Home Latest News Electric Vehicle Market Size to Hit USD 980 Billion, Globally, by 2028...

Electric Vehicle Market Size to Hit USD 980 Billion, Globally, by 2028 with a 4.80% CAGR: Says Facts & Factors – GlobeNewswire

| Source: Facts & Factors Facts & Factors
Pune, INDIA
TOKYO, JAPAN, Sept. 16, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Electric Vehicle (EV) Market By Module (On-Board Charger, Battery Cells & Packs, Infotainment System, and Others), By Charging Station (Super and Normal), By Propulsion (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Plug-In Electric Vehicles, and Hybrid Electric Vehicles), By Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles), By Drivetrain (Series Hybrid, Parallel Hybrid, and Combined Hybrid), By Vehicle Class (Luxury and Mid-Priced), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Electric Vehicle Market size & share was valued at roughly USD 185 billion in 2021 and is expected to reach USD 980 billion by 2028 at a compound annual growth rate (CAGR) of 24.5% during the forecast period 2022-2028.”
The report analyses the market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global electric vehicle (EV) market.
Electric Vehicle (EV) Market Overview:
Electric vehicles (EV), unlike gasoline-fueled vehicles, are powered by electricity. Instead of a gasoline engine, these vehicles use an electric motor that runs on a large quantity of energy from batteries. A variety of batteries are used in these vehicles. The electric vehicle was developed primarily to replace polluting traditional ways of transportation. As a result of various technological developments, it has gained in popularity.
It outperforms traditional automobiles in terms of fuel efficiency, carbon emissions, and maintenance, as well as ease of charging at home, a smoother ride, and less engine noise. Pure, hybrid, and plug-in hybrid batteries are the three primary types of electric car batteries. Electric vehicles are also slightly more expensive than gasoline-powered competitors, despite the fact that they do not require engine oil changes.
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Key Insights from Primary Research:
Market Dynamics
The expansion of the electric vehicle market has been helped by public awareness campaigns promoting the use of electric vehicles as well as an increase in the number of electric vehicle manufacturing plants. Electric vehicles employ low-emission technology that aids in the reduction of greenhouse gas emissions and the resolution of other environmental challenges. To reduce greenhouse gas emissions, a number of developing economies are turning to long-term solutions. Concerns about emissions from traditional internal combustion engines have spurred demand for electric vehicles, which has benefited the global electric vehicle market. In many ways, such as motors, battery capacities, and other electrical components, an electric vehicle outperforms a typical IC-engine vehicle.
Despite the fact that electric vehicles have been shown to be superior to traditional vehicles, electric vehicles have a hefty price tag, which may lead to client apathy in this sector. The lack of charging stations in large cities is a significant impediment to the global electric vehicle market’s expansion. Electric vehicles lack an alternative source of fuel, putting commute schedules in peril. The automobile may halt if the battery is completely depleted, putting the traveler in danger. These flaws in electric vehicles constitute a significant market disadvantage.
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Competitors in Electric Vehicle Market:
The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. Some of the main competitors dominating the global electric vehicle market are;
Electric Vehicle Market: COVID-19 Impact Analysis
The COVID-19 outbreak has had a detrimental effect on the automobile sector as a whole, and thus on the electric vehicle market as well. According to data supplied by the Society of Electric Vehicle Manufacturers (SMEV), new EV registrations of all types of electric vehicles fell by 20% during FY21 compared to FY20.
Furthermore, in the midst of the pandemic, various players are attempting to design novel techniques in order to maintain up with the situation, such as deploying electric cars for medical supplies because they provide economical transportation with outstanding agility. For instance, Omega Seiki Mobility has launched Rage+frost, a cold load carrier three-wheeler specifically built for vaccines, medicine, and food distribution in these difficult circumstances.
Browse the full “Electric Vehicle Market By Module (On-Board Charger, Battery Cells & Packs, Infotainment System, and Others), By Charging Station (Super and Normal), By Propulsion (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Plug-In Electric Vehicles, and Hybrid Electric Vehicles), By Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles), By Drivetrain (Series Hybrid, Parallel Hybrid, and Combined Hybrid), By Vehicle Class (Luxury and Mid-Priced), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/electric-vehicle-market

EV Market: Segmentation Analysis
The global electric vehicle market is segregated on the basis of module, charging station, propulsion, vehicle type, drivetrain, vehicle class, and region.
By module, the market is divided into on-board chargers, battery cells & packs, infotainment systems, and others. Rising demand for electric vehicles boosts battery cells and pack manufacturing unexpectedly. As a result of this element, automotive battery makers or suppliers are always focused on research and development, which has helped to reduce battery costs. This aspect enables the market to develop at the fastest CAGR. By charging station, the market is segmented in super and normal. Normal charging stations dominate the market, as the majority of customers choose to charge their vehicle at home while it is idle. By propulsion, the market is classified into battery electric vehicles, fuel cell electric vehicles, plug-in electric vehicles, and hybrid electric vehicles. The battery electric vehicle segment dominates the market, but hybrid electric vehicles are predicted to increase at the fastest rate in the forecasted years.
By vehicle type, the market is divided into two-wheelers, passenger cars, and commercial vehicles. Passenger cars dominate the market and have the highest CAGR. By drivetrain, the market is segmented into series hybrid, parallel hybrid, and combined hybrid. The series hybrid drive train segment dominates the market because it provides maximum efficiency when driving on city streets or in congested areas. In comparison to parallel hybrid vehicles, series hybrid vehicles have higher fuel efficiency and lower emissions. By vehicle class, the market is segmented into luxury and mid-priced. Mid-priced vehicles segment dominates the market and also has the highest CAGR.
Regional Dominance: (Future of Electric Vehicle Market)
Asia Pacific electric vehicle industry is dominated by China, which is the world’s leading manufacturer of electric vehicles and exporter of significant component parts for electric vehicles. According to the IEA’s worldwide electric vehicle projection, China will be the market leader in 2030, with a share of roughly 57%. Furthermore, foreign manufacturers such as General Motors and Volkswagen are stepping up their operations in China. Because of rising population consumption, the European area is predicted to increase at the fastest rate during the forecast period.
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Recent Developments
The global electric vehicle market is segmented as follows:
By Module
By Charging Station
By Propulsion
By Vehicle Type
By Drivetrain
By Vehicle Class
By Region
Report Scope
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