Electric Vehicle (EV) Market Growth, Sales Projection, Statistics, Trends, Size Value and Forecast to 2028
                     The electric vehicle (EV) market is projected to grow at a CAGR of 17.9%, with estimated 
market size of USD 170.5 billion in 2021 and USD 457.9 billion by 2028. One major factor 
that affects the market is rapid urbanization, the booming automotive sector, and the 
changing consumer preferences for hybrid and electric vehicles (HEVs). The demand for EVs 
is also being stimulated by rising consumer concern over ecological sustainability and rising 
public awareness of the negative environmental effects caused by greenhouse gas (GHG) 
emissions. Along with this, the market's growth is strengthened by implementing positive 
government programs supporting sustainable development. Additionally, it is projected that 
leading market players' growing investments in intensive research and development (R&D) 
efforts will fuel market expansion. 
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Electric Vehicle (EV) Market Dynamics 
 
Drivers: Favourable government subsidies and policies to promote sales 
 
To promote EV sales, governments are implementing enticing incentives and regulations. It 
offers users several advantages, including lower selling prices, no registration or minimal 
registration fees, and free EV infrastructure at numerous charging points. Additionally, 
several governments worldwide exempt purchase, import, and road tax based on various 
subsidies. Moreover, these subsidies have encouraged automakers to increase their EV 
output. The government has also created beneficial policies and invested in building 
infrastructure. For instance, the U.S. government plans to invest USD 287 billion in highway 
improvements over the next five years. To assist the growth of these vehicles in the nation, 
the government will also be building EV charging stations across the United States. 
 
Restraints: High manufacturing cost 
 
EVs are better than conventional fuel vehicles. However, they are more expensive than 
gasoline-powered vehicles. Because they are not mass-produced, these vehicles have not yet 
benefited from economies of scale. Additionally, the lack of infrastructure for charging linked 
with the development of EVs has shown to be a drawback, which has hampered the market's 
expansion. The manufacturers also need a lot of money and resources, which could impede 
the market's expansion. 
 
Opportunities: Increasing investment in electric vehicles 
 
The expansion of the market is thought to be fueled by the rising investment in electric 
mobility. Players on the market, including Daimler AG, Ford Motor Company, and Groupe 
Renault, are putting more money into their EV production plans. For instance, the Ford 
Company declared its intention to spend USD 300 million at its Romanian plant in 2023 to 
create a new light commercial vehicle. Major corporations, including Daimler AG and 
Mercedes Benz, are also making significant investments to create EVs. As a result, during 
forecasting, the market is anticipated to grow over the long run. 
 
Passenger cars category is estimated to be the largest growing market segment during 
the forecast period 
 
The passenger cars category is estimated to dominate the market growth over the forecast 
period. Due to original equipment manufacturers and other Asian-Pacific automakers, EVs 
are adopted at a high rate. During the projection period, these elements will aid in promoting 
the expansion of this segment. Due to ongoing advancements in EV batteries that increase the 
load capacity of commercial vehicles, it is also predicted that the commercial vehicle market 
will grow in the upcoming years. 
 
BEV category is estimated to be the largest growing market segment during the forecast 
period 
 
The BEV category is estimated to dominate the market growth over the forecast period due to 
regulations on car CO2 emissions and consumers' growing preference for EVs over ICE 
automobiles. BEVs have the potential to drastically lower overall ownership costs and 
emissions from vehicles. Additionally, it is expected that over the projected timeframe, 
demand for BEVs will rise as a result of developments in battery technology and falling 
lithium-ion battery prices. 
 
Asia Pacific segment is estimated to be the largest growing market during the forecast 
period 
 
Asia Pacific is the largest electric vehicle (EV) market and is projected to grow at the highest 
CAGR during the forecast period due to the rise in passenger automobile demand in 
developing countries. China makes up the largest portion of passenger cars and other 
vehicles. China dominates the global EV market share in the region as the largest EV 
manufacturer and consumer. Their government has taken action, including providing 
subsidies for EV buyers, providing significant funding for installing EV charging stations 
throughout major cities, enacting laws requiring all automakers to produce EVs in proportion 
to the volume of vehicles they produce, and enacting regulations against excessively 
polluting vehicles. 
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The rise in demand for electric vehicles in China, Japan, and India contributes to the growth. 
For instance, the Indian government announced tax incentives for EV purchases in 2019. The 
government intends to eliminate income tax on loans made or interest paid on EV purchases. 
  
Key Market Players 
 
The electric vehicle (EV) market is dominated by a few global players and comprises several 
regional players. Some of the key manufacturers operating in the market are Tesla, 
Volkswagen AG, Saic Motors, BYD, Stellantis, BMW Group, Nissan Motors, Hyundai 
Group, Great Wall Motors, Toyota Motor Corporation, GAC Motors, Renault Group, Geely, 
General Motors, Rivian, Fisker, Lucid Motors, Ford Motor Company, Baic Motors, 
Mitsubishi Motors, Chery, JAC, Zoyte, Daimler AG, Xpeng, Byton, Nikola Corporation, 
Altcraft Motor Company, NIO, Faraday Future, Leap Motors, WM Motors, Fresco Motors 
and Lordstown Motors. 
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