Global Electric Car Market Size to Reach $354.80 Bn by 2028

Global Electric Car Market Size to Reach $354.80 Bn by 2028

WASHINGTON, Oct. 17, 2022 (GLOBE NEWSWIRE) — The Global Electric Car Market is valued at USD 105 Billion in 2021 and according to Vantage Market Research’s recent analysis; the market is projected to attain a value of USD 354.80 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19% during the forecast period 2022 to 2028.

This exclusive and in-depth research study is spread across 325+ Pages, 215 No of Tables, and 60 Statistics summarizing Top companies, with tables and figures. The Global Electric Car Market report helps to modify and improve the products through its market research so that necessary changes can be made in future products and provide more satisfaction to the valued customers. Vantage’s recent analysis will provide productive ideas to make the product more impressive and effective in the fragmented and competitive market. Such comprehensive reports are very effective when businesses want to get answers to solve business ongoing or upcoming challenges more quickly.

This qualitative Electric Car Market research report not only saves hours of time, but also adds credibility to the work done, whether it is about preparing a presentation for a big deal or important client, refining the business plan, or giving advice to an executive.

According to the global analysis, the electric car industry is considered a viable alternative to today’s automobiles in the near future to address environmental issues. There are now more than 16 Million electric cars running across the globe, consuming approx 30 terawatt-hours (TWh) of electricity per year.

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Top Companies Profiles in the Electric Car Market:

  • Tesla (USA)
  • Tata Motors (India)
  • BYD (China)
  • Hyundai (South Korea)
  • Daimler AG (Germany)
  • Volkswagen AG (Germany)
  • BMW Group (Germany)
  • Nissan Motors (Japan)
  • Ford Motor Company (US)

Key Insights and Findings from the In-depth Report:

  • The global electric car market was valued at USD 105 billion in 2021 and is likely to surpass USD 354.80 billion by 2028, exhibiting a CAGR of 19% during the forecast period 2022-2028.
  • Sales of electric cars are generally higher in the second half of the year. In 2021, December sales were two and a half times higher than January sales in the top three markets.
  • China led the global growth in electric car markets in 2021 as sales nearly tripled to 3.4 million. The Chinese government’s official goal is to reach 20% of the market share of electric cars for the full year in 2025, and their performance in 2021 shows they are well on track to do so.
  • In 2021, Europe sold over 2.3 million EVs, and approx 630,000 hybrid and plug-in electric cars were sold in the U.S 2021.
  • However, as the number of electric cars grows, charging infrastructure will become increasingly important. In fact, according to a Vantage survey, 50% of all customers buying or planning to buy an electric car in the next near future said they would need an EV charging station at the workplace and at near their home.

What are the Growth Driving Factors of Global Electric Car Market?

In 2021, about 6.75 million electric cars were sold worldwide, and contracted by over 35%. The advancement in the EV industry led to rising registration of electric cars; in Europe, more than 2.3 million EVs were sold and about 2.5 million electric cars were registered. In fact, according to the Vantage market research experienced research team, Norway is likely to hit maximum use of electric cars in the next three years.

The growing trend and rising acceptability of electric cars are driving advertising and thus propelling the market to flourish over the forecast timeline. This boom in electric car registrations in Europe reflects two policy measures, despite the economic slowdown. European Union’s CO2 emissions standards limit the average CO2 emission for new cars per kilometer in 2020. To counter the effects of the Covid-19 pandemic several European governments increased subsidy schemes for EVs as part of stimulus packages.

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What are the Challenges or Restraints for Global Electric Car Market?

Electric cars cost more due to the higher cost of Li-ion batteries. The raw material required for the manufacture of batteries is high and so is the manufacturing complex. Therefore, a number of people still prefer gasoline engine cars. It is important that government authorities should look out and make standards and a number of charging infrastructures to spread a positive environment and increase sales of EVs. This factor is hampering the growth of the market. Also, the availability of spare parts for electric cars is low thus reducing the market demand.

