Global electric car market is estimated to grow at a CAGR of 19.0% during the forecast period. The market for electric vehicles (EVs) has grown rapidly in recent years and is expected to continue to grow at a fast pace over the coming decade. Global sales of electric cars increased by around 60% in 2022, surpassing 10 million as a result, one in every seven passenger cars bought globally in 2022 was an EV, according to a report by the International Energy Agency (IEA).
Browse the full report description of “Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan, and SUV), By Propulsion Technology (Battery Electric Car and Plug-in Hybrid Electric Car), By Battery Type (NiMH, Li-ion, Other) Forecast Period (2022-2030)” at https://www.omrglobal.com/industry-reports/electric-car-market
There are several factors contributing to the growth of the EV market such as increased consumer interest, government policies, buy-in from the auto industry, and rising concern about CO2 emission. For instance, the Federal Government has set a goal to make half of all new vehicles sold in the US in 2030 zero-emissions vehicles and to build a convenient and equitable network of 500,000 chargers to make EVs accessible to all Americans for both local and long-distance trips. On November 2021, the US government signed the Bipartisan Infrastructure Law, which contains $7.5 billion in new funding for EV charging stations, makes EV charging infrastructure eligible for additional Federal funding programs, and provides funding for numerous other EV-related initiatives.
Moreover, electric car sales reached a record high in 2021, despite supply chain bottlenecks and the ongoing Covid-19 pandemic. Compared with 2020, sales nearly doubled to 6.6 million, bringing the total number of electric cars on the road to 16.5 million. The sales share of electric cars increased by 4 % points in 2021, according to the IEA.
In addition, the market players such as Tesla, Toyota Motor Corp., and others are contributing to the market growth by adopting various strategies such as partnership, collaboration, funding, and new product development to remain competitive in the global market. For instance, in April 2023, Toyota Motor Corp aims to introduce 10 new battery electric vehicle models by 2026. Toyota also set up a new, specialized unit to focus on battery EVs and is targeting the annual production of 1.5 million battery-powered cars by 2026. The increase would mark a sharp upturn from Toyota’s current levels of electric vehicles.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Vehicle Type
o By Propulsion Technology
o By Battery Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- SAIC Motor Corp. Ltd., BAIC Group, BYD Auto Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Toyota Motor Corp., Tesla Inc., Jaguar Land Rover Ltd., Nissan Motor Co., Renault Group, Volkswagen AG, Daimler AG, Mitsubishi Motors Corp., and among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Electric Car Market Report Segment
By Vehicle Type
By Propulsion Technology
By Battery Type
Global Electric Car Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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