Electric Cars Market is Expected to Reach USD 475.62 Million by 2024 with the CAGR of 31.25% Over the Forecast Period
Electric Cars Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2018-2024– Electric Car is approximately 80% Cheaper than the Usual Running Cost of Petrol Car.
Electric Cars Market is valued at USD 93.3 Billion in 2017 and expected to reach USD 475.62 Billion by 2024 with the CAGR of 31.25% over the forecast period.
Electric car is a plug-in electric automobile that is driven by one or more electric engines, using energy typically stored in rechargeable batteries. Electric cars are a variation of electric vehicle. The word “electric vehicle” refers to any vehicle that uses electric motors for driving force, while “electric car” usually refers to highway-capable automobiles driven by electricity. Charging an electric car can be done at charging stations, this charging station can be set up in both houses and public areas. Electric motors are more effective than internal combustion engines in converting stored energy into driving a vehicle. Form 2008, a coming back in electric car occurred due to advancement in batteries. The credits, subsidies, and some others incentives are established by somegovernment to promote the introduction and now adoption in the market of new electric vehicles.
Global Electric CarsMarket report is segmented on the basis of bytype,by Components, and by regional . Based upon by type, global Electric Carsmarket is classifiedHEVs (Hybrid Electric vehicle), BEVs (Battery electric vehicle) PHEVs (Plug-in hybrid electric vehicles).Based upon by Components is classified in to Batteries, Sub-assemblies, Automotive parts among others.
The regions covered in this Electric Cars Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Electric Carsis sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Key Players for Global Electric Cars Market Reports
Global Electric Carsmarket report covers prominent players Nissan motors, Tesla Corporation, General motors, Mitsubishi Motors, Volkswagen, Daimler AG, Smith electric Vehicle, Bosch GmbH, Delphi Automotive plc. and others.
Increase in Demand of Improved Fuel Economy and Limited Source of Gasoline Fuel is prophesied to Drive Electric Car Industry Globally.
Strict government rules on dangerous emissions from Carbon dioxide and rising pollution are key factors responsible for the growth of electric car industry. Low working cost and does not produce any tailpipe emissions, these vehicles are smoother and quieter than conventional vehicles, making city healthier and air cleaner are major factors drive the electric car market. As per a research done in 2018, the regular working cost of an electric vehicle in the US is USD 485 per year, as opposite to an internal combustion engines are USD 1,117 per year. In current years, electric vehicles have involved the attention of government as well as users factors drive the market of electric car. The currently the US government allowed maximum tax credit up to USD7, 500 per car. However, the high cost of electric cars and long charging period of car are the factors which are restrains the growth of Electric market. The limited source natural fuel and the world facing the global warming problem are the factors gives future opportunities to the electric car market. Volkswagen in collaboration with the six partners, are developing a new technology focused on automatic parking and charging of electric vehicle some new innovation gives future demand to electric car.
Electric Car Market Revenue (USD Billion) Analysis by Regional and Global, 2018-2024
Asia Pacific Electric Cars Market is dominated by China
China had the major hoard of highway legal light-duty plug-ins with over 1.2 million nationally built traveler cars in December 2017. With its hoard reaching 343, 500 units in 2016 out of global stock of about 345, 000 vehicles. In Europe, about 943,600 light-duty passenger plug-ins had been registered in 2017. Norway also has the world’s largest plug-in section market share of new car sale that is around 39% in 2017. The highest market dispersion per capita Norway had in the world in 2016 & 5% of all vehicles on Norwegian roads were plug-ins. As of December 2017, the United States had about 765,000 plug-in cars, with California accounting for around 48% of increasing US plug-in sales at over 365,000 units. At the end of 2017 Japan had about 207,200 plug-ins electric cars.
Key Benefits for Global Electric Cars Market Reports
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Electric Cars Market Segmentation
- HEVs (Hybrid Electric vehicle),
- BEVs (Battery electric vehicle)
- PHEVs (Plug-in hybrid electric vehicles).
- Automotive parts
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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