Electric Car Market Size to Reach USD 597340 Million by 2028 with a CAGR of 25.3% | Valuates Reports
BANGALORE, India, July 5, 2022 /PRNewswire/ -- The Global Electric Car Market is Segmented by Type (PHEV, BEV), by Application (Home Use, Commercial Use): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Autos & Vehicles Category.
Due to the COVID-19 pandemic, the global Electric Car market size is estimated to be worth USD 154350 Million in 2022 and is forecast to a readjusted size of USD 597340 Million by 2028 with a CAGR of 25.3% during the review period.
Major Factors Driving the Growth of Electric Car market are:
The global transition to emissions-free mobility is being fueled by factors including climate change and commitments to reach net-zero. This in turn is expected to drive the growth of the electric car market. Additionally, benefits including reduced fuel costs, maintenance costs, and utility costs will fuel the electric car market.
Furthermore, advancements in battery efficiency and improvements in charging station infrastructures are expected to drive the growth of the electric car market.
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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC CAR MARKET
The primary driver of the global electric vehicle market is still government regulations. The idea that electric automobiles are the way of the future has been strengthened by announcements, goals, and the introduction of new models. The enormous success of electric vehicles was simultaneously threatened by limited component supplies and rising prices for bulk materials, which put supply-side issues at the top of the agenda for both government and business.
Governments all across the world are making more investments in electric transportation. This Electric car market expansion is anticipated to be aided by increased government rules phasing out fossil fuel-powered vehicles, increasing investment in enhancing public EV charging infrastructure, and efforts such as tax breaks and subsidies for the purchase of electric vehicles.
With significantly fewer moving components, electric motors never need oil changes, new spark plugs, or fuel filters. By using the electric motor to slow down the car, regenerative braking also increases the life of the brake pads. Usually, this results in reduced maintenance expenses overall and more savings. Because the electric-drive component of electric vehicles is so highly efficient, they can significantly cut gasoline expenditures as well. This factor is expected to drive the growth of the electric car market.
Furthermore, since the electric grid is close to most parking lots, all-electric vehicles and plug-in hybrid electric vehicles (PHEVs) enjoy the advantage of flexible charging. A charging station, also known as electric vehicle supply equipment (EVSE), is required to securely send power from the electric grid to a car's battery. Drivers can charge their vehicles overnight at home, in multi-family housing, at work, or, if one is available, at a public charging station. Because they can also be refilled with gasoline or diesel, PHEVs have more flexibility.
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ELECTRIC CAR MARKET SHARE
During the forecast period, the commercial use category is expected to grow at the fastest CAGR. The increase in fleet emission regulations, the expansion of mobility-as-a-service (MaaS), rising demand for energy-efficient commuting, rising fuel prices, and encouragement from international and state regulatory bodies to implement policies encouraging the adoption of electric cars for mobility services are the main causes of the segment's rapid growth.
Based on region, Europe is expected to be the most lucrative segment. Consistent improvements in the creation of strict emission regulations by the European Union, increasing emphasis on reducing the number of conventional cars, a vast network of charging infrastructure in Europe, and increasing investment in the development of sustainable road transport infrastructure that can charge electric cars on-the-go to reduce range anxiety associated with electric vehicles are the factors attributed to the high growth of this region.
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Electric Car Market Share by Company
The global electric car market is highly competitive, with significant organizations leading the market. Some of the notable electric car companies discussed in this report are,
- BYD
- Geely
- BAIC
- Tesla
- Renault-Nissan
- BMW
- GM
- VW
- Toyota
- SAIC
- Zotye
- Daimler
- Chery
- JMCG
- Changan
- JAC
- Hyundai
- Mitsubishi
- Yutong
- Ford.
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SIMILAR REPORTS:
- Global HEV, BEV, FCEV Market Insights, Forecast to 2028
- The global wireless electric vehicle charging market size was valued at USD 7.6 Million in 2019 and is projected to reach USD 210.1 Million by 2030, registering a CAGR of 36.4% from 2020 to 2030.
- Due to the COVID-19 pandemic, the global Electric Vehicle (EV) Charging Stations market size is estimated to be worth USD 2419.2 million in 2022 and is forecast to a readjusted size of USD 12490 million by 2028 with a CAGR of 31.5% during the review period.
- Due to the COVID-19 pandemic, the global Pedelec market size is estimated to be worth USD 15860 Million in 2022 and is forecast to a readjusted size of USD 38840 Million by 2028 with a CAGR of 16.1% during the review period.
- The global Electric Vehicle Charger market was valued at US$ 3654.6 million in 2020 and it is expected to reach US$ 17820 million by the end of 2027, growing at a CAGR of 25.4% during 2021-2027.
- The global Public Charging Stations for Electric Vehicle market size is projected to reach US$ 5616.4 million by 2028, from US$ 1250.3 million in 2021, at a CAGR of 23.4% during 2022-2028.
