Electric Vehicle Market worth $894.33 Billion by 2028

Overview and Scope An electric vehicle is a self-propelled vehicle that is powered by an electric motor and uses electrical charging to transport passengers and goods while reducing harmful air pollution from exhaust emissions. The electric vehicles are used as environmentally friendly vehicles as they use little or no combustion fuels (petrol, diesel. or gas). Sizing and Forecast The electric vehicle market size has grown exponentially in recent years. It will grow from $304.35 billion in 2023 to $381.56 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to early eve development, consumer perception and acceptance, market competitiveness and cost reduction, global market penetration, regulatory compliance and emissions reduction. The electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $894.33 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to government regulations and incentives, expansion of charging infrastructure, automaker commitment and production, market competitiveness, shift towards sustainable mobility. Major trends in the forecast period include battery technology advancements, expansion of charging infrastructure, government incentives and policies, rise in electric vehicle models, cost reduction and affordability. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/electric-vehicle-global-market-report The electric vehicle market covered in this report is segmented – 1) By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle 2) By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles 3) By Charging Type: Slow Charging, Fast Charging 4) By Power Output: Less Than 100 kW, 100 kW To 250 kW, More Than 250 kW 5) By End Use: Private, Commercial Fleets Asia-Pacific was the largest region in the electric vehicle market in 2023. The regions covered in the electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=7085&type=smp Major Driver Impacting Market Growth Strict government regulations on vehicle emissions are expected to propel the growth of the electric vehicle market going forward. The governments across various countries are taking some regulatory steps toward reducing harmful gas emissions from vehicles. Electric vehicles are eco-friendly vehicles that do not contribute to greenhouse gas emissions. For instance, in December 2021, the Environmental Protection Agency (EPA) finalized greenhouse gas emissions standards for passenger cars and light trucks for model years 2023–2026. These regulations include the standards to achieve significant greenhouse gas emissions reductions. Therefore, strict government regulations on vehicle emissions will propel the growth of the electric vehicle market. Key Industry Players Major companies operating in the electric vehicle market report are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, BMW Group, Honda Motor Co., Hyundai Motor Company, SAIC Motor Corporation Limited, Tesla Inc., Nissan Motors Co. Ltd., Audi AG, Kia Motors Corporation, BYD Company motors, Daimler AG, Groupe Renault, TATA Motors Limited, Volvo Car Corporation, Stellantis N.V.-Dodge, Geely Automobile Holdings Limited, NIO lnc., Xpeng lnc., Rivian Automotive Inc., Lucid Motors lnc., Canoo Holdings Ltd., Faraday Future Corporation, Bollinger Motors Inc., Mahindra and Mahindra Ltd., Genesis Motor LLC, Fisker lnc., The Cadillac Motor Car Division, Lotus Cars Limited, Jaguar Land Rover Automotive plc The electric vehicle market report table of contents includes: 1. Executive Summary 2. Electric Vehicle Market Characteristics 3. Electric Vehicle Market Trends And Strategies 4. Electric Vehicle Market - Macro Economic Scenario .............. 32. Global Electric Vehicle Market Competitive Benchmarking 33. Global Electric Vehicle Market Competitive Dashboard 34. Key Mergers And Acquisitions In The Electric Vehicle Market 35. Electric Vehicle Market Future Outlook and Potential Analysis 36. Appendix Contact Us: The Business Research Company Europe: +44 207 1930 708 Asia: +91 88972 63534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow Us On: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://he