Electric Car Market Set to Soar Past USD 1803149.65 Million by 2030
The global electric car market size is expected to reach USD 1803149.65 million by 2030 and exhibit a CAGR of 24.53% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for smartphones, tablets, and other mobile devices, growing adoption of cloud computing and data centres, advancements in artificial intelligence and machine learning technologies, demand for high-performance computing systems, and rapid growth in data-driven applications and services are fueling the Market’s growth.
Westford,USA, Jan. 02, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Electric Car market, increasing range and battery efficiency, expanding charging infrastructure, introduction of new electric car models, advancements in autonomous driving technology, growing popularity of electric SUVs and crossovers, integration of renewable energy sources for charging, development of fast-charging technologies, increasing investment in electric vehicle startups, focus on improving battery technology and reducing charging time, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Electric Car Market”
- Pages – 165
- Tables – 115
- Figures – 75
An electric car is a vehicle that is propelled by one or more electric motors, using only energy stored in batteries. Compared to conventional internal combustion engine (ICE) vehicles, electric cars are quieter, more responsive, have superior energy conversion efficiency and no exhaust emissions and lower overall vehicle emissions (however, the power plant supplying the electricity might generate its emissions).
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Prominent Players in Electric Car Market
- Tesla
- BYD
- Volkswagen
- Geely
- SAIC Motor
- General Motors
- Renault
- Nissan
- BMW
- Ford
- Mercedes-Benz
- Hyundai
- Kia
- Honda
- Toyota
- Volvo
- Lucid Motors
- Rivian
- NIO
- Polestar
Lithium-ion Battery Demand to Grow Substantially in the Forecast Period
Lithium-ion batteries dominated the global market owing to its high energy density. It also exhibits high charge/discharge efficiency, enabling better overall performance of electric vehicles. They can deliver power quickly, supporting rapid acceleration and regenerative braking, enhancing the driving experience.
Passenger Car is the Leading Application Segment
In terms of application, the passenger car segment is the leading segment due to consumer demand. In addition, many governments worldwide offer incentives and subsidies specifically targeted towards passenger electric vehicles. These incentives can include purchase rebates, tax credits, and exemptions from certain taxes and fees. Such incentives encourage consumers to choose electric passenger cars over traditional internal combustion engine vehicles.
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Asia-Pacific is the leading Market Largest Car Market
Region-wise, Asia-Pacific is one of the largest growing markets as it is the largest car market. The Chinese and Indian government has implemented various policies and initiatives to promote electric vehicles. These include financial incentives, subsidies, and tax exemptions for both manufacturers and consumers. Additionally, China has set ambitious targets for electric vehicle sales and is investing heavily in charging infrastructure development, creating a supportive ecosystem for the market.
A recent report thoroughly analyzes the major players operating within the Electric Car market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Electric Car.
Key Developments in Electric Car Market
- Tata Motor Company, one of the key players in the India electric car market, introduced its plans to mainstream EV and its goal of 50,000 annual sales in FY 2023. The organization has sounded out providers on a confident manufacturing plan of 50,000 EVs in the financial year 2023 and projected to much as 125,000-150,000 units yearly in the following years.
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Key Questions Answered in Electric Car Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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