13 Jul 2020
Electric Car Market is valued at 115.79 USD Billion in 2018 and expected to reach USD 776.87 Billion by 2025 with a CAGR of 31.25% over the forecast period.
Electric Car Market report is segmented on the basis of drug type, components, regional & country level. Based upon type, global electric car market is classified as HEVs (Hybrid Electric vehicle), BEVs (Battery electric vehicle) and PHEVs (Plug-in hybrid electric vehicles). On the basis of components the market is segmented in to batteries, sub-assemblies, automotive parts and others.
Market Analysis of Electric Car- Electric car is a term refers to an alternative fuel automobile that uses electric motors and motor controllers. In these cars electricity used as a transportation fuel to power battery of vehicles. The electricity gives power to an electric motor which in turn power up the vehicle wheels. The batteries have limited energy storage capacity, which is filled up by plugging in to an electrical source. These cars are mainly powered by on-board battery packs and known as battery electric vehicles. Even if these cars have good acceleration and have acceptable top speed, but they have relatively poor range between charges and recharging may take significant amount of time. It is mainly used for everyday use rather than for long journey.
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The regions covered in this electric car market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Electric Car is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players– Global Electric Car market report covers prominent players like Nissan Motors, Tesla Corporation, General Motors, Mitsubishi Motors, Volkswagen, Daimler AG, Smith electric Vehicle, Bosch GmbH, Delphi Automotive plc. and others.
The strict emission norms and regulations all around the globe are the main driving factors for the growth of electric car market.
Increasing negative impact of using petroleum based transportation infrastructure in environment, volatile oil market and technological development in use of alternative energy resources is driving the electric car market. Electric cars have the potential to reduce city pollution significantly, for example, in US electric car would result in a 30% reduction in carbon dioxide emission. Governments of different countries are also taking various steps to encourage consumers to use electric cars, due to concern of environmental safety. For example, Norway has put forwarded one of the most aggressive targets, banning the sales of traditionally powered vehicles by 2025. Other countries such as India, Netherlands, and Israel, have considered a 2030 target, while China is actively considering and studying a ban. All these factors have encouraged manufacturers to come up with new electric cars suitable for consumers, which in turn increase the growth of the electric car market. Due to number of government initiatives, in Norway the electric vehicles and plug-in hybrids reached a 39% market share in 2017. Still, despite the rapid growth coming from technological point of view, just six countries – China, the U.S., Japan, Canada, Norway, and the UK –have EV market shares that are above 1 % of total vehicle sales. This creates huge opportunity for electric car market to grow worldwide. Lack of sufficient charging infrastructure and value chain ecosystem is one of the major restraints for the growth of electric car market.
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Asia Pacific is dominating the Electric Car Market
In 2018, the number of electric cars globally exceeded 5.1 million, increased about 2 million from previous year. China is the world’s largest electric car market, followed by Europe and United states. Norway with market share of 46% is the global leader in electric car market. Asia Pacific is dominating the market due to presence of emerging countries such as China, India, Indonesia, requirement of alternative energy source and environmental awareness. In China around 1.1 million electric cars are sold in 2018 with presence of 2.3 million electric cars previously, it is the largest electric car market. Europe followed with around 1.2 million electric cars and US with 1.1 million in 2018. The electric car market is growing rapidly in Europe due to increasing awareness of environmental safety and research and development in application of alternative fuels. For example, Norway, Iceland (17%) and Sweden (8%) have highest market share in electric car sale.
Key Benefits for Market Reports –
Global market report covers in depth historical and forecast analysis.
Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Market Segmentation –
By Type: HEVs (Hybrid Electric vehicle), BEVs (Battery electric vehicle), PHEVs (Plug-in hybrid electric vehicles)
By Component: Batteries, Sub-assemblies, Automotive parts, Others
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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