Press release
Rising Concerns about Environment Drives Electric Vehicle Market
The Global Electric Vehicle Market was estimated at USD 229.07 billion in 2021. The electric vehicle market is anticipated to expand to USD 691.56 billion in 2028, recording a CAGR of 17.10% in the forecast period. Electric motors, the driving force behind electric vehicles, depend on batteries for a continuous source of power. Traditional modes of transportation are one of the major contributors to environmental pollution, so electric vehicles were created to replace them.
๐๐๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐๐ฉ๐จ๐ซ๐ญ@ https://www.extrapolate.com/sample/Automotive/electric-vehicle-market/18963
Due to their minimal carbon emissions, ease of home charging, quieter engines, improved fuel economy, and smoother rides, EVs are becoming more and more popular all over the world. In addition, the market is driven by strict government limits on car emissions and the decline in battery prices for electric vehicles.
๐๐๐ฌ๐ฌ๐๐ง๐ ๐๐ซ ๐๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐ ๐๐ฐ๐ข๐ง๐ ๐ญ๐จ ๐๐ข๐ฌ๐ข๐ง๐ ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐๐๐ค๐ข๐ง๐ ๐จ๐ ๐๐'๐ฌ
On the basis of Vehicle Type, the market is categorized into Passenger cars and Commercial vehicles. During the anticipated period, the passenger car segment will be the largest segment. Asia-Pacific has the greatest market for electric passenger cars, followed by Europe and North America. China, Japan, and South Korea are the nations in Asia that are dominating the passenger EV market. This is a result of these countries' robust government backing for passenger EVs. The top European nations with rising demand for electric passenger vehicles are Germany, France, the Netherlands, Norway, Sweden, the United Kingdom, etc.
In 2020, as a result of these efforts, Europe's EV sales surpassed those of China, but China sold more EVs in 2021 due to the rising demand for mini-EVs. These countries have introduced strict pollution restrictions as well as a variety of subsidies, grants, and incentives for switching to EVs. Demand for EV passenger cars is rising in North America as well, with several US and Canadian jurisdictions setting the pace for the electrification movement. The MEA region has begun to build its EV industry and is anticipated to have the quickest rate of expansion over the next few years.
๐๐ซ๐จ๐ฐ๐ฌ๐ ๐๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ ๐๐ข๐ญ๐ก ๐๐๐@ https://www.extrapolate.com/Automotive/electric-vehicle-market/18963
๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐ง๐ข๐ญ๐ข๐๐ญ๐ข๐ฏ๐๐ฌ ๐ญ๐จ ๐ ๐ฎ๐๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง
Governments offer a variety of benefits to consumers, including low or no registration costs and subsidies, which are important contributors to the market's expansion.
In the Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Program, for instance, the Federal Highway Administration (FHWA) of the United States Department of Transportation has committed USD 60 million. This program encourages the use of additional emission-reducing technology, such as charging stations for electric vehicles. Sales of electric vehicles are increasing along with more stringent car emission standards to reduce pollution.
According to the Ministry of Power, no license is necessary to run electric vehicle charging stations in India. This is also anticipated to fuel market expansion.
๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐:
-Tesla, Inc.
-General Motors Company
-Nissan Motors Co. Ltd.
-BYD Company Ltd.
-Daimler AG
-Ford Motor Company
-Toyota Motor Corporation
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ฒ
๐๐ฒ๐ฉ๐ :
-Battery Electric Vehicle (BEV)
-Plug-In Hybrid Electric Vehicle (PHEV)
-Hybrid Electric Vehicle (HEV)
๐๐๐ก๐ข๐๐ฅ๐ ๐๐ฒ๐ฉ๐ :
-Passenger Car
-Commercial Vehicle
๐๐ซ๐ข๐ฏ๐ ๐๐ฒ๐ฉ๐ :
-Front-Wheel Drive
-Rear-Wheel Drive
-All-Wheel Drive
๐๐๐๐๐ง๐ญ ๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ :
-Tesla, Inc. launched Plaid Track Mode in the Model S in January 2022 in order to attain the fastest lap time for an electric vehicle in production and to allow for personalized stability control adjustment on the racetrack.
-Toyota Motor Corporation introduces the Toyota bZ, a new BEV series, in April 2021.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐จ๐ฎ๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ@ https://www.extrapolate.com/enquire/Automotive/electric-vehicle-market/18963
๐๐ฌ๐ข๐ ๐๐๐๐ข๐๐ข๐ ๐ญ๐จ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฎ๐ ๐ญ๐จ ๐๐ข๐ฌ๐ข๐ง๐ ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐ง๐๐๐ง๐ญ๐ข๐ฏ๐๐ฌ
The Asia-Pacific region has the largest market for electric vehicles since the governments of emerging nations provide alluring incentives for the registration of new electric vehicles, such as zero or low registration costs and free charging infrastructure. Additionally, China holds a sizable portion of the regional market.
The American Department of Energy (ADOE) is funding the development of new charging infrastructure, which is likely to lead to a considerable rise in the North American electric vehicle market. Major market participants like Ford Motor Company, General Motors Company, Tesla, Inc., and others are present in this area, which has helped the market expand.
Prominent Companies to Establish Various Corporate Strategies to Aid in Global Expansion
The leading businesses in the global electric vehicle market show a significant regional presence. In order to increase their customer base, major firms in the sector are implementing various corporate strategies to expand global presence.
๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Electric Vehicle Market
Chapter 5. Global Electric Vehicle Market Overview, By Type, 2015 - 2028(USD Million)
Chapter 6. Global Electric Vehicle Market Overview, By Vehicle Type, 2015 - 2028(USD Million)
Chapter 7. Global Electric Vehicle Market Overview, By Drive Type, 2015 - 2028(USD Million)
Chapter 8. Global Electric Vehicle Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 9. North America Electric Vehicle Market Overview, By Countries, 2015 - 2028(USD Million)
Chapter 10. Europe Electric Vehicle Market Overview, By Countries, 2015 - 2028(USD Million)
...Continued
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ
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