REDDING, Calif., June 4, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Electric Cars
Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power
Output (Less than 100 kW, 100 kW to 250 kW, and More than 250 kW),
End Use (Private Use and Commercial Use), and Geography - Global
Forecast to 2031,' the electric cars market is expected to
reach $5,634.6 billion by
2031, at a CAGR of 29.2% from 2024–2031, while in terms of
volume, the market is expected to reach 140.7 million units
by 2031, at a CAGR of 27.7% from 2024–2031.
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Electric cars use multiple traction motors powered either by a
rechargeable battery pack or through an internal combustion engine
which charges the battery pack of the car, which in turn runs the
traction motor and propels the car. The battery pack of pure
electric vehicles is either recharged by plugging into a charging
station connected to the national power grid or through the
chemical reaction between hydrogen and oxygen in a fuel cell, which
in turn stores the energy generated through a chemical reaction in
the battery pack and runs the traction motor to propel the car.
Electric cars are increasingly being adopted by consumers
worldwide since they are environmentally friendly and require less
running cost compared to gasoline-powered cars. Electric cars are
increasingly used for private transportation and shared mobility
services. The adoption of electric cars is on the rise due to
growing concerns regarding the negative environmental effects of
vehicular emissions, supportive government initiatives to
decarbonize transportation, and increasing efforts by major
automotive OEMs to reduce greenhouse gas emissions and transform
their product line-ups into green and clean environment-friendly
vehicles.
The growth of the electric cars market is driven by supportive
government policies and regulations, increasing investments by
leading automotive OEMs, rising environmental concerns, and
decreasing battery prices. However, the expensive nature of
electric cars and the lack of charging infrastructure in developing
countries may restrain the growth of this market.
Furthermore, the growing adoption of autonomous driving vehicles
and increasing focus on electric mobility in emerging economies are
expected to offer significant growth opportunities for players
operating in the electric cars market. However, the low cold
weather performance of electric cars and range anxiety among
consumers may hinder the growth of this market.
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Increasing investments in R&D for smart charging systems and
solar-powered EV charging stations are prominent trends in this
market.
The electric cars market is segmented into propulsion type
(hybrid vehicles {pure hybrid electric vehicles and plug-in hybrid
electric vehicles}, battery electric vehicles, and fuel cell
electric vehicles), power output (less than 100 kW, 100 kW
to 250 kW, and more than 250 kW), and end use (private use and
commercial use). The study also evaluates industry competitors and
analyzes the market at the regional and country levels.
Based on propulsion type, the electric cars market is
segmented into battery electric vehicles, hybrid vehicles, and fuel
cell electric vehicles. The hybrid vehicles segment is further
segmented into plug-in hybrid electric vehicles and pure hybrid
electric vehicles. In 2024, the hybrid vehicles segment is expected
to account for the largest share of above 66.8% of the
electric cars market. The segment's large share is attributed to
increasingly stringent automotive emission regulations across the
world, consumer demand for high fuel efficiency vehicles,
increasing investments by automotive OEMs for hybridization of
vehicle powertrains, and the low cost of hybrid vehicles compared
to battery electric vehicles.
However, the fuel cell electric vehicles segment is expected to
register the highest CAGR during the forecast period. The growth is
mainly driven by several advantages, such as fast refueling, zero
tailpipe emissions, lighter and smaller battery packs with
increased driving range, increasing government initiatives for
setting up hydrogen fuel cell charging stations, and increasing
investments by leading automotive OEMs worldwide in the research
and development of hydrogen fuel cell technology.
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Based on power output, the electric cars market is segmented
into less than 100kW and 100kW to 250kW. In 2024, the less than
100kW segment is expected to account for the larger share of above
83.2% of the electric cars market. The segment's large share
is attributed to the increasing use of light electric cars in the
central business districts of major cities across the world,
increasing implementation of electric cars for shared mobility
services in the major cities, falling battery prices, and
increasing investments in electric vehicle startups in this
segment.
However, the 100 kW to 250 kW segment is expected to register
the highest CAGR during the forecast period. The growth is mainly
driven by increasing initiatives by leading automotive OEMs to
launch more powerful electric cars, increasing regulations to
reduce tailpipe emissions, increasing adoption of electric cars in
developed economies, and governments' targets to phase out diesel
vehicles by 2030.
