PUNE, India, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Growth Market Reports, a leading market research company, has published a new study on the Electric Vehicle Market by Vehicle Types (Passenger Cars, Commercial Vehicles, and Two Wheelers), Vehicle Class (Mid-Priced and Luxury), Types (Battery Electric Vehicles [BEV], Hybrid Electric Vehicles [HEV], and Plug-In Hybrid Electric Vehicles [PHEV]), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa).
As per the analysis, the electric vehicle market was valued at USD 273.31 billion in 2020 and is projected to reach USD 802.75 billion by 2028, expanding at a CAGR of 21.6% during the forecast period, 2021 - 2028.
Currently, the Electric Vehicle Market is booming. It has seen significant growth in sales in North America and Asia Pacific. Both regions have introduced policies requiring carmakers to manufacture more electric vehicles. The Electric Vehicle Market is set to continue its upward trend.
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The government is investing in electric vehicle charging infrastructure and lowering their carbon footprint. There is a thriving market for electric vehicles and a number of other reasons why it may be the next big thing. The Electric Vehicle Market is likely to continue growing in the next few years. Moreover, manufacturers are focused on building charging infrastructure. The cost of electric vehicles is not high enough to prevent many consumers from purchasing them. However, the demand for them is greater than their supply. While the US and Europe are making strides to implement regulations, their markets are still not at their peak yet. The plug-in hybrid electric vehicle segment held a major market share of more than 30% of the total revenue in 2019.
In terms of types, the global electric vehicle market is classified as battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The BEV segment is estimated to expand at a CAGR of more than 25% during the forecast period. The growth of the segment is attributed to rising environmental awareness and the multiple advantages of BEV.
The PHEV segment is anticipated to expand at a substantial CAGR of 45% during the forecast period. The governments of developing countries such as China and India are taking initiatives to promote the usage of electric vehicles. Moreover, major companies such as Volkswagen Group are concentrating on increasing their sales of plug-in electric cars.
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