The Electric Vehicle Market was valued at USD 229.07 billion in 2021. The market is projected to grow USD 691.56 billion in 2028 at a CAGR of 17.10%. Electric Vehicles run on an electric motor that requires a constant supply of energy from batteries to operate. Electric vehicles were designed to replace traditional means of travel as they are one of the main causes of environmental pollution.
EVs are gaining traction across the globe due to low carbon emission and maintenance, the convenience of charging at home, reduced engine noise, fuel efficiency, and smoother drive. Moreover, stringent government regulation regarding vehicle emissions and the drop in prices electric vehicle batteries drive the market.
COVID-19 ANALYSIS
The COVID-19 pandemic has had an adverse effect on the global automotive sector. The automobile industry has also suffered in terms of vehicle production and sales, across the globe.
For instance, the Society of Electric Vehicle Manufacturers (SMEV), said that electric vehicle registrations fell by 20% in 2021 i.e. 236,802 units, down from 295,683 units in 2020.
To acquire correct information about the global Electric Vehicle market secondary research has been carried out extensively for this report. Further, it has been coupled with primary research to support the said assumptions and findings for specific and individual businesses. This Electric Vehicle market research report provides a basic yet insightful data about the topological landscape of many organisations and their related businesses that have secured a high position in the global Electric Vehicle market.
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In this report, there is a detailed summary of its key manufacturers' revenue share, production, consumption volume, sales price, import/export, and gross margin. Furthermore, the Electric Vehicle market segment is further segmented into different parts based on upstream raw materials, terminologies, downstream users, and equipment analyses. The global Electric Vehicle market report also explores information on emerging trends, the competitive landscape, Electric Vehicle market driving factors, and important industry statistics.
The global Electric Vehicle market research has been split into sections such as application, key manufacturers, product types, and topological zones to optimise variety of industrial tactics, advertising methods, and how worldwide sales influences the Electric Vehicle market. In the Electric Vehicle market, several important aspects such as Electric Vehicle market share, investments, revenue growth, globalise demand and supply variables are thoroughly examined. The report also analyses the Electric Vehicle market's production productivity and profitability rate across various regions. It also focuses on the top consumers, consumption, product capacity, market share, and the market's projected growth potential.
Top Players involved in this report are:
Tesla, Inc.
General Motors Company
Nissan Motors Co. Ltd.
BYD Company Ltd.
Daimler AG
Ford Motor Company
Toyota Motor Corporation
Global Electric Vehicle Market segmentation by Types:
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
The Application of the Electric Vehicle market can be divided as:
Passenger Car
Commercial Vehicle
Geographical outlook of this report:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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The competitive assessment of the prominent industry players is also encompassed in the global Electric Vehicle market which is responsible to recognize direct or indirect competitors present in the industry. It offers company profiles of the Electric Vehicle industry players in accordance with product picture and its portfolios, Electric Vehicle market plans, and technology. We have also mentioned strength and weaknesses of the Electric Vehicle market alongside the competitive benefits which improves productivity and efficiency of the companies.
