USD 311.95 Billion
Global Electric Car Market Size, Share, Growth Analysis, By Type(Battery electric vehicle (BEV), Hybrid Electric vehicle (HEV)), By Vehicle Class(Mid-Priced vehicles, Luxury cars), By Speed(More than 125MPH and Less than 125MPH), By Vehicle Drive Type(Front wheel drive, Rear wheel drive) - Industry Forecast 2023-2030
Report ID:
SQMIG25C2110 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
115 |
Figures:
75
Global Electric Car Market Insights
Electric Car Market size was valued at USD 311.95 Billion in 2022 and is expected to grow from USD 388.69 Billion in 2023 to reach USD 2258.12 Billion by 2031, at a CAGR of 24.6% during the forecast period (2024-2031).
In 2020, the general vehicle marketplace contracted however electric-powered vehicle sales bucked the trend, growing to 3 million and representing 4.1% of total vehicle sales. In 2021, electric-powered vehicle sales more than doubled to 6.6 million, representing nearly 9% of the worldwide vehicle marketplace and greater than tripling their marketplace proportion from years earlier. All the net increase in worldwide vehicle sales in 2021 came from electric-powered cars.
The electric-powered car outperforms the traditional car offering better fuel economy, low carbon emission & maintenance. This in return enables a country to take steps to the reduction of carbon footprint, by signing a different agreement as Paris Agreement. The U.S. and European Union have issued standards, such as CAFÉ standards, for vehicle manufacturers to be mandatorily integrated into their vehicles. These all factors will enable the growth of electric vehicle sales in the future forecast period.
US Electric Car Market is poised to grow at a sustainable CAGR for the next forecast year.
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 for Asia Pacific Region (%)
Global Electric Car Market By Vehicle Class ($ Bn)
Global Electric Car Market By Vehicle Class (%)
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Global Electric Car Market Segmental Analysis
The global electric car market is segmented based on Type, Vehicle Class, speed, vehicle drive type, and Region. Based on Type the is categorized into: Battery electric vehicle(BEV), Hybrid Electric vehicle(HEV), Fuel cell Electric vehicle(FCEV), and Plug-in Hybrid Electric Vehicle (PHEV). Based on vehicle class the Electric Car Market is categorized into: Mid-Priced vehicles and Luxurious cars. Based on speed, the Electric Car Market is segmented into More than 125MPH and Less than 125MPH. Based on vehicle drive type, the market is segmented into Front wheel drive, Rear wheel drive, and All wheel drive. Based on region the Electric Car Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Electric Car Market Analysis by Vehicle Class
Based on the vehicle class electric car market is segmented into two types Mid-priced vehicles and Luxurious vehicles. As of 2021, the mid-priced electric cars market holds the major market share of all-electric cars sold globally. Moreover, the Luxurious segment in the market holds a fair share as the high cost of accusation of the vehicle restricts the exponential growth of this segment.
Rising middle class population is a major factor driving the growth of mid-priced electric cars in the world. According to the World Bank, by 2030, over 70% of China’s population could be middle class, consuming nearly USD 10 trillion in goods and services, but India could be the world’s largest middle class consumer market, surpassing both China and the U.S. with its sheer size. In aggregate, China and India will represent roughly two-thirds of the global middle-class population and 59% of middle-class consumption that is expected to tally USD 64 trillion by 2030.
Global Electric Car Market By Vehicle Class, 2022 (%)
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Global Electric Car Market Regional Insights
Asia Pacific is dominating the global electric car market. Wherein, China is leading the regional growth and contributing highest to market revenue. For instance, in 2021, sales of electric vehicle in China almost tripled to 3.4 million as compared to last year. Moreover, China leaped from 7.2% in January to around 20% in December on a month-to-month basis. The Chinese government is aiming to electrify 20% of the all vehicle by 2025 and the country is already moving towards to goal with faster than expected rate.
In Europe, electric car market witnessed an increase by nearly 70% in 2021 to 2.3 million, approximately half of which had been plug-in hybrids. The surge in EV sales in Europe was partly pushed by new CO2 emissions standards. In December 2021 European sales of electrical motors even exceeded diesel automobiles for the first time with a 21% market share. However, Germany led the regional market by contributing 25% to the market revenue, which accompanied by the UK and France (both around 15%), Italy (8.8%), and Spain (6.5%).
