EV (Electric Vehicle) Market Size Worth USD 434.4 Bn by 2028: Vantage Market Research

WASHINGTON, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the Global Electric Vehicle Market was worth USD 165.1 Billion in 2021 and is expected to be worth USD 434.4 Billion by 2028, with a CAGR of 17.5% between 2022 and 2028. The report gives an in-depth look at the top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an important and helpful source of information for leading market players, investors, new entrants, and other stakeholders who want to make new plans for the future and take steps to strengthen their position in the market. in a report, titled “Electric Vehicle Market Size & Share, Trends Analysis Report by Vehicle Type (Passenger Vehicles, Heavy Commercial Vehicles, Two-Wheelers, E-Scooters & Bikes), by Propulsion Type (Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles), by Power Output (Less than 100 kW, 100 kW to 250 kW, More than 250 kW), by End Use (Private Use, Commercial Use, Industrial Use), by Charging Standard (Guobiao standards (GB/T), CHArge de MOve (CHAdeMO), Combined Charging System (CCS), Tesla Supercharger), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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What is Electric Vehicle? How Big is Electric Vehicle Market Size?

Electric Vehicle Market Overview   

One key factor driving this growth is the growing demand for sustainable transportation, especially in some key global markets. For example, in China, we forecast that plug-in electric vehicles will account for more than 50% of new sales by 2030.

As per our findings, there are several significant opportunities for automakers and battery providers in the electric vehicle market. For instance, automobile manufacturers could design their vehicles to operate in multiple modes (i.e., on electricity or gasoline), deploy charging infrastructure, and offer a broad range of features (e.g., autonomous driving). Likewise, battery providers could focus on developing cost-effective solutions for automotive applications and enabling increased battery performance and range.

The analysis of the EV market also highlights a number of key considerations for businesses when adopting or investing in electric vehicles. These include how to Charge and Recover Vehicles, forecasting electricity demand, and building out Charging Infrastructures.

In a recent report, Vantage outlined the current state of the electric vehicle industry and what is needed to make it a mainstream transportation option.

Top Players in Global Electric Vehicle Market

  • BMW Group (Germany)
  • BYD Company Ltd. (China)
  • Daimler AG (Germany)
  • Honda Motor Co., Ltd. (Japan)
  • Hyundai Motor Company (South Korea)
  • Kia Corporation (South Korea)
  • Nissan Motor Co., Ltd. (Japan)
  • TATA Motors Limited (India)
  • Mahindra & Mahindra Ltd. (India)
  • Tesla, Inc. (U.S.)
  • Volkswagen AG (Germany)
  • Toyota Motor Company (Japan)
  • Mitsubishi Motors Corporation (Japan)
  • Groupe Renault (France)
  • Beijing Automotive Industry Corp. (BAIC) (China)
  • SAIC Motor Corporation Limited (China)
  • Geely Automobile Holdings Limited (China)
  • Guangzhou Xiaopeng Motors Technology Company Ltd. (China)
  • NIO Inc. (China)

Key Takeaways of the Global Electric Vehicle Market

  • Among the vehicle type, the passenger car segment is anticipated to dominate the Electric Vehicle market during the forecast period. This is due to strong government support for passenger EVs in the countries such as the Netherlands, Germany, France, Norway, the U.K., Sweden, etc.
  • The rear-wheel drive sub-segment accounted for the largest market share of the vehicle drive segment. This segment is expected to do well owing to its easier vehicle control and growing demand for these vehicles.
  • The Asia Pacific held the largest market share and is anticipated to be the most profitable market during the forecast period. This surge is because of the presence of countries like China; which is the largest producer and user of electric vehicles across the globe, along with other countries such as Japan, and South Korea.

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 165.1 Billion
Revenue Forecast by 2028   USD 434.4 Billion
CAGR17.5% from 2022 to 2028
Base Year2021 
Forecast Year2022 to 2028
Key Players
  • BMW Group (Germany)
  • BYD Company Ltd. (China)
  • Daimler AG (Germany)
  • Honda Motor Co. Ltd. (Japan)
  • Hyundai Motor Company (South Korea)
  • Kia Corporation (South Korea)
  • Nissan Motor Co. Ltd. (Japan)
  • TATA Motors Limited (India)
  • Mahindra & Mahindra Ltd. (India)
  • Tesla Inc. (U.S.)
  • Volkswagen AG (Germany)
  • Toyota Motor Company (Japan)
  • Mitsubishi Motors Corporation (Japan)
  • Groupe Renault (France)
  • Beijing Automotive Industry Corp. (BAIC) (China)
  • SAIC Motor Corporation Limited (China)
  • Geely Automobile Holdings Limited (China)
  • Guangzhou Xiaopeng Motors Technology Company Ltd. (China)
  • NIO Inc. (China).

