Global Electric Vehicle Market Size, Share, Opportunities, And Trends By Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By End-User (Public, Private, Commercial), By Charging Point (AC Charging, DC Charging), And By Geography - Forecasts From 2023 To 2028

Market Overview:

Since traditional modes of transportation cause environmental pollution, electric vehicles were largely created to replace them. Due to several technical developments, electric vehicles have become more and more popular. The performance of an electric vehicle is superior to that of a conventional one because it offers better fuel economy, lower maintenance costs, easy home charging, a smoother ride, and less engine noise. As China holds the greatest share in terms of passenger cars and other automobiles, the Asia Pacific region is anticipated to experience substantial growth in this market. Europe is anticipated to take center stage as well. For instance, according to the global EV outlook for 2021, the world sold about 3 million electric vehicles, and for the first time, Europe surpassed the People's Republic of China as the largest market for EVs. The actions made by the local government to cut carbon emissions have been the main driver of the market's expansion in Europe (Source: iea.org).

Growth factors:

• Government initiatives to boost sales of electric vehicles

To promote the sales of EVs, governments are implementing enticing incentives and regulations. It offers users some advantages, including lower selling prices, no registration fees or minimal registration fees, and free EV infrastructure at numerous charging points. Additionally, these subsidies have encouraged automakers to increase their EV output. For instance, the US President set the ambitious aim that by 2030, electric vehicles would account for 50% of all vehicles sold in the country. This goal brought together automakers and autoworkers. Companies have stated that they will invest more than $36 billion in the production of electric vehicles and $48 billion in batteries here in the United States as a result. Additionally, incentives are offered under the Inflation Reduction Act to buyers of both new and used EVs (Source: whitehouse.gov).

• A better alternative is urgently needed due to the rising cost of gasoline and diesel.

The creation and utilization of alternative fuel sources are crucial for promoting sustainable development. Utilizing electric vehicles, which don't require gas and are more cost-effective than traditional automobiles, is part of this. There is more demand for fuel-efficient cars as a result of the recent increase in the price of gasoline and diesel. The price of ordinary motor gasoline increased by 49% and that of diesel fuel by a slightly higher 55% between January and June 2022, according to the US Department of Transportation (source: bts.gov). This is due to the depletion of fossil fuel reserves and an increase in businesses' desire to maximize profits from these oil supplies. These factors consequently increase the need for cutting-edge fuel-efficient technologies, which in turn increases the use of electrically powered vehicles for transportation.

• The Hybrid Electric vehicle segment has a significant market share

Due to their ability to run on both an electric and a conventional engine, hybrid electric vehicles are becoming very popular. Additionally, the lighter materials used to construct hybrid vehicles result in a smaller, more energy-efficient engine. One of the benefits of emerging technologies like hybrid cars is that they use less fuel, which lowers the quantity of CO2 in the atmosphere. Throughout the projection period, all of these factors with innovations are expected to have a beneficial impact on the sub-segment of hybrid electric vehicles. For instance, In October 2022 Toyota Brazil introduced the cutting-edge Flexi fuel-strong Hybrid electric vehicle technology (FFV - SHEV), which has the lowest Well-to-Wheel (W2W) carbon emissions of any currently available technology. This initiative is Toyota's first effort to promote and raise awareness of ethanol as a significant domestic energy source that is carbon neutral, along with the company's cutting-edge Strong Hybrid Electric Vehicle technology that can assist India in becoming truly self-sufficient and contribute to the achievement of the country's goal of Carbon Net-Zero by 2070.

Key Developments:

• September 2022: Tiago's electric version was introduced by Tata Motors. A sub-ten lakh rupee electric vehicle is now available in India, and it comes from the stable of Tata Motors, which holds about 90% of the EV market share in India.
• August 2022: Fablink Group Holdings Limited, a top British Tier 1 supplier and specialized manufacturer, has been acquired by EV Technology Group. A strategic purchase, Fablink Group will boost EV Technology Group's commercial offering by bringing in-house capabilities in engineering, supply chain, manufacturing, and assembly.
• July 2022: Octopus Energy U.S., a reseller of renewable energy, has introduced Octopus Electric Vehicles (OEV), a new business division that will quicken the adoption of EVs and smart charging. Customers can lease any electric vehicle from Octopus Energy, and the company will also easily integrate smart charging and payment into their current energy contract.

COVID-19 Impact

When the pandemic began to spread in early 2020, it was widely believed that the electric car market would likely be more resilient than the entire automotive industry. Despite this, a decline in electric car sales was still widely believed to be imminent, albeit one that would be less severe than the overall decline in auto sales. In 2020, sales of electric vehicles surpassed these projections thanks to ongoing regulatory assistance and additional stimulus measures. There are reasons to be optimistic given the commitments made by nations to attain net-zero emissions and the way governments in important auto markets handled the Covid-19 crisis by emphasizing support for electric vehicles in recovery strategies. The primary obstacles to be overcome in the programs for 2021 and beyond will be to keep putting the larger regulatory instruments into practice and strengthening them, as well as to strengthen the ecosystem for electric vehicles, which will determine how widely used they will be in the long run.

Segmentation:

• By Type
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)
• By End-User
  • Public
  • Private
  • Commercial
• By Charging Point
  • AC charging
  • DC charging
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • UAE
    • Isreal
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others