The Electric Vehicle Market was valued at USD 229.07 billion in 2021. The market is projected to grow USD 691.56 billion in 2028 at a CAGR of 17.10%.
Electric Vehicles run on an electric motor that requires a constant supply of energy from batteries to operate. Electric vehicles were designed to replace traditional means of travel as they are one of the main causes of environmental pollution.
EVs are gaining traction across the globe due to low carbon emission and maintenance, the convenience of charging at home, reduced engine noise, fuel efficiency, and smoother drive. Moreover, stringent government regulation regarding vehicle emissions and the drop in prices electric vehicle batteries drive the market.
The most recent research report on the Global Electric Vehicle Market Research 2022-2028 exclusively discusses upcoming trends as well as an in-depth analysis of the global regional landscape of the Electric Vehicle market. Furthermore, the global Electric Vehicle market report evaluates comprehensive details related to demand and supply rate, prominent contribution by leading industry manufacturers, Electric Vehicle market share, and Electric Vehicle industry growth rate.
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In this study, extensive secondary research was conducted to gather information about the Global Electric Vehicle market. Furthermore, primary research has been conducted to support the stated assumptions and findings about individual businesses. The research report on the Electric Vehicle market report is said to be a basic insightful data about the topological landscape of the companies and respective businesses that have accumulated a highly regarded position in the global Electric Vehicle market.
We have also provided brief information on its major manufacturers' revenue share, production, consumption volume, sales price, import & export, and gross margin. Furthermore, the Electric Vehicle market has been segmented according to upstream raw materials, definitions, downstream consumers, and equipment analysis. The global Electric Vehicle market report also includes data on upcoming trends, the competitive landscape, Electric Vehicle market influencing factors, and key statistics for a specific industry.
The global Electric Vehicle market report has been segmented by application, major manufacturers, product types, and topological zones in order to optimize various industrial strategies, advertising methods, and global and regional sales impacts on the Electric Vehicle market. The Electric Vehicle market report thoroughly examines several significant parameters such as Electric Vehicle market share, investments, revenue growth, globalize demand and supply factors. The research paper also compares the Electric Vehicle market's production value and growth rate across different geographies. Furthermore, it focuses on leading consumers, consumption, product capacity, market share, and expected growth opportunities.
COVID-19 ANALYSIS
The COVID-19 pandemic has had an adverse effect on the global automotive sector. The automobile industry has also suffered in terms of vehicle production and sales, across the globe.
For instance, the Society of Electric Vehicle Manufacturers (SMEV), said that electric vehicle registrations fell by 20% in 2021 i.e. 236,802 units, down from 295,683 units in 2020.
In addition, during the pandemic, key players are trying to devise several approaches like Omega Seiki introducing a new Rage+ Frost electric three-wheeler with refrigeration for COVID-19 vaccine delivery. Rage+ Frost will require no maintenance, provide pollution-free delivery of essentials, economic and environmental gain, and maximize productivity. This helps in increasing sales during the forecast period.
Top Players involved in this report are:
Tesla, Inc.
General Motors Company
Nissan Motors Co. Ltd.
BYD Company Ltd.
Daimler AG
Ford Motor Company
Toyota Motor Corporation
Global Electric Vehicle Market segmentation by Types:
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
The Application of the Electric Vehicle market can be divided as:
Passenger Car
Commercial Vehicle
Geographical outlook of this report:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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The competitive assessment of the prominent industry players is also encompassed in the global Electric Vehicle market which is responsible to recognize direct or indirect competitors present in the industry. It offers company profiles of the Electric Vehicle industry players in accordance with product picture and its portfolios, Electric Vehicle market plans, and technology. We have also mentioned strength and weaknesses of the Electric Vehicle market alongside the competitive benefits which improves productivity and efficiency of the companies.
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