Electric Vehicle Market is anticipated to Increase at a Stable CAGR over the Forecast Period (2022 to 2028)

The global electric vehicle (EV) market is expected to grow at a CAGR of 18.5% during the forecast period.

Unlike its gasoline-powered counterpart, an electric vehicle runs on electricity. These vehicles use an electric motor instead of an internal combustion engine, which requires a constant supply of energy from batteries to operate. In these vehicles, a variety of batteries are used, which include lithium-ion, molten salt, zinc-air, and various nickel-based designs. EV was created to replace traditional modes of transportation that pollute the environment. It outperforms traditional vehicles in terms of fuel economy, carbon emissions, and maintenance, as well as the convenience of charging at home, a smoother ride, and reduced engine noise.

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Electric vehicles can be classified into three categories, such as battery, fuel cell, and plug-in hybrid. Furthermore, electric vehicles do not require engine oil changes, however, they are slightly more expensive than their gasoline counterparts. Increased demand for fuel-efficient, high-performance, and low-emission vehicles, as well as strict government rules and regulations regarding vehicle emissions, as well as lower battery costs, and rising fuel costs, all contribute to the electric vehicle market growth. In addition, factors such as lack of charging infrastructure, high manufacturing costs, and serviceability are expected to restrict the market growth.

Furthermore, technological advancements and proactive government initiatives are expected to provide ample opportunities for the electric vehicle market key players.

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Alternative fuel sources must be developed and used to support sustainable development. This entails the use of electric vehicles, which do not require the use of gasoline and are more cost-effective than traditional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas a gas-powered vehicle converts only about 17%-21% of the energy stored in gasoline to power at the wheels. Owing to the recent increase in the price of gasoline and diesel, the demand for fuel-efficient vehicles has increased. This is due to the depletion of fossil fuel reserves and an increase in companies' desire to maximize profits from these reserves. As a result of these factors, there is a growing demand for advanced fuel-efficient technologies, resulting in a surge in demand for electric vehicles for travel.

Governments and environmental agencies around the world have enacted strict emission norms and laws to reduce vehicle emissions in response to growing environmental concerns. Stringent emission targets for nitrogen oxides (NOx) and carbon dioxide (CO2) in the air are major regulatory measures. Vehicles emit large amounts of greenhouse gases, and the federal and state governments in the US are stepping up efforts to make transportation cleaner. For instance, the US Environmental Protection Agency (EPA) announced that it is developing new rules to reduce nitrogen oxide (NOx) and other pollutants emitted by heavy-duty trucks. This, in turn, is contributing to the growth of the global electric vehicle market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Types
o By Vehicle Type

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Tesla, Inc., BYD Co., Ltd., and Toyota Motor Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Electric Vehicle Market Report by Segment

By Type
• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

By Vehicle Type
• Two-Wheelers
• Passenger Cars
• Commercial Vehicles

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This release was published on openPR.