Press release
Electric Car Market by Technology, Segment, Geography, Size, Share, Development, Growth, and Demand Forecast, 2013–2023
Global electric car market is projected to attain a size of 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 electric cars, are the major drivers for the growth of 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 EVs are estimated to account for the largest share, of more than 30%, in the electric car market in 2017, followed by low-segment cars.
Asia-Pacific, led by China, is estimated to hold the largest share in the electric car market with more than 45% share in 2017. During the 2013–2016 period, the Chinese government heavily subsidized EVs, 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 electric vehicles.
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The global electric car market is competitive 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 electric car market.
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The other major players in the 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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