Global Electric Vehicle Market – Size, Share, Impact of COVID-19, and Forecast to 2028



The global electric vehicle market is expected to register a compound annual growth rate of 0.21%. the main points. Largest Segment by Fuel Type – BEV: Increases in global electrification, new product launches, awareness of battery vehicles, government offerings such as incentives, and electric infrastructure development are driving demand for BEVs.

NEW YORK, Jan. 16, 2023 (GLOBE NEWSWIRE) — announces the release of the report “Global Electric Cars Market – SIZE, SHARE, COVID-19 Impact & Enecments up to 2028” —

Fastest Growing Segment by Fuel Type – FCEV: Increasing fuel cost is shifting consumers to electric vehicles. Due to better fuel efficiency, and no range concern issues, PHEVs are the fastest growing segment of the electric vehicle market globally.
Largest Country Market – Germany: China is the largest country in the global electric vehicle market. The country is the main producer of electric vehicles. Government standards and incentives help the market grow.
Fastest Growing Qatari Market – Mexico: The United States is the fastest growing country in the global electric vehicle market. Government plans to ban ICE vehicles and government incentives are shifting the consumer to e-mobility.

Major market trends

The SUV is the largest segment by body subtype.

The automotive sector is one of the industries hardest hit by the global chip shortage and supply chain disruptions caused by the coronavirus pandemic. This hasn’t stopped Tesla from coming under fire for its contribution to climate change, both through its manufacturing process and the cars produced. With regard to the latter, car buyers in the European Union seem to contribute to reducing the negative effects of vehicles powered by fossil fuels.
The past year has seen a significant impact of the coronavirus pandemic on global auto markets. As more and more countries restrict travel due to COVID-19 in 2020, the auto industry has faced a number of setbacks. In 2020, 63.8 million vehicles were sold worldwide. A slight recovery is expected in 2021, when 66 million vehicles are expected to be sold. Toyota and Volkswagen Group each saw shipment cuts of more than a million vehicles.

In 2021, approximately 56.4 million passenger vehicles were sold worldwide, which is an increase of approximately 5% over the previous year. China had the largest regional auto market in 2021, with just under 21.5 million units. Automotive technology will undergo a major change in the next ten years. Around 26% of new vehicle sales worldwide are expected to be electric vehicles by 2030, with an estimated 58 million self-driving cars added to the global fleet by 2022. As a result of technological advances, the types of components required to create the product The final begins to change. This allows for further fragmentation of the auto supplier market, in particular the auto electronics market. Automation and electrification are sure to boost the car market in the near future.

Europe is the largest sector by area.

Consumer spending on electric vehicles increased to $120 billion in 2020. Governments around the world spent nearly $14 billion to encourage sales of electric vehicles, which increased by 25% in 2019, mainly due to increased incentives in Europe. Vehicle battery production increased 33% from 2019 to 160 GWh, and cost decreased 13% to average $137/kWh per battery pack globally in 2020. Government national EV policy globally states that When buying or leasing an electric vehicle (EV), whether new or used, drivers are exempt from purchase tax and value-added tax. Electric vehicle owners are also exempt from paying annual road insurance fees.
Many government policies boast the largest fleet of electric vehicles per capita in the world and offer many attractive incentives for the purchase of electric vehicles. For example, there are currently more than 16,000 charging stations in Norway, up from just 3,000 in 2011. On all important routes, including the highest fast charging station in the entire world, the Norwegian government has set up fast charging stations every 50 km. Electric vehicle charging stations seem to have a promising future in Norway.

There are many very attractive incentives for electric vehicles globally. In general, many countries have signed Paris climate policy targets, which call for a 40% reduction in greenhouse gas emissions by 2030, which is supported by the automobile policy. National vehicle targets, including selling completely zero-emission cars by 2030, were set by the National Transport Plan in 2017. Norway has also committed to reducing greenhouse gas emissions by at least 40% by 2030. It is expected to lead All these factors will boost the Norwegian electric vehicle market during the forecast period.

Competitive scene

The global electric vehicle market is somewhat consolidated, with the five largest companies accounting for 71.50%. The major players in this market are BYD Motors, General Motors, Groupe Renault, and Tesla Inc. and Volkswagen AG (in alphabetical order).

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