Electric Vehicle Market to Reach Valuation of USD 434.4 Billion by 2028 – Reducing Cost of EV Batteries to Support Demand for Cost-Effective EVs; Drives the Market

In terms of revenue, the Global Electric Vehicle Market is expected to reach USD 434.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.9% from 2022 to 2028.

Increased demand for fuel-efficient, high-performance, and low-emission vehicles, strict government pollution restrictions, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the growth of the Electric Vehicle market. Additionally, it is anticipated that constraints such as a lack of infrastructure for charging, high production costs, range anxiety, and serviceability will restrain the growth of the EV industry. Additionally, the leading players in the electric vehicle market should benefit greatly from aspects including technological growth, pro-active government initiatives, and the development of self-driving electric car technology.

Key Highlights from Report:

● Among the vehicle type, the passenger car segment is anticipated to dominate the Electric Vehicle market during the forecast period. This is due to strong government support for passenger EVs in the countries such as the Netherlands, Germany, France, Norway, the U.K., Sweden, etc.

● The rear-wheel drive sub-segment accounted for the largest market share of the vehicle drive segment. This segment is expected to do well owing to its easier vehicle control and growing demand for these vehicles.

● The Asia Pacific held the largest market share and is anticipated to be the most profitable market during the forecast period. This surge is because of the presence of countries like China; which is the largest producer and user of electric vehicles across the globe, along with other countries such as Japan, and South Korea.

Market Dynamics:

Over the past decade, scientific improvements and the mass manufacture of Electric Vehicle batteries have led to a drop in the price of EV batteries. As Electric Vehicle batteries are one of the most pricey parts of the car, this has resulted in a downfall in the price of Electric Vehicles. A typical Electric Vehicle (EV) battery was worth about USD 1,100 per kWh in 2010. However, the cost had dropped to around USD 137 per kWh by 2020, and by 2021, it had fallen to USD 120. By 2030, the price of EV batteries is anticipated to drop to around USD 60 per kWh, which would result in a considerable decrease in the cost of Electric Vehicles, making them more affordable than traditional ICE vehicles.

Countries worldwide have set targets to reduce vehicle emissions by 2030-2050. As a result, they have begun pushing the growth of the Electric Vehicle market, its sales, and the associated infrastructure for charging them. For example, the US government spent USD 5 billion in 2017 to support infrastructure for electric vehicle use, such as charging stations. In addition, the adoption of EVs is being encouraged by a number of countries through various incentives, including low or no registration costs and exemptions from import taxes, purchase taxes, and road charges.

Asia Pacific market is anticipated to observe considerable market growth, with the highest growth rate during the forecast period. China, Japan, and South Korea are the market leaders for electric vehicles in the Asia Pacific region. China, the world's largest producer and consumer of electric vehicles have a monopoly on the Electric Vehicle market in the area. Their government has taken action, including providing subsidies for electric vehicle buyers, enacting laws requiring all automakers to produce electric vehicles in proportion to the volume of vehicles they produce, providing significant funding for installing EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles. The Electric Vehicle market has also been expanding in Japan and South Korea.

The Global Electric Vehicle Market is Segmented as follows:

• Vehicle Type
  • Passenger Vehicles
  • Commercial Vehicles
• Component
  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Fuel Stack
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier
• Vehicle Class
  • Low-priced
  • Mid-priced
  • Luxury
• Top Speed
  • <125 MPH
  • >125 MPH
• Vehicle Drive Type
  • Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive
• Vehicle Connectivity
  • V2B or V2H
  • V2G
  • V2V
  • V2X
• Propulsion
  • BEV
  • PHEV
  • FCEV
• End Use
  • Private Vehicle
  • Commercial Fleets
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players of the Global Electric Vehicle Market is:
Ampere Vehicles (India), Benling India Energy and Technology Pvt. Ltd. (India), BMW AG (Germany), BYD Company Ltd. (China), Chevrolet Motor Company (U.S.), Daimler AG (Germany), Energica Motor Company S.P.A. (Italy), Ford Motor Company (U.S.), General Motors (U.S.), Hero Electric (India), Hyundai Motor Company (South Korea), Karma Automotive (U.S.), Kia Corporation (South Korea), Lucid Group Inc. (U.S.), Mahindra Electric Mobility Limited (India), NIO (China), Nissan Motors Co. Ltd. (Japan), Okinawa Autotech Pvt. Ltd. (India), Rivain (U.S.), Tata Motors (India), Tesla Inc. (U.S.), Toyota Motor Corporation (Japan), Volkswagen AG (Germany), WM Motor (China), Xiaopeng Motors (China), Stellantis NV (Netherlands), SAIC Motor Corp. Ltd. (China)
The Global Electric Vehicle Market Scope can be Tabulated as below:

Parameter	Details
Market Size Provided for Years	2018 - 2032
Base Year	2023
Historic Years	2018 - 2022
Forecast Years	2024 - 2032
Segments Covered	Vehicle Type Passenger Vehicles Commercial Vehicles Component Battery Cells & Packs On-Board Charge Motor Reducer Fuel Stack Power Control Unit Battery Management System Fuel Processor Power Conditioner Air Compressor Humidifier Vehicle Class Low-priced Mid-priced Luxury Top Speed <125 MPH >125 MPH Vehicle Drive Type Front Wheel Drive Rear Wheel Drive All Wheel Drive Vehicle Connectivity V2B or V2H V2G V2V V2X Propulsion BEV PHEV FCEV End Use Private Vehicle Commercial Fleets Region North America Europe Asia Pacific Latin America Middle East & Africa
Regions & Counties Covered	North America U.S. Canada Mexic Eurpe U.K France Germany Italy Spain Rest Of Europe Asia Pacific China Japan India Suth Korea South East Asia Rest Of Asia Pacific Latin America Brazil Argentina Rest Of Latin America Middle East & Africa GCC Cuntries South Africa Rest Of Middle East & Africa
Companies Covered	Ampere Vehicles (India) Benling India Energy and Technology Pvt. Ltd. (India) BMW AG (Germany) BYD Company Ltd. (China) Chevrolet Motor Company (U.S.) Daimler AG (Germany) Energica Motor Company S.P.A. (Italy) Ford Motor Company (U.S.) General Motors (U.S.) Hero Electric (India) Hyundai Motor Company (South Korea) Karma Automotive (U.S.) Kia Corporation (South Korea) Lucid Group Inc. (U.S.) Mahindra Electric Mobility Limited (India) NIO (China) Nissan Motors Co. Ltd. (Japan) Okinawa Autotech Pvt. Ltd. (India) Rivain (U.S.) Tata Motors (India) Tesla Inc. (U.S.) Toyota Motor Corporation (Japan) Volkswagen AG (Germany) WM Motor (China) Xiaopeng Motors (China) Stellantis NV (Netherlands) SAIC Motor Corp. Ltd. (China)
Report Coverage	Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis