Electric Car Market SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis, Emerging Trends, Key Players, Future Scope

The implementation of strict government regulations regarding vehicular emissions is one of the biggest factors responsible for the mushrooming sales of electric cars across the world. In the recent years, there has been a considerable increase in greenhouse gas (GHG) emissions. This has made the governments of several countries, especially those in Europe, focus heavily on reducing the emission of these gases. As a result, various environmental targets have been set by many governments during the last few years.

For example, a target to achieve 100% sales of zero-emission vehicles (ZEV) by 2030 was set by the government of the Netherlands. The U.K. government aims to attain the same objective by 2040. Besides the enactment of strict government policies, the rising requirement for longer-range electric cars is also boosting the sales of electric cars across the globe. Moreover, this is predicted to generate lucrative growth opportunities for the players operating in the electric car industry in the future years.

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Apart from the above-mentioned factors, the rapidly declining prices of the batteries used in electric cars is also fueling the popularity of these vehicles around the world. The costs of the battery packs used in electric cars fell by over 77% between 2010 and 2017 and reached an average of $227/kWh. The costs of the lithium-ion batteries are predicted to drop further, to nearly $110/kWh during the next 5-6 years.

Due to the above-mentioned factors, the sales of electric cars will climb all over the world in the forthcoming years. The global electric car market is predicted to grow from 0.8 million units in 2016 to 5.3 million units by 2023. Furthermore, the market is predicted to progress at a CAGR of 33.6% from 2017 to 2023. Depending on technology, the market is divided into plug-in hybrid and battery electric vehicles.

Amongst these, the medium electric car category is predicted to demonstrate the fastest growth in the market in the upcoming years. The economy category is also predicted to register huge expansion in the market in the forthcoming years. This would be because of the lower costs of these cars than the medium, premium, and low category vehicles. Geographically, the electric car market is predicted to boom in the Asia-Pacific (APAC) region in the future.

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The key factor driving the expansion of the industry in the APAC region is the increasing implementation of favorable policies and regulations such as the provision ofhuge financial incentives for the manufacturing and sales of electric cars by the governments of regional countries,especially those of the major nations such as China. The electric car industry will also register huge growth in Europe in the future, as per the estimates of the market research company, P&S Intelligence.

Hence, it is safe to say that the sales of electric cars would surge all over the world in the upcoming years, primarily because of the rising requirement for eco-friendly modes of transportation and the growing enactment of strict emission norms in many countries around the world.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.