Electric Cars Market Overview
An overview of conceptual frameworks, analytical approaches of the Electric Cars market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Electric Cars market is expected to grow at a significant rate in the near future.
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%
Electric Cars Market Definition
The concept of electric cars is not something new. Noticeably, the automobiles, equipped with an electric motor, were manufactured before inventing cars with an internal combustion engine. The initial models of vehicles, which were created in 1830-1840 used to be deceptive and ponderous units which moved at extremely low speed. In present times, even more, than a century later, polluting petrol and diesel cars still dominate sales worldwide but fortunately there are hopeful predictions that year 2021 could prove the start of an enduring electric future.
Although in recent decades, the idea of electric cars has advanced at an accelerated pace. In the modern-day world, electric cars are considered more than a peculiar means of transit. They have been acknowledged as a crucial core element of the energy transition. Electric vehicles have been identified as being a leading technology in depleting future harmful emissions and energy consumption in the automobile sector.
Electric cars operate at least on electricity to some extent. In contrast with the conventional vehicles that employ a diesel or gasoline-powered engine, electric cars use an electric motor powered by electricity from fuel cells or batteries.
Though not all electric cars or electric vehicles work the same way, but in terms of greenhouse gas emissions and air pollution, electric cars are often safer and cleaner for the environment than even the most efficient conventional vehicles.
Electric Cars Market Dynamics
The expeditiously rising deterioration of the environment and surroundings due to surging levels of pollution, degrading air quality, global warming, reduced atmospheric visibility, and many other concerns is one of the fundamental drivers that is boosting the evolution of electric cars in the global markets. According to the 2012 report of the Union of Concerned Scientists, driving an average electric car concludes in reduced global warming emissions than driving a gasoline-fueled car that gets 50 miles per gallon (MPG) in regions covering two-thirds of the U.S. population, up from 45 percent.
Owing to which, the global electric cars market is projected to gain huge momentum in the forthcoming years. In the same spirit, there has been soaring demand among consumers for high-performance and superior quality cars across the world along with fuel-efficiency and more convenience, and electric cars with all its potential are competent enough to meet all the needs of consumers, worldwide.
Electric cars have the abundant capability of outdoing the traditional cars, providing reduced carbon emissions as well as maintenance, escalated fuel economy, highly convenient in charging, smooth drive, as well as reduced sound from the engine. Attributable to which, the global electric cars market is projected to accelerate rapidly in the years to come.
Apart from that, there has been a constant support for the development of a lasting electric future, keeping in mind the increasingly growing levels of environmental issues across the world. Also, there has been stringent regulations for low-emission vehicles, which further positively fuel the growth of the global electric cars market in the near future.
Driven with which, the market giant US-based Tesla is all set to introduce its electric cars in India, beginning with sales and then considering to start assembling in India if the demand requires. Also, Mercedes-Benz is also taking on one of the biggest industry challenges with the rollout of its battery-powered EQA: selling small electric cars without a big profit squeeze. Owing to such factors, the global electric cars market is anticipated to witness substantial growth over the coming years.
Electric Cars Market Segmentation
The global Electric Cars market is segmented on the basis of technology, segment and regions. On the basis of the technology, the Electric Cars market is segmented into Battery Electric Vehicle (BEV) and Plug In Hybrid Electric Vehicle (PHEV). On the basis of segment, the market is segmented into Economy, Low, Medium, and Premium.
The research report classifies the global electric cars market based on technology, segment and regions.
Battery Electric Vehicle (BEV)
Plug In Hybrid Electric Vehicle (PHEV)
Electric Cars Market Key Players
The global Electric Cars market is dominated by Tesla Inc., Toyota Motor Corp., BMW, MG, Volkswagen, 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.
MMC Overview on Electric Cars Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the Electric Cars market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Electric Cars Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of Electric Cars
Advantages of Electric Cars
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.