Global Electric Vehicles Market, By Vehicle Type (Passenger Car, Commercial Vehicle, Two wheeler), By Propulsion Type (Battery electric vehicle (BEV), Fuel cell electric vehicle (FCEV), Plug-in hybrid electric vehicle (PHEV), and Hybrid electric vehicle (HEV)), By Components (Battery Cells & Packs, On-Board Charge, Infotainment, and Electric Motor), By Charging Station Type (Normal charging, and Supercharging), By Vehicle Class (Mid-Priced and Luxury), By Power Output (Less than 100 KW, 100-250 KW, and Above 250 KW), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global electric vehicles market is estimated to reach at a value of US$ 178.9 Bn by the end of 2020 and expected to reach at a value of US$ 1,889.5 Bn by 2028 with a significant CAGR of 34.4%.
This is an exciting time in the automotive industry as it has taken a huge step further by making a massive progress in the concept of electric vehicles. Though the idea of electric vehicles has been around for a while now, however the concept has made enormous strides in the past decade owing to the rapidly increasing levels of pollution and global warming in the environment.
The traditional or current-generation automobile is making a detrimental impact on the environment as it consists of an internal-combustion engine that begets energy by ablazing a mix of gases and fuel.
On the other hand, an electric vehicle can be comprehended as a vehicle that functions on an electric motor, thus eliminating the rising concern of surging pollution, depleting natural resources, global warming, and many more, and ultimately observed as a most probable substitute for present-generation automobiles. Owing to which, the global electric vehicles market is projected to surge briskly in the forthcoming years.
By the same token, there has been constant undertakings and efforts by several governments across the world for the implementation of low-emission vehicles due to the soaring environmental issues, worldwide, which is also positively fueling the demand of electric vehicles in the global markets. In addition to that, the electric vehicles are designed in a certain way, which can outperform the conventional vehicles by producing decreased carbon emissions as well as increased fuel economy, which is also expected to propel the demand of electric vehicles across the world. Attributing to which, the global electric vehicles market is expected to observe major breakthroughs over the forecast period.
Furthermore, there has been an increasing demand for fuel-efficient as well as high-performance vehicles, which further stimulates the concept of electric vehicles as it has the capability to provide smooth drive, more convenience in charging, as well as fuel-efficiency to the consumers. Therefore, the global electric vehicles market is anticipated to witness significant growth in the coming years.
However, despite all the numerous positive drivers of the global electric vehicles market, there are still few factors which are likely to restrain the growth of the global market of electric vehicles. To begin with, electric vehicles still stand more expensive in comparison to conventional gasoline-fueled vehicles, which may hold back the growth of the electric vehicles market in the near future. In addition to that, a great deal of money is spent in the manufacturing process which is further estimated to restrict the growth of the global electric vehicle market to the limits.
After many years of setbacks and postponements, the US-based electric vehicle (EV) maker Tesla is finally all set to introduce its cars in India. Elon Musk’s Tesla will initially start with sales and then look into starting manufacturing in India if the demand calls upon. Other than that, as per reports, Apple Inc. is also in the process of planning with Hyundai Motor Company to sign a partnership deal on the development of autonomous electric cars by March and start production as early as 2024 in the United States. Besides this, Mahindra Logistics is planning as well to deploy an electric fleet for its last-mile delivery shortly, following Amazon India’s decision to deploy ECs for last-mile deliveries.
MMC Study identifies some of the key participating players in the electric vehicles market globally are Tesla, BYD, BMW, Volkswagen, and Nissan, among others.
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