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WASHINGTON, March 30, 2022 (GLOBE NEWSWIRE) — Electric car manufacturers and policy makers are boosting their attention and actions related to electric cars. This technology facilitates full battery electric and plug-in hybrid electric models that are providing attractive options to help reach environmental, social and health objectives. EVs are driving advances in battery technology a key issue for industrial competitiveness in the transition to clean energy. The market is mainly driven by factors related to increase in global fuel prices. Rising concerns towards achieving environmental sustainability and pollution free eco drive. These are the key factors promoting the Electric Car Market to flourish in the coming forecast period.
The total Global Electric Car Market is estimated to reach 354.80 USD Billion by the year 2028.
The market revenue stood at 105 USD Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 19%, states Vantage Market Research, in a report, titled “Electric Car Market Size, Share & Trends Analysis Report by Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), by Vehicle Class (Mid-Priced, Luxury), by Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), by Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment ( 2016 – 2021) & Forecast (2022 – 2028)“.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Electric Car market is predicted to grow at a CAGR of roughly 19% during the forecast period.
- The Electric Car market was estimated to be worth roughly USD 105 Billion in 2021 and is expected to reach USD 354.80 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Car market.
The Report on Electric Car Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Market Dynamics:
Drivers: Rising Acceptability of Electric Cars to Boost the Market Demand
Global electric car contracted over 35% in 2021. The registration of electric cars is increasing rapidly; in Europe more than 2.5 million electric cars were registered. According to the global automotive forum Norway is expected to reach maximum use of electric cars till 2025. The growing trend of electric cars is raising ad thus promoting the market to flourish in the forecast period.
This surge in electric car registrations in Europe despite the economic slump reflects two policy measures. First, 2020 was the target year for the European Union’s CO2 emissions standards that limit the average carbon dioxide (CO2) emissions per kilometre driven for new cars. Second, many European governments increased subsidy schemes for EVs as part of stimulus packages to counter the effects of the pandemic.
Restrain: Higher Cost & Lower availability of Spare Parts
The cost of electric cars is higher owing to the higher cost of li-ion battery. The raw material required for manufacturing batteries is quite high and similarly the manufacturing is also complicated. This all scenarios make the final car expensive. Thus, major population still prefers gasoline engine over electric cars. This factor is restraining the growth of the market. Also, spare part availability of electric cars is less thus slowing down the market demand.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures …
Full story available on Benzinga.com
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