Global Electric Car (EV) Market to witness a CAGR Growth of 19% | Market is Projected to Worth of $354.80 Billion by 2028 | Key Players Change the View of the Global Face of Industry | Vantage Market Research

WASHINGTON, March 30, 2022 (GLOBE NEWSWIRE) -- Electric car manufacturers and policy makers are boosting their attention and actions related to electric cars. This technology facilitates full battery electric and plug-in hybrid electric models that are providing attractive options to help reach environmental, societal and health objectives. EVs are driving advances in battery technology a key issue for industrial competitiveness in the transition to clean energy. The market is mainly driven by factors related to increase in global fuel prices. Rising concerns towards achieving environmental sustainability and pollution free eco drive. These are the key factors promoting the Electric Car Market to flourish in the coming forecast period.

The total Global Electric Car Market is estimated to reach 354.80 USD Billion by the year 2028.

The market revenue stood at 105 USD Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 19%, states Vantage Market Research, in a report, titled “Electric Car Market Size, Share & Trends Analysis Report by Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), by Vehicle Class (Mid-Priced, Luxury), by Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), by Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Electric Car market is predicted to grow at a CAGR of roughly 19% during the forecast period.
• The Electric Car market was estimated to be worth roughly USD 105 Billion in 2021 and is expected to reach USD 354.80 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Car market.
  

The Report on Electric Car Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

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Market Dynamics:

Drivers: Rising Acceptability of Electric Cars to Boost the Market Demand

Global electric car contracted over 35% in 2021. The registration of electric cars is increasing rapidly; in Europe more than 2.5 million electric cars were registered. According to the global automotive forum Norway is expected to reach maximum use of electric cars till 2025. The growing trend of electric cars is raising ad thus promoting the market to flourish in the forecast period.

This surge in electric car registrations in Europe despite the economic slump reflects two policy measures. First, 2020 was the target year for the European Union’s CO2 emissions standards that limit the average carbon dioxide (CO2) emissions per kilometre driven for new cars. Second, many European governments increased subsidy schemes for EVs as part of stimulus packages to counter the effects of the pandemic.

Restrain: Higher Cost & Lower availability of Spare Parts

The cost of electric cars is higher owing to the higher cost of li-ion battery. The raw material required for manufacturing batteries is quite high and similarly the manufacturing is also complicated. This all scenarios make the final car expensive. Thus, major population still prefers gasoline engine over electric cars. This factor is restraining the growth of the market. Also, spare part availability of electric cars is less thus slowing down the market demand.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out from the manufacturing companies. Small and medium-scale companies are the backbone of these technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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Regional Analysis:

Asia Pacific Holds Maximum Market Share

Asia Pacific is expected to dominate the growth of Electric Car Market in 2021. Majority of the manufacturing companies have their headquarters in Europe, and most of the companies generate their revenues through APAC and European countries.

The Asia Pacific region is estimated to command the largest share of the Electric Car Market in 2020, followed by Europe, North America, Latin America, and the Middle East & Africa. The economic growth of the region, growing per capita income, rising per capita consumption with large population base, high economic growth rate, and investment opportunities owing to favourable government policies is attracting several global automotive players to expand their presence in the APAC region. This, in turn, is supporting the technological transition of automobile manufacturing and services industry in this region; consequently, supporting the growth of the Electric Car Market in this region.

Recent Developments

• In March 2021, Volvo showcased its new C40 Recharge model. The vehicle is designed as a pure electric car and has most features similar to its XC60 model.
  
  
• In December 2020, Nissan announced 2021 Leaf model in US. The vehicle comes with a choice of battery between 40 kWh and 62 kWh. The mileage ranges between 149 miles and 226 miles per charge.
  
  
• In July 2020, BYD launched its Han which comes with blade battery and is available in BEV and PHEV versions. It comes with two battery options, 65 kWh option for 314 miles and 77-kWh option for 342 miles range. Its PHEV comes with a 13-kWh battery and a 2.0 L gasoline engine and 180 kWh electric motor.

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Electric Car Market Size, Share & Trends Analysis Report by Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), by Vehicle Class (Mid-Priced, Luxury), by Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), by Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-car-market-535475

List of Prominent Players in the Electric Car Market:

• Tesla
• Morris Garages
• Tata Motors
• BYD
• Hyundai
• Volkswagen AG
• BMW Group
• Nissan Motors

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Electric Car Market?
• How will the Electric Car Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Electric Car Market?
• What is the Electric Car market drivers and restrictions?
• What will be the CAGR and size of the Electric Car Market throughout the forecast period?        

This market titled “Electric Car Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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