The global electric vehicle industry is expected to expand 24.5% between 2022 and 2028. By 2028, the electric vehicle industry is expected to reach USD 980 billion from USD 185 billion in 2021. The paper examines factors affecting electric vehicle market growth.
Market Overview
Electric cars use electricity instead of petrol. These vehicles use electric motors that require a lot of battery power. These vehicles use various batteries. Molten salt, lithium-ion, zinc-air, and nickel-based designs are examples. Electric vehicles were developed to replace polluting vehicles. Technological advances have elevated it.
It outperforms traditional cars in fuel economy, carbon emissions, engine noise, home charging, and smoothness. Electric car batteries are pure, hybrid, or plug-in hybrid. Despite not needing engine oil changes, electric cars are more expensive than gasoline-powered ones.
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Growth Drivers
Due to environmental concerns, governments and regulatory bodies worldwide are enacting rigorous emission standards to reduce car emissions. Air pollution regulations include strict CO2 and NOx emission objectives. US state and federal governments are boosting efforts to make transportation sustainable due to vehicle greenhouse gas emissions.
The EPA is drafting new rules to minimise heavy-duty truck emissions of nitrogen oxide (NOx) and other pollutants. The heavy-duty Low NOx Omnibus Regulation from the California Air Resources Board (CARB) aims to cut NOx emissions by 90% by 2027 compared to current norms. In the Paris Agreement (COP21), the EU pledged to reduce greenhouse gas emissions by 20% in 2020 for the Kyoto Protocol’s second phase. The EU aims to reduce greenhouse gas emissions by 40% by 2040 and attain net-zero by 2050.
Emission limitations for fossil fuel-powered cars have raised demand for vehicle manufacturers, particularly commercial vehicle makers. Thus, electric vehicle demand will soar. Thus, fossil-fuel commercial vehicle emission standards are driving the worldwide electric vehicle industry.
The global electric vehicle market is segmented as follows:
By Module Segment Analysis
- On-Board Charger
- Battery Cells & Packs
- Infotainment System
- Others
By Charging Station Segment Analysis
- Normal
- Super
By Propulsion Segment Analysis
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-In Electric Vehicles
- Hybrid Electric Vehicles
By Vehicle Type Segment Analysis
- Two-wheelers
- Passenger Cars
- Commercial Vehicles
By Drivetrain Segment Analysis
- Series Hybrid
- Parallel Hybrid
- Combined Hybrid
By Vehicle Class Segment Analysis
- Luxury
- Mid-Priced
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Regional Insight by FnF Research
Asia Pacific electric vehicle industry is dominated by China, which is the world’s leading manufacturer of electric vehicles and exporter of significant component parts for electric vehicles. According to the IEA’s worldwide electric vehicle projection, China will be the market leader in 2030, with a share of roughly 57 percent. Furthermore, foreign manufacturers such as General Motors and Volkswagen are stepping up their operations in China. Tesla has a manufacturing site in China for one of its models, which will help meet the growing demand for electric sedans.
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