Mar 8, 2023   SOURCE: BusinessWire

Global Electric Vehicle Market Report 2022: Rising Gasoline Prices Bring a Boost to the Sector - ResearchAndMarkets.com

The "Global Electric Vehicle Market By Type, By Vehicle Class, By Speed, By Vehicle Drive Type, & By Region-Forecast Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Global Electric Car Market is valued at USD 25036 billion in 2021, and it is projected attain market size of USD 90092 billion by 2028, at a CAGR of 24.53% over the forecast period (2022-2028).

One of the most well-known technologies that helps to lower air pollution is the use of electric vehicles. In order to encourage the use of electric vehicles, governments all over the world are offering subsidies on their purchase.

For instance, the Canadian government offers buyers of battery electric and plug-in hybrid electric vehicles a subsidy of up to USD 3,700. Even the Japanese government offers buyers of battery electric vehicles a subsidy of up to USD 3,700 and buyers of plug-in hybrid electric vehicles a subsidy of up to USD 1,800.

Segments covered in this report

The global electric car market is segmented based on Type, Vehicle Class, speed, vehicle drive type, and Region.

Based on Type it is categorized into: Battery electric vehicle(BEV), Hybrid Electric vehicle(HEV), Fuel cell Electric vehicle(FCEV), and Plug-in Hybrid Electric Vehicle (PHEV).

Based on vehicle class it is categorized into: Mid-Priced vehicles and Luxurious cars.

Based on speed, the market is segmented into More than 125MPH and Less than 125MPH.

Based on vehicle drive type, the market is segmented into Front wheel drive, Rear wheel drive, and All wheel drive.

Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Due to rising gasoline prices, the use of electric vehicles has increased in a number of nations. In place of gasoline and diesel engines, electric vehicles use lithium-ion batteries that provide a hybrid charging system. The goal of many ride-hailing firms is to replace their fleet of internal combustion engines with electric vehicles. By the end of 2021, Uber India, for instance, wants to have about 3,000 electric vehicles in its fleet. These factors will drive its demand during the forecast period.

Restraint

The requirement to standardise electric-powered automobile charging stations has been highlighted by variations in charging loads. Only specific voltages may be suitable for EV charging stations. In contrast to DC charging stations, which enable quick charging via 480V AC, AC charging stations offer a voltage of 120V AC via level 1 charging stations and 208/240V AC via level 2 charging stations.

Governments must standardise the charging infrastructure in order to improve the environment and boost EV sales. Few EV charging stations may be found in a number of different nations across the world. As a result, there are fewer public EV charging stations available, which lowers uptake of electric vehicles.

Market Trends

Electric cars industry participants including Daimler AG, Ford Motor Company, and the Renault Group of Companies are investing more money into this market area than ever before. As an illustration, the Ford Motor Company invested roughly USD 300 million on a Giga plant to increase the manufacturing of electric cars. As a result, there will be more competition and investment in the Electric cars market.

A selection of companies mentioned in this report includes

  • BMW AG (Germany)
  • BYD Company Limited (China)
  • Daimler AG (Germany)
  • Energica Motor Company (Italy)
  • Ford Motor (US)
  • General Motors (US)
  • Hyundai Motor Company (South Korea)
  • Karma Automotive (China)
  • Kia Corporation (South Korea)
  • Lucid Group Inc. (US)
  • Mahindra Electric Mobility Limited (India)
  • Nissan Motors Co., Ltd. (Japan)
  • Tata Motors (India)
  • Tesla, Inc. (US)
  • Toyota Motor Corporation (Japan)
  • Volkswagen AG (Germany)
  • WM Motor (China)
  • Xiaopeng Motors (China)

For more information about this report visit https://www.researchandmarkets.com/r/ucrjzh

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