The US made an impressive return to the electrical car market in 2021 as sales greater than doubled to surpass half a million as compared to last year. Moreover, electric-powered motors doubled their share to 4.5%. The US electric-powered automobile market is still ruled by Tesla, which accounts for greater than half of all-electric-powered units sold. However, Tesla has been experiencing a slow decline in the sales as new electric-powered models had been supplied by different automakers. China, Europe, and the US account for roughly two-thirds of the overall automobile market, but around 90% of electric car market.
Global Electric Car Market By Region, 2024-2031
- Largest
- Fastest
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Global Electric Car Market Dynamics
Electric Car Market Driver
Declining Prices of Batteries
- From the last few years, the price of EV batteries has been declining thanks to technological advances and mass production of EV batteries. In 2010, an EV battery used to cost about USD 1,100 per kWh. However, it went to decline till USD 137 per kWh in 2020 and USD 120 per kWh in 2021. On the other hand, China produces the cheapest batteries, which cost as low as USD 100 per kWh. This has further driven the growth of electric car market. This can be attributed to lowering production fees, decreased prices of cathode material, and better manufacturing technology. As per SkyQuest Technology, the prices of EV batteries are anticipated to fall to about USD 60 per kWh by 2030.
Favorable Government Policies
- Countries around the world have set objectives to reduce car emissions by 2050. They have begun promoting the improvement and sales of EVs and associated charging infrastructure. As a result, electric car market is projected to continue witnessing strong support from the government. For instance, the US authorities invested USD 5 billion in 2021 to promote electric-powered car infrastructure together with charging stations under National Electric Vehicle Infrastructure (NEVI) Formula Program. Several governments are providing diverse incentives such as low or 0 registration prices and exemptions from import taxes, purchase taxes, and road taxes to encourage adoption of EVs.
- For instance, Norway and Germany are investing heavily in promoting sales of EVs in the electric car market. This has also driven the demand for additives and device-related EV charging, which include charging cables, connectors, adapters, and transportable chargers. As a part of a partnership between the US energy and transportation departments, a brand new imaginative and prescient country-wide fast-charging network is anticipated to be developed across the US with the capability of longer-term improvements that include as much as 350 kW of direct current fast charging.
Electric Car Market Restraint
- Variation in charging loads has stressed the need to standardize electric-powered car charging stations. EV charging stations may only be well suited to certain kinds of voltages. For instance, AC charging stations offer a voltage of 120V AC via level 1 charging stations and 208/240V AC via level 2 charging stations, while DC charging stations offer speedy charging via 480V AC. Governments need to standardize charging infrastructure to expand positive surroundings and boom the sales of EVs. There are few EV charging facilities in various countries throughout the world. As a result, the availability of public EV charging for electric vehicles decreases, resulting in lower adoption.
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Global Electric Car Market Competitive Landscape
The global electric car market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of electric vehicle platforms.
Electric Car Market Top Players 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)
- Volkswagen AG (Germany)
- WM Motor (China)
- Xiaopeng Motors (China)
Electric Car Market Recent Developments
- In January 2022, Tata Motor Company, one of the key players in the India electric car market, introduced its plans to mainstream EV and its goal of 50,000 annual sales in FY 2023. The organization has sounded out providers on a confident manufacturing plan of 50,000 EVs in the financial year 2023 and projected to much as 125,000-150,000 units yearly in the following years.
- In December 2021, the Delhi government declared a subsidy of INR 30,000 for stimulating e-rickshaws sales as last-mile connectivity in Delhi. This in return has led to the explosion in their demand in the city.
Global Electric Car Key Market Trends
- Growing investments by government and private players in the EV sector all over the globe
- Players active in the electric car market like Daimler AG, Ford Motors Company, and Renault Group of Companies are rapidly increasing investments in the EV car segment. For instance, Ford Motors Company invested about USD 300 million for a Giga factory for increasing the production capacity of an electric vehicle. This, in turn, increases competition and will attract more investment to the EV space.
Global Electric Car Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global electric car market analysis, current initiatives to build an electric car, as well as rising product launches of electric vehicles by key players are expected to raise market pressure over the projection period. Furthermore, increased R&D activities in electric vehicles are expected to be a valuable resource in the growth of the global electric vehicle market over the forecast period.
Apart from this, e-commerce segment is projected to emerge as the leading way for purchasing EV due to ease of access and rapid expansion of online purchases in India, China, and Germany. The expanding popularity of e-commerce and thriving retail businesses are projected to lead the global electric car market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 311.95 Billion |
| Market size value in 2031 | USD 2258.12 Billion |
| Growth Rate | 24.6% |
| Base year | 2022 |
| 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 Global 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 Global 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 Global 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 Global 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 Global Electric Car Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Electric Car Market Report Snapshots
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