USD 250,360.54 Million
Report ID: SQSG25C2010 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 115 | Figures: 75
Electric Car Market is valued at USD 250,360.54 Million in 2021, and it is projected attain market size of USD 900,921.86 Million by 2028, at a CAGR of 24.53% over the forecast period (2022-2028).
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.
Global Market Size
USD 250,360.54 Million
Largest Segment
Mid-Priced vehicles
Fastest Growth
Mid-Priced vehicles
Growth Rate
24.53% CAGR
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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.
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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.
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Electric Car Market Driver
Declining Prices of Batteries
Favorable Government Policies
Electric Car Market Restraint
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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
Electric Car Market Recent Developments
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 |
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Market size value in 2021 | USD 250,360.54 Million |
Market size value in 2028 | USD 900,921.86 Million |
Growth Rate | 24.53% |
Base year | 2021 |
Forecast period | 2022-2028 |
Forecast Unit (Value) | USD Million |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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Product ID: SQSG25C2010