Market Snapshot

Market Synopsis:

Global Electric Car Market is valued at 105 USD Billion in 2021 and is projected to attain a value of 354.80 USD Billion by 2028 at a CAGR of 19% during the forecast period, 2022–2028.

With the rise in environmental awareness, there has been a growing demand for Electric Cars around the world. Governments around the globe have set ambitious goals to meet their commitments on reducing greenhouse gas emissions and pollutants. The demand for Electric Car is growing rapidly in a number of countries around the world. It is expected that the number of Electric Cars will reach 100 million by 2030. The reasons for this growth are many, but one of the main factors behind it is the rising concern about global warming, increasing fuel prices and climate change.

Increasing Fuel Prices and Growing Concerns about Global Warming to Drive Growth of the Electric Car Market

With more than a million Electric Cars on the road and major automakers committed to launching dozens more models, the global electric vehicle market is poised for exponential growth. Today, it's an approximately $300 billion industry with an annual growth rate of 25%. That number could double by 2025. The world is troubled with a huge challenge. The amount of greenhouse gas emissions in the atmosphere continues to rise at a staggering level and we are on track to make the planet warmer by 2°C by 2050. Cars contribute to over 4% of global GHGs and with more cars being sold every year, this number will only go up.

The popularity of Electric Cars in North America, Europe and China is rapidly increasing. With their benefits that include zero emissions, cheaper maintenance and lower operating cost among others.

Market Segmentation:

By Type, Hybrid Electric Car to Dominate Electric Car Market

With the sharp increase in demand for hybrid electric vehicles (HEVs), more and more people are inquiring about the various benefits of such technology. HEVs are an eco-friendly option that produce less pollution while also being convenient. The increasing adoption of HEVs is fueled by many factors. The first and foremost factor is the reduction in fuel costs, which will increase the affordability of HEVs. It is also being driven by environmental concern, since HEVs are cleaner than conventional vehicles. Finally, it is being pushed forward by state-level incentives to reduce greenhouse gas emissions.

Asia Pacific is the Largest Electric Car Market

The automotive industry is changing. The world cannot continue to rely on fossil fuels, and the reduced costs of electric vehicles (EVs) are making them an increasingly popular option. Asia Pacific is the largest market for EVs and battery-powered cars; in fact, China is now the leading market for new battery-powered vehicle sales.

Electric Cars are replacing their fossil fuel counterparts slowly but surely. The region's electric vehicles sales grew by 149% in 2018, making it the fastest-growing Electric Car Market in the world. The article discusses what makes Asia Pacific such a favorable destination for e-mobility adoption and outlines some challenges that must be dealt with to make the transition successful.

Key Players:

Some of the major players in the Electric Car Market include Tesla, Morris Garages, Tata Motors, BYD, Hyundai, Volkswagen AG, BMW Group, and Nissan Motors.

Electric Car Market is Segmented as Follows:

• Type
  • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle

Electric Car Market is Tabulated as Follows: