Global Electric Vehicles Market to Grow at 41.2% During 2023-2028, Supported by Rising Environmental Concerns

January 17, 2022

According to the latest report by IMARC Group, titled "Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global electric vehicles market reached a volume of 18.1 Million Units in 2022. An electric vehicle (EV) is a self-propelling automobile that is partially or fully powered on electric traction motors instead of an internal combustion engine. It uses a large traction battery pack to power the electric motor, which requires a charging from electric vehicle supply equipment (EVSE). EVs can also be charged through turbochargers and regenerative braking systems that function by converting kinetic energy into electrical energy. Some other key components of EVs include a charge port, DC/DC converter, electric traction motor, onboard charger, power electronic controller, thermal system (cooling), traction battery pack, and transmission. As compared to conventional automobiles, EVs are more environment friendly and cost-effective as they omit the use of fossil fuels, eliminate tailpipe emissions, reduce the dependency on liquid fuel components, and require lesser maintenance.

Global Electric Vehicles Market Trends:

Growing environmental concerns, rapid urbanization, and increasing per capita income, particularly in emerging economies, are primarily facilitating the demand for electronic vehicles across the globe. This is further supported by extensive research and development (R&D) activities to engineer zero- and low-emission vehicles with improved fuel efficiency and a strong, soundless engine. Manufacturers are also aiming to reduce the dependence on other forms of fuels through considerable investments in improving the charging infrastructure by launching vehicle-to-grid (V2G) charging energy management system, which is acting as a major growth-inducing factor. Moreover, the widespread adoption of resource-efficient production techniques, along with significant expansion in the electronics. automotive, and new energy sectors are also catalyzing the market growth. Additionally, governments of various nations are undertaking favorable initiatives to provide subsidies, tax exemptions and free-of-cost charging facilities to the users, which, in turn, is creating a positive outlook for the market. Apart from this, the widespread adoption of lithium-ion and graphene-based batteries is further helping key players to generate new business opportunities in the market. Looking forward, the market is expected to reach a volume of 148.4 Million Units by 2028, growing at a CAGR of 41.2% during 2023-2028.

Market Summary:

  • Based on the component, the market has been divided into battery cells and packs, on-board charger, and fuel stack.
  • On the basis of the charging type, the market has been bifurcated into slow and fast charging. Currently, slow charging represents the largest category.
  • Based on the propulsion type, hybrid electric vehicle (HEV) currently account for the largest market share.
  • On the basis of the vehicle type, the market has been segmented into passenger, commercial, and other vehicles. Currently, passenger vehicles currently account for majority of the market share.
  • On the geographical front, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others) currently represents the biggest market for electric vehicles. Other major regions include North America (the United States and Canada), Europe (Norway, Netherlands, Sweden, United Kingdom, France, Germany and others), Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates and others), and Latin America (Brazil, Mexico, Argentina, Colombia and others).
  • The competitive landscape of the market has been examined, with some of the key players being Bayerische Motoren Werke AG, BYD Auto, Chery, Daimler AG, Ford Motor Company, Geely, General Motors, Honda Motor Company, Hyundai Motor Company, Nissan, Renault, SAIC Motor, Tesla Inc. Toyota Motor Corporation, Volkswagen, etc.


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Global Electric Vehicles Market to Grow at 41.2% During 2023-2028, Supported by Rising Environmental Concerns
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