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Electric Car Market is Expected to Grow with a CAGR of 19% from 2022 to 2028

As stated by our extensive report, providing insights on Type, Vehicle Class, Top Speed, and Vehicle Drive Type; the Global Market accounted for 105 USD Billion in 2021.

An electric vehicle runs on an electric motor excluding an internal combustion engine. Only an internal combustion engine runs on gas. This electric motor operated on a constant supply of energy from batteries. These vehicles use a variety of batteries such as zinc-air, molten salt, lithium-ion, and various nickel-based designs.

Growing demand for high-performance, low-emission vehicles, & fuel-efficient, reduction in the cost of electric vehicle batteries, stringent government rules & regulations toward vehicle emission, and rising fuel costs are some major factors that augment the growth of Electric Car Market in recent years. However, high manufacturing costs, insufficient charging infrastructure, and range anxiety & serviceability are some factors that impeding the growth of the Electric Car market during the forecast period.

In order to develop and use alternative sources of fuel, the demand for electric vehicles is increasing. An electric vehicle transforms over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only transforms about 17%–21% of the energy stored in gasoline. Thus, demand for fuel-efficient vehicles is increasing rapidly in recent years. For instance, 2.2 million electric cars were sold in 2019 denoting just 2.5% of global car sales. Whereas, 3 million electric cars were sold, denoting just 4.1% of global car sales the overall car market in 2020. Therefore, the rising demand for high-performance, low-emission vehicles, and fuel-efficient vehicles is accelerating the maximum growth of Electric Car Market in recent years.

Due to the outbreak of the COVID-19 pandemic, various countries had affected with a complete lockdown of more than two months, which, in turn, has influenced vehicle production. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. However, the majority of the automobile manufacturers started vehicle production with limited production and necessary measures. Conditions improved in the latter months, but overall EV manufacturers did not suffer much as demand for zero-emission vehicles is growing during the latter months of 2020. This in turn increases the demand for Electric Car market during the forecast period.

Asia Pacific anticipated the maximum growth for Electric Car market during the forecast period. The favorable government regulations in order to manufacture electric vehicles per number of vehicles manufactured and large support for EV charging installation units in multiple cities are expected to fuel the growth of the Electric Car Market in this region. In addition, the emergence of a new vehicle scrappage policy is further bolstering the growth of Electric Car Market in this region.

Some of the prominent players operating in the global {Keyword} Market are Tesla, Morris Garages, Tata Motors, BYD, Hyundai, Volkswagen AG, BMW Group, and Nissan Motors.