Explore Electric Car Market by Type (Battery, Hybrid, Plug-in Hybrid), by Technology (Sealed Lead Acid, Li-ion, Ni-MH), by Voltage (Low, Medium, High) by Geography (China, U.S., Japan, Germany, U.K., India, South Korea, Netherlands)

Over the last decade, electric car market has seen a significant growth. The market size of U.S. and China together accounts for majority of electric cars sold globally, followed by Germany, Japan, Norway and the UK. Norway and Netherlands have considerable share of electric cars in total car sales in their respective countries. Plug-in type and hybrid cars are more preferred in the U.S. when compared to battery cars.

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An electric car uses one or more, fixed or detachable, electric batteries for propulsion. The batteries could be charged at a charging station. A hybrid electric car combines fossil fuel and electric power for propulsion.

Declining prices of lithium-ion batteries is expected to make electric cars more affordable in future, benefiting the electric car market. The lithium-ion battery cost has declined by around 80% in few years.

An electric car is often considered impractical by the customers due to its low capacity and high costs. However, newer generation electric cars, such as Chevrolet Bolt and Tesla (Model 3), can run more than 200 miles on a single charge.

Lack of sufficient number of recharging stations is a major challenge to the growing electric car market. Even in the U.S. and China, there are just 16,000 public recharging stations and 150,000 public recharging points respectively.

Lack of awareness about the electric vehicles and less their less acceptability among the masses is a considerable challenge for this industry. In nascent markets such as India, many people are still not aware of an electric car.

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The electric car market is fairly fragmented with both international car companies and local Chinese car manufacturers each sharing small market shares in the total sales. Some of the key companies among the international car manufacturer includes Chevrolet, Nissan, Mitsubishi and BMW. Tesla is also an important player in this industry. BYD and BAIC are important Chinese companies in the electric car market.

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This release was published on openPR.