Electric Car Market is Expected to Grow at a CAGR of

Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) — The global Electric Car Market was valued at US$ 124.33 Billion in 2022 and is projected to reach USD 358.77 Billion by 2030, growing at a CAGR of 14.16% from 2023 to 2030. The electric Car is essentially a battery-powered automobile or bicycle that operates on electricity. The power source is the batteries. Only a charging system can provide energy to a battery-powered electric Car. Using a system of electrical boards, electric car batteries may be recharged repeatedly. It is the sole source of energy produced by the system that powers electric Cars. electric Cars contribute to a cleaner environment by emitting less carbon dioxide and creating less noise.

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The market grew because the number of people in the world increased, resulting in an increase in market demands and because new technology and solutions assisted in meeting those demands. During a pandemic, when charging stations were shut and transportation ceased, the influence of Covid-19 on the market for electric cars was felt at the charging stations. This limited the market’s expansion.

Electric Car Market Recent Developments:

  • In 2021 March, Volvo introduced a new model as C40 recharge model and has the same functions and features as of XC60 model
  • In April 2021, Volkswagen unveiled seven long-manufactured EV ID.6 Cross and ID.6 X sweaters in China with SAIC and FAW. It includes two 58 kWh and 77 kWh batteries.
  • In January 2022, Volkswagen introduced the ID.5 model based on the skods enayaq iV model that can travel up to 300 miles on a single charge.

Electric Car Market Segmentation Analysis:

Hybrid electric cars, Plug-in electric cars, and battery-powered electric cars comprise the product-based classification of electric cars. Enhanced electric car manufacture, development, and production in response to the market’s increased demand for such vehicles. The electric vehicle has a significant impact on the environment, as it emits no carbon dioxide and improves the environmental system.
On the basis of segmentation type, electric cars are divided into a number of segments, including those based on components like the battery, motor, reducer, fuel stack, power production unit control, air compressor, humidifier, board charge, and fuel processor. According to the type of vehicle, there are commercial vehicles and passenger cars.
Based on the application-based segmentation of electric vehicles. As a result of cheaper raw material and battery costs, the price of electric vehicles has decreased, leading to an increase in population and demand.
Electric cars are used on the market as a result of improved technology in the private sector and commercial fleets, as well as increasing manufacturing of electric cars and government backing, which have contributed to the expansion of the industry.

Regional Outlook:

During the period covered by the forecast, Europe is expected to grow the most. The high growth of this region is due to the European Union’s efforts to make emission rules stricter, the growing focus on reducing the number of traditional cars, Europe’s extensive charging infrastructure network, and the growing investments in developing sustainable roads and transportation infrastructure that can charge electric cars while they’re on the move. This is done to reduce the “range anxiety” that some people have about electric cars.

During the forecast period, it is expected that the Asia-Pacific region will have the highest CAGR growth. This region is growing quickly because more people want to buy electric cars, more people in developing economies like India and Southeast Asia are buying electric cars, and more countries like India, South Korea, and Japan are investing in building up their own electric car industries.

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Scope of Report:

Report Attributes Details
Growth Rate 14.16% from 2023 to 2030
Market Size in 2022 USD 124.33 Billion
Revenue Forecast by 2030 USD 358.77 Billion
By Product Technology Hybrid electric vehicles, Plug-in hybrid vehicles, Battery electric vehicles
By Connectivity V2X, V2V, V2G, V2B or V2H
By Applications Consumer Electronics, Military, Public transportation, Aviation, Electricity grid, Spaceflight, Military, Wearable technology
By End User Commercial Fleets, Private
By Companies Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), Stellantis (Netherlands), Toyota Motor Corporation, Honda Motor Co. Ltd, Ford Motor Company, Nissan Motor Corporation ltd, and Others.
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 to 2030

Market Drivers:

The market is doing well because there are more people, more people want things from the market, and technology is getting better. In the last 10 years, the price of batteries has gone down, which has increased demand. What are the main ways that electric cars get their power, and how has the growth of the market been affected by the development of large batteries and more electric systems in cars? When battery prices went down, so did the prices of electric cars, and demand went up. People bought more electric cars, which cut down on pollution in places where carbon dioxide gas isn’t released.

Market Growth Factor:

In the past two years, the market has expanded significantly due to new innovations, improved technology, and an increase in consumer demand. The price of electric car batteries has decreased over the past decade due to improved facilities, new technologies, and increased manufacturing. Batteries for electric vehicles are more expensive. The growth of the market is affected by the increasing demand for and production of electric vehicles. This is beneficial for the environment as it reduces pollution and emissions. The region’s electric vehicle market is robust because electric vehicles are more fuel-efficient and emit less pollution. In addition, there are less government regulations, batteries are becoming less expensive, and the price of gasoline is increasing.

Electric Car Market Key Segments Covered:

Top Market Players:
Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), Stellantis (Netherlands), Toyota Motor Corporation, Honda Motor Co. Ltd, Ford Motor Company, Nissan Motor Corporation ltd, and Others.

By Product Technology

  • Hybrid electric vehicles
  • Plug-in hybrid vehicles
  • Battery electric vehicles

By Components

  • Motor
  • Battery
  • Fuel stack
  • Controlling unit 
  • Humidifier
  • Air Compressor
  • Power Conditioner
  • Fuel processor
  • On board charge
  • Other

By Vehicle Type

  • Passenger cars
  • Commercial vehicles

By Class 

  • Low price
  • Medium price
  • Luxury

By Speed

  • More than 125MPH
  • Less than 125MPH

By Drive Type

  • Front wheel drive
  • Rear wheel drive
  • All wheel drive

By Charging Point

  • Normal charging
  • High charging

By Connectivity

By Propulsion

By Application 

  • Consumer Electronics
  • Military
  • Public transportation
  • Aviation
  • Electricity grid
  • Spaceflight
  • Military
  • Wearable technology

 By End User 

Regions and Countries Covered

  • North America: (US, Canada, Mexico, and Rest of North America)
  • Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
  • The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
  • Latin America: (Brazil, Argentina, Rest of Latin America)
  • Rest Of the World

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