Electric Vehicle {EV} Market Destined to Reach 148.4 Million Units (CAGR of 41.2%) During 2023-2028 | IMARC

As per 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 market.

How Big is the Global Electric Vehicles 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.

Market Overview:

Electric vehicles (EVs) are automotive units designed to run primarily on electrical energy stored in rechargeable batteries, as opposed to traditional vehicles that run on diesel or gasoline-fueled internal combustion engines. These vehicles use electric motors for propulsion, thereby significantly reducing emissions and reliance on fossil fuels. In recent years, electric vehicles have evolved from being mere alternatives to traditional cars into efficient and high-performance transport solutions. They come in various forms, including electric cars, buses, trucks, and even two-wheelers. Innovations in battery technology have led to improved range, durability, and affordability of electric vehicles, making them more accessible to consumers. Currently, they are widely utilized in both personal transportation and commercial sectors, such as public transit and goods delivery. With rising emphasis on sustainability and reducing carbon footprints, electric vehicles have gained substantial market relevance, offering promising prospects for future growth.

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

Global Electric Vehicles Market Trends and Drivers:

The global electric vehicles market is experiencing significant expansion, driven by increasing consumer awareness about environmental conservation. A key driver propelling the market is the global urgency to reduce carbon emissions, a commitment supported by numerous governments through incentives, subsidies, and stricter emission norms. This regulatory landscape is encouraging manufacturers to invest in research and development for better battery technologies, lighter materials, and overall cost reduction. Along with this, consumer preferences are also evolving; the younger generation, in particular, is showing an affinity for clean energy solutions, boosting the demand for electric vehicles.

Additionally, advancements in charging infrastructure, including fast-charging stations and home-based charging solutions, have eased the 'range anxiety' often associated with electric vehicles, making them more appealing for everyday use. Furthermore, the rising trend of autonomous and connected vehicles offers another layer of growth opportunity for electric vehicles, as they provide an ideal platform for integrating these advanced technologies.

By the IMARC Group, Some of the Top Electric Vehicle Companies Operating in the Global Industry are Given Below:

• 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 the Full Report with Charts, Table of Contents, and 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)

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

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.

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.

This release was published on openPR.