Global Electric Vehicle Market Size, Share, and Covid-19 Impact Analysis, by Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV), by Vehicle Type (Passenger Car, and Commercial Vehicle), and by Drive Type (Front-Wheel Drive, Rear-Wheel Drive, and All-Wheel Drive), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022 - 2028
The global 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 regulations regarding vehicle emissions and the drop in prices of electric vehicle batteries drive the market.
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.
The development of self-driving electric vehicle technology, proactive government initiatives, and technological advancements in the electric vehicles industry is expected to create opportunities for the key players operating in the market.
Governments provide consumers with multiple benefits, such as zero or low registration fees, and subsidies are prominent factors that drive market growth.
For instance, The U.S. Department of Transportation’s Federal Highway Administration (FHWA) has invested USD 60 million in Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Program. This program supports electric-vehicle charging and other technologies that help reduce emissions. Electric vehicle sales are also growing with the rising stringency of vehicle emission norms to curb pollution.
The Ministry of Power India clarified that no license is required to operate electric vehicle charging stations in the country. This is also expected to drive growth in this market.
The lack of charging infrastructure, and range anxiety of electric vehicles are hampering the market growth.
The global Electric Vehicle Market is segmented by Type, Vehicle Type, Drive Type, and Region. Based on Type, the market is categorized into Battery Electric vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV). Based on Vehicle Type, the market is categorized into Passenger cars and Commercial vehicles. Based on Drive Type, the market is categorized into Front-Wheel Drive, Rear-Wheel Drive, and All-Wheel Drive. Based on Region, the market is categorized into North America, Europe, the Asia-Pacific, Latin America, the Middle East, and Africa.
The Asia-Pacific is the largest market for electric vehicles, due to governments of developing countries offering attractive incentives for registrations of new electric vehicles such as zero or low registration fees, and the free charging infrastructure of electric vehicles. Moreover, China accounts for a huge share of the region’s market.
The North American Electric Vehicle Market is expected to show significant growth due to the American Department of Energy (ADOE) supporting the development of new charging infrastructure. The presence of major market players in this region such as Ford Motor Company., General Motors Company., Tesla, Inc., and others have also contributed to the growth of this market.
LIST OF KEY COMPANIES PROFILED:
- Tesla, Inc.
- General Motors Company
- Nissan Motors Co. Ltd.
- BYD Company Ltd.
- Daimler AG
- Ford Motor Company
- Toyota Motor Corporation
KEY INDUSTRY DEVELOPMENTS:
January 2022- Tesla, Inc. introduced Plaid Track Mode in the Model S, to achieve the quickest lap time for a production electric vehicle and allowed individual adjustability of stability control at the race track.
April 2021- Toyota Motor Corporation. announces its new BEV series, Toyota bZ.
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Drive Type
- Front-Wheel Drive
- Rear-Wheel Drive
- All-Wheel Drive
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of the Middle East & Africa
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Global Electric Vehicle Market Size
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