Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 164 Billion | USD 750 Billion | 12% | 2021 |
FrequentlyAsked Questions
Advantages of electric vehicles like fuel efficiency, high performance, and low emission drive market growth exclusively. People’s higher accommodation towards electric vehicle models aids the market promptly.
According to the report by Zion Market Research, the global small electric vehicle market was worth around $164 billion in 2021 and is predicted to grow to around $750 billion by 2028 at a CAGR rate of 12% over the forecast period
The Asia-Pacific region dominates the market driven by the largest growth of EV charging vehicles. Growing demand for affordable EVs, Government endorsing fuel-efficient vehicles, and improving infrastructures for the leverage of EVs have contributed to the excessive demand for electric vehicles in this region.
The key players in the global small electric vehicle market are ChargePoint Inc., Schneider Electric, Tesla Inc., BP Chargemaster, Shell International BV, Webasto Group, Siemens AG, EVBox, Eaton, Ingersoll Rand, Textron, Polaris, Baoya, Yogomo, Renault, Nissan Motor, and Volkswagen AG
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