Meticulous Research® - a leading global market research company, published a research report titled “Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Global Forecast to 2027".
The electric car market is expected to grow at a CAGR of 37.1% by value from 2021 to reach $1.9 trillion by 2028. This market is expected to grow by volume at a CAGR of 36.2% from 2021 to reach 69.3 million units by 2028. Factors such as supportive government policies and regulations, increasing investment by leading automotive OEMs, rising environmental concerns, and decreasing prices of batteries are driving the growth of the market. Moreover, the growing adoption of autonomous driving vehicles provides significant opportunities in this market. However, the lack of charging infrastructure in developing countries is expected to restrain the growth of the market to some extent. Besides, range limitations of electric vehicles, lack of fast-charging infrastructure, and high cost of electric vehicles are major challenges for the growth of the electric cars market.
The market is segmented based on propulsion type, power output, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on propulsion type, the electric cars market is segmented into hybrid, battery electric, and fuel cell electric vehicles. The hybrid vehicles segment accounted for the largest share of the electric cars market in 2020. The large share of this segment is mainly attributed to increasingly stringent automotive emission regulations, consumer demand for high fuel efficiency vehicles, increasing investment by automotive OEMs for hybridization of vehicle powertrain, and low cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant growth, as fuel cell electric vehicles offer several advantages, such as fast refueling and zero tailpipe emissions.
Based on power output, the electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment accounted for the largest share of the electric cars market in 2020. The large share of this segment is mainly attributed to the increasing use of light electric cars in central business districts of major cities across the world, increasing implementation of electric cars for shared mobility services, dropping battery prices, and increasing investments by electric vehicles startups in this segment. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs to launch powerful electric cars and increasing regulations to reduce tailpipe emissions.
Based on end use, the electric cars market is segmented into private and commercial use. The private use segment accounted for the largest share of the electric cars market in 2020. The large share of this segment is mainly attributed to increasing consumer demand for fuel-efficient vehicles, government subsidies for installing private charging stations, government incentives to promote sales and manufacturing of electric cars, tax rebates, a decline in battery costs, and increasing fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets.
Geographically, the Asia-Pacific region accounted for the largest share of the electric cars market in 2020 by value and volume. The large share of this market is mainly attributed to the increasing demands for EVs and associated charging facilities, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, attractive incentive programs for electric car buyers, and the presence of regional core competencies of countries such as China, Japan, South Korea, India in manufacturing and technological developments. China is expected to dominate the Asia-Pacific market through 2028, mainly due to extensive government support for adopting electric mobility and increasing investments by foreign automotive OEMs in the Chinese electric vehicle industry.
The key players operating in the electric cars market are Nio Inc.(China), Alcraft Motor Company Ltd.(U.K.), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), and Mahindra and Mahindra Ltd. (India).
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