Major players in the electric car market are Toyota, BMW, BYD, Tesla, BMW, Volkswagen, General Motors, BAiC Motors, SAIC and Daimler AG.
The global electric cars market is expected grow from $482.32 billion in 2020 to $657.41 billion in 2021 at a compound annual growth rate (CAGR) of 36.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1895.13 billion in 2025 at a CAGR of 30%.
The electric car market consists of electric car sales and services related to it.An electric car is an electric vehicle that runs by a chargeable battery such as Nickel-Metal Hydride (NI-MH) Battery, Lithium-ion Battery, Fuel Cell Battery.
Electric cars are available in Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicles (FCEV) which are used for personal home use or commercial use.
The electric cars market covered in this report is segmented by type into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV). It is also segmented by battery type into lithium-iron-phosphate (LFP), lithium–nickel–manganese cobalt oxide (Li-MnC), lithium–titanate oxide (LTO) battery, lithium–nickel–cobalt–aluminum oxide (NCA) battery, nickel–metal hydride (Ni-Mh) battery, lead acid battery.
The growing demand for electric vehicles is driving the electric cars market.Electric cars are one of the fastest-growing segments in the electric vehicles market.
According to the InsideEVs report (Electric vehicle world sales database), in 2019 nearly 2.2 million electric vehicles were sold globally. According to Forbes, Electric vehicles (EVs) will surge to 57% which is more than half of global passenger car sales by 2040. The major companies in the automobile industry such as Tesla, BMW, Volkswagen, and others are expected to release around 200 models of electric vehicles. Electric vehicles don’t use fuel or gas and they are more economical than other vehicles. The demand for an electric vehicle is growing because of their low maintenance, less carbon emission, convenient charging, less noise from the engine, higher fuel costs.
Lack of standardization of charging infrastructure is slowing down the electric cars market.The charging infrastructure is a charging point for Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), Fuel Cell Electric Vehicles (FCEV) available in every region.
According to McKinsey’s report, there will be an estimated 120 million electric vehicle units on road by 2030.The demand for electric vehicles is rising due to environmental concerns and health Hazards.
The sudden shift to electric vehicles in many regions leads to a lack of charging infrastructure.Tesla, Mahindra, Audi, and other international OEMs are expected to launch 10 new electric vehicle models in 2021 i n India.
However, many countries don’t have proper charging infrastructure for electric vehicles due to higher up-front capital, higher operating costs, and currently low utilization of electric vehicles. This factor is likely to challenge the growth of this market.
The development of wireless charging facilities for electric vehicles is the greatest opportunity for both OEMs and end-users.Wireless charging enables charging of an electric vehicle without any inconvenience of finding the right cable connector at the charging point, and/or stopping by at any charging station.
Wireless charging uses dynamic and inductive charging technologies where the electricity is transferred from one magnetic coil in the charger to a second magnetic coil connected to a car. Tesla, BMW, Rolls Royce, Volkswagen, Nissan, etc. are working on wireless charging system cars because the OEMs and technology companies figured out that it is much easier to charge an electric vehicle by wireless charging system than a plug-in system. Qualcomm’s technologies, continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology which helps to charge the electric vehicle while driving. Therefore the wireless charging system has a huge scope in the future to electrify vehicles all over the world.
In February 2019, Tesla, Inc., an American electric vehicle and clean energy company based in Palo Alto (California) acquired Maxwell technologies an Energy storage company for a deal of $218 million. Maxwell technologies produce ultracapacitors an energy storage device or battery that is used in electric vehicles. The acquisition helped Tesla to get Maxwell’s dry electrode technology which mainly used to produce ultracapacitors. These dry electrode technology ultracapacitors are used in electric vehicles to boost performance and also more cost-effective than other technologies.
Our reports have been used by over 10K customers, including:
The global electric vehicle market size is projected to reach 34,756 thousand units by 2030, from an estimated 4,093 thousand units in 2021, at a CAGR of 26.8%. Governments are supporting EV’s through subsidies & tax rebates for using low emission vehicles and working in collaboration with top automobile manufacturers to speed up the growth...
The electric vehicle actuator market is expected to grow from US$ 585.61 in 2020 to US$ 1,164.71 million by 2028; it is estimated to grow at a CAGR of 8.5% from 2021 to 2028. The automotive manufacturers are investing in the adoption of chromogenic technology for the development of advanced vehicle glazing.The technology can dynamically...
As the global chemicals industry is at the onset of the recovery phase, companies are focusing on identifying and monetizing new opportunities in the industry. The majority of the chemical industries are likely to record volume growth of 4% to 8% in the short term, depending on the chemical sub-segment and product portfolio. A large volume...
KEY FINDINGS The global electric vehicle charging system market is forecasted to progress with a 46.66% CAGR over the estimated period. The market’s growth is ascribed to chief factors like the thriving electric vehicle industry, technological advancements, governmental push for the electric vehicle market, and the increasing...
174 pages •
By Global Industry Analysts
• Apr 2021
- Global Hybrid Vehicle Market to Reach 6.4 Million Units by 2027
- Amid the COVID-19 crisis, the global market for Hybrid Vehicle estimated at 4.4 Million Units in the year 2020, is projected to reach a revised size of 6.4 Million Units by 2027, growing at a CAGR of 5.6% over the analysis period 2020-2027....
177 pages •
By Global Industry Analysts
• Apr 2021
- Global Electric Vehicle Adhesives Market to Reach $166.4 Million by 2027
- Amid the COVID-19 crisis, the global market for Electric Vehicle Adhesives estimated at US$38.1 Million in the year 2020, is projected to reach a revised size of US$166.4 Million by 2027, growing at aCAGR of 23.5% over the period...
Electric Vehicle Battery Swapping Market by Service Type (Subscription Model and Pay-Per-Use Model) and Vehicle Type (Two-Wheeler, Three-Wheeler Passenger vehicle, Three-Wheeler Light commercial vehicle, Four Wheeler Light commercial vehicle, Buses, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Electric Vehicle Charging Infrastructure Market Report
The global electric vehicle charging infrastructure market by revenue is expected to grow at a CAGR of over 30% during the period 2020–2026.
The global electric vehicle charging...
The global EV charging cables market is projected to grow at a CAGR of 39.5%, to reach USD 3,173 million by 2027 from an estimated USD 431 million in 2021. Factors such as increasing adoption of electric vehicles, rapid development of electric vehicle supply equipment, and increasing demand for fast charging cables would drive the growth of...