USD 311.95 Billion
Electric Car Market Size, Share, Growth Analysis, By Component (Battery Cells & Packs, Motor), By Vehicle Class (Mid-priced, Low-priced), By Top Speed (<125 MPH, >125 MPH), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2110 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
91
|Figures:
74
Electric Car Market Insights
Global Electric Car Market size was valued at USD 341.34 Billion in 2022 poised to grow from USD 388.10 Billion in 2023 to USD 1084 Billion by 2031, growing at a CAGR of 24% in the forecast period (2024-2031).
Since conventional forms of transportation pollute the environment, electric vehicles were largely created to replace them. Many technological developments have contributed to its rise in popularity. It is superior to traditional cars in that it uses less gasoline, requires less upkeep and carbon emissions, is easier to charge at home, has a smoother ride, and produces less engine noise.
Electric vehicles can be categorized into three types: battery, hybrid and plug-in hybrid. Moreover, electric cars are slightly more expensive than gasoline powered ones; however, there is no need to change their engine oils. The future outlook for EV industry shows it will experience slow growth due to several challenges like lack of charging infrastructure, high production cost, range anxiety and maintenance difficulties. Additionally, it is anticipated that the major players in the global electric car market would have plenty of chances due to factors including the development of self-driving electric car technology, government programs that are proactive, and technological breakthroughs. Nonetheless, it is anticipated that the development of the global electric car market will be hampered by elements like expensive EVs and inadequate aftermarket services.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Mid-Priced vehicles
Fastest Growth
Mid-Priced vehicles
Growth Rate
24.6% CAGR
Global Electric Car Market ($ Bn)
Country Share by North America (%)
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Electric Car Market Segmental Analysis
The global electric car market is segmented based on Top Speed, Vehicle Class and Vehicle Drive Type. In terms of Type, the market is grouped into Less Than 100 MPH, 100 to 125 MPH and More Than 125 MPH. Based on the Vehicle Class, the market is divided into Mid-Priced and Luxury. In terms of Vehicle Drive Type, the market is trifurcated into Front Wheel Drive, Rear Wheel Drive and All Wheel Drive. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Top Speed
As per categorization by top speed, the market is classified as Less Than 100 MPH, 100 to 125 MPH and More Than 125 MPH. Among these, Less Than 100 MPH earned the largest share and continues to dominate the market. When it comes to the global electric car market, current developments in ‘less than 100 mph’ segment are mainly focused on pricing, battery performance and using them within cities. The reason why global market is so prevalent with electric vehicles especially among city residents who don’t earn much money every month is that it’s cheaper than others.
Over the years, there has been a momentous growth in demand for high-performance electric cars. These types of vehicles fall into what has been termed as More Than 125 MPH subcategory of electric cars globally. The wealthier section of customers find such cars more enticing due to advancements in battery capacities alongside rapidity of charge up plus enhancement of lavishness and modernity.
Analysis by Vehicle Class
In the mid-range electric car market, technological integration with increased security features and long distance are seen as what modern trends are focusing on so that this segment of buyers remains interested. The cost performance ratio makes it a strong competitor among other cars in the same industry since they would be able to get quality EVs without spending much money.
Given people’s knack for refined gadgets, performance that makes their jaws drop, and high-end offers with eco-friendly in mind, it is believed that segment for luxury branded electric vehicles globally will expand faster than any other. There is an increasing trend of car manufacturing companies producing high-value electric vehicles meant for occupants who associate them with individualized attention, technological innovations as well as clean alternatives to traditional high-end automobiles.
Global Electric Car Market By Top Speed (%)
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Electric Car Market Regional Insights
Europe dominated the global market. This can be attributed to their stringent legislative framework, which puts in place environment-friendly laws and policies and integrates power supply systems for electric vehicles as well as high levels of public knowledge on sustainability issues. The governments of Europe have imposed such restrictions based on emissions as well as provided significant financial support for the purchase of electric vehicles so as to motivate a transition from internal combustion engines (ICEs). Additionally, range anxiety is reduced by investments in extensive charging networks, which improve the ease of owning electric vehicles. Distinctively European vehicles makers are advocating novel technologies, widening their portfolio of electric powered vehicles and making som big investments in their developing. This region has become the of the world’s leading regions in terms of electric vehicles production due to its commitment towards reducing carbon emissions and promoting green means of transport.
The Asia-Pacific region is seeing a dramatic increase in the use of electric vehicles (EVs.) Electric Vehicle (EV) use has been made to flourish due to government schemes, increasing incomes available for spending and rapid urbanization among other factors. The smooth shift towards electric vehicles has been greatly facilitated by investments made by countries such as China, Japan and South Korea into the EV’s infrastructure embracing charging stations and battery production sectors. In addition, with strong domestic manufacturers and consumer incentives, China has the top position in manufacturing and selling electric vehicles globally. The region around Asia and the Pacific is highly regarded as an important component of the global electric car market as there’s been increased demand for electric cars in this region due to need for sustainable transport and heightened awareness about environmental problems.
