Growing demand for low-emission, high performance, and fuel-efficient vehicles is fueling the global electric vehicle market growth. The COVID-19 pandemic has negatively impacted the market growth. The Asia Pacific market is projected to lead the market in the near future.
NEW YORK, Aug. 25, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Electric Vehicle Market by Type (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle), Vehicle Type (Two-wheeler, Passenger Car, and Commercial Vehicle), Vehicle Class (Mid-priced, Luxury), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
The Global Electric Vehicle Market is expected to garner $812,888.1 million by 2028, growing at a CAGR of 19.8% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
The market is segmented on the basis of type, vehicle type, vehicle class, and region.
Among the type segment, the hybrid electric vehicle sub-segment is expected to hold maximum share of the market by gathering $295,602.6 million in the forecast period. This growth is mainly owing to the growing demand for hybrid electric vehicles as they provide both power sources: conventional (petrol or diesel) engine and electric motor.
Among the vehicle class segment, the luxury sub-segment is estimated to grab leading share of the market by gathering $438,183.3 million in the forecast period. The growth of this sub-segment is mainly because of the growing focus of luxury car manufacturers on developing efficient an electric vehicle that has outstanding range coverage, speed, and advanced features.
Among the vehicle type segment, the passenger sub-segment is expected to undergo rapid growth and gather $598,466.0 million during the forecast period. This growth is mostly because passenger cars provide several benefits; for instance, they do not require gas as they can run on electricity.
Among region, the Asia Pacific region market is projected to lead the market and hit $359,981.7 million in the projected period. The growth of this region market is primarily due to rising initiatives by government for decreasing the carbon footprint and constant increase in the prices of fuels in this region.
The key factors fueling the growth of the global electric vehicle market are the growing demand for low-emission, high performance, and fuel-efficient vehicles and rising execution of strict government rules on the greenhouse gas emission by Internal Combustion Engine (ICE) vehicles. In addition, growing government initiatives to encourage the acceptance of electric vehicles is anticipated to open doors to innovative opportunities for the market growth in the projected period. However, absence of proper and adequate stations for charging electric vehicles is expected to obstruct the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Electric Vehicle Market:
The COVID-19 pandemic has made a negative impact on the growth of the global electric vehicle market in 2020. In the COVID-19 pandemic period, government of various regions have executed strict lockdowns which has disrupted the supply chains. The production of electric vehicles has been delayed owing to restrictions on import-export activities and shortage of labors, which is hampering the market growth.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in May 2021, Nexzu Mobility, an Indian electric vehicle manufacture, launched an electric cargo version called Roadlark, especially designed for fulfilling the needs of the the bulk last-mile delivery of e-commerce companies all over India.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
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