Electric Car Market Size to Reach USD 597340 Million by 2028 with a CAGR of 25.3% | Valuates Reports

BANGALORE, India, July 5, 2022 /PRNewswire/ -- The Global Electric Car Market is Segmented by Type (PHEV, BEV),  by Application (Home Use, Commercial Use): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Autos & Vehicles Category.

Due to the COVID-19 pandemic, the global Electric Car market size is estimated to be worth USD 154350 Million in 2022 and is forecast to a readjusted size of USD 597340 Million by 2028 with a CAGR of 25.3% during the review period.

Major Factors Driving the Growth of Electric Car market are:

The global transition to emissions-free mobility is being fueled by factors including climate change and commitments to reach net-zero. This in turn is expected to drive the growth of the electric car market. Additionally, benefits including reduced fuel costs, maintenance costs, and utility costs will fuel the electric car market.

Furthermore, advancements in battery efficiency and improvements in charging station infrastructures are expected to drive the growth of the electric car market.

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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC CAR MARKET

The primary driver of the global electric vehicle market is still government regulations. The idea that electric automobiles are the way of the future has been strengthened by announcements, goals, and the introduction of new models. The enormous success of electric vehicles was simultaneously threatened by limited component supplies and rising prices for bulk materials, which put supply-side issues at the top of the agenda for both government and business.

Governments all across the world are making more investments in electric transportation. This Electric car market expansion is anticipated to be aided by increased government rules phasing out fossil fuel-powered vehicles, increasing investment in enhancing public EV charging infrastructure, and efforts such as tax breaks and subsidies for the purchase of electric vehicles.

With significantly fewer moving components, electric motors never need oil changes, new spark plugs, or fuel filters. By using the electric motor to slow down the car, regenerative braking also increases the life of the brake pads. Usually, this results in reduced maintenance expenses overall and more savings. Because the electric-drive component of electric vehicles is so highly efficient, they can significantly cut gasoline expenditures as well. This factor is expected to drive the growth of the electric car market.

Furthermore, since the electric grid is close to most parking lots, all-electric vehicles and plug-in hybrid electric vehicles (PHEVs) enjoy the advantage of flexible charging. A charging station, also known as electric vehicle supply equipment (EVSE), is required to securely send power from the electric grid to a car's battery. Drivers can charge their vehicles overnight at home, in multi-family housing, at work, or, if one is available, at a public charging station. Because they can also be refilled with gasoline or diesel, PHEVs have more flexibility.

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ELECTRIC CAR MARKET SHARE

During the forecast period, the commercial use category is expected to grow at the fastest CAGR. The increase in fleet emission regulations, the expansion of mobility-as-a-service (MaaS), rising demand for energy-efficient commuting, rising fuel prices, and encouragement from international and state regulatory bodies to implement policies encouraging the adoption of electric cars for mobility services are the main causes of the segment's rapid growth.

Based on region, Europe is expected to be the most lucrative segment. Consistent improvements in the creation of strict emission regulations by the European Union, increasing emphasis on reducing the number of conventional cars, a vast network of charging infrastructure in Europe, and increasing investment in the development of sustainable road transport infrastructure that can charge electric cars on-the-go to reduce range anxiety associated with electric vehicles are the factors attributed to the high growth of this region.

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Electric Car Market Share by Company

The global electric car market is highly competitive, with significant organizations leading the market. Some of the notable electric car companies discussed in this report are,

• BYD
• Geely
• BAIC
• Tesla
• Renault-Nissan
• BMW
• GM
• VW
• Toyota
• SAIC
• Zotye
• Daimler
• Chery
• JMCG
• Changan
• JAC
• Hyundai
• Mitsubishi
• Yutong
• Ford.

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