The nascent electric vehicle (“EV”) sector is poised to experience major growth over the next decade. As the effects of climate change become increasingly apparent around the world amid freezing temperatures, heat waves and massive wildfires, territories are scrambling to reduce their reliance on fossil fuels and cut down on their greenhouse gas emissions by replacing fossil fuel cars with zero-emission electric vehicles. As such, the sector will experience significant growth over the next decade as automakers and fleets work to meet carbon emission standards and more drivers ditch their internal combustion engine (“ICE”) for electric cars.
According to a new report that outlines the growth of the electric vehicle industry over the next couple of years, the global EV market is projected to grow at a compound annual growth rate (“CAGR”) of 19.8% and achieve a valuation of $812,888.1 million by 2028. The comprehensive report by global market research firm Research Dive revealed that the growing demand for low-emission, fuel-efficient and high-performance vehicles is responsible for the global EV market’s growth, with different market segments growing at different rates. These segments are usually based on the type of vehicle, vehicle class and region.
The hybrid electric vehicle segment is projected to hold the maximum market share by earning around $295,602.6 million from 2021 to 2028. Hybrids, which have both a combustion engine and an electric motor, are set to experience significant demand over the forecast period as they provide a middle ground for drivers who would like an electric vehicle but aren’t completely comfortable with ditching their ICE cars. The luxury EV subsegment is also poised for significant growth, collecting $438,183.3 million by 2028 as automakers develop luxury electric vehicles with immense range, speed, superb handling and plenty of advanced features.
The passenger subsegment will also see significant growth, gathering an impressive $598,466.0 million by 2028. Passenger vehicles undoubtedly account for most of the cars on the roads as well as a large chunk of transportation carbon emission, and replacing those vehicles with low- and zero-emission vehicles will be crucial if we are to meet emission standards and combat global warming. Research Dive’s report also revealed that the Asia Pacific region will be at the helm of the global EV market, earning $359,981.7 million in the projected period thanks in part to increasing fuel prices and government participation via EV incentives and increasingly strict emission standards.
With the involvement of companies such as DSG Global Inc. (OTCQB: DSGT) in the distribution of electric vehicles, the projected growth of this sector is likely to be realized or even surpassed in the period under consideration.
NOTE TO INVESTORS: The latest news and updates relating to DSG Global Inc. (OTCQB: DSGT) are available in the company’s newsroom at https://ibn.fm/DSGT
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