Electric Vehicle Market: Global Market Estimation, Dynamics, Trends, Competitor Analysis 2016-2021 and Forecast 2022-2028

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Electric Vehicle Market: By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles), Vehicle Class (Mid-Priced, Luxury), Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive) and Geography

 

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Report

Description

Electric Vehicle Market size valued USD 267.23 billion in 2021 and expected to reach 1318.24 billion by 2028, at a CAGR of 25.2% during 2022-2028. Rising concerns over environment protection, huge investments made by automakers in electric vehicles and surging demand for high performance, fuel efficiency vehicles are some of the key factors propelling the market growth. However, huge manufacturing costs involved in manufacturing electric vehicles is hindering the market growth. One of the primary factors driving the market’s growth is the growing demand for fuel-efficient automobiles around the world. Additionally, growing worries about the negative environmental effects of greenhouse gas (GHG) emissions, as well as the implementation of favourable government policies encouraging sustainable development, are boosting market growth. The report studies global electric vehicle market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities).

Electric Vehicle Market

MARKET SUMMARY
-
25.2%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 25.2%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Electric Vehicle Market

  • The global electric vehicle market report gives comprehensive outlook on electric vehicle across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
  • The report on global electric vehicle market gives historical, current, and future market sizes (US$ Bn) on the basis of by type (), vehicle type, vehicle class, top speed, vehicle drive type and region.
  • Key stakeholders of the global electric vehicle market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global electric vehicle products.
Key Players
  • BMW
  • Volkswagen
  • Toyota
  • Ford
  • Volvo
  • Hyundai
Electric Vehicle Market

Drivers And Restraints

The major challenge is costs. Battery technology is expensive, and because batteries in electric cars need to be able to hold massive amounts of charge to make the cars practical for most drivers, they have to be built using expensive materials, most of which are tough to procure. Because electric cars cost a lot to build, they also cost more than comparable gasoline cars to buy. That makes consumers reluctant to adopt them. The EV technology was growing and innovations were happening especially in electric propulsion (EP) and energy storage systems (ESS), which are the core technology areas in EV engineering. Batteries have been the major energy source for EV, different battery technologies have been invented and adopted. Lithium-ion batteries are the most popular one now and are definitely going to stay. Lithium-air provides an exciting new frontier because this battery promises to store far more energy than is possible with current lithium-ion technologies. Companies like Tesla have continued to invest heavily in this technology due to the high recharge capacity of these batteries.


Asia-Pacific got significant share

Electric Vehicle Market

Asia Pacific accounted for larger revenue share in global electric vehicle market with considerable CAGR due to strong growth in this region. Factors such as rising demand for highly advanced charging stations, strict emission standards imposed on commercial vehicles which are forcing customers to adopt EV’s are driving the market growth in this region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Findings of the Report

  • Global electric vehicle market expanding at significant CAGR over 2021 to 2027 owing to growing demand for fuel efficiency vehicles
  • Based on vehicle type, commercial vehicles (CV)  segment accounted for larger market revenue share in 2020 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in global electric vehicle market

Key

Features of the Report

Electric Vehicle Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

2021 is the base year and 2028 is the forecast year.

The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).

In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.


