Electric Car Market is segmented by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography.
The Electric Car Market is projected to reach a market value size of USD 1.9 trillion at 37.1% CAGR by 2028 during the forecast period. With respect to volume, it is expected to grow at 36.2% CAGR reaching USD 69.3 million units by 2028.
Electric Car unlike traditional or conventional cars that are powered by gasoline or diesel powered engine, electric cars are running partially on electricity or powered by electric cells or batteries.
Growth and Trend caused by Government support
A good growth driver that caused the spike in the demand of electric cars is that, government policies and regulations support such market. Policies and national laws passed regarding phasing out fossil fuel-powered vehicles largely supports the flourishing of this market. Aside from the policies made, governments globally are investing in electric mobility not only to conserve energy, but to raise environmental awareness and concerns. This caused the growth of the electric car market because the electronic vehicles infrastructure are being promoted.
In 2020, government of Germany have extended environmental subsidies to purchase electric car units until 2025. in addition to this support from the government, the German government have set up electric car charging stations in fuel filling stations to cater to the electric car users.
Restraints in the Market
COVID-19 has adversely affected economies and disrupted the supply chains regarding distributing and manufacturing electronic parts needed for in this market. With the limited operation caused by restrictions and safety protocols, decline in vehicle sales dropped considerably since manufacturing are affected with respect to workforce, facility operations and supply or raw materials. Regional areas whose investments are of high value have also halted their operations to comply with government restriction. This has been a challenge for the electric car market because aside from the fact that mobility of the public has been controlled, the production and use of electric cars in roads are also limited.
Key Findings in the Electric Car Market
The fuel cell electric vehicles segment is expected to grow at the highest CAGR; such growth can be attributed mainly to advantages such as zero tailpipe emissions, fast refueling, smaller and convenient battery pack with increased driving range and rise in government subsidies with respect to setting up hydrogen fuel cell charging in stations. Lastly, the number of increasing investments by leading key players in the market globally in terms of research and development of hydrogen fuel cell technology which is believed to create a bigger impact on the market.
The 100 kW - 250kW segment is projected to grow at the highest CAGR; the fast growing segment is caused by the the initiatives of the leading automotive OEMs, regulations reducing tailpipe emissions, and government initiatives to phase out diesel vehicles come 2030.
In terms of commercial use segment, it is also projected to grow at the highest CAGR during the forecast period of 2021-2028 this is of course due to the increasing regulations to reduce fleet emissions, promotion of conserving energy and the increase in fuel prices. Government support and promotion to phase out conventional cars also plays a big impact since state-level regulatory bodies can implement policies advantageous to the electric car market.
Regional Market Analysis
Europe is projected to have the fastest growth during the forecast period of 2021-2028. the growth drivers which pushed forth Europe on top were: developments in emission regulations by the European Union, reducing the volume of conventional cars used, across-the-board charging infrastructure network in Europe and an increased investments with respect to developing sustainable roads.
In terms of volume, Asia Pacific dominates as it is expected to grow at the highest CAGR. Factors concerning growth can be attributed to the rise of consumer awareness and their high purchasing power. There is also an increase in the adoption of electric cars mainly on developing countries such as India and Southeast Asian countries.
Share and Competition of Major Key Players
These players are known to have a strong product portfolio and has been adopting key strategies to improve the growth of the market. These leading companies in Electric Car market are: Nio Inc. (China), Alcraft Motor Company Ltd. (U.K.), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), and Mahindra and Mahindra Ltd. (India).
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Industry Segmentation and Revenue Breakdown
Propulsion Type Analysis (Revenue, USD Million, 2021 - 2028)
• Hybrid Vehicles
• Pure Hybrid Vehicles
• Plug-in Hybrid Vehicles
• Battery Electric Vehicles
• Fuel Cell Electric Vehicles
Power Output Analysis (Revenue, USD Million, 2021 - 2028)
• Less Than 100 kW
• 100 kW to 250 kW
End User Analysis (Revenue, USD Million, 2021 - 2028)
• Private Use
• Commercial Use
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Electric Car Market Industry Research Report
• Europe Electric Car Market Industry Research Report
• Asia Pacific Electric Car Market Industry Research Report
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