Global electric vehicle market to reach $ 802.75 billion by 2028: report
Recent Market Growth Report Research Report Says Electric Vehicle (EV) Market Expected To Reach 802.75 billion USD by 2028, growing at a compound annual growth rate (CAGR) of 21.6% during the forecast period, 2021 – 2028. This market size was estimated to be 273.31 billion USD in 2020.
The report contains detailed data on emerging trends, market drivers, growth opportunities, and restraints that may change the market dynamics of the industry. It gives the analysis of market segments which include products, applications and competitor analysis.
According to the report, the growth of the commercial vehicle segment is associated with the increasing adoption of electric buses in developing countries like India and China for their public transport networks. Various countries are focusing on replacing their existing fuel buses with electric buses. The upward trend of replacing fossil fuel vehicles with electric buses is likely to boost the market. In addition, the growth of logistics shared mobility and e-commerce is expected to propel the market during the forecast period.
Overall, the electric two-wheeler segment is expected to grow at a substantial CAGR during the forecast period. As rising gasoline prices prompt consumers to embrace EVs.
If we talk about the vehicle class, the mid-priced vehicle segment got a large market share of the total turnover in 2018. The price of batteries is falling, which leads to a drop in the price of electric vehicles. Mid-class vehicles have few features with limited emphasis on instrument clusters and infotainment.
Therefore, reports indicate that the Battery Electric Vehicle (BEV) segment is expected to grow at a CAGR of over 25% during the forecast period, due to increasing environmental awareness and multiple benefits. of the BEV. The Plug-in Hybrid Electric Vehicle (PHEV) segment is expected to grow at a substantial CAGR of 45% during the forecast period. Governments of developing countries like China and India are taking initiatives to promote the use of electric vehicles. In addition, large companies such as the Volkswagen Group are focusing on increasing their sales of plug-in electric cars.
However, the Hybrid Electric Vehicle (HEV) segment provides the fuel-based and electric driving base that has increased HEV sales in regions with low charging infrastructure.
The report has separated the global electric vehicle market into Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia-Pacific auto industries such as Japan, South Korea, and China are keen on advanced electric vehicle technology, development and innovation. The growing demand for reduced carbon emissions and the development of fast and advanced charging stations are believed to be driving the market in the region.
For example, Tesla Inc. plans to manufacture more than 150,000 model cars 3 in Shanghai, China. In 2018, the Volkswagen Group announced its intention to manufacture 22 billion electric vehicles by 2026. Of these, half of the cars were to be made in China.
Obviously, North America had a considerable market share of about 15% of total revenue in 2019. Therefore, the demand for electric vehicles in North America is expected to increase during the period. forecast.
Earlier in 2020, in its report, India Energy Storage Alliance (IESA) forecast that in its baseline scenario – the Indian electric vehicle market is expected to grow at a CAGR of 44% between 2020 and 2027, and is expected to reach Annual sales of 6.34 million units by 2027.