Electric Vehicle Market Size 2023: Hits 148.4 Million Units by 2028 | Growing Rate (CAGR) of 41.2%

The latest report by IMARC Group, titled "𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖", offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicles market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global electric vehicles market size reached 18.1 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 148.4 Million Units by 2028, exhibiting a growth rate (CAGR) of 41.2% during 2023-2028.

Electric vehicles (EVs) are self-propelling automobiles used to transport passengers and goods from one place to another. These vehicles run on an electric motor that requires a constant supply of energy from batteries, including lithium, ion, molten zinc salt, and nickel-based, to operate. They provide various benefits, such as high fuel economy, fewer tailpipe emissions, reduced dependency on oil, minimized carbon emissions, maintenance, and environmental pollution, preventing noise pollution, aiding in smoother driving, and providing the convenience of charging at home. Some of the commonly used electric vehicles include battery electric vehicles (BEVs), fuel cell electric vehicles (FCEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs).

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/electric-vehicles-market/requestsample

Global Electric Vehicles Market Trends and Drivers:

The growing adoption of electric vehicles among the masses is driving the global market. This can be attributed to the increasing consumer consciousness about maintaining ecological sustainability and the growing concerns regarding the detrimental environmental effects due to the emission of greenhouse gases (GHGs). Moreover, the rising government initiatives to promote the uptake of EVs, such as low buying costs, tax exemptions, and accessible charging facilities, are providing a thrust to the market.

Additionally, numerous major companies are heavily investing in the manufacturing of distinct types of electric vehicles, including hybrid and plug-in hybrid automobiles, which is creating a positive market outlook. Other factors, such as the expanding automotive industry and extensive research and development (R&D) activities by leading players, are also influencing the market.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

The competitive landscape of the market with some of the top electric vehicles companies being

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞𝐬𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:

• Bayerische Motoren Werke AG (OTCMKTS: BMWYY)
• BYD Auto (OTCMKTS: BYDDY)
• Chery
• Daimler AG (OTCMKTS: DMLRY)
• Ford Motor Company (NYSE: F)
• Geely (OTCMKTS: GELYF)
• General Motors (NYSE: GM)
• Honda Motor Company (NYSE: HMC)
• Hyundai Motor Company (OTCMKTS: HYMTF)
• Nissan (OTCMKTS: NSANY)
• Renault (OTCMKTS: RNLSY)
• SAIC Motor (SHA: 600104)
• Tesla Inc. (NASDAQ: TSLA)
• Toyota Motor Corporation (NYSE: TM)
• Volkswagen (OTCMKTS: VWAPY)

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/electric-vehicles-market

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

Market Breakup by Component:

• Battery Cells & Packs
• On-Board Charger
• Fuel Stack

Market Breakup by Charging Type:

• Slow Charging
• Fast Charging

Market Breakup by Propulsion Type:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

Market Breakup by Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Must Read Blog on Top Electric Vehicles Companies: https://www.imarcgroup.com/electric-vehicles-manufacturers-companies

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

TOC for the Electric Vehicles Market Research Report:

• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• Global Market
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• Competitive Landscape

𝐍𝐨𝐭𝐞: 𝐈𝐟 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞 𝐬𝐜𝐨𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐰𝐞 𝐜𝐚𝐧 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐢𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧.

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