Global Electric Cars Market, By Technology (Battery electric vehicle (BEV), Plug-in hybrid electric vehicle (PHEV)), By Segment (Economy, Low, Medium, Premium), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global electric cars market is estimated to reach at a value of US$ 7.1 Bn by the end of 2020 and expected to reach at a value of US$ 172.5 Bn by 2028 with a significant CAGR of 49.1%.
After decades of extravagant developments and numerous postponements, the world is finally all set to witness electric cars running on roads across the world. Over the last decade, the concept of electric cars has evolved exponentially, owing to the increasing environmental issues, including different types of pollution, degrading air quality, reducing atmospheric visibility, global warming and many others.
Notably, conventional gasoline-fueled cars emit harmful gases into the environment, as well as many other setbacks which can be accomplished with the development of electric cars. Electric cars partially run on electricity powered by fuel cells or batteries, unlike the traditional cars which use a diesel or gasoline-powered engine. Such factors are projected to gain traction in the global markets, thus expected to fuel the growth of the global electric cars market rapidly in the forthcoming years.
Several regulatory authorities as well as governments across the world is also constantly supporting the development of electric cars worldwide, acknowledging the growing environmental issues as well as imposing stringent regulations for low-emission vehicles in order to limit the adverse effects of harmful gases, which is further boosting the development of electric cars, thereby propelling the growth of the global electric cars market over the forecast period. For instance, the U.K. has decided upon an objective of 100% sales of zero-emission vehicles (ZEV) by the year 2030.
Similarly, the Netherlands has decided upon the similar aim, to be accomplished by the year 2040. In addition to that, the leading giant players of the global markets are joining hands to make the whole automobile industry take a step further for a better future. For instance, Apple Inc. reportedly has been in talks with Hyundai Motor Company (HYMTF) of South Korea to develop and manufacture electric vehicles (EVs) with autonomous driving capabilities.
Moreover, Volkswagen Group is joining hands with SAIC Motor, to work on the development of electric cars in China. Such factors are anticipated to accelerate the growth of the global electric cars market in the years to come.
Other than that, the soaring demand of superior-quality vehicles all across the world is also estimated to boost the demand of electric cars, as the electric cars are equipped with the enormous potential including reduced carbon emissions as well as maintenance, escalated fuel economy, highly convenient in charging, smooth drive, as well as reduced sound from the engine, which can easily outdo the conventional internal combustion engine (ICE)-powered cars by the next decade. Attributing to which, the global electric cars market is expected to witness significant growth over the coming years.
MMC Study identifies some of the key participating players in the electric cars market globally are Tesla Inc., Toyota Motor Corp., General Motors Co., BYD Co. Ltd., BAIC Motor Corp. Ltd., SAIC Motor Corp. Ltd., Geely Automobile Holdings Ltd., Chery Automobile Co. Ltd., Anhui Jianghuai Automobile Co. Ltd. (JAC Motors), and Changan Automobile Co. Ltd., among others.
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