Automotive for Electric Vehicles Market

Automotive for Electric Vehicles Market by Types (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicles (PHEV)) by Application (Two Whelers, Passenger Cars, Commercial Vehicles) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028

Frequently Asked Questions

  • What is the global demand for Automotive for Electric Vehicles in terms of revenue?

    The global Automotive for Electric Vehicles valued at 2.8 Billion in 2020 and is expected to reach 47.58 Billion in 2028 growing at a CAGR of 4.10%%

  • Which are the prominent players in the market?

    The prominent players in the market are Tesla, Daimler AG, Volkswagen AG, BYD Company Motors, Nissan Motor Corporation, Toyota Motor Corporation,General Motors, BMW Group, Energica Motor Company S.p.A, Ford Motor Company..

  • At what CAGR is the market projected to grow within the forecast period?

    The market is project to grow at a CAGR of 4.10%% between 2021 and 2028.

  • What are the driving factors fueling the growth of the market.

    The driving factors of the Automotive for Electric Vehicles include

    • The increasing stringent government regulations on vehicle emissions are anticipated to support the growth of the automotive for electric vehicle market over the forecast period. The major benefit of using electric vehicles is the contribution that they can make towards improving air quality overall. The pure electric vehicles produce no carbon dioxide emissions when driving which reduces air pollution considerably. Most of the economies like the U.S., Germany, France, and China have implemented government regulations for vehicle emission, and made it mandatory for the automobile manufacturers to use advanced technologies to reduce the high-emission levels in vehicles.
    • The rising demand for fuel efficient and low emission vehicles is expected to augment the automotive for electric vehicle market in the years to come. This is owing to the increased prices of petrol and diesel. Moreover, the electric vehicles are more economical than conventional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas in the case of gas-powered vehicle, it only converts about 17%–21% of the energy stored in gasoline. Owing to these factors the demand for advanced fuel-efficient technologies is increasing, and hence, in turn supporting the growth of the market.

  • Which region accounted for the largest share in the market?

    Asia Pacific was the leading regional segment of the Automotive for Electric Vehicles in 2020.

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