The Global Electric Car market was valued at USD billion in 2017 and is expected to reach USD billion by 2025, with a high CAGR during the forecast period (2023-2030). Despite tremendous growth, the Electric car market is still very small compared to the overall car market. In all countries except China, electric cars make up less than 1% of cars.
The share of the electric cars in the car market is expected to grow in the future. As technology develops, an increasingly broad range of electric cars will become popular.
Metrics |
Details |
CAGR |
High |
Size Available for Years |
2021-2030 |
Forecast Period |
2023-2030 |
Data Availability |
Value (US$) |
Segments Covered |
By Type and Region |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
Largest Region |
Asia-Pacific |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Renaissance in electric car manufacturing occurred due to advances in batteries, concerns about increasing oil prices, and the desire to reduce greenhouse gas emissions. The popularity of electric cars has been expanding rapidly due to their increased range and lower battery costs, environmental sensitivity, and government subsidies. Electric car causes no Tailpipe emissions. Even though electricity production causes greenhouse gas emission. Along with Tax benefits, special electricity rates, insurance discounts are being offered to promote the use of electric cars.
Initiatives to develop low- cost, fast charging battery technologies that support long range use looked set to yield promising results. The increasing number of publicly available fast electric vehicle chargers is also driving the growth of Electric cars market globally.
Based on the type, electric car Market can be segmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV) and fuel cell electric Vehicle (FCEV).
BEV cars run entirely on the electric motor without the IC engine. PHEV cars have an electric motor and IC engine to replace the battery when the battery is low or vice-versa. Both BEV and PHEV electric cars are more fuel efficient than the Standard hybrid electric car which contains battery but mostly runs on an IC engine.
Based on region, the market can be segmented into North America, South America, Europe, Asia-pacific and rest of the world. China & United States are the biggest players in Electric Cars market. China surpassed the United States in the total number of electric cars in 2016.
Japan, Norway, United Kingdom, Netherlands, France, Germany are the other significant players in the Electric car market. In Norway, 1.3% of all cars are electric cars. The ratio is even smaller in all other countries.
By Type
By Region
Some of the key electric car companies are Renault-Nissan, Tesla, BAIC, Zotye, ZD, BMW, Chevrolet, Hyundai, Geely, JAC.
Companies are developing new technologies to stand out in the market competition. In 2017, car manufacturers are targeted to develop higher battery capacities of over 60 kWh that increases the range of an electric car up to 200 miles on a single charge.
The report covers the key factors impacting the market, Porter 5 Forces, Product Bench-marking, and company profiles. Global Electric car market is segment by type (Battery Electric Vehicle (BEV), Plugin Hybrid Electric Vehicle (PHEV) and Fuel cell electric vehicle (FCEV)). Based on geography the market is segmented into North America, South America, Europe, Asia Pacific and Rest of the world.
Why purchase the report?
Target Audience
• Government Agencies
• Product Suppliers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers
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