Report

Table Of Content

1. Executive Summary
2. Global Electric Vehicle Market Introduction
2.1. Global Electric Vehicle Market – Taxonomy
2.2. Global Electric Vehicle Market –Definitions
2.2.1. Type
2.2.2. Vehicle Type
2.2.3. Vehicle Class
2.2.4. Top Speed
2.2.5. Vehicle Drive Type
2.2.6. Region
3. Global Electric Vehicle Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Electric Vehicle Market Dynamic Factors – Impact Analysis
3.6. Global Electric Vehicle Market – Competition Landscape
4. Global Electric Vehicle Market Analysis,2017 – 2021 and Forecast, 2022 – 2028
4.1. Market Analysis,2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Electric Vehicle Market, By Type, 2017–2021and Forecast, 2022–2028 (Revenue, USD Mn)
5.1. Battery Electric Vehicle
5.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Plug-in Hybrid Electric Vehicle
5.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
5.3. Fuel Cell Electric Vehicle
5.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
6. Global Electric Vehicle Market, By Vehicle Type, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn)
6.1. Two-Wheelers
6.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Passenger Cars
6.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Commercial Vehicles
6.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
7. Global Electric Vehicle Market Forecast, By Vehicle Class,2017–2021and Forecast, 2022–2028 (Revenue, USD Mn)
7.1. Mid-Priced
7.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Luxury
7.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
8. Global Electric Vehicle Market Forecast, By Top Speed, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn)
8.1. Less Than 100 MPH
8.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. 100 to 125 MPH
8.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. More Than 125 MPH
8.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
9. Global Electric Vehicle Market, By Vehicle Drive Type, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.1. Front Wheel Drive
9.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.1.3. Market Opportunity Analysis
9.2. Rear Wheel Drive
9.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.2.3. Market Opportunity Analysis
9.3. All Wheel Drive
9.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.3.3. Market Opportunity Analysis
10. Global Electric Vehicle Market Forecast, By Region, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
10.1. North America
10.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.1.3. Market Opportunity Analysis
10.2. Europe
10.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.2.3. Market Opportunity Analysis
10.3. Asia-Pacific
10.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.3.3. Market Opportunity Analysis
10.4. Latin America
10.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.4.3. Market Opportunity Analysis
10.5. Middle East and Africa
10.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
10.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
10.5.3. Market Opportunity Analysis
10.6. Global Electric Vehicle Market – Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Region, 2022 – 2028
11. North America Electric Vehicle MarketAnalysis,2017–2021 and Forecast, 2022–2028(Revenue, USD Mn)
11.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
11.1.1. Battery Electric Vehicle
11.1.2. Plug-in Hybrid Electric Vehicle
11.1.3. Fuel Cell Electric Vehicle
11.2. Vehicle Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Two-Wheelers
11.2.2. Passenger Cars
11.2.3. Commercial Vehicles
11.3. Vehicle Class Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Mid-Priced
11.3.2. Luxury
11.4. Top Speed Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.4.1. Less Than 100 MPH
11.4.2. 100 to 125 MPH
11.4.3. More Than 125 MPH
11.5. Vehicle Drive Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.5.1. Front Wheel Drive
11.5.2. Rear Wheel Drive
11.5.3. All Wheel Drive
11.6. Country Analysis 2017 – 2021 and Forecast 2022 – 2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.6.1. USA
11.6.2. Canada
11.7. North America Electric Vehicle Market – Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2022 – 2028
11.8. North America Electric Vehicle Market Dynamics – Trends
12. Europe Electric Vehicle Market Analysis, 2017–2021 and Forecast, 2022–2028(Revenue, USD Mn)
12.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
12.1.1. Battery Electric Vehicle
12.1.2. Plug-in Hybrid Electric Vehicle
12.1.3. Fuel Cell Electric Vehicle
12.2. Vehicle Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Two-Wheelers
12.2.2. Passenger Cars
12.2.3. Commercial Vehicles
12.3. Vehicle Class Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Mid-Priced
12.3.2. Luxury
12.4. Top Speed Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.4.1. Less Than 100 MPH
12.4.2. 100 to 125 MPH
12.4.3. More Than 125 MPH
12.5. Vehicle Drive Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.5.1. Front Wheel Drive
12.5.2. Rear Wheel Drive
12.5.3. All Wheel Drive
12.6. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.6.1. Germany
12.6.2. UK
12.6.3. France
12.6.4. Spain
12.6.5. Italy
12.6.6. Russia
12.6.7. Poland
12.6.8. Rest of Europe
12.7. Europe Electric Vehicle Market – Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2022 – 2028
12.8. Europe Electric Vehicle Market Dynamics – Trends
