Pune, India, October 21, 2021 (GLOBE NEWSWIRE) – According to the Fortune Business Insights ™ research report, the electric vehicle market size was $ 246.70 billion in 2020. The market is expected to grow from $ 287.36 billion in 2021 to $ 1,318.22 billion in 2028 at a CAGR of 24.3% during the period 2021-2028. The sudden increase in CAGR is attributable to growth and demand in this market, which returns to pre-pandemic levels once the coronavirus crisis is over.
The whole world is grappling with the COVID-19 pandemic, which has severely disrupted trade across the world. Authorities in several countries have initiated containment to prevent the spread of this deadly virus. Such plans have caused disruption in the production and supply chain. But, with time and resolve, we can fight this harsh weather and return to normalcy. Our well-reviewed reports will help companies receive detailed information about the current scenario of each market so that you can adopt the necessary strategies accordingly.
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Strict emissions regulations to improve business development
The constant efforts to reduce greenhouse gas emissions have led to the implementation of strict emissions laws by governments, which, in turn, will enhance the healthy growth of the market. For example, in Europe, regulations have been imposed to reduce CO2 emissions from light and medium commercial vehicles by 15% by 2025. More and more countries have made regular monitoring of vehicle pollution compulsory. The implementation of the Bharat Stage VI (BS-VI) standard in India with the aim of using efficient engines to reduce carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global market during the forecast period.
Asia-Pacific is expected to show significant growth in this market due to the growing demand for passenger cars in developing countries. China accounts for the largest share in terms of passenger cars and other automobiles. In addition, North America is expected to experience the strongest growth in the market. The regional growth can be attributed to growing initiatives by the Department of Energy (DOE) to build charging infrastructure across the United States to support the growing number of electric vehicles in the region.
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Geely Auto announced the launch of the new research and development center in Raunheim, Germany. The company will use the R&D center to produce high-end electric vehicles, advanced electrification and connectivity technologies.
Strict emissions regulations to improve business development
The constant efforts to reduce greenhouse gas emissions have led to the implementation of strict emissions laws by governments, which, in turn, will enhance the healthy growth of the market. For example, in Europe, regulations have been imposed to reduce CO2 emissions from light and medium-duty vehicles by 15% by 2025. More and more countries have made regular monitoring of vehicle pollution compulsory. The implementation of the Bharat Stage VI (BS-VI) standard in India with the aim of using efficient engines to reduce carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global market during the forecast period.
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- BMW Group (Munich, Germany)
- BYD Company Ltd. (Shenzhen, China)
- Daimler AG (Stuttgart, Germany)
- Ford Motor Company (Michigan, USA)
- General Motors Company (Michigan, United States)
- Nissan Motor Corporation (Kanagawa, Japan)
- Tesla, Inc. (California, United States)
- Toyota Motor Corporation (Toyota City, Japan)
- Volkswagen AG (Wolfsburg, Germany)
- Groupe Renault (Boulogne-Billancourt, France)
|Cover of the report||Details|
|Forecast period||2021 to 2028|
|Forecast period 2021 to 2028 CAGR||24.3%|
|2028 value projection||$ 1,318.22 billion|
|Year of reference||2020|
|Market size in 2021||$ 287.36 billion|
|Historical data for||2017 to 2019|
|Number of pages||250|
|Covered segments||Vehicle type, type and geography|
|Growth drivers||Subsidies and supportive government policies to promote sales|
|Strict government regulations on vehicle emissions to drive growth|
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Global segmentation of the electric vehicle market:
By type of vehicle:
- Passenger car
- Commercial vehicle
- Battery electric vehicle (BEV)
- Plug-in hybrid electric vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- North America (United States, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico, rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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