The global electric car market is projected to register a CAGR of 0.21%. Key Highlights. Largest segment by fuel type – BEVs: Increasing global electrification, new product launches, awareness of battery-powered vehicles, government offers such as incentives, and development of electric infrastructure are fueling the demand for BEVs.
New York, Jan. 16, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Electric Car Market – SIZE, SHARE, IMPACT OF COVID-19 & FORECAST TO 2028” – https://www. reportlinker.com/p06381543/?utm_source=GNV
Fastest growing segment by fuel type – FCEV: increasing fuel prices are shifting consumers to electric vehicles, due to better fuel efficiency and no range issues PHEVs are the fastest growing segment in the electric vehicle market globally.
Largest Country Market – Germany: China is the largest country in the global electric car market, as the country is a major manufacturer of electric vehicles, government norms and incentives are helping the market grow.
Fastest Growing Country Market – Mexico: The United States is the fastest growing country in the global electric car market. Government plans to ban ICE vehicles and incentives offered by the government are shifting consumers to e-mobility.
Key market trends
Sport utility vehicle is the largest segment by body type.
One of the industries most affected by global chip shortages and supply chain disruptions caused by the coronavirus pandemic is the automotive sector. This hasn’t stopped Tesla from coming under fire for contributing to climate change, either through the manufacturing process or the cars it produces. In relation to the latter, European Union car buyers seem to contribute to reducing the negative effects of fossil fuel vehicles.
The past year has seen a significant effect of the coronavirus pandemic on global car markets. As more and more nations restricted travel due to COVID-19 in 2020, the auto industry experienced a series of setbacks. In 2020, 63.8 million cars were sold worldwide. A slight recovery is expected in 2021, with 66 million cars sold. Both Toyota and Volkswagen Group saw deliveries drop by more than a million cars.
In 2021, around 56.4 million passenger cars were sold worldwide, an increase of almost 5% compared to the previous year. China had the largest regional car market in 2021, with just under 21.5 million units. Automotive technology will experience significant changes in the next ten years. About 26% of new car sales worldwide are expected to be electric vehicles by 2030, and an estimated 58 million new self-driving cars will be added to the global fleet by 2022. As a result of technological advances, the types of components needed to create a finished product is starting to change. This enables further segmentation of the automotive supplier market, particularly the automotive electronics market. Automation and electrification are sure to boost the car market in the near future.
Europe is the largest segment by region.
Consumer spending on electric car purchases rose to $120 billion in 2020. Governments worldwide spent nearly $14 billion to encourage electric vehicle sales, which grew 25 percent in 2019, primarily due to increased incentives in Europe. Car battery production increased by 33% from 2019 to 160 GWh, and their cost decreased by 13% to an average of USD 137/kWh per battery globally in 2020. The World Government’s National EV Policy stipulates that when purchasing or leasing an electric vehicle (EV), whether new or used, drivers are exempt from both purchase tax and VAT. Owners of electric vehicles are also excluded from paying the annual traffic insurance fee.
Many government policies boast the largest fleet of electric cars per capita in the world and offer several tempting incentives to purchase electric vehicles. For example, there are currently more than 16,000 charging stations in Norway, up from just 3,000 in 2011. On all major routes, including the highest fast charging station in the world, the Norwegian government has installed fast charging stations every 50 km. Electric vehicle charging stations seem to have a promising future in Norway.
There are some very attractive incentives for electric vehicles around the world. Overall, many countries have signed up to the Paris climate policy targets, which call for a 40% reduction in greenhouse gas emissions by 2030, and are supported by automotive policy. National vehicle targets, including the sale of zero-emission cars by 2030, are already set in the National Transport Plan 2017. Norway has also committed to reducing greenhouse gas emissions by at least 40% by 2030. All these factors are expected to boost the Norwegian electric car market in the forecast period.
The competitive landscape
The global electric car market is quite consolidated, with the top five companies occupying 71.50%. The main players in this market are BID Motors Inc., General Motors Company, Groupe Renault, Tesla Inc. and Volkswagen AG (arranged alphabetically).
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