Electric Car Market Set to Surge, Projected to Reach $1.9 Trillion and 69.3 Million Units by 2028

Meticulous Research® Accelerates Insights into Electric Car Market with Comprehensive Report

Meticulous Research®, a trailblazing global market research company, has unveiled its latest research report, "Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Global Forecast to 2027."

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Promising Projections

The electric car market is poised for remarkable growth, anticipating a staggering CAGR of 37.1% by value from 2021, soaring to an impressive $1.9 trillion by 2028. In terms of volume, the market is expected to burgeon at a CAGR of 36.2%, reaching a zenith of 69.3 million units by 2028. Key catalysts propelling this growth include supportive government policies, surging investments by automotive giants, heightened environmental awareness, and a downward trend in battery prices. The surge in autonomous driving vehicles also opens substantial opportunities within this dynamic market. Nonetheless, challenges loom in the form of charging infrastructure deficits in developing nations, coupled with the range limitations, scarcity of fast-charging options, and the relatively high cost of electric vehicles.

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Segmental Strategies

The market segmentation is meticulously designed, taking into account propulsion type, power output, end use, and geographical nuances. Among propulsion types, hybrid vehicles clinched the lead in 2020, fueled by stringent emission norms, consumer demand for fuel-efficient options, and substantial investments in hybrid powertrains by automotive OEMs. While hybrid vehicles dominate, fuel cell electric vehicles are poised for significant growth, boasting rapid refueling and zero tailpipe emissions.

Power output categories, less than 100 kW and 100 kW to 250 kW, have their own narratives. The sub-100 kW segment currently reigns supreme, with the increasing use of light electric cars in city centers and electric vehicle startups investing in this category. However, the 100 kW to 250 kW segment is the one to watch, expected to register the highest CAGR due to initiatives by leading OEMs to launch powerful electric cars and the growing need for emissions reduction.

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End-use dynamics portray private use as the current front-runner, thanks to consumer demand for fuel-efficient vehicles, government subsidies for private charging stations, and tax incentives. The commercial use segment, expected to grow at the highest CAGR, thrives on the increasing adoption of electric cars in shared mobility services and corporate taxi fleets.

Geographical Gravitas

Geographically, the Asia-Pacific region dominated the market in 2020, both in terms of value and volume. This region's supremacy is underscored by a robust demand for electric vehicles and charging infrastructure, a burgeoning ecosystem of start-ups, and favorable incentive programs. China, particularly, is anticipated to be the torchbearer in the Asia-Pacific market, buoyed by extensive governmental support and substantial investments by foreign automotive giants.

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Key Players and Pivotal Insights

In a landscape marked by moderate competitiveness, key players shaping the electric car market include industry titans such as Nio Inc., Alcraft Motor Company Ltd., BMW Group, Daimler AG, Tesla, Inc., and others. These industry stalwarts are steering the market with innovative strategies and technological advancements.

The meticulously conducted study spans historical market data, current estimations, and future projections, offering a comprehensive analysis of industry competitors at regional and country levels. As the electric car market charges ahead, Meticulous Research® stands at the forefront, delivering unparalleled insights into this transformative automotive landscape.

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Related Research:
1. Asia-Pacific Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028
https://www.meticulousresearch.com/product/asia-pacific-electric-car-market-5215

2. The North America Electric Cars Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028
https://www.meticulousresearch.com/product/north-america-electric-car-market-5216

3. Europe Electric Cars Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Global Forecast to 2028
https://www.meticulousresearch.com/product/european-electric-car-market-5213

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.