Electric Vehicle Market Expected to Hit $812,888.1 Million and Grow at 19.8% CAGR in the 2021-2028 Timeframe

The global electric vehicle market is predicted to grow immensely during the forecast period, chiefly due to technological advancements in electric vehicles. Also, product launches by luxury car manufacturers, such as Tesla, Porsche, BMW, etc. is expected to make the luxury sub-segment the most dominant one. The market in the Asia-Pacific region is predicted to be the most profitable one by 2028.

According to the newly published Research Dive report, the global electric vehicle market is anticipated to surpass $812,888.1 million, rising at a stable CAGR of 19.8% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the electric vehicle market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/3109

Dynamics of the Market
Drivers: Stringent government regulations on vehicular emissions in order to curb pollution caused from greenhouse gases is predicted to drive the market growth in the forecast period. Besides, increased demand for high performance, low-emission, and fuel-efficient vehicles is anticipated to push the market forward.

Opportunities: Emergence of advanced technologies & innovations and the rising demand for high performance, low-emission, fuel efficient vehicles are predicted to create enormous opportunities for the electric vehicle market in the forecast period.

Restraints: Lack of charging infrastructure might become a restraint in the growth of the electric vehicle market.

Impact of COVID-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The electric vehicle market, too, faced tremendously negative impact of the pandemic. Due to the lockdowns, the global supply chains were disrupted on a huge scale, affecting the supply of raw materials required for manufacturing electric vehicles. Also, the import-export restrictions affected the distribution and sale of the manufactured products, which brought down the overall growth rate of the market substantially.

Segments of the Market:
The report has fragmented the electric vehicle market across different segments, such as type, vehicle type, vehicle class, and region.

By type, the hybrid vehicle sub-segment is expected to be the most dominant sub-segment and generate a revenue of $295,602.6 million by 2028. Hybrid electric vehicle uses electric engine power at lower speeds while using gas engine power at higher speeds, thereby saving fuel. This advantage provided by hybrid vehicles is expected to boost the demand for hybrid electric vehicles, and thus the growth of the sub-segment at the forecast period.

By vehicle type, the passenger car sub-segment of the electric vehicle market is predicted to be the most profitable one and garner a revenue of $598,466.0 million by 2028. Growing demand for new-age passenger cars such as Jaguar I-Pace, Tata Nexon EV, Mercedes-Benz EQC, etc. which come with various benefits, is predicted to boost the growth of the sub-segment in the forecast period.

By vehicle class, the luxury sub-segment is expected to be the most lucrative one and generate a revenue of $438,183.3 million by 2028. Luxury car manufacturers such as Tesla, Porsche, BMW have launched a series of electric vehicles with stunning and advanced features. These product launches are expected to boost the growth of this sub-segment in the forecast period.

By regional analysis, the electric vehicle market in the Asia-Pacific region is predicted to register a revenue of $359,981.7 million by 2028, thereby possessing the highest market share. Increasing governmental regulations in various countries of this region to curb vehicular emissions and curb the carbon footprint is predicted to be the primary driver of the market in the forecast period.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/3109

Prominent Market Players:
Some prominent players in the electric vehicle market are Bayerische Motoren Werke Aktiengesellschaft, Ford Motor Company, Tesla, Inc., BYD Company Limited, Nissan Motor Co., Ltd., Volkswagen AG, Energica Motor Company S.p.A, General Motors Company, Toyota Motor Corporation, and Daimler AG, among others. These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.

For instance, in May 2022, Jindal Worldwide, an Indian conglomerate, through its subsidiary, Jindal Mobilitric, announced the acquisition of Earth Energy EV, an EV startup based in Mumbai, India. With this acquisition, Jindal Worldwide has announced its entry in the electric vehicle market and is expected to gain a leading position very quickly in the coming period.

Finally, this comprehensive report also summarizes many crucial facets of the electric vehicle market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
𝐌𝐫. 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐏𝐚𝐥𝐢𝐰𝐚𝐥
𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐃𝐢𝐯𝐞
𝟑𝟎 𝐖𝐚𝐥𝐥 𝐒𝐭. 𝟖𝐭𝐡 𝐅𝐥𝐨𝐨𝐫, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤 𝐍𝐘 𝟏𝟎𝟎𝟎𝟓
(𝐏) +𝟗𝟏-(𝟕𝟖𝟖)-𝟖𝟎𝟐-𝟗𝟏𝟎𝟑 (𝐈𝐧𝐝𝐢𝐚)
𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞: 𝟏-𝟖𝟖𝟖-𝟗𝟔𝟏-𝟒𝟒𝟓𝟒
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable.

Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.