Electric Car Market is valued at 259.72 USD Billion in 2021 and expected to reach USD 1138.1 Billion by 2028 with a CAGR of 23.50% over the forecast period.
Electric car is motorized by an electric motor as an alternative to a fuel engine. The electric motor gets power from a regulator, which regulates the amount of power based on the driver’s use of an accelerator switch. The electric car is also known as an electric vehicle or EV and it uses electric power from rechargeable batteries, which are recharged by common domestic electricity. Due to technological advancement, rising energy storage and reducing cost, most of the important automakers introduced a new invention of electric cars to the market.
Initiatives to build up low-cost and fast charging battery technology are key factors responsible for the growth of electric car market. In 2017, all car manufacturers are under attack to develop higher capacities battery of over 60 kWh and improved the sort of an electric car up to 200 miles on a on its own charge. Particularly low running cost of an electric car is a key factor that influences car buyers to buy electric car. Electric are low maintenance and can charge any time, in relieve of your home or office are factors make end user contented. Electric cars are more expensive than gasoline motorized cars in the same variety and had less power, speed then gasoline car are restraining factors of electric car market. Low number of service station is also one of the key restraining factors for electric car market. Increasing awareness about global warming may generate new opportunities during forecast period.
Electric car Market report published by the Brandessence Market Research and Consulting Pvt. Ltd. provides the detail information about Electric car market from various aspects. This repost consist of drivers, restrains, Opportunities which help the market to grow over the analysis period and recent trends which supports the growth of market. This repost consist of regional segmentation with type, technology, material and application.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 259.72 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||23.50%|
|Market Size Expected in 2028:||USD 1138.1 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Nissan motors, Tesla Corporation, General motors, Mitsubishi Motors, Volkswagen, Daimler AG, Smith electric Vehicle, Bosch GmbH, Delphi Automotive plc., Hyundai, Kia, BYD, BMW, Lucid Motors, Chevrolet, Ford, Stellantis, and others.|
|Segments Covered||By Car Type, By Power Source, By Motor Type, By Technology, By Vehicle Drive|
|Regional 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 the Middle East and Africa|