Global Electric Car Market 2023-2027

Global Electric Car Market 2023-2027

Technavio has been monitoring the electric car market and it is poised to grow by 22644.59 thousand units during 2023-2027, accelerating at a CAGR of 28.69% during the forecast period. Our report on the electric car market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by increasing demand and sales of BEVs in the global market, reducing prices of lithium-ion batteries, and growing government regulations, incentives, and subsidies on EVs.

Technavio's electric car market is segmented as below:

By Type

• Sedan
• Hatchback
• Others

By Vehicle Type

• BEV
• PHEV

By Geographical Landscape

• APAC
• North America
• Europe
• South America
• Middle East and Africa

This study identifies the increase in the number of new electric car launches across the globe as one of the prime reasons driving the electric car market growth during the next few years. Also, all-electric cars serve as platforms for fully autonomous vehicles and the emergence of wireless charging systems for EVs will lead to sizable demand in the market.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the electric car market covers the following areas:

• Electric car market sizing
• Electric car market forecast
• Electric car market industry analysis

Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric car market vendors that include BAIC Motor Corp. Ltd., BMW AG, BYD Electronic Co. Ltd., Chery Automobile Co. Ltd., Daimler AG, Ford Motor Co., Geely Auto Group, General Motors Co, Kia Motors Corp, Mahindra and Mahindra Ltd., NIO Ltd., Nissan Motor Co. Ltd., Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG. Also, the electric car market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.