Chicago, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The global electric car market is expected to exhibit strong growth, reaching USD 1905.6 billion by 2028. As per the report titled "Electric Car Market Share, Size & COVID-19 Impact Analysis, By Propulsion (BEV, FCEV, PHEV, and HEV), By Power Output (Less Than 100kW and 100 kW to 250 kW), By End Use (Private and Commercial) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 294.6 billion and USD 1905.6 billion in 2028. The market is expected to exhibit a CAGR of 36.50% during the forecast period.
Renault Group, Siemens, and Valeo Automotive Announced a Strategic Partnership Memorandum for the Development of Next-Generation Electric Car
In February 2021, to design, jointly develop, and manufacture a new generation of electric motors in France without the use of rare earth, the Renault Group, Siemens, and Valeo Automotive announced that they had signed a Memorandum of Understanding. This collaboration will combine their skills and knowledge to create a distinctive electric drivetrain system that will be unmatched globally and provide more power while using less energy.
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Market Overview
Electric cars have several advantages over conventional fuel-powered vehicles, including low operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers' changing attitudes toward electric cars are boosting market growth as they become more concerned about environmental pollution. One of the major factors driving the growth of the electric car market is the increase in electric car sales worldwide. Due to the rising environmental consciousness, consumer preference is rapidly shifting toward passenger and commercial electric cars.
Growth Factor
Favorable Public Policies and Subsidies to Boost Sales
Governments are implementing enticing incentives and regulations to promote electric car sales. It offers users several advantages, including lower selling prices, no registration or minimal registration fees, and free electric car infrastructure at numerous charging points. Additionally, several governments worldwide exempt purchase, import, and road tax based on various subsidies. Furthermore, these subsidies have encouraged automakers to increase their output. The government has also created beneficial policies and invested in building infrastructure. For instance, the U.S. government plans to invest USD 287 billion in highway improvements over the next five years.
High Manufacturing Costs are Limiting Market Expansion
Electric cars are better than conventional fuel vehicles. However, they are more expensive than gasoline-powered vehicles. Because they are not mass-produced, these cars have not yet benefited from economies of scale. Additionally, the lack of infrastructure for charging linked with the development has shown to be a drawback, which has hampered the market's expansion. The manufacturers also need a lot of money and resources, which could impede the market's expansion. However, the price of batteries is anticipated to decline in the next years due to increased mass production of batteries in significant volumes and technological breakthroughs.
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List of Key Players Profiled in the Electric Car Market Report
- Nio Inc. (China)
- Alcraft Motor Company Ltd. (U.K.)
- BMW Group (Germany)
- BYD Company Ltd. (China)
- Daimler AG (Germany)
- Faraday & Future Inc. (U.S.)
- Ford Motor Company (U.S.)
- General Motors Company (U.S.)
- Honda Motor Co., Ltd. (Japan)
- Hyundai Motor Company (South Korea)
- Nissan Motor Co., Ltd. (Japan)
- TATA Motors Limited (India)
- Tesla, Inc. (U.S.)
- Volkswagen AG (Germany)
- Mahindra and Mahindra Ltd. (India)
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the electric car market plan acquisitions to improve their brand recognition globally. For instance, in April 2022, to provide millions of vehicles across Stellantis' 14 iconic automotive brands with intelligent, customizable, and immersive in-vehicle experiences, Qualcomm Technologies Inc. and Stellantis entered into a multi-year technology collaboration.
Notable Industry Development
- May 2022: Okinawa Autotech Pvt Ltd and Tacita SRL have partnered to produce electric bikes and scooters in India. The brand-new corporation, known as Platform 11, will begin producing in 2023.
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Report Scope and Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 36.50 % |
| 2028 Value Projection | 1905.6 billion |
| Base Year | 2021 |
| Market Size in 2021 | 294.6 billion |
| Historical Data for | 2018 - 2021 |
| Segments covered | By Propulsion, By Power Output, By End Use and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Segmentation of Global Electric Car Market
Global Electric Car Market – By Propulsion
- BEV
- FCEV
- PHEV
- HEV
Global Electric Car Market – By Power Output
- Less Than 100kW
- 100 kW to 250 kW
Global Electric Car Market – By End Use
- Private
- Commercial
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Regional Overview
Asia Pacific is projected to hold the largest electric car market share over the forecast period due to the rise in passenger automobile demand in developing countries. China makes up the largest portion of passenger cars and other vehicles. China is the largest market globally, with nearly half, or 45%, of all-electric car sales worldwide. Other nations like Japan, Korea, and India are also opportunistic markets because their governments are heavily investing in companies to encourage producing and selling of electric cars worldwide.
Further Report Findings
- The market in Asia Pacific is expected to gain a huge portion of the global electric car market share in the coming years due to the widespread use of government subsidies as incentives for adopting electric cars in the area.
- One of the major manufacturers of the electric car in the Asia Pacific region is China. Most Asian and Pacific automakers have modified their product lineups to concentrate on the electric car.
- In Europe, the growth in this region is primarily driven by supportive government rules and policies, growing environmental concerns, and the growing use of electric cars.
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