Electric Vehicle Market Set for Rapid Growth During 2022 - 2028

An electric vehicle runs on electricity, unlike other vehicles, which run on fuel. Instead of having an internal combustion engine, these vehicles have got an electric motor which needs continuous supply of energy from batteries. Popular batteries used in these vehicles are molten salt, lithium ion and zinc-air. An electric vehicle has got competitive edge over conventional vehicles in terms of low carbon emission, fuel economy and maintenance. Demand for electric vehicles is going to accelerate considerably in upcoming years.

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Companies Profiled in this report includes:  BAIC Group, BYD Company Motors, Daimler AG, Ford Motor Company, General Motors, Mitsubishi Motors, Nissan Motor Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen AG

MARKET SEGMENTATION

Based on type, the global electric vehicle market is segmented into battery electric vehicles, plug-in hybrid electric vehicles and hybrid electric vehicles.

On the basis of vehicle category, the market is segmented into passenger cars, commercial vehicles and two wheelers.

MARKET DYNAMICS

Drivers

Strict government norms regarding carbon emission.

Rising urbanization and increasing per capita disposable income to boost market growth of electric vehicles.

Smooth drive and convenience of charge the vehicle at home.

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IMPACT OF COVID-19 ON ELECTRIC VEHICLE MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Due to travel limitations, movement of people was restricted almost all over the world. Also, this pandemic resulted in job loss and salary cuts, which affected the buying capacity of the customer. All this has severely impacted the demand for the electric vehicles. However, after the situation gets back to normal, this market is expected to experience a significant growth.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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