Electric Vehicle (EV) Market Size to Reach USD 917.70 Billion in 2028, Says Reports and Data

- Advertisement -

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

NEW YORK, Oct. 18, 2021 /PRNewswire/ — 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.

Reports_and_Data_Logo

Governments are investing in charging infrastructures both through direct investments for public charging stations or by offering subsidies for private charging stations at houses and workplaces. In addition, offering attractive incentives and policies such as subsidy, lower registration fees, and free EV charging infrastructure at most charging stations to promote sales of EVs are factors expected to support market growth. Besides, exemption of road tax, purchase tax, and import duties, depending on the different subsidies, are encouraging automobile producers to increase EV production.

Download Report Sample PDF – https://www.reportsanddata.com/sample-enquiry-form/4548

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.

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.
  • RND offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough, request for custom research report
  • 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.
  • 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.
  • 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.

To Identify The Key Trends In The Industry, Research Study At https://www.reportsanddata.com/report-detail/electric-vehicle-ev-market 

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)

Inquiry Before Buying Research Report – https://www.reportsanddata.com/inquiry-before-buying/4548

  • Regional Outlook (Revenue, USD Billion; 2018-2028)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Spain
      • Sweden
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • MEA
      • Saudi Arabia
      • UAE
      • South Africa
      • Israel
      • Rest of MEA

Similar Research reports by Reports and Data of Automotive and Transportation Industry:

The global car battery market size is expected to reach USD 92.60 Billion in 2028 and register a CAGR of 5.2% during the forecast period. Increasing demand for pollution-free hybrid and Electric Vehicles (EVs), reduction in crude oil reserves, drop in battery prices, and increasing environmental concerns are some of the key factors driving market revenue growth.

The global mountain bike market size was USD 3.51 Billion in 2020 and is expected to register a revenue CAGR of 5.3% during the forecast period. Major factors driving market revenue growth are rising focus on development of more durable and sturdy bikes, increasing popularity of bike sports for recreational as well as for competitive purposes, and rising awareness regarding personal health and fitness.

The global Automotive Hydrogen Sensors market is forecasted to grow at a rate of 3.8% from USD 133.8 million in 2019 to USD 176.9 million in 2027. The automotive hydrogen sensors are growing due to a surge in the commercial market. The sensors are used in various certifying bodies to check the level of emissions or to check the leakage in the vehicles.

The automotive head-up display market is projected to grow at a rate of 27.4% in terms of value, from USD 1,389.7 Million in 2019 to reach USD 9,881.1 Million by 2027.  The market for automotive head-up display (HUD) is experiencing high demand attributed to factors such as rising incidences of road accidents, growing cognizance about vehicle and passenger safety, rising demand for autonomous vehicles, growing demand for advanced 3D AR head-up display, and growing investment on luxury cars, among others.

The global Automotive Center Console market is forecasted to grow at a rate of 3.8% from USD 37.94 billion in 2019 to USD 50.15 billion in 2027. An increase in the demand for automobiles and the development of by-wire technology is expected to drive the demand for the industry in the coming years.

About Reports and Data

RND is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

John W

Head of Business Development

Reports And Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: [email protected]

LinkedIn | Twitter | Blogs

Read Latest Press Release @ https://www.reportsanddata.com/press-release/global-electric-vehicle-ev-market

Logo: https://mma.prnewswire.com/media/1579615/Reports_and_Data_Logo.jpg

Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.