The electric vehicle (EV) market is projected to grow at a CAGR of 17.9%, with estimated market size of USD 170.5 billion in 2021 and USD 457.9 billion by 2028. One major factor that affects the market is rapid urbanization, the booming automotive sector, and the changing consumer preferences for hybrid and electric vehicles (HEVs). 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.
Get Sample Copy of the Report @ https://marketsnresearch.com/sample/1559
Electric Vehicle (EV) Market Dynamics
Drivers: Favourable government subsidies and policies to promote sales
To promote EV sales, governments are implementing enticing incentives and regulations. It offers users several advantages, including lower selling prices, no registration or minimal registration fees, and free EV infrastructure at numerous charging points. Additionally, several governments worldwide exempt purchase, import, and road tax based on various subsidies. Moreover, these subsidies have encouraged automakers to increase their EV output. The government has also created beneficial policies and invested in building infrastructure. For instance, the U.S. government plans to invest USD 287 billion in highway improvements over the next five years. To assist the growth of these vehicles in the nation, the government will also be building EV charging stations across the United States.
Restraints: High manufacturing cost
EVs are better than conventional fuel vehicles. However, they are more expensive than gasoline-powered vehicles. Because they are not mass-produced, these vehicles have not yet benefited from economies of scale. Additionally, the lack of infrastructure for charging linked with the development of EVs has shown to be a drawback, which has hampered the market's expansion. The manufacturers also need a lot of money and resources, which could impede the market's expansion.
Opportunities: Increasing investment in electric vehicles
The expansion of the market is thought to be fueled by the rising investment in electric mobility. Players on the market, including Daimler AG, Ford Motor Company, and Groupe Renault, are putting more money into their EV production plans. For instance, the Ford Company declared its intention to spend USD 300 million at its Romanian plant in 2023 to create a new light commercial vehicle. Major corporations, including Daimler AG and Mercedes Benz, are also making significant investments to create EVs. As a result, during forecasting, the market is anticipated to grow over the long run.
Passenger cars category is estimated to be the largest growing market segment during the forecast period
The passenger cars category is estimated to dominate the market growth over the forecast period. Due to original equipment manufacturers and other Asian-Pacific automakers, EVs are adopted at a high rate. During the projection period, these elements will aid in promoting the expansion of this segment. Due to ongoing advancements in EV batteries that increase the load capacity of commercial vehicles, it is also predicted that the commercial vehicle market will grow in the upcoming years.
BEV category is estimated to be the largest growing market segment during the forecast period
The BEV category is estimated to dominate the market growth over the forecast period due to regulations on car CO2 emissions and consumers' growing preference for EVs over ICE automobiles. BEVs have the potential to drastically lower overall ownership costs and emissions from vehicles. Additionally, it is expected that over the projected timeframe, demand for BEVs will rise as a result of developments in battery technology and falling lithium-ion battery prices.
Asia Pacific segment is estimated to be the largest growing market during the forecast period
Asia Pacific is the largest electric vehicle (EV) market and is projected to grow at the highest CAGR during the forecast period due to the rise in passenger automobile demand in developing countries. China makes up the largest portion of passenger cars and other vehicles. China dominates the global EV market share in the region as the largest EV manufacturer and consumer. Their government has taken action, including providing subsidies for EV buyers, providing significant funding for installing EV charging stations throughout major cities, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, and enacting regulations against excessively polluting vehicles.
Customization Request @ https://marketsnresearch.com/customization-request/1559
The rise in demand for electric vehicles in China, Japan, and India contributes to the growth. For instance, the Indian government announced tax incentives for EV purchases in 2019. The government intends to eliminate income tax on loans made or interest paid on EV purchases.
Key Market Players
The electric vehicle (EV) market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are 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.
Read Comprehensive Overview of Report @ https://marketsnresearch.com/report/1559/global-electric-vehicle-ev-market
About Us
Markets N Research team is comprised of well skilled and equipped personnel ready to concur any upcoming challenges in the market sector for both individual people and organization around the world. We know time is money, and therefore we ensure we solve your problem within the shortest time possible to prevent delays or missing any opportunities. We use globally accepted techniques with a little innovation from our staff in solving all your market research related challenges.
Contact:
Markets N Research
1016 W Jackson Blvd,
Chicago, IL 60607,
United States
Email - [email protected]
Tel: +1 773-649-1529
