As per this study the Global Electric Vehicle Market was valued USD 278 BN (by revenue) in 2021 and is anticipated to reach USD 409.8 BN by 2028 with a CAGR of 5.7%.
Electric vehicles or EV are the vehicles that use electricity as a source of fuel. Basically, the rechargeable battery drives the electric motor embedded in it. Electric vehicles include electric rails, cars, motorcycles, aircraft, boats, and even spacecraft. These vehicles are safe, fuel-efficient, zero carbon emitting, low noise producing, and can be used for daily transport.
Objectives of the Study:
- Define and measure the global electric vehicle market
- Revenue forecast of the global electric vehicle market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments
Market Dynamics
The electric vehicle market is growing at a faster pace owing to rising oil depletion coupled with increasing fuel prices are the major factor driving the demand for electric vehicles. Rising environmental concern and favorable governmental support by reducing registration tax to promote the production of low emission vehicles are further fueling the market growth. Growing need of fuel-efficient vehicles is pushing the market growth uphill.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of electric vehicle.
Market Segmentation
The broad electric vehicle market has been sub-grouped into type and vehicle type. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicles
By Vehicle Type
- Two Wheeler
- Passenger Car
- Commercial Vehicles
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for the electric vehicle in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Electric Vehicle Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the electric vehicle market include Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Daimler AG, Energica Motor Company S.p.A., Ford Motor Company, General Motor Company, Nissan Motor Co. Ltd, Tesla, Inc., Toyota Motor Corporation and Volkswagen AG. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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