Top Electric Vehicle (EV) Companies in World 2023: Biggest Electric Car Companies, Manufacturers (USA, UK)

Electric vehicle or EV refers to automobiles that run on the energy stored in batteries instead of using an internal-combustion engine. Based on the propulsion type, they can be categorized into numerous types, such as battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), plug-in hybrid electric vehicles (PHEV), etc. These electric vehicle variants have emerged as a convenient and eco-friendly mode of transportation characterized by zero carbon emissions, compact design, noise-free travel experience, cost-effectiveness, etc. Consequently, they are in extensive demand among consumers across the globe.

According to IMARC Group, the global electric vehicles market size reached 18.1 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 148.4 Million Units by 2028, exhibiting a growth rate (CAGR) of 41.2% during 2023-2028.

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Some of the top Electric Vehicle Manufacturing Companies in the World in 2023 being:

• Bayerische Motoren Werke AG
• BYD Auto
• Chery
• Daimler AG
• Ford Motor Company
• Geely
• General Motors
• Honda Motor Company
• Hyundai Motor Company
• Nissan
• Renault
• SAIC Motor
• Tesla Inc. Toyota Motor Corporation
• Volkswagen

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The inflating prices of transportation fuels, including petrol, diesel, compressed natural gas (CNG), etc., and the elevating consumer consciousness towards maintaining ecological sustainability and reducing air pollution levels are primarily driving the electric vehicle companies. In addition to this, the launch of several favorable initiatives by government bodies across countries, which include subsidies, tax exemptions, low buying costs, free charging facilities, etc., aimed at promoting the adoption of EVs to reduce greenhouse gas (GHG) emissions and ensure environmental safety is also positively influencing the market growth.

Besides this, the rising investments in the upgradation of public charging infrastructures for electric vehicles, especially in developing countries, and the introduction of magnetic resonance for wireless vehicle charging are acting as significant growth-inducing factors. Moreover, the escalating focus among leading manufacturers on integrating EVs with advanced technologies, such as remote sensors, a global positioning system (GPS) navigation, anti-theft locking systems, etc., is expected to bolster the electric vehicle companies in the coming years.

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