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Electric Vehicle Market Size to Grow Worth USD 1,318.22 Billion at a CAGR of 24.3% for 2021-2028 | Fortune Business Insights

Fortune Business Insights
Fortune Business Insights

The global electric vehicle market was valued at USD 246.70 billion in 2020, and is projected to reach USD 1,318.22 billion by 2028; it is estimated to grow at a CAGR of 24.3% from 2021 to 2028. Increasing fuel prices and rising demand for hybrid or battery-powered vehicles to boost growth.

Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global electric vehicle market to grow at a CAGR of 24.3% and reach USD 1,318.22 billion from market value of USD 287.36 billion in 2021 during forecast period of 2021-2028. The market was valued USD 106.45 billion in 2020. The market growth is attributed to factors such as the environmental effect of conservative gasoline automobiles and the rise in fuel prices have given novel prospects to alternative fuel vehicles in the market. Purchasers are progressively partial towards using battery-powered or hybrid vehicles, which is estimated to bolster the electric vehicle market growth and demand.

Electric Vehicle Companies Analyzed in Report:

  • BMW Group (Munich, Germany)

  • BYD Company Ltd. (Shenzhen, China)

  • Daimler AG (Stuttgart, Germany)

  • Ford Motor Company (Michigan, U.S.)

  • General Motors Company (Michigan, U.S.)

  • Nissan Motor Corporation (Kanagawa, Japan)

  • Tesla, Inc. (California, U.S.)

  • Toyota Motor Corporation (Toyota City‎, Japan)

  • Volkswagen AG (Wolfsburg, Germany)

  • Groupe Renault (Boulogne-Billancourt, France)

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Report Scope & Segmentation:

Report Coverage


Forecast Period


Forecast Period 2021 to 2028 CAGR


2028 Value Projection

USD 1,318.22 Billion

Base Year


Market Size in 2021

USD 287.36 Billion

Historical Data for


No. of Pages


Segments covered

By Vehicle Type, By Type

Growth Drivers

High Demand for Passenger Vehicles to Aid Growth in Asia Pacific

Promising Government Backings and Strategies to Endorse EV Sales

Electric Vehicle Market Analysis:

Industry Development:

April 2020: Honda Motor Co., Ltd. and General Motors (GM) agreed to co-jointly manufacture two all-novel EVs for Honda, with the assistance of the advanced technology from GM in electric vehicle platform driven by Ultium batteries.

Regional Electric Vehicle Market Insights:

High Demand for Passenger Vehicles to Aid Growth in Asia Pacific

Asia Pacific held maximum electric vehicle market share and is projected to display substantial growth in the global EV market owing to the increasing demand for passenger vehicles in emerging economies. China is responsible for the maximum share regarding passenger automobiles and other vehicles.

The market is geographically grouped into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these regions, North America is anticipated to exhibit the highest market growth due to a rise in the adoption of fuel-efficient vehicles. Combined with this, increasing awareness programs regarding air pollution as well as growing disposable income of the masses are expected to contribute to the growing electric vehicle market share across this region.

Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit:

Electric Vehicle Market Drivers:

Promising Government Backings and Strategies to Endorse EV Sales

Governments of almost every region are offering enticing incentives and strategies to reassure the sales of electric vehicles. It offers several profits to customers, such as declined selling prices, zero or low processing fees, and the cost-free charging infrastructure of EVs at numerous charging stations. Furthermore, numerous governments across the globe excuse road tax, import tax, as well as purchase tax grounded on diverse grants.

The governments of several countries are offering attractive incentives and policies to boost the market sales. Consumers are offered multiple benefits, such as free charging of vehicles at numerous charging stations, low or zero registration fees, and decreased selling prices. Furthermore, they are providing an exemption in road tax, import tax, and purchase tax under various subsidies. These have encouraged automotive manufacturers to design and produce electric vehicles in huge quantities. Besides, the government have begun investing in and creating favorable policies for infrastructure development.

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By Vehicle Type

  • Passenger Car

  • Light Commercial Vehicle

  • Heavy Commercial Vehicle

By Type

  • BEV

  • PHEV

  • HEV

Competitive Landscape

Inventive Product Launch Declaration by Chief Players to Boost Market Growth

The important players present in the market often implement numerous tactics to boost their position in the market as dominating companies. One such prominent tactic is procuring companies to thrust the brand value among users. Another vital tactic is intermittently promoting innovative products with a methodical analysis of the market and its target audience.

Quick Buy – Electric Vehicle Market Research Report:

Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Merger, Acquisitions, and Partnerships

4.2 Porter’s Five Forces Analysis

4.3 SWOT Analysis

4.4 Technological Developments

4.5 Impact of COVID-19

5. Global Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast – By Type

5.2.1 Battery Electric Vehicle (BEV)

5.2.2 Plug-In Hybrid Electric Vehicle (PHEV)

5.2.3 Hybrid Electric Vehicle (HEV)

5.3 Market Analysis, Insights and Forecast – By Vehicle Type

5.3.1 Passenger Car

5.3.2 Commercial Vehicle

5.4. Market Analysis, Insights and Forecast – By Region

5.4.1 North America

5.4.2 Europe

5.4.3 Asia pacific

5.4.4 Rest of the World

6. North America Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028

6.1. Key Findings / Summary

6.2. Market Analysis – By Type

6.2.1 Battery Electric Vehicle (BEV)

6.2.2 Plug-In Hybrid Electric Vehicle (PHEV)

6.2.3 Hybrid Electric Vehicle (HEV)

6.3. Market Analysis – By Vehicle Type

6.3.1 Passenger Car

6.3.2 Commercial Vehicle

6.4. Market Analysis – By Country

6.4.1 U.S. By Vehicle Type

6.4.2 Canada By Vehicle Type

6.4.3 Mexico By Vehicle Type

7. Europe Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028

7.1. Key Findings / Summary

7.2. Market Analysis – By Type

7.2.1 Battery Electric Vehicle (BEV)

7.2.2 Plug-In Hybrid Electric Vehicle (PHEV)

7.2.3 Hybrid Electric Vehicle (HEV)

7.3. Market Analysis – By Vehicle Type

7.3.1 Passenger Car

7.3.2 Commercial Vehicle

7.4. Market Analysis – By Country

7.4.1 U.K. By Vehicle Type

7.4.2 Germany By Vehicle Type

7.4.3 France By Vehicle Type

7.4.4 Rest of Europe By Vehicle Type


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