Redding, California, Oct. 04, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End-Use (Private, Commercial), and Geography - Global Forecast to 2028,” published by Meticulous Research®, the electric cars market is expected to reach $1.9 trillion by 2028, at a CAGR of 37.1% from 2021. By volume, this market is expected to reach 69.3 million units by 2028 at a CAGR of 36.2% during the forecast period, 2021 to 2028.
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Electric cars use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the battery pack of the vehicle, which in turn runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles. In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric cars are increasingly used for private transportation and shared mobility services.
The growth of the electric cars market is mainly attributed to factors such as supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, and decreasing prices of batteries. However, the lack of charging infrastructure in developing countries is likely to hinder the market’s growth. The growing adoption of autonomous driving vehicles is projected to provide significant growth opportunities for vendors operating in this market. Increasing investments in R&D for smart charging systems is a major trend that will support the market growth during the forecast period.
The global electric cars market is segmented based on propulsion type, power output, end use, and geography.
Based on propulsion type, the electric cars market is segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. In 2021, the hybrid vehicles segment is estimated to command the largest share of the overall electric cars market. The large share of this segment is majorly attributed to the increasingly stringent automotive emission regulations across the world, consumer demand for high fuel efficiency vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrain, and low cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. Major factors contributing to the high growth of this segment are several advantages such as fast refueling, zero tailpipe emissions, lighter and smaller battery pack with increased driving range, increasing government initiatives for setting up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs across the world in the research and development of hydrogen fuel cell technology.
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Based on power output, the electric cars market is segmented into less than 100kW and 100kW to 250 kW. In 2021, the less than 100kW segment is estimated to account for the largest share of the overall electric cars market. The large share of this segment is majorly attributed to increasing use of light electric cars in the central business districts of major cities across the world, increasing implementation of electric cars for shared mobility services in the major cities, falling battery prices, and increasing investments by electric vehicles startups in this segment. However, the 100kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period.
Based on end use, the electric cars market is segmented into private use and commercial use. In 2021, the private use segment is estimated to command the largest share of the overall electric cars market. The large share of this segment is majorly attributed to increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, government incentives to promote sales and manufacturing of electric cars, tax rebates, the decline in battery costs, and increasing fuel prices. This segment is expected to grow at a CAGR during the forecast period.
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Geographically, the global electric cars market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific is estimated to command the largest share of the global electric cars market by value and volume, followed by Europe and North America. The large share of this region is mainly attributed to the increasing demands for EVs and associated charging facilities, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, attractive incentive programs for electric car buyers, and the presence of regional core competencies of countries such as China, Japan, South Korea, and India in manufacturing and technological developments. China is expected to dominate the Asia-Pacific market through 2028, mainly due to extensive government support for the adoption of electric mobility and increasing investments by foreign automotive OEMs in the Chinese electric vehicle industry.
However, Europe is expected to register the highest CAGR by value and by volume during the forecast period. The high growth of this regional market is attributed to consistent developments in making stringent emission regulations by the European Union, increasing focus of the countries in reducing the number of conventional cars on the roads, extensive charging infrastructure network in Europe, and increasing investment for developing sustainable roads transport infrastructure that can charge electric cars on the go to minimize range anxiety associated with electric vehicles.
Some of the key players operating in the global electric cars market are 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), and Mahindra and Mahindra Ltd. (India) among others.
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Report Scope
Electric Car Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
Electric Car Market, by Power Output
- Less Than 100 kW
- 100 kW to 250 kW
Electric Car Market, by End Use
- Private Use
- Commercial Use
Electric Car Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Netherlands
- Sweden
- Switzerland
- Norway
- Denmark
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- India
- Thailand
- Singapore
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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