Global Electric Car Market By Geography
- Largest
- Fastest
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Electric Car Market Dynamics
Drivers
Government Incentives and Regulations
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In order to encourage the use of electric vehicles, many nations in world tighten their emissions limits and pay freight enticements such as tax breaks, subsidies and rebates. According to these regulations, they are anticipated to boost public interest in this mode of transportation as well as promote growth in the industry by lowering greenhouse gas emissions, improving air quality and fostering transition to sustainable transport systems.
Advancements in Battery Technology
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The growing popularity of electric vehicles is attributed to ongoing improvements in battery technology, such as denser energy storage capacity, shorter charging times and decreasing costs. The question of range anxiety that many potential buyers are concerned about is answered by better batteries that give it a longer range and thus an improved overall economy.
Restraints
Limited Model Availability
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Relative to the conventional automobile market, the electric vehicle sector still provides fewer models especially in certain vehicle categories such as trucks or SUVs. This scantiness in variety may restrict consumer options and slow down the uptake of electric cars as most buyers seek specific features or designs that may not have yet been incorporated into available on-board machines.
Battery Supply Chain Constraints
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Due to increased demand for electric vehicles, crucial battery elements such as lithium, cobalt, and nickel are facing supply chain pressure. In general, the unavailability of primary components and fluctuations in the raw material’s pricing can influence the battery production cost, leading to higher transportation charges and making it difficult for manufacturers to satisfy the requests made by the society.
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Electric Car Market Competitive Landscape
The global electric car market has become very competitive due to the strategic alliances formed by leading automakers and the innovations they have made. Some of the major companies that compete for market share with advances in design, technology, and battery efficiency include Tesla, Nissan, BMW, Volkswagen and General Motors. New entrants like Lucid Motors and Rivian increase the competition by offering high-performance models. These firms are investing heavily in expanding their electric vehicle range and enhancing the charging infrastructure as consumer demand surges.
Top Player’s Company Profiles
- BMW AG (Germany)
- BYD Company Limited (China)
- Daimler AG (Germany)
- Energica Motor Company (Italy)
- Ford Motor (US)
- General Motors (US)
- Hyundai Motor Company (South Korea)
- Karma Automotive (China)
- Kia Corporation (South Korea)
- Lucid Group Inc. (US)
- Mahindra Electric Mobility Limited (India)
- Nissan Motors Co., Ltd. (Japan)
- Tata Motors (India)
- Tesla, Inc. (US)
- Toyota Motor Corporation (Japan)
Recent Developments
- In June 2024, With a focus on luxury and sustainability, Mercedes-Benz added to its collection of electric vehicles in June 2024 with the launch of EQE SUV. The EQE SUV consolidates Mercedes-Benz’s position as the most luxurious electric vehicle manufacturer through its state-of-the-art artificial intelligence entertainment system and spacious cabin.
- In April 2024, The Ioniq 6 is an electric car that has an aerodynamic shape, enables fast charging, and can travel long distances. This vehicle blends design progress, efficiency and modern technology to catch the attention of eco-conscious customers demonstrating Hyundai’s commitment to advancement in the EV industry.
- In February 2024, The EX90 is an electric SUV that boasts advanced autonomous driving and safety features, according to Volvo. This launch strengthens Volvo’s hold on the global electric car market, particularly within a premium segment designed for families, while also reaffirming the company’s devotion to sustainability and security.
Electric Car Key Market Trends
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Increased Focus on Battery Technology Advancements: The global electric car market is fueled by advancements in battery technology that include higher energy density, shorter recharging times and extended usable periods. These enhancements are crucial for improving vehicle performance and range which enhances the competitiveness of electric vehicles vis-a-vis traditional internal combustion engines thereby propelling their growth in the market.
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Growing Consumer Demand for Sustainable Luxury Vehicles: A growing preference for opulent electric vehicles by customers is one development being observed in the international market for all-electric automobiles. Therefore, luxurious companies are unveiling new vehicles with advanced technologies, outstanding performance, and green symbols aimed at rich people who are also considerate of the environment.
Electric Car Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, government incentives, growing consumer awareness of environmental sustainability, and technology breakthroughs are all driving the fast evolution of the global electric car market. There are many advantages to electric vehicles (EVs) when compared to traditional gasoline-powered cars, including ease of home charging and lower maintenance costs; moreover, they also produce less pollution. Despite the fact that production costs are high and there is a shortage of appropriate charging stations, it is projected that the industry will continue growing.
This is especially true for the high-speed and luxury segments of the industry, where innovation is driving up performance and appeal. Europe continues to be the leading player due to significant government support, but Asia-Pacific is becoming recognised as a major growing sector due to robust domestic production and increasing demand.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 341.34 Billion |
| Market size value in 2031 | USD 1084 Billion |
| Growth Rate | 24% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Car Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Car Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Car Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Car Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Car Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Car Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Electric Car Market Report Snapshots
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