Electric Car Market Expected to Secure Notable Revenue Share During 2022-2030 Cryptocurrency

Electric Car Market: By Vehicle Type (Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV), By Battery Type (Lithium-Ion, Lead-Acid, and Nickel-Metal Hydride) and by Power Output (Less than 100 KW, 100-250 KW and Above 250 KW), and by Region – Global Industry Sizing, Growth, Trend, Opportunity and Forecast (2020-2025)

The Electric Car Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by major market players operating in the global market. It involves an in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will present one of the most comprehensive analyzes of the market, capturing all aspects of the electric car market.

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Global Electric Car Market Research Report, 2018-2025 (USD Billion)
Overview of the electric car market

An electric car is an alternative fuel vehicle, powered by multiple electric motors or traction motors. These cars use energy from rechargeable batteries to power the electric motor and other components of the car to run it with limited emissions. Although electricity generation contributes to air pollution, the U.S. Environmental Protection Agency (EPA) has classified all-electric cars as zero-emission vehicles (ZEVs) because they don’t produce neither direct emissions nor exhaust fumes. According to the US Department of Energy (US DoE), electric cars are relatively more expensive than conventional and hybrid vehicles; however, some costs can certainly be recouped through fuel savings, state incentives and the like.

Electric car market dynamics

The development of electric car charging infrastructure, supporting policies, falling prices of electric vehicles, and growing concerns about air pollution and GHG emissions are the driving factors for electric cars in the global market. There were more than 7.3 million electric vehicle chargers in 2019 worldwide, up from 2.1 million in 2018, according to the International Energy Agency (IEA). It is expected that there will be 6.5 million slow chargers, and the rest are fast chargers. The rapid growth in the implementation of ground-level chargers will increase the demand for electric cars during the forecast period.

In addition, increased initiatives and investments for the formation of new battery manufacturing units will reduce the cost of batteries in the local market, thereby reducing the overall cost of the electric vehicle. Batteries are expected to account for 40-50% of the total cost of electric cars. The advancement of battery manufacturing materials is expected to reduce the cost in the coming years as there was a 13% drop in electric car batteries in 2019. Therefore, there are various government incentives for the purchase of electric cars, tax credits, subsidies and other non-monetary incentives for electric cars in the respective economies across the world.

However, the high cost of electric cars as compared to petrol cars, limited range of electric cars and lack of standardization in charging infrastructure are the major factors possibly hindering the growth of the global electric car market over the past the forecast period.

Impact of COVID-19 on the electric car market:

The outbreak of the COVID-19 pandemic has had a significant impact on the global electric car industry. While the market saw positive growth in the first months of 2020 and later, there was a sharp drop in sales and supply due to quarantines and factory closures in the second quarter (Q2) , leading to an insufficient supply of parts which affects the global industry for a longer period of time.

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Electric Car Market: Scope of the Report

The report outlines the study of the Electric Car market on the basis of vehicle type, battery type, and power output.

Based on vehicle type, the electric car market is segmented into

  • Battery Electric Vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)

Based on battery type, the electric car market is segmented into

  • Lithium-ion (Li-ion)
  • Lead-acid (LA)
  • Nickel-metal hydride

On the basis of power output, the electric car market is segmented into

  • Less than 100KW
  • 100-250KW
  • Above 250 KW

Electric Car Market by Vehicle Type, 2018-2025 (USD Million)

Electric Car Market by Vehicle Type, 2018-2025 (USD Million)

Source: MSG Analysis 2020

Electric car market: regional outlook

The electric car market is segmented into North America, Asia-Pacific, Europe, South America, and Middle East and Africa (MEA) from a geographical perspective. In 2019, Asia-Pacific is estimated to account for the largest share of the global electric car market and is expected to maintain its position during the forecast period. The well-developed fast and slow charging infrastructure in China and the development of advanced electric vehicles in Japan, China and South Korea are the major factors driving the market in the region. Additionally, Asia-Pacific has the presence of major electric car manufacturers, such as BYD Auto, Geely Auto, and SAIC Motor, which further enhances the variety of low-cost electric cars and fast charging stations in the region. .

Electric car market growth by region, 2020-2025

Electric car market growth by region, 2020-2025

Source: MSG Analysis 2020

After Asia-Pacific, Europe is expected to witness a considerable growth rate in the electric car market over the forecast period. This growth is attributed to the government’s intense focus on reducing vehicle emissions. In 2020, the EU approved a new fuel economy standard for vans and cars for 2021-2030, with specific requirements or incentives for electric vehicles, according to the IEA. In Europe, more than 76% of all charging stations are installed in just four major countries: the Netherlands, the United Kingdom, Germany and France, according to Transport & Environment. In Europe, at the time of writing, existing policies and regulations were maintained and countries, such as France and Germany, have announced increased support measures for electric vehicles for the rest of 2020, according to the report. ‘OUCH.

Electric Car Market: Competitive Landscape

The major electric car manufacturers in the global market are Tesla, Inc., BYD Auto, BAIC Motor, Zotye Auto, Renault Nissan, and BMW AG.
Other electric car makers include General Motors, Volkswagen AG, Ford Motor Company, Kia Motors and Chery Automobile. Several automakers, such as Tesla and BYD, bolstered their electric car offerings by investing in expansion and distribution networks across the world in 2019.

  • In August 2020, Kandi Technologies, a Chinese automaker, planned to launch a $13,000 electric car in the US market by 2020. The company aimed to drastically reduce the entry price of electric vehicle ownership in the world market.
  • In August 2020, Toyota launched the 2020 Yaris in the European market, which comes with a new hybrid powertrain option and has a much more distinctive appearance.
  • As of August 2020, Honda Cars India Limited planned to launch a hybrid car (Honda City) in India in 2021. The company aims to start production and sales of hybrid vehicles by 2021.

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The Electric Car Market report provides an in-depth analysis of macroeconomic factors along with the market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes contributions from industry participants and industry experts across the value chain.

The Electric Car Market Report Covers Comprehensive Analysis on:

  • Market dynamics
  • Market segmentation
  • Regional analysis
  • Market size in value and volume
  • Price analysis
  • Supply and demand analysis
  • Supply chain/value chain
  • Business analysis
  • Market Factor Analysis
  • Market trends
  • Regulatory landscape
  • Patent analysis
  • Competition Landscape
  • More than 15 company profiles

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The regional analysis includes:
  • North America (United States, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)