- Due to the COVID-19 pandemic, the global EV Charging Cables market is estimated to be worth USD 618.4 Million in 2022 and is forecast to a readjusted size of USD 3672.2 Million by 2028 with a CAGR of 34.6% during the review period.
- The global Electric Vehicle Charging Infrastructure market size is projected to reach USD 27690 Million by 2027, from USD 10000 Million in 2020, at a CAGR of 18.5% during 2021-2027.
- The global electric vehicle market was valued at USD 163.01 Billion in 2020 and is projected to reach USD 823.75 Billion by 2030, registering a CAGR of 18.2% from 2021 to 2030.
- The global micromobility market was valued at USD 40.19 Billion in 2020, and is projected to reach USD 195.42 Billion by 2030, registering a CAGR of 17.4% from 2021 to 2030.
- The global Shared Mobility market size is projected to reach USD 145460 Million by 2027, from USD 90690 Million in 2020, at a CAGR of 6.5% during 2021-2027.
- Due to the COVID-19 pandemic, the global Electric Cargo Bikes market size is estimated to be worth USD 723.6 Million in 2022 and is forecast to a readjusted size of USD 1447.5 Million by 2028 with a CAGR of 12.3% during the review period.
- The global electric kick scooter market size was valued at USD 2.10 Billion in 2020, and is projected to reach USD 4.52 Billion by 2028, registering a CAGR of 12.2% from 2021 to 2028.
- The global Bike and Scooter Rental market size is projected to reach USD 4740.8 Million by 2027, from USD 2115.4 Million in 2020, at a CAGR of 11.7% during 2021-2027.
- The global vehicle electrification market was valued at USD 70.14 Billion in 2019, and is projected to reach USD 140.29 Billion by 2027, registering a CAGR of 11.3%.
- The global electric bike market was valued at USD 40,312 Million in 2019 and is projected to reach USD 118,657 Million by 2030, registering a CAGR of 10.5% from 2020 to 2030.
- The global Electric Scooter market size is estimated to be worth USD 5703.5 Million in 2022 and is forecast to be a readjusted size of USD 7384.9 Million by 2028 with a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period.
- The global folding bikes market was valued at USD 790.90 Million in 2019 and is projected to reach USD 1,260.98 Million by 2027, registering a CAGR of 8.7% from 2020 to 2027.
- The global Electric Commercial Vehicle market size is projected to reach USD 178560 Million by 2027, from USD 101270 Million in 2020, at a CAGR of 8.3% during 2021-2027.
- Due to the COVID-19 pandemic, the global Electric Scooter and Motorcycle market size is estimated to be worth USD 7885 Million in 2022 and is forecast to a readjusted size of USD 12170 Million by 2028 with a CAGR of 7.5% during the review period.
- The global Ride Sharing market size is projected to reach USD 153000 Million by 2027, from USD 43200 Million in 2020, at a CAGR of 19.8% during 2021-2027.
- The global lithium-ion battery market was valued at USD 36.7 Billion in 2019 and is projected to hit USD 129.3 Billion by 2027 at a CAGR of 18.0% from 2020 to 2027.
- In 2020, the global Mobility Scooter market size was USD 640.6 Million and it is expected to reach USD 1180.5 Million by the end of 2027, with a CAGR of 9.1% during 2021-2027.
- The global bicycle market size was valued at USD 20,280.0 Million in 2019. According to the bicycle market analysis the market is estimated to reach USD 28,667.3 Million by 2027. The bicycle market forecasted a growing CAGR of 4.8% from 2021 to 2027.
- Global Li-ion E-Bike Market Insights and Forecast to 2028
- The global graphene battery market size was valued at USD 48.8 Million in 2019 and is projected to reach USD 398.6 Million by 2027, to register a CAGR of 31.2% during the forecast period.
- Industrial Batteries market size is estimated to be worth USD 6229.2 Million in 2022 and is forecast to a readjusted size of USD 8065.5 Million by 2028 with a CAGR of 4.4% during the review period.
- The global lead–acid battery market size was valued at USD 39.7 Billion in 2018, and is projected to reach USD 59.7 Billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.
- The global Lithium-Ion Battery Separator market size is estimated to be worth US$ 3808.9 million in 2022 and is forecast to be a readjusted size of US$ 6565.8 million by 2028 with a CAGR of 9.5% during the review period.
- The global Lithium-ion Battery Recycling market size is projected to reach USD 24930 Million by 2028, from USD 2543 Million in 2021, at a CAGR of 38.1% during 2022-2028.
- The global Thin Film Battery market size is projected to reach USD 953.7 Million by 2027, from USD 429.9 Million in 2020, at a CAGR of 14.2% during 2021-2027.
- In 2020, the global 18650 Lithium Battery market size was USD 6346.1 Million and it is expected to reach USD 7091.9 Million by the end of 2027, with a CAGR of 1.6% during 2021-2027.
- The global Zinc-Air Batteries market size is estimated to be worth US$ 418.9 million in 2022 and is forecast to a readjusted size of US$ 607.8 million by 2028 with a CAGR of 6.4% during the review period.
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