD Company Limited, a leading global EV maker, announced the launch of four new electric vehicle models in Chongqing. The new electric vehicle models, Qin Plus EV, Tang EV, E2 2021, and Song Plus EV are equipped with Blade batteries and come with advanced battery safety features.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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