Global Electric Vehicle Market Forecast 2020-2028
The global electric vehicle market is estimated to project growth at a CAGR of 22.18% during the forecast period, 2020-2028. The factors augmenting market growth are the easy availability of low-cost Li-ion batteries, the increasing expenditure in research and innovation, the degrading climatic conditions, and the initiatives by the government advocating the use of electric vehicles.
Electric vehicles make use of electricity as a power source and traction motors for propulsion. The pollution across the globe is rising rapidly, and as preventive measures, several local and national governments are taking initiatives in the form of policies for promoting the use of electric vehicles. This is to reduce noise and air pollution, oil import expenditure, greenhouse gas emissions, etc. The segmentation of the global electric vehicle market includes a detailed analysis of technology and vehicle type. The increasing greenhouse gases and CO2 emission from the petroleum-based cars have resulted in electric vehicles regaining their position in the automotive market. The high costs of electric vehicles restrict the overall growth of the market. Also, the lack of proper electric vehicle charging infrastructures restricts the growth of the market.
The geographical analysis of the global electric vehicle market entails the market assessment of North America, Asia Pacific, Europe, and the rest of the world. As of 2019, the Asia Pacific region dominated the global market with considerable revenue share. This trend is estimated to be consistent throughout the forecast period, 2020-2028. The increasing industrialization and the negative impact of CO2 emissions are resulting in increasing demands for electric vehicles, thereby fueling the setting up of manufacturing and production units.
Some of the eminent companies leading the market are, BMW Group, Daimler AG, Ford Motor Company, BYD Company Ltd, Fiat Chrysler Automobiles Group (Merger between Chrysler and Fiat), etc.
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• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
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