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Electric Car Market Forecast Report (2022-2028).

Scope of the Report:

Report Attributes Details
Market Size in 2021 USD 105 Billion
Revenue Forecast by 2028    USD 354.80 Billion
CAGR 19% from 2022 to 2028
Base Year 2021
Forecast Year 2022 to 2028
Key Players
  • Tesla (USA)
  • Tata Motors (India)
  • BYD (China)
  • Hyundai (South Korea)
  • Daimler AG (Germany)
  • Volkswagen AG (Germany)
  • BMW Group (Germany)
  • Nissan Motors (Japan)
  • Ford Motor Company (US)

Global Electric Car Segmental Analysis:

The global electric car market is segmented as, by type, vehicle class, top speed, vehicle drive type, and region.

Type Analysis:

On the basis of type, the market is segmented as Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles. The fuel cell segment holds the largest share in the year 2021 and is projected to dominate the market over the forecast period. As fuel cells, electric vehicles are charged by the electrical grid and have the ability to generate electricity through braking.

Vehicle Drive Type Analysis:

On the basis of vehicle, and drive type the market is segmented as, Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive. The rear-wheel-drive segment holds the largest share in the year 2021. It is used to improve both the wheel drive steering feel and ultimate cornering grip and also optimizes acceleration traction.

Some of the Most Important Questions Explore in this Report:

  • Who are the leading vendors and manufacturers in the electric car market?
  • What are the key strategies adopted by leading players in the electric car market for geographical expansion and business development?
  • Which regional player will likely lead the global electric market in terms of size, share, and CAGR?
  • What are the key growth parameters for this global electric car market during the projected timeline?
  • Which opportunities and challenges must new players overcome in order to occupy a major position across the globe?
  • What is the Pre-Post impact of the COVID-19 Pandemic?

Regional Analysis:

Asia Pacific to dominate the growth of the Electric Car Market

The Asia Pacific is all set to dominate the growth of the electric car market during the projected timeline. Most manufacturing companies are headquartered in Europe and nearby all companies generate their revenue through APAC and European countries. China led the global electric car markets in 2021 as sales nearly tripled to 3.4 million. The Chinese government’s official goal is to hit 20% of the market share of electric cars for the full year in the next three years, and their performance in 2021 shows they are well on track to do so.

The region’s economic growth, rising per capita income, growing per capita consumption of a large population, high economic growth rates, and favorable government policies due to investment opportunities are attracting many global automotive players to expand their presence in the APAC region. This, in turn, is promoting the technological transition of the region’s automobile manufacturing and service industry; consequently, propelling the growth of the electric car market in the region.

Recent Developments

  • At the Beginning of March 2021: Volvo unveiled its new C40 Recharge model. The vehicle is designed as a pure electric car and has most of the same features as its XC60 model.
  • In January 2022: Tata Motors, one of the major players in India’s electric car market, unveiled its plans to bring EVs into the mainstream and has set a target of 50,000 annual sales in fiscal 2023. The organization has voiced suppliers on a confident production plan of 50,000 EVs in the fiscal year 2023 and estimates 125,000-150,000 units annually in subsequent years.

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on [email protected] or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

Browse More Electric Vehicle Related Reports from Vantage Library:

  1. Electric Vehicle Motor Market is valued at USD 47.2 Billion in 2021 and is projected to reach a value of USD 47.2 Billion by 2028.
  2. Electric Vehicle Market is valued at USD 165.1 Billion in 2021 and is projected to reach a value of USD 434.4 Billion by 2028.
  3. Electric Bus Market is valued at USD 18.5 Billion in the year 2021 and is projected to reach a value of USD 37.1 Billion by the year 2028.
  4. Electric Truck Market is valued at USD 419.5 Million in the year 2021 and is expected to reach a value of USD 1686.6 Million by the year 2028.
  5. Top Companies in Electric Vehicle/EV Market by Size, Share, Historical and Future Data & CAGR.

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research reports. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.

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