The latest report by IMARC Group, titled “Electric Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global electric car market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global electric car market size reached US$ 129.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 372.3 Billion by 2028, exhibiting a growth rate (CAGR) of 18.93% during 2023-2028.
An electric car is a vehicle that is either partially or fully powered by an electric source. It is driven by an electric motor and is charged by plugging it into an electric power source. It consists of several components, including the motor, battery, onboard charger, electric power control unit (EPCU), and battery pack. It runs on an electric motor that requires a constant supply of energy from batteries, such as lithium, ion, molten zinc salt, and nickel-based, to operate. As a result, it provides various benefits, including high fuel economy, fewer tailpipe emissions, reduced dependency on oil, minimized carbon emissions, maintenance, and environmental pollution, preventing noise pollution, aiding in smoother driving, and providing the convenience of charging at home.
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Global Electric Car Market Trends:
The significant growth in the automotive sector is driving the global market. Additionally, the growing concern about greenhouse gas emissions and environmental consciousness among the masses is catalyzing the market. Furthermore, the development of charging infrastructure, such as charging stations and fast-charging networks, is facilitating the on-the-go recharging of electric vehicles, thus contributing to the market. In line with this, continual advancements in technology, including the incorporation of advanced technologies to produce zero- and low-emission vehicles with better fuel efficiency and quiet operations, are providing a boost to the demand. Furthermore, the governments of several countries are offering incentives, including subsidies, tax exemptions, and free charging facilities, to encourage electric vehicle adoption, this is propelling the market.
Additionally, the introduction of graphene-based batteries that offer quick charging, high energy density, and long life is positively influencing demand. The market is further driven by the increasing demand for electric cars due to their high performance and fuel efficiency. Additionally, numerous major companies are heavily investing in the manufacturing of distinct types of electric cars, such as hybrid and plug-in hybrid automobiles, is creating a positive market outlook. Other factors, such as inflating disposable income levels of the masses, rapid urbanization, extensive research, and development (R&D) activities by leading players, and favorable government policies supporting sustainable development and pollution reduction, are projected to propel the market further.
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Competitive Landscape:
By IMARC group the report has also analyzed the competitive landscape of the market with some of the top electric car companies being-
Some of these key players include:
- Bayerische Motoren Werke AG (OTCMKTS: BMWYY)
- BYD Company Limited (OTCMKTS: BYDDY)
- Ford Motor Company (NYSE: F)
- General Motors Company (NYSE: GM)
- Groupe Renault (OTCMKTS: RNLSY)
- Hyundai Motor Company (OTCMKTS: HYMTF)
- Tesla Inc. (NASDAQ: TSLA)
- Toyota Motor Corporation (NYSE: TM)
- Volkswagen AG (Porsche SE) (OTCMKTS: VWAPY)
Key Market Segmentation:
Breakup by Type Insights:
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
The report has provided a detailed breakup and analysis of the electric car market based on the type. This includes battery, plug-in hybrid and fuel cell electric vehicle. According to the report, plug-in hybrid vehicles represented the largest segment.
Breakup by Vehicle Class Insights:
- Mid-Priced
- Luxury
A detailed breakup and analysis of the electric car market based on the vehicle class has also been provided in the report. This includes mid-priced and luxury. According to the report, mid-priced accounted for the largest market share.
Breakup by Vehicle Drive Type Insights:
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
The report has provided a detailed breakup and analysis of the electric car market based on the drive type. This includes front wheel drive, rear wheel drive and all-wheel drive. According to the report, front wheel drive represented the largest segment.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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