At 24.3% CAGR, the market size for electric vehicles [2021-2028] to reach USD 1,318.22 billion

The major electric vehicle market players analyzed in the report are Ford Motor Company (Michigan, USA), General Motors Company (Michigan, USA), Nissan Motor Corporation (Kanagawa, Japan), Tesla, Inc. (California , United States), Toyota Motor Corporation (Toyota City, Japan), Volkswagen AG (Wolfsburg, Germany), Groupe Renault (Boulogne-Billancourt, France), BMW Group (Munich, Germany), BYD Company Ltd. (Shenzhen, China), Daimler AG (Stuttgart, Germany).

Pune, India, December 09, 2021 (GLOBE NEWSWIRE) – The world electric vehicle market The size of this market was $ 246.70 billion in 2020. This market is expected to grow from $ 287.36 billion in 2021 to $ 1,318.22 billion in 2028 at a CAGR of 24.3% during the period 2021 -2028. This information is published by Fortune Business Insights ™ in its report entitled “Electric Vehicle Market, 2021-2028”.

According to our expert analysts, the environmental effect of conservative gasoline-powered automobiles and rising fuel prices have opened up new prospects for alternative fuel vehicles in the market. Buyers gradually prefer to use battery-powered or hybrid vehicles, which is expected to drive the growth and demand of the electric vehicle market.

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Cover of the report


Forecast period

2021 to 2028

Forecast period 2021 to 2028 CAGR


Projection of the value 2028

$ 1,318.22 billion

Year of reference


Market size in 2021

287.36 billion USD

Historical data for

2017 to 2019

Number of pages


Covered segments

Vehicle type, type and geography

Growth drivers

Subsidies and supportive government policies to promote sales

Strict government regulations on vehicle emissions to drive growth

Click here to learn about the short and long term impacts of COVID-19 in this market. Please visit:

Market to show positive signals of recovery from COVID-19 crisis

The coronavirus has been called a public health emergency crisis and has had a negative influence on the global auto industry. In addition, the containment caused by the COVID-19 crisis has led to the closure of many automobile production divisions. However, sales of all kinds of electric vehicles increased in the second half of 2020 as lockout rules were relaxed in the majority of countries.

Conductors and restraints:

Governments in almost every region are offering enticing incentives and strategies to reassure electric vehicle sales. It offers several benefits to customers, such as lower selling prices, zero or low processing fees, and free charging infrastructure for electric vehicles at many charging stations. In addition, many governments around the world excuse road taxes, import taxes, and purchase taxes based on various subsidies.

These subsidies have also encouraged automakers to improve their manufacturing of electric vehicles. In addition, the government has also funded the construction of infrastructure and promising articulated policies. For example, the US government plans to invest $ 287 billion in highway construction over the next five years.

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Competitive landscape:

Large market players often implement many tactics to strengthen their market position as dominant firms. One of these important tactics is to recruit companies to promote brand value among users. Another vital tactic is to intermittently promote innovative products with a methodical analysis of the market and its target audience.

  • BMW Group (Munich, Germany)

  • BYD Company Ltd. (Shenzhen, China)

  • Daimler AG (Stuttgart, Germany)

  • Ford Motor Company (Michigan, United States)

  • General Motors Company (Michigan, United States)

  • Nissan Motor Corporation (Kanagawa, Japan)

  • Tesla, Inc. (California, United States)

  • Toyota Motor Corporation (Toyota City, Japan)

  • Volkswagen AG (Wolfsburg, Germany)

  • Groupe Renault (Boulogne-Billancourt, France)

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Global segmentation of the electric vehicle market:

By type of vehicle:

  • Passenger car

  • Commercial vehicle

By type:

  • Battery electric vehicle (BEV)

  • Plug-in hybrid electric vehicle (PHEV)

  • Hybrid Electric Vehicle (HEV)

By geography

  • North America (United States, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)

  • Latin America (Brazil, Mexico, rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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