Based on end use, the electric cars market is segmented into
private use and commercial use. In 2024, the private use segment is
expected to account for the largest share of above 86.2% of
the electric cars market. The segment's large share is
attributed to increasing consumer demand for fuel-efficient and
zero tailpipe emission vehicles, government incentives to promote
sales and manufacturing of electric cars, tax rebates, the decline
in battery costs, and increasing fuel prices.
However, the commercial use segment is expected to register the
highest CAGR during the forecast period. The growth is mainly
driven by the increasing use of electric cars in shared mobility
services and corporate taxi fleets, increasing regulations to
reduce fleet emissions, growing adoption of mobility-as-a-service
(MaaS), and growing demand for energy-efficient commuting,
increasing fuel prices, and encouragement by global and state-level
regulatory bodies to deploy policies promoting the adoption of
electric cars for mobility services.
Based on geography, the electric cars market is segmented into
North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
Asia-Pacific is expected to
account for the largest share of above 41.9% of the electric
cars market. The large share of the Asia-Pacific region is attributed to the
increasing demands for EVs and associated charging facilities, a
growing number of start-ups offering numerous solutions and
services in the electric mobility industry, attractive incentive
programs for electric car buyers, and the presence of regional core
competencies of countries such as China, Japan,
South Korea, and India in manufacturing and technological
developments.
In addition, various key players in this region are
collaborating with automakers to promote, frame regulations, and
invest in the electric vehicles industry. For instance, in
January 2023, Tata Motors Limited
(India) partnered with ICICI Bank
Ltd (India) to offer an EV Dealer
Financing solution to its authorized passenger EV dealers. Under
this scheme, ICICI Bank will provide inventory funding to the
authorized passenger EV dealers of Tata Motors. In March 2022, BYD Company Ltd. (China) signed a deal with the Chinese
government to supply 10,000 electric taxis to Shenzhen. The company also plans to invest
USD 1.5 billion to build a new
factory in the city to produce electric vehicles and batteries.
These instances support the growth of the electric cars market in
Asia-Pacific during the forecast
period.
However, Europe is expected to
record the highest CAGR of 42% during the forecast period.
The factors contributing to the high growth of this regional market
are consistent developments in making stringent emission
regulations by the European Union, increasing focus of the
countries in reducing the number of conventional cars on the roads,
extensive charging infrastructure network in Europe, and increasing investment for
developing sustainable road transport infrastructure that can
charge electric cars on the go to minimize range anxiety associated
with electric vehicles.
Norway is the frontrunner in
promoting the adoption of EVs and has successfully encouraged
people to switch from traditional gasoline and diesel cars to EVs.
Sweden is one of the
fastest-growing countries for the electric mobility ecosystem and
has made significant steps towards reducing its carbon footprint.
The Swedish government aims to become carbon-neutral by 2045.
Sweden is the first country to
build an electrified road for En-route EV Charging. For instance,
in May 2023, the Swedish government
constructed the electric road system (ERS) that allows EVs to
recharge while driving, allowing EV drivers to travel longer
distances between charge station visits. This is implemented on the
E20 highway, running through Stockholm, Gothenburg, and Malmö. This initiative is
expected to boost the demand for electric mobility in the country,
creating significant opportunities for the growth of the electric
cars market.
The key players operating in the electric cars
market include Nio Inc. (China), Alcraft Motor Company Ltd. (U.K.), BMW
Group (Germany), BYD Company Ltd.
(China), Daimler AG (Germany), Faraday & Future Inc. (U.S.),
Ford Motor Company (U.S.), General Motors Company (U.S.), Honda
Motor Co., Ltd. (Japan), Hyundai
Motor Company (South Korea),
Nissan Motor Co., Ltd. (Japan),
TATA Motors Limited (India),
Tesla, Inc. (U.S.), Volkswagen AG (Germany), and Mahindra and Mahindra Ltd.
(India).
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Scope of the Report:
Electric Cars Market Assessment—by Propulsion
Type
- Hybrid Vehicles
- Pure Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
Electric Cars Market Assessment—by Power
Output
- Less than 100 kW
- 100 kW to 250 kW
- More than 250 kW
Electric Cars Market Assessment—by End
Use
- Private Use
- Commercial Use
Electric Cars Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New
Zealand
- Indonesia
- Thailand
- Vietnam
- Malaysia
- Singapore
- Rest of Asia- Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East &
Africa
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