NEW YORK, Feb. 22, 2023 /PRNewswire/ — Major players in the electric cars market are Toyota, BMW, BYD, Tesla, BMW, Volkswagen, General Motors, BAiC Motors, SAIC, and Daimler AG.
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The global electric cars market will grow from $278.75 billion in 2022 to $365.72 billion in 2023 at a compound annual growth rate (CAGR) of 31.2%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electric cars market is expected to grow to $1,083.65 billion in 2027 at a CAGR of 31.2%.
The electric car market consists of sales of fuel cell electric vehicle (FCEV) and all-electric vehicle (AEV).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An electric car is an electric vehicle that runs on a chargeable battery such as a nickel-metal hydride (NI-MH) battery, lithium-ion battery, or fuel cell battery.
Asia Pacific was the largest region in the electric cars market in 2022.Western Europe was the second largest market in electric cars market.
The regions covered in the electric car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types in the electric car market are battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).Battery electric vehicles operate only on stored electricity, and their main components consist of a high-voltage battery, one or more electric motors (either alternating current [AC] or direct current [DC]), and a controller for managing the power electronics.
The battery types involved are lithium-iron-phosphate (left), lithium–nickel–manganese cobalt oxide (li–nmc), lithium–titanate oxide (to) battery, lithium–nickel–cobalt–aluminum oxide (NCA) battery, nickel-metal hydride (NIMH) battery, lead-acid battery. The applications involved are home use and commercial use.
The growing demand for electric vehicles is driving the electric car market.Electric cars are one of the fastest-growing segments of the electric vehicle market.
According to the IEA, in 2021, electric car (including fully electric and plug-in hybrids) sales doubled compared to previous years to nearly 6.6 million . According to Forbes, electric vehicles (EVs) will surge to 57%, which is more than half of global passenger car sales by 2040. The major companies in the automobile industry, such as Tesla, BMW, Volkswagen, and others, are expected to release around 200 models of electric vehicles. Electric vehicles don’t use fuel or gas, and they are more economical than other vehicles. The demand for an electric vehicle is growing because of its low maintenance, less carbon emissions, convenient charging, less noise from the engine, and higher fuel costs.
The lack of standardization of charging infrastructure is slowing down the electric car market.The charging infrastructure is a charging point for battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCEV) available in every region.
According to McKinsey’s report, there will be an estimated 120 million electric vehicle units on the road by 2030.The demand for electric vehicles is rising due to environmental concerns and health hazards.
The sudden shift to electric vehicles in many regions has led to a lack of charging infrastructure.In India, Tesla, Mahindra, Audi, and other international OEMs are expected to launch 10 new electric vehicle models by 2021.
However, many countries don’t have proper charging infrastructure for electric vehicles due to higher up-front capital, higher operating costs, and low utilization of electric vehicles. This factor is likely to challenge the growth of this market.
The development of wireless charging facilities for electric vehicles is the greatest opportunity for both OEMs and end-users.Wireless charging enables charging of an electric vehicle without any inconvenience of finding the right cable connector at the charging point and/or stopping by at any charging station.
Wireless charging uses dynamic and inductive charging technologies where the electricity is transferred from one magnetic coil in the charger to a second magnetic coil connected to a car.Because OEMs and technology companies discovered that a wireless charging system is far more convenient than a plug-in system for charging an electric vehicle.
Qualcomm’s technologies are continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology that helps to charge the electric vehicle while driving. Therefore, the wireless charging system has huge scope in the future to electrify vehicles all over the world.
In June 2022, Club Car, an American manufacturer of golf, consumer, and utility vehicles, acquired Garia A/S, a manufacturer of electric street low-speed vehicles, for an undisclosed amount.The acquisition helped Club Car get Garia A/S street-legal utility and last-mile delivery portfolio, which will be mainly used to increasing the global reach.
Garia A/S also design and build 100 % electric fit-to-task vans and truck.
The countries covered in the electric cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The electric car market research report is one of a series of new reports that provides electric car market statistics, including electric car industry global market size, regional shares, competitors with an electric car market share, detailed electric car market segments, market trends and opportunities, and any further data you may need to thrive in the electric car industry. This electric car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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