Electric Vehicle (EV) Market Size Expected to Reach USD 917.70 Billion with a CAGR of 20.6% in 2028

Rising government investments in development of charging infrastructure and significant advancements in charging technologies are key factors driving market revenue growth

Electric Vehicle (EV) Market Size – USD 201.01 Billion in 2020, Market Growth – at a CAGR of 20.6%, Market Trends –  Technological advancements in charging infrastructure

The global Electric Vehicle (EV) Market size is expected to reach USD 917.70 Billion in 2028 and register a revenue CAGR of 20.6% over the forecast period, according to a latest report by Reports and Data. Supportive government policies and regulations, rising environmental concerns, decreasing prices of batteries, and advancements in charging technologies are some key factors expected to drive market revenue growth. Technological advancements have brought down overall cost of Electric Vehicles (EVs) and various battery producers are specializing in offering excessive-capacity batteries and lowering battery prices to develop cost-efficient and high performance electric mobility.

Automotive manufacturers are responding well to the ever-changing market trends. Manufacturing and capacity at a number EV production plants is expected to increase owing to presence of supportive government policies. Utilities and power companies are also increasing investment in development of EV charging infrastructure, which further supports market growth.

Companies in global market report include – Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Daimler AG, Energica Motor Company S.p.A, Ford Motor Company, General Motors Company, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, and Volkswagen AG.

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Some Key Highlights From the Report

• Commercial vehicle segment revenue is expected to register significantly steady growth rate over the forecast period. Governments in countries around the world are focusing on electrification of commercial vehicles to reduce greenhouse gas emissions, which is expected to positively impact market revenue growth.
• Plug-In Hybrid Electric Vehicle (PHEV) segment revenue is expected to expand significantly over the forecast period. PHEVs can be recharged from domestic electric power sources, use roughly 30–40 percent of petroleum compared to other ICE vehicles, and carbon emissions are substantially lower than regular vehicles.
• The Electric Vehicle (EV) market in Asia Pacific is expected to register robust revenue CAGR over the forecast period. Rising disposable income, increasing air pollution rate in countries such as China, and India, and technological advancements in charging infrastructure are key factors expected to drive demand for EVs in this region. Also, rising investment in R&D by market players to develop and introduce more innovative electric charging technologies is expected to drive market growth.
• In March 2021, Volvo announced the launch of its new C40 Rechargeable model. According to company, the vehicle is primarily designed as an electric car and its features are the same as the XC60 model.

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For the purpose of this report, Reports and Data has segmented the Electric Vehicle (EV) market based on vehicle type, battery type, propulsion, and region:

• Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)

• Passenger Cars
• Commercial Vehicles
• Two-wheelers
• Battery Type Outlook (Revenue, USD Billion; 2018-2028)

• Lithium-Ion
• Lead-Acid
• Nickel-Metal Hydride
• Sodium-Ion
• Others
• Propulsion Outlook (Revenue, USD Billion; 2018-2028)

• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

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Regional Outlook (Revenue, USD Billion; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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