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Electric Car Market Size, Share, Revenue, Worth, Statistics, Segmentation, Outlook, Overview | Valuates Reports
The global Electric Car market size is projected to reach US$ 597340 million by 2027, from US$ 154350 million in 2020, at a CAGR of 25.3% during 2021-2027.
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Electric Car Market Trends
Over the next few years, the global market size of electric cars is anticipated to continue to grow mainly driven by technological developments in batteries and the lower cost of lithium-ion (Li-ion) cells. A rise in the quantity of production is a significant factor leading to lower Li-ion battery prices along with the relocation of production units from Japan to China. This relocation allows manufacturers to benefit from a wide range of rare earth materials such as dysprosium and terbium for the production of batteries for electric vehicles. Furthermore, vehicle companies are presently targeting greater battery capacity, increasing the variety of electric vehicles (EVs) to 200 miles on a single charge. Some of the significant developments in the electric car market that will gain traction in the next five years include a rise in the amount of new electric car launches worldwide, the development of wireless charging facilities for EVs, and OEMs ' increasing in-house electric motors manufacturing.
Electric Car Market Share
The Asia-Pacific area is estimated to account for 76% of the development of the electric car industry between 2019 and 2023. The main contributors in this region are China, Japan, South Korea, Singapore, Australia. Because of their environmentally friendly and energy-efficient benefits, the US electric car market has enjoyed very rapid development since 2014. We forecast this favorable development to continue until 2022 because state-led governments provide incentives for electric vehicle adoption to avoid increased greenhouse gas emissions.
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Electric Car Market Segmentation
By Region
• North America
• Europe
• China
• Japan
By Type
• PHEV
• BEV
By Application
• Home Use
• Commercial Use
Top Companies
• BYD
• Geely
• BAIC
• Tesla
• Renault-Nissan
• BMW
• GM
• VW
• Toyota
• SAIC
• Zotye
• Daimler
• Chery
• JMCG
• Changan
• JAC
• Hyundai
• Mitsubishi
• Yutong
• Ford
• Others.
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1. EBike Market: https://reports.valuates.com/market-reports/ALLI-Auto-0O416/electric-bike
2. Electric Car Rental Market: https://reports.valuates.com/market-reports/QYRE-Auto-6B6320/global-electric-car-rental
3. Hybrid Electric Car Market: https://reports.valuates.com/market-reports/QYRE-Auto-0M5535/global-hybrid-electric-car-sales
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