According to the analysis, the electric vehicle market was valued at USD 273.31 billion in 2020 and is expected to reach USD 802.75 billion by 2028, growing at a CAGR of 21.6% during the period of forecast, 2021-2028.
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PUNE, India, November 24, 2021 (GLOBE NEWSWIRE) – Growth Markets Reports , a leading market research firm, has released a new study on the Electric vehicle market by vehicle types (passenger cars, commercial vehicles and two-wheelers), vehicle category (mid-price and luxury), types (battery electric vehicles [BEV], Hybrid electric vehicles [HEV], and plug-in hybrid electric vehicles [PHEV]) and regions (Asia-Pacific, North America, Latin America, Europe and the Middle East and Africa).
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According to the analysis, the electric vehicle market has been valued at 273.31 billion USD in 2020 and should reach $ 802.75 billion by 2028, with a CAGR of 21.6% during the forecast period, 2021 – 2028.
Currently, the electric vehicle market is booming. It has experienced significant sales growth in North America and Asia-Pacific. Both regions have introduced policies forcing automakers to manufacture more electric vehicles. The electric vehicle market is expected to continue its uptrend.
You can purchase the full report at: https://growthmarketreports.com/report/electric-vehicle-market-global-industry-analysis
The government is investing in electric vehicle charging infrastructure and reducing their carbon footprint. There is a thriving market for electric vehicles and a number of other reasons it could be the next big thing. The electric vehicle market is expected to continue to grow over the next few years. In addition, manufacturers are focusing on building charging infrastructure. The cost of electric vehicles is not high enough to prevent many consumers from purchasing them. However, the demand for them is greater than their supply. As the United States and Europe strive to implement regulations, their markets are not yet at their peak.
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The plug-in hybrid electric vehicle segment held a significant market share of over 30% of total revenue in 2019.
In terms of types, the global electric vehicle market is categorized into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The BEV segment is expected to grow at a CAGR of over 25% during the forecast period. The growth of the segment is attributed to the growing awareness of the environment and the multiple benefits of BEV.
The PHEV segment is expected to grow at a substantial CAGR of 45% during the forecast period. Governments of developing countries like China and India are taking initiatives to promote the use of electric vehicles. In addition, large companies such as the Volkswagen Group are focusing on increasing their sales of plug-in electric cars.
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Other related reports:
Global Electric vehicle charging stations market By Type (AC Charging Station, DC Charging Station, Inductive Charging Station), By Application (Personal, Commercial Use), Forecast to 2028
Global Connect to the hybrid electric vehicle market by type (stored electricity, on-board electrical generator), by application (passenger cars, utility vehicles, two-wheelers, others), forecast to 2028
Global Li-ion EV Battery Market by type (lithium-ion manganese oxide battery, lithium iron phosphate battery, LiNiMnCo (NMC) battery, lithium-titanate battery), by application (electric vehicles, hybrid electric vehicles, rechargeable electric vehicles)
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