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).

What is the key driver of Global Electric Car Market?

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.

What is the key market trend for Global Electric Car Market?

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

Which region accounted for the largest share in Global Electric Car Market?

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.

Electric Car Market Size, Share, Growth Analysis, By Top Speed(Less Than 100 MPH, 100 to 125 MPH and More Than 125 MPH), By Vehicle Class(Mid-Priced and Luxury), By Vehicle Drive Type(Front Wheel Drive, Rear Wheel Drive and All Wheel Drive), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Electric Car Market?

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)'.

Report ID: SQMIG25C2110 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 91 | Figures: 74

Electric Car Market News

In June 2024, With a focus on luxury and sustainability, Mercedes-Benz added to its collection of electric vehicles in June 2024 with the launch of EQE SUV. The EQE SUV consolidates Mercedes-Benz’s position as the most luxurious electric vehicle manufacturer through its state-of-the-art artificial intelligence entertainment system and spacious cabin.
In April 2024, The Ioniq 6 is an electric car that has an aerodynamic shape, enables fast charging, and can travel long distances. This vehicle blends design progress, efficiency and modern technology to catch the attention of eco-conscious customers demonstrating Hyundai’s commitment to advancement in the EV industry.
In February 2024, The EX90 is an electric SUV that boasts advanced autonomous driving and safety features, according to Volvo. This launch strengthens Volvo’s hold on the global electric car market, particularly within a premium segment designed for families, while also reaffirming the company’s devotion to sustainability and security.

Electric Car Market Report Snapshots

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Global Electric Car Market size was valued at USD 341.34 Billion in 2022 poised to grow from USD 388.10 Billion in 2023 to USD 1084 Billion by 2031, growing at a CAGR of 24% in the forecast period (2024-2031).

The global electric car market has become very competitive due to the strategic alliances formed by leading automakers and the innovations they have made. Some of the major companies that compete for market share with advances in design, technology, and battery efficiency include Tesla, Nissan, BMW, Volkswagen and General Motors. New entrants like Lucid Motors and Rivian increase the competition by offering high-performance models. These firms are investing heavily in expanding their electric vehicle range and enhancing the charging infrastructure as consumer demand surges. '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)â¯ ', 'Nissan Motors Co., Ltd. (Japan) ', 'Tata Motors (India) ', 'Tesla, Inc. (US) ', 'Toyota Motor Corporation (Japan) '

Europe dominated the global market. This can be attributed to their stringent legislative framework, which puts in place environment-friendly laws and policies and integrates power supply systems for electric vehicles as well as high levels of public knowledge on sustainability issues. The governments of Europe have imposed such restrictions based on emissions as well as provided significant financial support for the purchase of electric vehicles so as to motivate a transition from internal combustion engines (ICEs). Additionally, range anxiety is reduced by investments in extensive charging networks, which improve the ease of owning electric vehicles. Distinctively European vehicles makers are advocating novel technologies, widening their portfolio of electric powered vehicles and making som big investments in their developing. This region has become the of the world’s leading regions in terms of electric vehicles production due to its commitment towards reducing carbon emissions and promoting green means of transport.

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Electric Car Market Size, Share, Growth Analysis, By Top Speed(Less Than 100 MPH, 100 to 125 MPH and More Than 125 MPH), By Vehicle Class(Mid-Priced and Luxury), By Vehicle Drive Type(Front Wheel Drive, Rear Wheel Drive and All Wheel Drive), By Region - Industry Forecast 2024-2031

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What is the global market size of Electric Car Market?

Who are the key vendors in the Electric Car Market?

What is the key driver of Electric Car Market?

What is the key market trend for Electric Car Market?

Which region accounted for the largest share in Electric Car Market?

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