13. Asia-Pacific Electric Vehicle Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
13.1. Type Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
13.1.1. Battery Electric Vehicle
13.1.2. Plug-in Hybrid Electric Vehicle
13.1.3. Fuel Cell Electric Vehicle
13.2. Vehicle Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Two-Wheelers
13.2.2. Passenger Cars
13.2.3. Commercial Vehicles
13.3. Vehicle Class Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Mid-Priced
13.3.2. Luxury
13.4. Top Speed Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.4.1. Less Than 100 MPH
13.4.2. 100 to 125 MPH
13.4.3. More Than 125 MPH
13.5. Vehicle Drive Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.5.1. Front Wheel Drive
13.5.2. Rear Wheel Drive
13.5.3. All Wheel Drive
13.6. Country Analysis2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.6.1. Japan
13.6.2. China
13.6.3. India
13.6.4. ASEAN
13.6.5. Australia & New Zealand
13.6.6. Rest of Asia-Pacific
13.7. Asia-Pacific Electric Vehicle Market – Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country,2022 – 2028
13.8. Asia-Pacific Electric Vehicle Market Dynamics – Trends
14. Latin America Electric Vehicle Market Analysis,2017 – 2021 and Forecast, 2022–2028(Revenue, USD Mn)
14.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
14.1.1. Battery Electric Vehicle
14.1.2. Plug-in Hybrid Electric Vehicle
14.1.3. Fuel Cell Electric Vehicle
14.2. Vehicle Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.2.1. Two-Wheelers
14.2.2. Passenger Cars
14.2.3. Commercial Vehicles
14.3. Vehicle Class Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.3.1. Mid-Priced
14.3.2. Luxury
14.4. Top Speed Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.4.1. Less Than 100 MPH
14.4.2. 100 to 125 MPH
14.4.3. More Than 125 MPH
14.5. Vehicle Drive Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.5.1. Front Wheel Drive
14.5.2. Rear Wheel Drive
14.5.3. All Wheel Drive
14.6. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
14.6.1. Brazil
14.6.2. Mexico
14.6.3. Argentina
14.6.4. Rest of Latin America
14.7. Latin America Electric Vehicle Market – Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2022 – 2028
14.8. Latin America Electric Vehicle Market Dynamics – Trends
15. Middle East and Africa Electric Vehicle Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
15.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
15.1.1. Battery Electric Vehicle
15.1.2. Plug-in Hybrid Electric Vehicle
15.1.3. Fuel Cell Electric Vehicle
15.2. Vehicle Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.2.1. Two-Wheelers
15.2.2. Passenger Cars
15.2.3. Commercial Vehicles
15.3. Vehicle Class Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.3.1. Mid-Priced
15.3.2. Luxury
15.4. Top Speed Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.4.1. Less Than 100 MPH
15.4.2. 100 to 125 MPH
15.4.3. More Than 125 MPH
15.5. Vehicle Drive Type Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
15.5.1. Front Wheel Drive
15.5.2. Rear Wheel Drive
15.5.3. All Wheel Drive
15.6. Country Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
15.6.1. Gulf Cooperation Council (GCC) Countries
15.6.2. Israel
15.6.3. South Africa
15.6.4. Rest of MEA
15.7. MEA Electric Vehicle Market – Opportunity Analysis Index, By Type, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type and Country, 2022 – 2028
15.8. MEA Electric Vehicle Market Dynamics – Trends
16. Competition Landscape 
16.1. Strategic Dashboard of Top Market Players
16.2. Company Profiles (Introduction, Financial Analysis, Type& Service Offerings, Key Developments, Strategies, and SWOT Analysis)
16.2.1. Ampere Vehicles
16.2.2. Benling India Energy and Technology Pvt Ltd
16.2.3. BMW AG
16.2.4. Chevrolet Motor Company
16.2.5. Energica Motor Company S.p.A.
16.2.6. Ford Motor Company
16.2.7. Hero Electric
16.2.8. Hyundai Motor Company
16.2.9. Mahindra Electric Mobility Limited
16.2.10. Nissan Motors Co., Ltd.
16.2.11. Tesla Inc.
16.2.12. Tata Motors
17. Research Methodology
18. Key Assumptions and Acronyms

Report

Company Profile

  • Ampere Vehicles
  • Benling India Energy and Technology Pvt Ltd
  • BMW AG
  • Chevrolet Motor Company
  • Energica Motor Company S.p.A.
  • Ford Motor Company
  • Hero Electric
  • Hyundai Motor Company
  • Mahindra Electric Mobility Limited
  • Nissan Motors Co., Ltd.
  • Tesla Inc.
  • Tata Motors

Description

Electric Vehicle Market size valued USD 267.23 billion in 2021 and expected to reach 1318.24 billion by 2028, at a CAGR of 25.2% during 2022-2028. Rising concerns over environment protection, huge investments made by automakers in electric vehicles and surging demand for high performance, fuel efficiency vehicles are some of the key factors propelling the market growth. However, huge manufacturing costs involved in manufacturing electric vehicles is hindering the market growth. One of the primary factors driving the market’s growth is the growing demand for fuel-efficient automobiles around the world. Additionally, growing worries about the negative environmental effects of greenhouse gas (GHG) emissions, as well as the implementation of favourable government policies encouraging sustainable development, are boosting market growth. The report studies global electric vehicle market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities).

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