BANGALORE, India, Dec. 3, 2021 /PRNewswire/ -- The Electric Car Market is Segmented by Type (PHEV, BEV), by Application (Home Use, Commercial Use). Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Autos & Vehicles Category.
The global Electric Car market size is projected to reach USD 476730 Million by 2027, from USD 97260 Million in 2020, at a CAGR of 25.3% during 2021-2027.
Major factors driving the growth of the electric car market are:
The expansion of the electric car market is aided by factors such as rising demand for fuel-efficient, high-performance, low-emission vehicles, reduced need for servicing as well as strict government emission restrictions and regulations.
The global electric car market is expected to grow over the next several years, owing to technological advancements in batteries and decreased costs of lithium-ion (Li-ion) cells.
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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC CAR MARKET:
The electric car market is growing due to a growing emphasis on decreasing carbon emissions. Electric vehicles have the ability to lower greenhouse gas emissions.
Furthermore, automakers are aiming for higher battery capacity, allowing electric cars (EVs) to travel long distances on a single charge. A rise in the number of new electric car releases worldwide, the development of wireless charging facilities for EVs, and OEMs' increasing in-house electric motor manufacturing are some of the important advancements in the electric car market that will gain traction during the forecast period.
Electric vehicle registrations grew in 2021 due to a variety of factors. In particular, on a total cost of ownership basis, electric cars are increasingly becoming more competitive in several countries. Several governments granted or extended fiscal incentives to help electric car buyers weather the market downturn. Growing government investments in the development of electric vehicle charging stations and hydrogen fueling stations, as well as buyer incentives, will allow OEMs to diversify their revenue streams and geographical presence.
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ELECTRIC CAR INDUSTRY SHARE ANALYSIS:
Based on type, BEV is expected to be the most lucrative segment. Based on application, the Commercial vehicle is projected as the most lucrative segment. Increased government focus on electrification of public transportation fleets, as well as increased demand for zero-emission Cars in the eCommerce and logistics sectors, will provide OEMs with the opportunity to diversify their revenue streams and geographical presence.
Based on regions, Asia-pacific is expected to be the most lucrative segment. The main contributors in this region are China, Japan, South Korea, Singapore, and Australia. Due to the rising demand for lower cost-efficient and low-emission automobiles, the market in the Asia Pacific is expected to rise steadily.
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ELECTRIC CAR MARKET SEGMENTATION
By Region
- North America
- Europe
- China
- Japan.
Top Companies
- BYD
- Geely
- BAIC
- Tesla
- Renault-Nissan
- BMW
- GM
- VW
- Toyota
- SAIC
- Zotye
- Daimler
- Chery
- JMCG
- Changan
- JAC
- Hyundai
- Mitsubishi
- Yutong
- Ford
- Others.
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SIMILAR REPORTS:
- The global wireless electric vehicle charging market size was valued at USD 7.6 Million in 2019 and is projected to reach USD 210.1 Million by 2030, registering a CAGR of 36.4% from 2020 to 2030.
- Global Electric Truck Market Report, History and Forecast 2016-2027, Breakdown Data by Manufacturers, Key Regions, Types and Application
- The electric vehicle charger market size was valued at USD 3.8 Billion in 2019, and is projected to reach USD 25.5 Billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.
- The global electric vehicle (EV) transmission market size was valued at USD 2.52 Billion in 2018 and is projected to reach USD 15.38 Billion by 2026, registering a CAGR of 25.8% from 2019 to 2026.
- The global electric vehicle market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027, registering a CAGR of 22.6%.
- The global Electric Vehicle Charging Infrastructure market size is projected to reach USD 27690 Million by 2027, from USD 10000 Million in 2020, at a CAGR of 18.5% during 2021-2027.
- The global Off-highway Electric Vehicle market size is projected to reach USD 8966.9 Million by 2026, from USD 4023.7 Million in 2020, at a CAGR of 14.3% during 2021-2026.
- The globalvehicle electrification market was valued at USD 70.14 Billion in 2019, and is projected to reach USD 140.29 Billion by 2027, registering a CAGR of 11.3%.
- The global Electric Ships market size is projected to reach USD 9361.4 Million by 2027, from USD 5114.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.6% during 2021-2027.
- EBike market was valued at USD 40.3 Billion in 2019, and is projected to reach USD 118.6 Billion by 2030, registering a CAGR of 10.5% from 2020 to 2030.
- The global Electric Commercial Vehicle market size is projected to reach USD 178560 Million by 2027, from USD 101270 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 8.3% during 2021-2027.
- Global EV and PHEV Market Report, History and Forecast 2016-2027, Breakdown Data by Manufacturers, Key Regions, Types and Application
- Global Zero Emission Vehicle (ZEV) Market Insights and Forecast to 2027
- Global EV Charging Stations Market Outlook 2021
- Global Electric Car Rental Market Size, Status and Forecast 2021-2027
- Global Extended Range Smart Electric Car Sales Market Report 2021
- Global HEV, BEV, FCEV Market Research Report 2021
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