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Electric Car Market Segmentation by Technology, Segment, Region, Development, Growth, and Demand by Including Key Players(Baic Motor Corporation Limited, Geely Automobile Holdings Limited, Bmw Group, General Motors Company, Hyundai Motor Company) | Foreca
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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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 electric car sales volume in 2017, mainly because of their dominance in China, the largest electric car market.
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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.
Europe is estimated to be the second largest 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 electric car market in the region in the long run.
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The 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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