Electric Car Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMAUTR455 | Last Updated On: Jul 05 2022 | Available Formats

> Global Electric Car Market Expected to reach at a high CAGR by 2029: DataM Intelligence

Global Electric Car Market is segmented By Type(Battery Electric Vehicle (BEV), Plugin Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

Market Overview

The Global Electric Car Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

  • Despite tremendous growth, the Electric car market is still tiny compared to the overall car market.
  • In all countries except China, electric cars make up less than 1% of vehicles. The share of the electric vehicles in the car market is expected to grow in the future. As technology develops, an increasingly broad range of electric vehicles will become popular.

Market Trends

  • 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 vehicle causes no Tail-pipe 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.

Market Segmentation Analysis

  • 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 vehicle which contains array but mostly runs on an IC engine.

Market Geographical Share

  • 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.

Key market segments covered

By Type

  • Battery Electric Vehicle (BEV)
  • Plugin Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

By Region

  • Asia Pacific
  • Europe
  • North America
  • South America
  • Rest of the World

Competitive Analysis

Some of the critical 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 create higher battery capacities of over 60 kWh that increases the range of an electric car up to 200 miles on a single charge.

Report Scope

The report covers the key factors impacting the market, Porter 5 Forces, Product Benchmarking, and company profiles. The global Electric car market is segmented 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 the Rest of the world.

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