Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle market size is anticipated to grow from USD 287.36 billion in 2021 to USD 1,318.22 billion in 2028 at a CAGR of 24.3% in the 2021-2028 period. Government Strict Regulations on Vehicle Emissions to boost the Electric vehicles (EVs) Market Growth.
Rising Investment Opportunities and Increasing Manufacturer Presence to Support Market Growth
The electric mobility sector is ramping up R&D activities to engage consumers with their latest offerings, thereby increasing their overall market share and occupancy. Manufacturers who specialize in internal combustion engines (ICEs) are mainly trying to introduce EVs in their portfolios. Players, such as Daimler AG, Ford Motor Company, and Groupe Renault, are increasingly investing to produce EVs. For instance, Ford announced plans for a USD 300 million plant, which will begin manufacturing from 2023.
Government bodies across the globe are constantly introducing incentives that are expected to further drive the market growth. For instance, the U.S. Department of Energy & Transportation introduced a 2020 vision for a national-distribution fast-charging network to be developed. This project will focus on long-term gain, including up to 350 KW of direct fast charging.
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Government policies offering attractive incentives for owning and operating Electric vehicles (EVs) will encourage EV sales by providing consumers with multiple advantages such as reduced prices, low registration fees, and free charging infrastructure. Additionally, various government bodies are levying import taxes, road taxes, and purchase taxes for importing measures to attract dominant players. Increased network of roadways is being constructed to accompany the rising volume of automobiles. For instance, the U.S. government announced plans for investing USD 287 billion toward highway redevelopment. To curb emission, various government bodies are also implementing stringent regulatory frameworks. For instance, the Petroleum Ministry of India certified all automotive manufacturers to initiate BS-VI vehicles post 1st April 2020.
The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Asia Pacific to Dominate Global Perspective with Extensive Demand for Passenger Vehicles
The Asia Pacific Electric vehicles market stood at USD 118.08 billion in 2020 and is expected to grow due to increasing demand for passenger vehicles. The region also houses China, the world leader in terms of production and consumption of automobiles. Rising disposable income among consumers and increasing demand for private transportation will push the EV sector in the region toward a higher share. In December 2021, the Transport Minister of India announced that Tesla Inc. is set to debut in the country in the following year.
Europe is expected to emerge as a frontrunner for capturing a significant market share, owing to rising initiatives by the EU toward reducing carbon emissions. Emerging economies, such as the U.K., Germany, and France, are the major occupants of most EV sales.
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Key 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)
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Global Electric Vehicles Market Segmentation:
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
By Type:
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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