Electric Car Market Set to Surge, Anticipating $1.9 Trillion in Value and 69.3 Million Units by 2028

Meticulous Research® Unveils Comprehensive Analysis: Electric Car Market Projected to Attain $1.9 Trillion Valuation and 69.3 Million Units by 2028

Meticulous Research®, a premier global market research company, has released an insightful report titled "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."

Download Sample Report: https://www.meticulousresearch.com/download-sample-report/cp_id=5187

The electric car market is poised to exhibit remarkable growth, projecting a robust Compound Annual Growth Rate (CAGR) of 37.1% in value from 2021, surging to an impressive $1.9 trillion by 2028. In terms of volume, the market is expected to witness a substantial CAGR of 36.2%, reaching a staggering 69.3 million units by 2028. This surge is attributed to several factors, including supportive government policies, increased investments by prominent automotive OEMs, mounting environmental concerns, and the declining prices of batteries. Additionally, the rising adoption of autonomous driving vehicles presents lucrative opportunities within this dynamic market.

Despite the optimistic outlook, challenges such as the lack of charging infrastructure in developing countries pose constraints on market growth. Furthermore, range limitations of electric vehicles, inadequate fast-charging infrastructure, and the high cost of electric vehicles stand as significant hurdles for the expansion of the electric car market.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/electric-car-market-5187

Market Segmentation and Competitive Analysis

The market is intricately segmented based on propulsion type, power output, end use, and geography. Hybrid, battery electric, and fuel cell electric vehicles are the key segments under propulsion type. In 2020, hybrid vehicles dominated the market, driven by stringent automotive emission regulations, consumer demand for high fuel efficiency, increased investments by automotive OEMs, and the cost advantage over battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness substantial growth due to advantages such as fast refueling and zero tailpipe emissions.

Power output segmentation includes less than 100 kW and 100 kW to 250 kW, with the former accounting for the largest market share in 2020. This dominance is attributed to the rising use of light electric cars in major city centers, increased adoption for shared mobility services, declining battery prices, and substantial investments by electric vehicle startups. Nevertheless, the 100 kW to 250 kW segment is projected to experience the highest CAGR, fueled by initiatives from leading automotive OEMs to introduce powerful electric cars and increasing regulatory measures to reduce tailpipe emissions.

Have Any Query ? Speak To Our Analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5187

End use categorization comprises private and commercial use, with private use capturing the largest market share in 2020. Factors such as consumer demand for fuel-efficient vehicles, government subsidies for private charging stations, incentives to boost sales and manufacturing, tax rebates, declining battery costs, and rising fuel prices contribute to the dominance of the private use segment. However, the commercial use segment is anticipated to witness the highest CAGR, driven by the growing adoption of electric cars in shared mobility services and corporate taxi fleets.
Geographically, the Asia-Pacific region emerged as the leader in the electric cars market in 2020, both in terms of value and volume. Factors such as increasing demand for EVs, a surge in startups offering diverse solutions in the electric mobility industry, attractive incentive programs, and the presence of regional core competencies in manufacturing and technological developments contributed to the region's dominance. China, in particular, is anticipated to dominate the Asia-Pacific market through 2028, buoyed by extensive government support for electric mobility adoption and rising investments by foreign automotive OEMs in the Chinese electric vehicle industry.

Quick Buy: https://www.meticulousresearch.com/Checkout/77959568

Key players shaping the electric cars market include Nio Inc., Alcraft Motor Company Ltd., BMW Group, BYD Company Ltd., Daimler AG, Faraday & Future Inc., Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Company, Nissan Motor Co., Ltd., TATA Motors Limited, Tesla, Inc., Volkswagen AG, and Mahindra and Mahindra Ltd.
For further details, insights, and in-depth analysis, refer to the complete 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," available now from Meticulous Research®

Download Sample Report: https://www.meticulousresearch.com/download-sample-report/cp_id=5187

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. North America 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/north-america-electric-car-market-5216

3. Europe 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/european-electric-car-market-5213

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.

This release was published on openPR.