Electric Vehicle Market 2023-2028: Size, Share, Growth, Outlook, Trends, Analysis, and Forecast
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 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).
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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
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)
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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
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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