Global Electric Car Market 2023-2030

Global Electric Car Market 2023-2030

Global electric car market is estimated to grow at a CAGR of 19.0% during the forecast period. As per the International Energy Agency, there were around 5.1 million electric vehicles globally with a sale of around 2 million EVs in 2018, however, modest growth is witnessed in 2019, due to some policy changes. Some of the key factors driving the growth of the global electric car market include cohesive government regulations, subsidies for the electric car by the government, development of charging infrastructure, and stringent target to curb carbon emissions. Due to this, automakers are continuously introducing new electric car models with a higher range and less charging time all across the globe as low distance coverage and high prices are the major restraining factor to the electric market.

Segmental Outlook

The market is segmented based on vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is further divided into hatchbacks, sedans, and SUVs. Moreover, by propulsion technology, the market is sub-segmented into battery-electric cars and plug-in hybrid electric cars. Battery electric cars are expected to have a major market share during the forecast period. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. The Li-ion batteries cars segment is estimated to cover a major market share during the forecast period.

Regional Outlooks

The global electric car market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). During the forecast period, Asia Pacific is forecast to be the largest market with a lucrative growth rate. China, Japan, India, and South Korea are significantly contributing to the market. A significant growth rate is expected in Europe as the economies such as Norway, Germany, the UK, and Spain, are significantly providing subsidies for electric cars growing with lucrative growth.

The European Region Leads the Growth of the Global Electric Car Market

The European region is anticipated to hold a significant share of the global electric car market. The region is witnessing a growing demand for eco-friendly vehicles, with increasing consumer awareness about environmental issues and a shift towards sustainable modes of transportation. The presence of key electric vehicle manufacturers, such as Nissan, Toyota, and BYD, is further promoting the adoption of electric cars in the region. The availability of government incentives and subsidies, such as tax credits and grants, is also driving the growth of the electric car market in the region. For instance, the UK government provides subsidies and tax exemptions for electric car buyers to promote the adoption of electric cars. The increasing investments in charging infrastructure and battery technology are also expected to contribute to the growth of the electric car market in the European region.

Market Players Outlook

Major companies contributing to the global electric car market include SAIC Motor Corp. Ltd., BAIC Group, BYD Auto Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Toyota Motor Corp., Tesla Inc., Jaguar Land Rover Ltd., Nissan Motor Co., Renault Group, Volkswagen AG, Daimler AG, Mitsubishi Motors Corp., and others. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launches, mergers and acquisitions, collaborations with the government, and technological advancements to stay competitive in the market.