Product ID: SQMIG25C2110
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 2024-2031
Report ID:
SQMIG25C2110 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
115 |
Figures:
75
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 Report Snapshots
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