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Global electric vehicle market size to witness a CAGR of 23.5% through 2028

Global electric vehicle market size to witness a CAGR of 23.5% through 2028

Renowned analysts cite that global electric vehicle market is anticipated to witness a CAGR of 23.5% during the forecast timeframe & accrue noteworthy returns by the end of 2028.

Soaring concern of people over urban air pollution, making the switch to more sustainable solutions is the major growth factor for global electric vehicle market.

For those unaware, electric vehicles (EVs) can significantly reduce greenhouse gas emissions while reducing dependency on oil-based fuels. The governments of numerous nations are actively contributing to the explosive growth of EV sales, by focusing on offering subsidies to consumers on EV purchases, which is further impelling industry expansion.

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Notably, one of the main sources of air pollution are conventional fuel vehicles, which has prompted government agencies to enforce harsh laws and guidelines on automakers to limit vehicle emissions.

Moreover, technological developments and the continued improvements in self-driving electric vehicle technology are anticipated to bolster market outlook in the coming years.

Based on vehicle type, the industry is split into commercial vehicles and passenger vehicles. Out of this, the commercial vehicles segment is projected to witness a notable CAGR in the coming years. In terms of number of wheels, the market is branched into multi-wheeler, four-wheeler, three-wheeler, and two-wheeler. Among these, the four-wheeler segment is likely to expand significantly during the forecast period.

On the basis of type, worldwide electric vehicle market is divided into fuel-cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and hybrid electric vehicle (HEV). Out of these, the BEV segment is expected to garner notable returns by the end of forecast period.

Geographically, the market is studied across Middle East & Africa, Latin America, Asia Pacific, Eastern Europe, Western Europe, and North America.

Moving to competitive landscape, the leading players global electric vehicle market are Zhejiang Geely Holding Group Co., Ltd., General Motors Company, Mercedes-Benz Group AG, Mahindra Electric Mobility Limited, Honda Motor Co., Ltd., Guangzhou Automobile Group Co., Ltd., Groupe Renault, Toyota Motor Corporation, Hyundai Motor Group, Nissan Motor Co., Ltd., Bayerische Motoren Werke AG, BYD Auto Co., Ltd., SAIC Motor Corp., Ltd., Volkswagen AG, and Tesla, Inc. These players are using strategic measures to strengthen their foothold in the business sphere.

Questions And Answers: Global Electric Vehicle Market

Q1. What are the growth determinants for global electric vehicle market?

Answer: Soaring concern of people over urban air pollution, making the switch to more sustainable solutions is the major growth factor for global electric vehicle market.

Q2. Which are the major regions studied across global electric vehicle market?

Answer: Geographically, the market is studied across Middle East & Africa, Latin America, Asia Pacific, Eastern Europe, Western Europe, and North America.

Q3. Which are the key players in global electric vehicle market?

Answer: The leading players global electric vehicle market are Zhejiang Geely Holding Group Co., Ltd., General Motors Company, Mercedes-Benz Group AG, Mahindra Electric Mobility Limited, Honda Motor Co., Ltd., Guangzhou Automobile Group Co., Ltd., Groupe Renault, Toyota Motor Corporation, Hyundai Motor Group, Nissan Motor Co., Ltd., Bayerische Motoren Werke AG, BYD Auto Co., Ltd., SAIC Motor Corp., Ltd., Volkswagen AG, and Tesla, Inc.

For more details on this report:

https://www.marketstudyreport.com/reports/global-electric-vehicle-market-investment-growth-opportunity-analysis-2019-2028

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