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Global 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). 

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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Electric Car Market

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