In 2021, over 6.9 million EVs were sold across the globe. Wherein, Tesla was the clear winner with a higher share in the global electric vehicle market. The company sold almost 1 million EVs (935,950), which was around 50,366 in 2015. However, Tesla's lead will likely to increase as number of other automakers invest in more electric models. Hyundai Motor led the industry in terms of sales volume in 2013 but did not rank among the top three brands in 2016. Volkswagen (AG) and General Motors Company (GM) are expected to be among one of the leaders in 2025.

Mass players in the global electric vehicle market are already adopting many electrification trends, such as Ford, Toyota, Tata, Mahindra, Tesla, BYD, and Volkswagen. However, there are still many challenges to address before electric vehicles can become mainstream, for example, cost-effective energy storage solutions; battery durability; and regulatory hurdles (e.g., driving range and fast charging).

More than 12.5 million Charger will be Needed by 2030

There is still a lot of work to be done in terms of developing charging stations, making them available at reasonable prices, and making them accessible to all EV drivers. As battery technology improves, charging times are gradually shortened – but there is still much progress to be made in reducing recharging time to minutes or even seconds.

Ultimately, however, it's not just about overcoming these obstacles in the electric vehicle market. It's about building an ecosystem around electric vehicles that offers a compelling alternative to traditional fuel sources. This will require new business models.

By 2030, more than 50% of the world's population will live in areas where electric vehicles are the only choice for transportation. This increase ownership in electric vehicle industry and creating new demand for charging infrastructure.

India is the fastest growing electric vehicle market. As of September 2022, the country has over 1 million electric vehicles but only 1,700 public chargers. Ideally, at least 1 charger is needed behind 10-15 cars, which is 1 for more than 58 vehicles now. However, India plans to take this number from 1,700 to 46,000 by 2026 by investing over $162 million.

Europe will need around 2.9 million charging stations. In this region electric vehicle market had over 376,000 chargers, which includes both fast and regular chargers. In the US, there are more than 96,000 chargers. By 2030.

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Vantage has published a report entitled Electric Vehicle Market: Opportunities and Implications. The report analyzes electric vehicle charging infrastructure by 2030, including detailed market data, trends, and key enablers.

The report on the electric vehicle market finds that by 2030, more than 50% of the world's population will live in areas where electric vehicles are the only choice for transportation. This increase in electric vehicle ownership is creating new demand for charging infrastructure, underscoring the importance of understanding what this infrastructure will look like and when it will be needed.

The report finds that electric vehicle growth is driven by several factors, including government initiatives to reduce air pollution, increasing the cost of traditional gasoline-powered vehicles, and a growing desire to reduce carbon emissions.

China EV Market is Highly Fragmented with Over 450 Electric Vehicle Manufacturers

China is the world's largest electric vehicle market and is expected to invest over $80 billion in related sectors by 2025. However, the Chinese electric vehicle sector is highly fragmented due to a large number of local and international players. As of September 2022, China has over 450 active electric vehicle manufacturers, and collectively, they sold over 3 million EVs in 2021.

The government has launched a series of policies to promote the growth of the electric vehicle market, such as subsidies and tax breaks. In addition, Chinese automakers are trying to build their brands in overseas markets to reduce their dependence on imported components. However, this strategy has had limited success so far.

This rapid growth has made the market highly fragmented, with a large number of local and international players. Here are four key reasons why the Chinese EV market is highly fragmented:

  • Private suppliers dominate: China's EV manufacturers mostly rely on private suppliers for essential components such as battery cells and motors. This makes it difficult for them to cooperate and share know-how with each other, which hampers innovation in the electric vehicle market.
  • Local automakers dominate sales: Local automakers account for around 60% of all EV sales in China. They are able to mass-produce EVs at a low cost, which gives them an advantage over foreign players.
  • No joint ventures: Chinese EV manufacturers have been unwilling to enter into joint ventures with foreign players because doing so would give them limited control over their products and business operations.
  • Lack of expertise: Chinese EV makers lack the expertise required to develop new types of EVs and build complex manufacturing facilities in the electric vehicle market.

Some of The Key Questions from Our Customers Are:

  • Which are the top companies in the market?
  • How will the market change in the next years?
  • What are the drivers and restraints of the market?
  • Which regional market will show the highest growth?
  • What will be the CAGR and size of the market throughout the forecast period?
  • Which area offers the most significant benefit for the world market?
  • What are the threats to business and the impact of the current scenario on growth and market perception?
  • What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?

Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on electric vehicle Market Forecast Report (2022-2028).

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