The global electric vehicle market is expected to experience striking growth during the forecast period owing to the stringent government regulations on vehicle emissions worldwide. Based on vehicle type, the passenger car sub-segment is expected to be the most profitable. Regionally, the Asia-Pacific region is predicted to dominate the market over the estimated timeframe.
New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric vehicle market is expected to generate $812,888.1 million in revenue and grow at a CAGR of 19.8% throughout the analysis period from 2021-2028.
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Covid-19 Impact on the Electric Vehicle Market
With several other industries, the electric vehicle market has also witnessed a negative impact. Due to the increased rate of spreading novel coronavirus, many manufacturing companies were shut down and there was a disruption in the supply chain due to strict lockdown and government guidelines during the period. In addition, the shortage of laborers and the shifting of people towards purchasing affordable vehicles during the pandemic are the major factors for the downfall of the growth of the market during the crisis. However, technological developments and innovative initiatives are taken by the key market players have helped the market to see a rise in the growth rate during the pandemic.
Check out How COVID-19 impacts the Global Electric Vehicle Market: https://www.researchdive.com/connect-to-analyst/3109
As per our analysts, due to stringent government regulations on the emission of greenhouse gases in the atmosphere caused by Internal Combustion Engine (ICE) vehicles, the electric vehicle market is expected to see vertical growth during the forecast period. Moreover, different initiatives by governments of various countries to promote the deployment of electric vehicles and to set the emission standards for engines and vehicles as well as for greenhouse emissions are further anticipated to drive the growth of the market during the analysis period. Besides, the increasing demand for high performance, low-emission, and fuel-efficient vehicles to reduce the adverse environmental impact is the major factor predicted to fortify the growth of the electric vehicle market during the estimated time period. However, the lack of charging infrastructure all around the world may hamper the growth of the market throughout the forecast period.
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Key Players of the Electric Vehicle Market
• 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
• Volkswagen AG
For instance, in May 2021, Ford, a leading American multinational automaker company, introduced its new product named 2022 F-150 Lightning® Pro. The motive of launching this product is mainly for commercial purposes. This product is the first-ever all-electric F-series truck specially designed to become a helping hand for the commercial segment.
Segments of the Electric Vehicle Market
The report has been divided the market into various segments based on type, vehicle type, vehicle class, and region.
Type: Plug-In Hybrid Electric Vehicle Sub-Segment to be Most Lucrative
The plug-in hybrid electric vehicle sub-segment is predicted to generate a revenue of $335,644.0 million during the estimated timeframe. This is mainly due to 30-60% less consumption petroleum than ICE vehicles. Moreover, the use of both gasoline-powered engines and electric engines in a plug-in hybrid electric vehicle is further expected to foster the growth of the electric vehicle market throughout the analysis period.
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Vehicle Type: Passenger Car Sub-Segment to be Most Profitable
The passenger car sub-segment is expected to garner a revenue of $598,466.0 million and is expected to continue steady growth over the analysis period. This is major because passenger electric vehicles help in reducing the emission of harmful greenhouse gases that result from air pollution. In addition, the cost-efficiency of these cars such as fueling at low prices, exciting offers at the time of purchasing new cars, and fascinating incentives for putting a step forward for going green is the major factor expected to amplify the growth of the market sub-segment throughout the forecast period.
Vehicle Class: Luxury Sub-Segment to Be Most Beneficial
The luxury sub-segment is expected to garner a revenue of $438,183.3 million over the analysis period. This is mainly due to the key features of luxury cars such as excellent speed, range, and is equipped with advanced featured technology. Moreover, the offering of maximum torque and impressive performance are major factors predicted to boost the growth of the electric vehicle market sub-segment over the forecast timeframe.
Region: Asia-Pacific region to Have Huge Growth Opportunities
This is because of the increasing government initiatives for reducing the carbon footprint and fuel prices. The existence of leading manufacturers and their innovative initiatives on research and development of electric vehicles is the factor projected to fuel the regional growth of the market sub-segment during the analysis period.
Furthermore, the report also summarizes the other different aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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