Electric Car Market

Market Overview:

The global electric car market size reached US$ 129.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 372.3 Billion by 2028, exhibiting a growth rate (CAGR) of 18.93% during 2023-2028. The rapidly growing automotive industry, rising consumer expenditure capacities, and increasing environmental consciousness among the masses represent some of the key factors driving the market.

An electric car is a vehicle that is either partially or fully powered by electric power. It is powered by an electric motor and is charged by plugging it into an electric power source. It consists of several components, including the motor, the battery, the onboard charger, the electric power control unit (EPCU), and the battery pack. Electric cars are widely used for personal transportation as they offer a smooth, quiet ride with instant torque, providing a unique driving experience. As compared to traditional gasoline-powered cars, electric cars offer a more environmentally friendly and efficient alternative as they are environmentally friendly and reduce carbon footprint. They are also cost-effective and convenient, reduce maintenance requirements, provide a better performance, and produce zero tailpipe emissions.

Electric Car Market Trends:

The significant growth in the automotive sector across the globe is one of the key factors driving the market growth. In line with this, the increasing environmental consciousness among the masses due to the growing greenhouse gasses (GHGs) emissions is favoring the market growth. Electric cars are widely adopted to reduce emissions and air pollution and protect the environment. Moreover, the increasing development of charging infrastructure, such as charging stations and fast-charging networks, that makes it easier for electric car owners to recharge their vehicles on-the-go is acting as another growth-inducing factor. Apart from this, significant technological advancements, such as the integration of advanced technologies to produce zero- and low-emission vehicles with improved fuel efficiency and soundless operations, are providing an impetus to the market growth. Additionally, governments of several countries are offering subsidies, tax exemptions, and free charging facilities to encourage the adoption of EVs, which, in turn, is propelling the market growth. Furthermore, the introduction of graphene-based batteries that provide instant charging facilities, high energy density, and longer life is positively influencing the market growth. Besides this, the increasing demand for electric cars owing to their high performance and low fuel efficiency is creating a positive outlook for the market. Other factors, including extensive research and development (R&D) activities, rapid urbanization, increasing demand for fuel-efficient vehicles, rising expenditure capacities of consumers and the implementation of favorable government policies encouraging sustainable development and reducing pollution, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electric car market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, vehicle class, and vehicle drive type.

Type Insights:

• Battery Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle
   

The report has provided a detailed breakup and analysis of the electric car market based on the type. This includes battery, plug-in hybrid and fuel cell electric vehicle. According to the report, plug-in hybrid vehicles represented the largest segment.

Vehicle Class Insights:

• Mid-Priced
• Luxury
   

A detailed breakup and analysis of the electric car market based on the vehicle class has also been provided in the report. This includes mid-priced and luxury. According to the report, mid-priced accounted for the largest market share.

Vehicle Drive Type Insights:

• Front Wheel Drive
• Rear Wheel Drive
• All-Wheel Drive
   

The report has provided a detailed breakup and analysis of the electric car market based on the drive type. This includes front wheel drive, rear wheel drive and all-wheel drive. According to the report, front wheel drive represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for electric car. Some of the factors driving the Asia Pacific electric car market included the rising consumer expenditure capacities, increasing environmental consciousness among the masses, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global electric car market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Bayerische Motoren Werke AG, BYD Company Limited, Ford Motor Company, General Motors Company, Groupe Renault, Hyundai Motor Company, Tesla Inc., Toyota Motor Corporation, Volkswagen AG (Porsche SE), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global electric car market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global electric car market?
• What is the impact of each driver, restraint, and opportunity on the global electric car market?
• What are the key regional markets?
• Which countries represent the most attractive electric car market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the electric car market?
• What is the breakup of the market based on the vehicle class?
• Which is the most attractive vehicle class in the electric car market?
• What is the breakup of the market based on the vehicle drive type?
• Which is the most attractive drive type in the electric car market?
• What is the competitive structure of the global electric car market?
• Who are the key players/companies in the global electric car market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the electric car market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global electric car market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the electric car industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.