Global Electric Vehicle Market Projected to Garner $812,888.1 Million and Grow with a Significant CAGR of 19.8% from 2021 to 2028 - [243 pages] Exclusive Report by Research Dive

The global electric vehicle market is estimated to perceive remarkable growth in the upcoming years. Growing implementation of stringent government rules on the emission of greenhouse gases across the world is driving the growth of the market. The hybrid electric vehicle sub-segment, luxury sub-segment, and passenger sub-segment are projected to dominate the market. The Asia Pacific region is projected to lead the market.

New York, USA, June 15, 2021 (GLOBE NEWSWIRE) -- A latest report on the global electric vehicle market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $812,888.1 million and rise with a remarkable CAGR of 19.8% from 2021 to 2028. The report offers a comprehensive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.

Download Free Sample Report of the Global Electric Vehicle Market: https://www.researchdive.com/download-sample/3109

COVID-19 Impact on the Market Growth:

The rise of the COVID-19 pandemic in 2020 made a negative impact on the growth of the market. This is mostly owing to the disruptions in supply chains during the pandemic due to implementation of strict lockdowns which resulted in closure of production units and dearth of labors. Moreover, delay in the manufacturing of electric vehicles owing to restrictions on import-export activities is also hampering the market growth during the pandemic period. However, several leading market players, such as Toyota Motor Corporation & Toyota Group, are stepping up to support and help the frontline workers from the healthcare sector amidst the crisis period.

Check out How COVID-19 impacts the Global Electric Vehicle Market: https://www.researchdive.com/connect-to-analyst/3109

Factors Impacting the Market Growth:

Growing implementation of stringent government rules on the emission of greenhouse gases by Internal Combustion Engine (ICE) vehicles and rising demand for low-emission, high performance and fuel-efficient vehicles are propelling the growth of the global electric vehicle market. The government of various regions are taking numerous initiatives to encourage the adoption of electric vehicles as they aid in decreasing harmful emissions into the air. Such initiatives are likely to unlock profitable opportunities for the market growth during the forecast period. However, shortage of proper infrastructure for charging electric vehicles at different locations is expected to hinder the market growth.

Check out all Automotive and Transportation Industry Reports: https://www.researchdive.com/automotive-and-transportation

The report segments the global electric vehicle market into type, vehicle type, vehicle class, and region.

Hybrid Electric Vehicle Sub-Segments to Dominate the Market Growth

Among the type segment, the hybrid electric vehicle sub-segment is projected to grab highest market share by garnering $295,602.6 million during the forecast period. The growth of this sub-segment is mainly because of the growing demand for hybrid electric vehicles as they offer both power sources: electric motor as well as conventional (petrol or diesel) engine.

Luxury Sub-Segments to Lead the Market Growth

Among the vehicle class segment, the luxury sub-segment is expected to grab leading market share by garnering $438,183.3 million during the forecast period. The growth of this sub-segment is mainly because of the growing focus of luxury car manufacturers on developing efficient electric vehicles that have outstanding range coverage, speed, and advanced features.

Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights

Passenger Sub-Segment to Witness Fast-Paced Growth

Among the vehicle type segment, the passenger sub-segment is expected to undergo speedy growth and garner $598,466.0 million during the forecast period. The growth of this sub-segment is mostly because passenger cars offer numerous advantages such as they do not need gas as they are powered by electricity.

Asia Pacific Region to Dominate the Market Growth

The report analyzes the global electric vehicle market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is expected to dominate the market and garner $359,981.7 million during the projected period. The growth of this region market is mainly owing to growing initiatives by government for plummeting the carbon footprint and speedy upsurge in the prices of fuels in this region.

Major Players in the Market:

• Bayerische Motoren Werke Aktiengesellschaft
• BYD Company Limited
• Daimler AG
• Energica Motor Company S.p.A
• Ford Motor Company
• General Motors Company
• Nissan Motor Co., Ltd.
• Tesla, Inc.
• Toyota Motor Corporation
• Volkswagen AG

For instance, in May 2021, Lamborghini, a leading, Italian supercar manufacturer, announced its plan to launch a fully electric car before 2030.

The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.

TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS

Low-Speed Vehicle Market https://www.researchdive.com/274/global-low-speed-vehicle-market

Automotive Airbags & Seatbelts Market https://www.researchdive.com/271/automotive-airbags-and-seatbelts-market

Automotive Active Health Monitoring System Market https://www.researchdive.com/285/automotive-active-health-monitoring-system-market

Vehicle Exhaust Hose Market https://www.researchdive.com/8352/vehicle-exhaust-hose-market

CONTACT: Mr. Abhishek Paliwal Research Dive 30 Wall St. 8th Floor, New York NY 10005 (P) +91-(788)-802-9103 (India) Toll Free: 1-888-961-4454 E-mail: support@researchdive.com Website: https://www.researchdive.com Blog: https://www.researchdive.com/blog/ LinkedIn: https://www.linkedin.com/company/research-dive/ Twitter: https://twitter.com/ResearchDive Facebook: https://www.facebook.com/Research-Dive-1385542314927521