USD 195.56 Billion
Report ID: SQMIG25C2046 | Region: Global | Published Date: October, 2022 | Pages: 211 | Tables: 143 | Figures: 69
Electric Vehicle Market was valued at USD 195.56 Billion in 2021, and it is expected to reach a value of USD 664.76 Billion by 2028, at a CAGR of 19.10 % over the forecast period (2022-2028).
An electric car, as opposed to a gasoline-powered vehicle, runs on electricity. Instead of an internal combustion engine, these cars are powered by an electric motor that requires a continual supply of energy from batteries to function. These vehicles make use of a variety of batteries. Lithium ion, molten salt, zinc-air, and other nickel-based designs are among them.
The electric car was created largely to replace traditional modes of transportation, which pollute the environment. It has grown in prominence because of several technical breakthroughs. It surpasses traditional automobiles by offering better fuel efficiency, lower carbon emissions and maintenance, the ease of charging at home, a smoother driving, and lower engine noise.
Factors such as increased demand for fuel-efficient, high-performance, and low-emission vehicles, stringent government rules and regulations regarding vehicle emissions, as well as lower costs of electric vehicle batteries and rising fuel prices, all contribute to the growth of the electric vehicle market. Furthermore, obstacles such as a lack of charging infrastructure, high production costs, range anxiety, and serviceability are projected to stymie the EV market's growth. Furthermore, technical developments, aggressive government efforts, and the development of self-driving electric vehicle technology are likely to generate several possibilities for major players in the electric vehicle market.
US Electric Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 195.56 Billion
Battery Electric Vehicle
Battery Electric Vehicle
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Electric Vehicle Market is segmented on the basis of type, vehicle type, vehicle class, top speed, vehicle drive type, and region. By type, Electric Vehicle Market is divided into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). By vehicle type, Electric Vehicle Market is classified into two-wheelers, passenger cars, and commercial vehicles. By vehicle class, Electric Vehicle Market is classified into mid-priced and luxury class. On the basis of top speed, Electric Vehicle Market is segmented into less than 100 MPH, 100 to 125 MPH, and more than 125 MPH. By vehicle drive type, Electric Vehicle Market is segmented into front wheel drive, rear wheel drive, and all-wheel drive. By region, the Electric Vehicle Market is analyzed across North, Europe, Asia-Pacific and LAMEA.
Electric Vehicle Market Analysis by Type
As nations throughout the world become more concerned about reducing emissions, the market for BEVs grows. BEVs were previously in short supply due to a lack of charging stations and the expensive cost of EV batteries. However, since the cost of EV batteries continues to fall at a rapid and consistent rate, along with expanding EV range and a developing EV charging network throughout the world, demand for BEVs has increased dramatically. The bulk of the top-selling EVs in the market in 2021 will be BEVs. The Asia Pacific area has the largest BEV market, with China, Japan, and South Korea leading in BEV sales. The rapid expansion of BEVs is mostly due to strong government backing and favourable policies.
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China, Japan, and South Korea dominate the Asia Pacific EV market. China, being the world's top EV manufacturer and consumer, has a stranglehold over the region's EV business. Their government has taken steps such as providing subsidies to EV buyers, requiring all vehicle manufacturers to produce EVs based on the number of vehicles produced, providing significant support for the installation of EV charging stations in major cities, and enacting regulations against excessively polluting vehicles.
Japan and South Korea have been expanding their EV markets as well. Their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, establishing deadlines for switching from ICE cars to full or hybrid EVs, and so on.
India is likewise aiming to increase its EV market demand. The new car scrappage policy, which allows old vehicles to be scrapped in exchange for low-emission vehicles, as well as other planned laws, will help the country become the region's fastest-growing market for EVs in the next few years.
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Electric Vehicle Market Driver
Electric Vehicle Market Restraint
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Due to the low cost and readily accessible workforce, the EV industry is relatively concentrated, with the participation of large competitors. Startups are also increasing their footprint by raising funding from investors and moving into new and undiscovered cities. Companies are investing much in R&D and developing new models in order to establish their market position. However, established market companies are developing new models to obtain a competitive advantage over other firms.
Electric Vehicle Market Top Players Company Profiles
Electric Vehicle Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
As per SQ analysis, because gasoline is a fossil fuel, it is not a renewable source of energy and is expected to be depleted in the future. It is critical to discover and deploy alternative fuel sources to promote sustainable development. This entails the usage of electric cars, which do not require gasoline and are more cost effective than traditional automobiles.
|Market size value in 2021||USD 195.56 Billion|
|Market size value in 2028||USD 664.76 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Electric Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Vehicle Market for additional countries.
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Product ID: SQMIG25C2046