Plug-In Electric Car Market to Reach 52,72,312 Units by 2023

The government financial incentives such as subsidies and tax rebates on the purchase of electric cars and non-financial support, such as access to high-occupancy vehicle lanes and preferential parking for plug-in electric cars, are the major drivers for the growth of plug-in electric car market.

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On the basis of segment, the market is categorised into low, economy, medium, and premium segment cars. Economy segment car has been experiencing higher sales globally. Economy-segment PEVs are estimated to account for the largest share, of more than 30%, in the plug-in electric car market in 2017, followed by low-segment cars.

Battery electric vehicle (BEV) segment is expected to be the largest and fastest growing segment over the forecast period, because of the introduction of new BEV variants and government polices supporting the adoption of BEVs. BEVs are estimated to account for more than 60% of the total plug-in electric car sales volume in 2017, mainly because of their dominance in China, the largest plug-in electric car market.

Asia-Pacific, led by China, is estimated to hold the largest share in the plug-in electric car market with more than 45% share in 2017. During the 2013–2016 period, the Chinese government heavily subsidized PEVs, which led to a boom in the industry, with sales growing at a CAGR of around 180%. By 2015, the government had spent around $4.9 billion in subsidizing plug-in electric vehicles.

Europe is estimated to be the second largest plug-in electric car market globally, with a share of more than 25.0% in 2017. The EU has set a plan to minimize GHG emissions in the region to 80% below the 1990 levels by the end of 2050. To meet this target, emissions from transport need to be reduced significantly, which, in turn, would encourage the growth of the plug-in electric car market in the region in the long run.

The global plug-in electric car market is highly fragmented with top three players accounting for less than 50% of the total sales. Tesla and General Motors are estimated to be the leading players in North America. BYD and Renault-Nissan-Mitsubishi Alliance are the major players in the Asian plug-in electric car market.

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The other major players in the plug-in electric car market are Ford Motor Company, Volkswagen AG, Hyundai Motor Company, BAIC Motor Corporation Limited, Daimler AG, and Geely Automobile Holdings Limited.

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