Electric Car Market Size, Share, Industry, Forecast and outlook (2023-2030)

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, 2023-2030

Electric Car Market Report Overview

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.

Electric Car Market Summary

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Electric Car Market Dynamics

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.

Electric Car Market Segmentation-

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.

Electric Car Market Geographical Segmentation-

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

Electric Car Companies

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. 

Scope of the report

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?

• Visualize the composition of the Global Electric Car market across each indication, concerning type highlighting the critical commercial assets and players.

• Identify commercial opportunities in Global Electric Car market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of the Electric Car market level 4/5 segmentation
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Product mapping in excel for the critical Global Electric Car market products of all major market players

Target Audience

• Government Agencies

• Product Suppliers/ Buyers

• Industry Investors/Investment Bankers

• Education & Research Institutes

• Research Professionals

• Emerging Companies

• Manufacturers