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The global electric vehicle market size was USD 246.70 billion in 2020. The market is anticipated to grow from USD 287.36 billion in 2021 to USD 1,318.22 billion in 2028 at a CAGR of 24.3% in the 2021-2028 period.
This information is published by Fortune Business Insights™ in its report titled, “Electric Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)) and Regional Forecasts, 2021-2028.”
According to our researchers, in the last few years, the demand for Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), and Battery Electric Vehicle (BEV) is rising significantly among buyers on account of the fact that these automobiles do not utilize conservative fuels such as gasoline or diesel as power. Moreover, the preservation price of EVs is also substantially low, which gives it a benefit over orthodox fuel-grounded automobiles.
Market to Demonstrate Affirmative Signals of Retrieval Post COVID-19 Crisis
The coronavirus was stated as a public health emergency crisis and had an adverse influence on the global automotive industry. It affected nearly every part of the world, and since then, the regulations regarding lockdowns have been altering gradually.
Moreover, the lockdown occasioned owing to the COVID-19 crisis resulted in the shutting down of numerous automotive production divisions. However, the augmented sales of all kinds of EV’s in the second half of 2020 as the lockdown rules were softened in the majority of the nations.
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Ford and Volkswagen Sign Agreement for Joint Ventures on Commercial Automobiles, EVS, Autonomous Driving
Ford Motor Company and Volkswagen AG signed the contract that extends their international association to fulfill the quickly changing requirements of their respective consumers based in Europe and other regions by leveraging balancing fortes in mid-size pickup buses and commercial & electric automobiles.
The involved corporations estimate the merger to augment and refine ownership experiences for prevailing and imminent buyers by more promptly inventing automobile offerings, integrating significant novel technologies, providing better service, and offering better model options. They predict sustained growth in worldwide industry demand for commercial vehicles and for high-performing EVs to add appreciated gauge to their separate product collections.
Stringent Government Norms on Vehicle Releases to Support Market Growth
In order to decline the quantity of greenhouse gas releases in the air, governments of several nations across the world have enforced severe vehicle discharge guidelines. In Europe, the European Union has moulded a directive to decrease the carbon dioxide secretions of light and medium commercial automotive by approximately 15% before 2025.
The Petroleum Ministry of India authorized all automotive producers to initiate production of BS-VI vehicles after 1 April 2020. This conclusion was intended to plummet air pollution in the region.
Mergers among Companies to Safeguard their Brand Values in Global Market
Important players in the market are incessantly rooting for efficient tactics to endorse their products and inaugurate their positions in the market. One such effective approach is to unveil novel products by associating with various other corporations to encompass their reach to end-users.
List of Key Players Covered in the Electric Vehicle Market Report
Table of Segmentation
Value (USD Billion) & Units (Thousands Units)
By Vehicle Type