Electric Vehicles Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028

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Global Electric Vehicles Market Research Report:

The latest report by IMARC, titled “ Electric Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20232028

” the global electric vehicles market size reached 18.1 Million Units in 2022. Electric Vehicles (EVs) are automobiles powered by an electric motor instead of a gasoline engine. They include a battery or fuel cell to store energy that can be charged through self-charging devices, such as wireless inductive charging. Some other charging methods include solar panels, wind turbines, and other renewable energy sources. Propelled entirely by electricity, EVs emit no harmful emissions, making them an environmentally friendly alternative to traditional gasoline-powered cars. They also offer enhanced efficiency and convenience, lower running costs, and longer life span. Apart from this, they feature advanced safety features, including regenerative braking, lane departure warning, and adaptive cruise control, making them a safer option than conventional cars. Currently, they are available in various models, such as cars, trucks, motorcycles, scooters, and boats.

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Global Electric Vehicles Market Trends :

Escalating consumer concerns about the detrimental environmental effects of greenhouse gas (GHG) emissions is primarily driving the electric vehicles market growth. Besides this, the implementation of favorable government initiatives supporting the adoption of EVs through subsidies, tax credits, and investments in charging infrastructure are favoring the market growth. Moreover, shifting preference for EVs over conventional cars due to their relatively cheaper operating costs since they do not require oil changes, spark plug replacements, or other regular maintenance is creating a positive outlook for the market. In addition to this, innovative technological advancements in terms of power, efficiency, and cost of EVs and the integration of global positioning systems (GPS) navigation, remote sensors, and anti-theft locking systems are aiding in market expansion. Furthermore, continuous breakthroughs in battery technology enabling EVs to travel long distances on a single charge, the adoption of lithium-ion and graphene-based batteries, and the advent of magnetic resonance for wireless charging are contributing to the market growth. Other factors, such as rapid urbanization, inflating per capita incomes, the thriving automotive industry, and extensive investments in EV technology by leading market players, are strengthening the market growth. Looking forward, the market value is projected to reach 148.4 Million Units by 2028, expanding at a CAGR of 41.2% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Breakup by Component:

• Battery Cells & Packs

• On-Board Charger

• Fuel Stack

• Slow Charging

• Fast Charging

• Battery Electric Vehicle (BEV)

• Fuel Cell Electric Vehicle (FCEV)

• Plug-In Hybrid Electric Vehicle (PHEV)

• Hybrid Electric Vehicle (HEV)

• Passenger Vehicles

• Commercial Vehicles

• Others

Breakup by Region:

• Asia Pacific

• China

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• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

• Europe

• Norway

• Netherlands

• Sweden

• United Kingdom

• France

• Germany

• Others

• North America

• United States

• Canada

• Middle East and Africa

• Turkey

• Saudi Arabia

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• Iran

• United Arab Emirates

• Others

• Latin America

• Brazil

• Mexico

• Argentina

• Colombia

• Others

Note: We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report.

Chery

Daimler AG

Ford Motor Company

Geely

General Motors

Honda Motor Company

Hyundai Motor Company

Nissan Renault

SAIC Motor

Tesla Inc. Toyota Motor Corporation

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