The global market value of electric vehicles is projected to surpass US$1,203 billion by 2028, registering strong year-on-year growth of 21.4%
HYDERABAD, INDIA, March 2, 2022 /PRNewswire/ — The global electric vehicle market was valued at US$309.38 billion in 2021 and is projected to reach US$1,203.01 billion by 2028, growing at a CAGR of 21.4%. Increasing demand for a safe, low-cost and environmentally friendly alternative to traditional vehicles, as well as government support through subsidies and tax breaks, are driving the growth of the electric vehicle market.
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At the end of 2020 there were 10 million electric cars worldwide. Despite the global pandemic, EV registrations grew 41% in 2020, according to the International Energy Agency (IEA). Important driving forces for the electric vehicle market are regulatory support, such as: B. A ban on the sale of conventional cars; Incentives to promote electric vehicle sales and reduce battery costs. Currently, 17 European Union (EU) countries offer EV purchase incentives, while 10 countries offer tax reductions or exemptions. Likewise in The United StatesElectric car buyers are eligible for a federal tax credit of up to $7,000 and are exempt from all consumption-based federal taxes. These incentives were the main reason for the high acceptance of electric vehicles in Germany China but the country is now planning to reduce tax incentives. in the December 2021the Chinese government announced that purchase incentives would be cut by 30% from the start January 1, 2022.
However, a lack of charging infrastructure is expected to limit the growth of the electric vehicle market. Battery replacement could be an interesting solution, but the charging infrastructure needs to be strengthened in the long term. The high price of electric vehicles is another leading obstacle, especially in developing countries such as the United States India.
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Asia Pacific is expected to hold a dominant market share
Among the countries China the largest share of the global electric vehicle market. But in 2020, Europe obsolete China in terms of the number of units sold. In addition to purchase incentives and tax benefits, 95 g of CO2/km for cars and 147 g CO2/km mandate has contributed to higher acceptance of electric vehicles Europe. The United States is expected to register the highest growth over the forecast period due to favorable government policies in terms of regulatory framework and monetary stimulus/support.
Key highlights of the report
- Among vehicle types, passenger cars accounted for more than 90% of the market share in 2021 and are expected to retain the dominant market share until 2028. The need for a low-cost and environmentally friendly alternative to traditional cars has enabled this shift in consumer behavior and led to greater adoption of the electric vehicle.
- Currently, battery electric vehicles (BEV) account for the majority of the market share, while plug-in hybrid electric vehicles (PHEV) are expected to register the highest growth rate or CAGR during the forecast period.
- Consumer spending on electric vehicles has increased significantly in recent years and this trend is expected to continue when government spending is allowed to stagnate or decline.
- The electric vehicle market is expected to become crowded as leading internal combustion engine manufacturers such as General Motors Company (GM), Ford Motor Company and others seek to strengthen their position. According to one estimate, global automakers plan to spend more than $500 billion on electric vehicles by 2030.
ReAnIn has segmented the global EV market into:
- vehicle type
- passenger cars
- commercial vehicle
- drive type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- component type
- Battery Cells & Packs
- onboard charger
- electric motor
- charging station type
- Normal charging
- Super Charge
- Less than 100kW
- Over 250kW
- North America
- Asia Pacific
- Latin America
- middle East and Africa
The electric vehicle market is highly competitive and dominated by established players such as Tesla, Inc., BYD Co Ltd, Volkswagen AG, General Motors, Stellantis NV and BMW Group. Some of the other leading players in this market are Hyundai Motor, Mercedes-Benz Group AG (formerly Daimler AG), Nissan Motor Co., Ltd., Volvo Group, SAIC Motor, Toyota Motor Corporation, Ford Motor, Honda Motor, Continental AG, and Tata Motors.
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SOURCE Reanin Research & Consulting Private Limited