What is the global market size of Electric Car Market?

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).

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 News

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 Market Report Snapshots

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Electric Car Market size was valued at USD 311.95 Billion in 2019 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).

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. '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)'

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.

Growing investments by government and private players in the EV sector all over the globe

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.

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