Electric Car Market was valued at US$ 164.1 Bn. in 2021 and is expected to grow at US$ 816.7 Bn. in 2029. Electric Car Market size is expected to grow at a CAGR of 25.77 % through the forecast period.
Electric Car Market Overview:An Electric Car is an automobile that is propelled by one or more electric motors, using only energy stored in batteries. Compared to internal combustion engine (ICE) vehicles, Electric Car s are quieter, have no exhaust emissions, and lower emissions overall. In the United States and the European Union, the total cost of ownership of recent electric vehicles is cheaper than that of equivalent ICE cars, due to lower fueling and maintenance costs. Charging an Electric Car can be done at a variety of charging stations; these charging stations can be installed in both houses and public areas. To know about the Research Methodology :- Request Free Sample Report All-electric vehicles (EVs) have an electric motor instead of an internal combustion engine. The vehicle uses a large traction battery pack to power the electric motor and must be plugged in to a charging station or wall outlet to charge. Depending on the size of the battery pack of an EV, the battery can last for a range of 100-450 km. To give some clarity, a mid-sized 22 kWh battery gives a range of around 130-160 kms. In India, the BMW iX xDrive40, offers the best range among all Electric Car s. The report explores the Global Electric Car Market segments (Type, Vehicle Type, Technology, Vehicle Class, Top Speed and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Global Electric Car Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Global Electric Car Market contemporary competitive scenario.
Electric Car Market Dynamics:The regulatory actions, customer choice, the availability of specific models, generous subsidies and tight regulation are the factors which drives the growth of the Global Electric Car Market. Changes related to battery technology and charging infrastructure are boosting the market. Energy and petrochemical companies are committed to expanding charging infrastructure. The government policy has been at the forefront driving the switch to new energy vehicles. Factors such as increase in demand for fuel-efficient, high-performance, & low-emission vehicles, stringent government rules & regulations toward vehicle emission along with reduction in cost of electric vehicle batteries and increasing fuel costs supplement leads to the Global Electric Car Market. With the growing environmental concerns, governments and environmental agencies across the world are enacting stringent emission norms and laws to reduce vehicle emission. Major regulatory measures are stringent emissions targets for the reduction of nitrogen oxides (NOx) and carbon dioxide (CO2) in air. High amounts of greenhouse gases being emitted from vehicles and federal and state governments in the U.S. are stepping up efforts to make transportation cleaner. Therefore, with enactment of the emission regulations for fossil fuel-powered vehicle, the burden on vehicle manufacturers, especially on commercial vehicle manufacturers, has further increased. This, in turn, is expected to drive the demand for electric vehicles. Thus, stringent emission norms imposed on fossil-fuel powered commercial vehicles significantly driving growth of the electric vehicle market. Poor charging infrastructure and shorter life span will act as a restraint to the market. For reducing emission of greenhouse into environment, the governments of various countries are promoting adoption of electric vehicles for commercial purpose. However, lack of charging infrastructure for electric vehicles acts as an obstacle for the electric vehicle market. The creation of robust electric vehicle infrastructure is one of the key requirements to ensure the adoption of electric vehicles. Unfortunately, EV charging infrastructure in most of developing countries is inadequate at present and yet to catch up to meet the requirement, which in turn is hampering the growth of the electric vehicle market. In addition, though China is one of the biggest markets for electric vehicles, the country is struggling to support the sufficient electric vehicle charging infrastructure to recharge electric fleets, which is anticipated to hindering the market. Thus, lack of charging infrastructure is restraining the growth of EV market. The lack of charging infrastructure, high manufacturing cost, and range anxiety and serviceability are the factors which hinders the growth of the Global Electric Car Market. COVID-19 Impact on Global Electric Car Market: The overall automotive industry and electric vehicle industry had adverse effect on the Electric Car Market on the COVID-19 pandemic. The regulations and lockdown were imposed by the government during the pandemic which hinders the Electric Car market. As per the data released by Society of Electric Vehicle Manufacturers (SMEV), new EV registration of all types of electric vehicles during FY21 dropped by 20 percent compared with the number of new EV registrations in FY20. In addition, amid pandemic many different players are trying to devise different approaches in order to keep up with the condition by using electric vehicles for medical supplies as it provides affordable transportation with excellent manoeuvrability. Electric Car body work and painting workshop would be another business opportunity related to electric vehicles. The workshop focusses mainly electric vehicles and can be extended to all kinds of vehicles. EV charging station management and repair would be a profitable business. Electric Car s capture the automotive market since manufacturers started focusing on electric vehicles. World’s top vehicle manufacturers already declared their plans on electric mobility. The growth of electric vehicles opens up Electric Car business opportunities. Another Electric Car -related business opportunity is EV charging station. Electric Car charging stations can be developed and installed as per the standards accepted in the area where it is installed. Home-based charging stations, private charging stations are other opportunities in electrical car-related business. Electric Car charging station business opportunity will be practical in many countries as the number of EVs increases day by day. The current crop of EVs in the market is very expensive and there’s no used of EV market yet. There is also an issue of maintenance which is reliant on the main dealers. Public charging infrastructure provides free services to increase the buying of EVs, charging companies and private systems offer efficient and latest technology. Factors such as variation in charging loads have emphasized the need to standardize electric vehicle charging stations. EV charging stations may only be compatible with certain types of voltages. For developing a favorable ecosystem and increase the sales of EVs, the Governments need to standardize charging infrastructure. The lack of standardization across countries may impact the installation of charging stations and this result into hampering the growth of the electric vehicle charging station market. The use of these different charging standards around the world is a barrier to standardization for EV charging stations. While companies are moving toward the use of a common socket or multiple types of sockets in charging stations, there is still a long way to go in the standardization of all charging points. Standardization of charging points would simplify charging EVs in public and lead to faster growth of EV demand worldwide.
