Electric Vehicle Market Outlook 2023: Analysis, EV Growth Rate, Share, Trends, Forecast by 2028

April 26 20:01 2023
Electric Vehicle Market Outlook 2023: Analysis, EV Growth Rate, Share, Trends, Forecast by 2028
Electric Vehicle Market Research Report – IMARC Group
Rapid urbanization, the thriving automotive industry, and the shifting consumer preferences for hybrid and electric vehicles (H/EVs) represent one of the key factors positively influencing the market. The global electric vehicles market size reached 18.1 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 148.4 Million Units by 2028, exhibiting a growth rate (CAGR) of 41.2% during 2023-2028.

The latest report by IMARC Group, titled “Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global electric vehicles market size reached 18.1 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 148.4 Million Units by 2028, exhibiting a growth rate (CAGR) of 41.2% during 2023-2028.

Electric vehicles (EVs) refer to self-propelling automobiles that are used to transport passengers and goods from one place to another. They usually include hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), etc. They are generally charged by self-charging devices, such as turbochargers and regenerative braking systems, that can convert kinetic energy into electrical energy and run on the energy stored in batteries. In line with this, EVs are more economical to operate, do not emit tailpipe emissions, and reduce the dependency on oil than traditionally utilized automobiles. Consequently, they are gaining extensive traction across the globe.  

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Global Electric Vehicles Market Trends and Drivers:

The inflating need for maintaining ecological sustainability, the growing levels of urbanization, and the expanding automotive industry are primarily driving the electric vehicles market. Additionally, the rising consumer concerns towards the detrimental environmental effects, owing to emissions of greenhouse gases (GHGs), are further catalyzing the market growth. Besides this, the launch of numerous favorable policies by government bodies across countries to promote the adoption of electric vehicles by providing various benefits, such as tax exemptions, subsidies, low buying costs, free charging facilities, etc., is acting as another significant growth-inducing factor. Moreover, continuous improvements in electronic charging infrastructures and the increasing integration of magnetic resonance for wireless vehicle charging are positively influencing the global market. Apart from this, key market players are integrating EVs with advanced technologies, including remote sensors, anti-theft locking systems, GPS navigation, etc., which is stimulating market growth. Furthermore, extensive investments by lading manufacturers in R&D activities are anticipated to fuel the electric vehicles market over the forecasted period.

Competitive Landscape:

The competitive landscape of the market with some of the top EV companies being  

  • Bayerische Motoren Werke AG (OTCMKTS: BMWYY)
  • Chery
  • Daimler AG (OTCMKTS: DMLRY)
  • Ford Motor Company (NYSE: F)
  • Geely (OTCMKTS: GELYF)
  • General Motors (NYSE: GM)
  • Honda Motor Company (NYSE: HMC)
  • Hyundai Motor Company (OTCMKTS: HYMTF)
  • Nissan (OTCMKTS: NSANY)
  • Renault (OTCMKTS: RNLSY)
  • SAIC Motor (SHA: 600104)
  • Tesla Inc. (NASDAQ: TSLA)
  • Toyota Motor Corporation (NYSE: TM)
  • Volkswagen (OTCMKTS: VWAPY)

Explore the Full Report with TOC & List of Figures: 

Key Market Segmentation:

Market Breakup by Component:

  • Battery Cells & Packs
  • On-Board Charger
  • Fuel Stack

Market Breakup by Charging Type:

  • Slow Charging
  • Fast Charging

Market Breakup by Propulsion Type:

  • Battery Electric Vehicle (BEV)
  • Fuel Cell Electric Vehicle (FCEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

Market Breakup by Vehicle Type:

  • Passenger Vehicles
  • Commercial Vehicles
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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Key highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current, and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

TOC for the Electric Vehicles Market Research Report:

  • Preface
  • Scope and Methodology
  • Executive Summary
  • Introduction
  • Global Market
  • SWOT Analysis
  • Value Chain Analysis
  • Price Analysis
  • Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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