The global electric car market size was valued at USD 294.6 billion in 2021. The market is projected to grow from USD 294.6 billion in 2021 to USD 1905.6 billion by 2028, exhibiting a CAGR of 36.50% during the forecast period.
 
Electric cars have several advantages over conventional fuel-powered vehicles, including low operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers' changing attitudes toward electric cars are boosting market growth as they become more concerned about environmental pollution. One of the major factors driving the growth of the electric car market is the increase in electric car sales worldwide.

Get Sample Copy of the Report @ https://marketsnresearch.com/sample/1591

Due to the rising environmental consciousness, consumer preference is rapidly shifting toward passenger and commercial electric cars. Additionally, increased production and sales of luxury cars worldwide due to rising disposable income accelerates market growth. The increased demand for these improved vehicles drives up vehicle production.
 
COVID-19 IMPACT

The COVID-19 virus negatively impacted the electric car market due to the strict lockdowns and social distancing implemented to contain the virus's spread. Economic uncertainty, a partial business shutdown, and low consumer confidence all impacted demand for an electric cars. During the pandemic, the supply chain was hampered by delays in logistics. However, due to the easing of restrictions, the electric car market is expected to pick up speed in the post-pandemic scenario.
 
DRIVING FACTORS

Electric Car Investment is Rising, which is a Notable Trend

Electric car market growth is thought to be fueled by the increasing investment in electric mobility. Market participants like Daimler AG, Ford Motor Company, and Groupe Renault are investing more money into their plans to make the electric car. For instance, Ford announced its intention to invest USD 300 million in developing a new light commercial vehicle at its Romanian manufacturing facility in 2023. Major corporations like Daimler AG and Mercedes Benz are also investing significantly in producing electric cars. Consequently, it is anticipated that the market will grow steadily over the coming years.

View More Information :  https://www.globenewswire.com/en/news-release/2022/12/15/2574666/0/en/Global-Electric-Car-Market-Share-to-Reach-USD-1905-6-Billion-by-2028-at-a-36-50-CAGR-Markets-N-Research-Size-Growth-Report-Trends-Forecast-Segmentation-Growth-Rate-Value.html
 
RESTRAINING FACTORS

Inadequate Infrastructure for Charging is Limiting the Market Growth

Governments from many nations are promoting the use of electric car for commercial purposes to reduce greenhouse gas emissions. However, the electric car market is hampered by a lack of adequate charging infrastructure. In India, for instance, the goal is for all vehicles to be electric by 2030. One of the crucial conditions to guarantee the adoption of electric cars, though, is the development of a strong infrastructure for them. Unfortunately, most developing nations' EV charging infrastructure is insufficient and has not yet caught up to meet the demand, impeding the expansion of the market for electric cars.

LIST OF KEY COMPANIES PROFILED:

Nio Inc. (China)
Alcraft Motor Company Ltd. (U.K.)
BMW Group (Germany)
BYD Company Ltd. (China)
Daimler AG (Germany)
Faraday & Future Inc. (U.S.)
Ford Motor Company (U.S.)
General Motors Company (U.S.)
Honda Motor Co., Ltd. (Japan)
Hyundai Motor Company (South Korea)
Nissan Motor Co., Ltd. (Japan)
TATA Motors Limited (India)
Tesla, Inc. (U.S.)
Volkswagen AG (Germany)
Mahindra and Mahindra Ltd. (India)

Read Comprehensive Overview of Report @ https://marketsnresearch.com/report/1591/global-electric-car-market

About Us

Markets N Research team is comprised of well skilled and equipped personnel ready to concur any upcoming challenges in the market sector for both individual people and organization around the world. We know time is money, and therefore we ensure we solve your problem within the shortest time possible to prevent delays or missing any opportunities. We use globally accepted techniques with a little innovation from our staff in solving all your market research related challenges.

Contact:

Markets N Research
1016 W Jackson Blvd,
Chicago, IL 60607,
United States
Email - [email protected]
Tel: +1 773-649-1529