Global Electric Car Market Segment Analysis:Based on Technology, The BEVs segment holds the largest share in the market during the forecast period. Battery Electric Vehicles (BEVs), mare called EVs, are also called fully-electric vehicles with rechargeable batteries and no gasoline engine. Battery electric vehicles store have electricity onboard with high-capacity battery packs. batteries are the most widely used because of their price and reliability, maintenance-free solutions, batteries are offering top performance and optimum vehicle capacity to their very limited weight, and also having a long lifespan; in addition, partial recharging is possible and growth factor in this segment. Based on Vehicle Type, The segment passenger cars are dominating the market with the highest market share in 2021. In Asia, China, Japan and South Korea are the countries leading the passenger EV market in the region. This is due to the strong government support for passenger EV’s in these countries. Germany, France, Netherlands, Norway, Sweden, UK etc. are the top countries in the European region with a growing demand for EV passenger vehicles. These countries have come out with string emission regulations and a variety of subsidies, grants and incentives for shifting to EV’s, due to these measures, Europe’s EV sales went beyond China’s EV sales, but China sold more EVs in 2021 due to the growing demand of mini-EVs. Major companies are manufacturing the vehicle for the daily commute and travel segment which can cover more miles in lesser charging. There is a large number of consumers which are likely to move to EV according to the forecast from the Clean Energy Ministry.
Electric Car Market Regional Insights:The Asia-Pacific region is expected to witness significant growth at a CAGR of XX% through the forecast period. In Asia, the developing countries are changing for rapid development in their economies through industrialization often make the automotive industry a strategic sector to be promoting to occupy a significant proportion to an economy due to its extensive upstream and downstream linkages to many diverse industries and sectors. Rapid increase in vehicle production in the China, Japan, India and Indonesia are explaining the increases in their per capita income that followed their rapid economic growth. The availability of appropriate charging infrastructure leads to the growth of the Electric Car Market in Asia-Pacific region. The objective of the report is to present a comprehensive analysis of the Global Electric Car Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Electric Car Market dynamic, structure by analyzing the market segments and projecting the Global Electric Car Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Electric Car Market make the report investor’s guide.
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Global Electric Car Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US$ 164.1 Bn. Forecast Period 2022 to 2029 CAGR: 25.77% Market Size in 2029: US$ 816.7 Bn. Segments Covered: by Type • Battery Electric Vehicle • Plug-in Hybrid Electric Vehicle • Fuel Cell Electric Vehicle by Vehicle Type • Two-Wheelers • Passenger Cars • Commercial Vehicles by Technology • BEV • PHEV by Vehicle Class • Mid-Priced • Luxury by Top Speed • Less Than 100 MPH • 100 to 125 MPH • More Than 125 MPH
Electric Car Market by Region• North America • Europe • Asia Pacific • South America • Middle East and Africa
Electric Car Market Key Players• Honda Motor Co., Ltd. • Toyota Motor Corporation • Tesla Motors, Inc. • Ford Motor Company • Nissan Motor Corporation Ltd • Bayerische Motoren Werke Aktiengesellschaft • BYD Company Limited • Daimler AG • Energica Motor Company S.p.A • Volkswagen AG • Smith Electric Vehicles • Renault S.A • Mitsubishi Motors Corporation • Mahindra and Mahindra • Lucid Motors • NIO • General Motors • SAIC Motor • Great Wall Motor Co. Ltd. • Ampere Vehicles • Benling India Energy and Technology Pvt Ltd • BMW AG • Chevrolet Motor Company • Hero Electric • Hyundai Motor Company • Karma Automotive • Kia Corporation • Lucid Group, Inc. • NIO • Nissan Motors Co., Ltd. • Okinawa Autotech Pvt. Ltd. • Rivain • WM Motor • Xiaopeng Motors Frequently Asked Questions: 1] What segments are covered in the Global Electric Car Market report? Ans. The segments covered in the Global Electric Car Market report are based on Type, Vehicle Type, Technology, Vehicle Class and Top Speed. 2] Which region is expected to hold the highest share in the Global Electric Car Market? Ans. Asia-Pacific region is expected to hold the highest share in the Global Electric Car Market. 3] What is the market size of the Global Electric Car Market by 2029? Ans. The market size of the Global Electric Car Market by 2029 is expected to reach US$ 816.7 Bn. 4] What is the forecast period for the Global Electric Car Market? Ans. The forecast period for the Global Electric Car Market is 2022-2029. 5] What was the market size of the Global Electric Car Market in 2021? Ans. The market size of the Global Electric Car Market in 2021 was valued at US$ 164.1 Bn.
