Tokyo, Dec. 27, 2022 (GLOBE NEWSWIRE) -- The global electric car market size will reach at USD 141.94 billion in 2023. The electric car is basically as electric system-based car or vehicle which uses a battery as a source of power. Which is rechargeable and renewable energy source. Increase in population led to increase in demand of the electric car market.
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Increase in the usage of electric car market with the zero emission of carbon dioxide gas and contributing for the ecofriendly nature free from air pollution and noise pollution and reduced prices of the electric car affect the market to grow high. The key market players involved in the development of the electric car market with new improved technologies and various type of electric car which gave rise to the electric market.
Regional Snapshots
Depending on the region various regions contribute for the development of the electric car market with improved systems and support from the government for no emission of carbon dioxide gases and ecofriendly nature free from pollution. Huge demand from the rising population for the electric car which is the best alternative for the conventional device.
Asia Pacific region to hold the top position in the electric car market with increased manufacturing and production of the electric car market. Asia Pacific region include countries such as India, Japan, China, South Korea and many more.
Other regions contributed for the growth are North America, Europe also have the increased demand of the electric car due to low maintenance, reduced cost and zero emission.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 124.33 Billion |
| Revenue Forecast by 2030 | USD 258.77 Billion |
| CAGR | 14.16% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), Stellantis (Netherlands), Toyota Motor Corporation, Honda Motor Co. Ltd, Ford Motor Company, Nissan Motor Corporation ltd. |
Market dynamics
Drivers
The advanced developed technologies in development of the smart city with involvement of the electric car in demand from the market due to reduced prices of the electric cars, low maintenance, zero emission, higher efficiency and good productivity gained the attention of the market. Day to day increasing fuel prices customer attracted towards the electrification system-based car with developed infrastructure of the charging stations and increasing the running average of the electric car drives the market to a peak.
Support from the various governments in investing the providence in developing the nation with zero emission. Major reason for expansion of the market is reduced cost of the batteries which are the most important in the electric car on which the electric car runs. Automotive companies to invest high in the electric car market so as to expand the market growth during the forecast period. Market players involved in the manufacturing of electric market helped the market to expand high. Development and innovations made in electric car market attracting the customers and increased demands during the forecast of electric car market.
Restraints
Lack of awareness among the people and benefits from the electric car market may hamper the growth rate of the market to high extent, the major problem is lack of standardized charging stations across the regions for charging the cars many regions are in process of developing the infrastructure of charging stations. Alternatives available for electric car is fuel based conventional car is the major competition between the electric based and fuel based can affect the electric car market rate.
Opportunities
The underdeveloped countries with developed technology in the countries with improved facilities and benefits newly developed for developing the region across the world. Low maintenance, low cost of the electric car and rising cost of the fuels increased the opportunity to boost the market growth.
Improved government providence from the various countries and regions with the goal of emission free and developing number of charging stations worldwide. High percentage of charging with less period of time. Which involves 3 levels. Level 1 120V which takes 20 to 40h used in home appliances, level 2 includes 240v less than 8 hours for charging, level 3 involves instant charging 480v in 30 mins it charges more than 75%.
Challenges
The major challenge in the electric car market is the charging of the electric car need to develop the infrastructure of the charging stations with the developed technologies. Lack of standardized charging station points different regions have different charging patterns. India utilizes CCS and CHAdeMO methods for charging. Japan uses CHAdeMO method for charging the electric. To increase the market with the available alternatives which are in the run race of increasing the market growth and to make people aware of the electric car and the benefits which help to support the ecosystem.
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Recent Developments
- In the year 2021 March, Volvo introduced new model such as C40 recharge model and having same functions and features as of XC60 model
- In the year 2021 April, Volkswagen opened up the 7 sweater EV ID.6 croozz and ID.6 X manufactured long with SAIC and FAW in China. Which includes 2 batteries that is 58 kWh and 77kWh.
- In the year 2022 January, Volkswagen launched the ID.5 model based on skods enayaq iV model and can run up to 300 miles on 1 charging.
Market Segmentation
By Product Technology
- Hybrid electric vehicles
- Plug-in hybrid vehicles
- Battery electric vehicles
By Components
- Motor
- Battery
- Fuel stack
- Controlling unit
- Humidifier
- Air Compressor
- Power Conditioner
- Fuel processor
- On board charge
- Other
By Vehicle Type
- Passenger cars
- Commercial vehicles
By Class
- Low price
- Medium price
- Luxury
By Speed
- More than 125MPH
- Less than 125MPH
By Drive Type
- Front wheel drive
- Rear wheel drive
- All wheel drive
By Charging Point
- Normal charging
- High charging
By Connectivity
- V2X
- V2V
- V2G
- V2B or V2H
By Propulsion
- PHEV
- BEV
- FCEV
By Application
- Consumer Electronics
- Military
- Public transportation
- Aviation
- Electricity grid
- Spaceflight
- Military
- Wearable technology
By End User
- Commercial Fleets
- Private
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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