1. Global Electric Car Market: Research Methodology 2. Global Electric Car Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Electric Car Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Electric Car Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Electric Car Market Segmentation 4.1. Global Electric Car Market, By Type (2021-2029) • Battery Electric Vehicle • Plug-in Hybrid Electric Vehicle • Fuel Cell Electric Vehicle 4.2. Global Electric Car Market, By Vehicle Type (2021-2029) • Two-Wheelers • Passenger Cars • Commercial Vehicles 4.3. Global Electric Car Market, By Technology (2021-2029) • BEV • PHEV 4.4. Global Electric Car Market, By Vehicle Class (2021-2029) • Mid-Priced • Luxury 4.5. Global Electric Car Market, By Top Speed (2021-2029) • Less Than 100 MPH • 100 to 125 MPH • More Than 125 MPH 5. North America Electric Car Market (2021-2029) 5.1. North America Electric Car Market, By Type (2021-2029) • Battery Electric Vehicle • Plug-in Hybrid Electric Vehicle • Fuel Cell Electric Vehicle 5.2. North America Electric Car Market, By Vehicle Type (2021-2029) • Two-Wheelers • Passenger Cars • Commercial Vehicles 5.3. North America Electric Car Market, By Technology (2021-2029) • BEV • PHEV 5.4. North America Electric Car Market, By Vehicle Class (2021-2029) • Mid-Priced • Luxury 5.5. North America Electric Car Market, By Top Speed (2021-2029) • Less Than 100 MPH • 100 to 125 MPH • More Than 125 MPH 5.6. North America Electric Car Market, by Country (2021-2029) • United States • Canada • Mexico 6. European Electric Car Market (2021-2029) 6.1. European Electric Car Market, By Type (2021-2029) 6.2. European Electric Car Market, By Vehicle Type (2021-2029) 6.3. European Electric Car Market, By Technology (2021-2029) 6.4. European Electric Car Market, By Vehicle Class (2021-2029) 6.5. European Electric Car Market, By Top Speed (2021-2029) 6.6. European Electric Car Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Electric Car Market (2021-2029) 7.1. Asia Pacific Electric Car Market, By Type (2021-2029) 7.2. Asia Pacific Electric Car Market, By Vehicle Type (2021-2029) 7.3. Asia Pacific Electric Car Market, By Technology (2021-2029) 7.4. Asia Pacific Electric Car Market, By Vehicle Class (2021-2029) 7.5. Asia Pacific Electric Car Market, By Top Speed (2021-2029) 7.6. Asia Pacific Electric Car Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Electric Car Market (2021-2029) 8.1. Middle East and Africa Electric Car Market, By Type (2021-2029) 8.2. Middle East and Africa Electric Car Market, By Vehicle Type (2021-2029) 8.3. Middle East and Africa Electric Car Market, By Technology (2021-2029) 8.4. Middle East and Africa Electric Car Market, By Vehicle Class (2021-2029) 8.5. Middle East and Africa Electric Car Market, By Top Speed (2021-2029) 8.6. Middle East and Africa Electric Car Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Electric Car Market (2021-2029) 9.1. South America Electric Car Market, By Type (2021-2029) 9.2. South America Electric Car Market, By Vehicle Type (2021-2029) 9.3. South America Electric Car Market, By Technology (2021-2029) 9.4. South America Electric Car Market, By Vehicle Class (2021-2029) 9.5. South America Electric Car Market, By Top Speed (2021-2029) 9.6. South America Electric Car Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Honda Motor Co., Ltd. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Toyota Motor Corporation 10.3. Tesla Motors, Inc. 10.4. Ford Motor Company 10.5. Nissan Motor Corporation Ltd 10.6. Bayerische Motoren Werke Aktiengesellschaft 10.7. BYD Company Limited 10.8. Daimler AG 10.9. Energica Motor Company S.p.A 10.10. Volkswagen AG 10.11. Smith Electric Vehicles 10.12. Renault S.A 10.13. Mitsubishi Motors Corporation 10.14. Mahindra and Mahindra 10.15. Lucid Motors 10.16. NIO 10.17. General Motors 10.18. SAIC Motor 10.19. Great Wall Motor Co. Ltd. 10.20. Ampere Vehicles 10.21. Benling India Energy and Technology Pvt Ltd 10.22. BMW AG 10.23. Chevrolet Motor Company 10.24. Hero Electric 10.25. Hyundai Motor Company 10.26. Karma Automotive 10.27. Kia Corporation 10.28. Lucid Group, Inc. 10.29. NIO 10.30. Nissan Motors Co., Ltd. 10.31. Okinawa Autotech Pvt. Ltd. 10.32. Rivain 10.33. WM Motor 10.34. Xiaopeng Motors