REDDING, Calif., June 4, 2024 /PRNewswire/ — According to a new market research report titled, ‘Electric Cars Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less than 100 kW, 100 kW to 250 kW, and More than 250 kW), End Use (Private Use and Commercial Use), and Geography – Global Forecast to 2031,‘ the electric cars market is expected to reach $5,634.6 billion by 2031, at a CAGR of 29.2% from 2024–2031, while in terms of volume, the market is expected to reach 140.7 million units by 2031, at a CAGR of 27.7% from 2024–2031.
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Electric cars use multiple traction motors powered either by a rechargeable battery pack or through an internal combustion engine which charges the battery pack of the car, which in turn runs the traction motor and propels the car. The battery pack of pure electric vehicles is either recharged by plugging into a charging station connected to the national power grid or through the chemical reaction between hydrogen and oxygen in a fuel cell, which in turn stores the energy generated through a chemical reaction in the battery pack and runs the traction motor to propel the car.
Electric cars are increasingly being adopted by consumers worldwide since they are environmentally friendly and require less running cost compared to gasoline-powered cars. Electric cars are increasingly used for private transportation and shared mobility services. The adoption of electric cars is on the rise due to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean environment-friendly vehicles.
The growth of the electric cars market is driven by supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, and decreasing battery prices. However, the expensive nature of electric cars and the lack of charging infrastructure in developing countries may restrain the growth of this market.
Furthermore, the growing adoption of autonomous driving vehicles and increasing focus on electric mobility in emerging economies are expected to offer significant growth opportunities for players operating in the electric cars market. However, the low cold weather performance of electric cars and range anxiety among consumers may hinder the growth of this market.
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Increasing investments in R&D for smart charging systems and solar-powered EV charging stations are prominent trends in this market.
The electric cars market is segmented into propulsion type (hybrid vehicles {pure hybrid electric vehicles and plug-in hybrid electric vehicles}, battery electric vehicles, and fuel cell electric vehicles), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), and end use (private use and commercial use). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on propulsion type, the electric cars market is segmented into battery electric vehicles, hybrid vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is further segmented into plug-in hybrid electric vehicles and pure hybrid electric vehicles. In 2024, the hybrid vehicles segment is expected to account for the largest share of above 66.8% of the electric cars market. The segment’s large share is attributed to increasingly stringent automotive emission regulations across the world, consumer demand for high fuel efficiency vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrains, and the low cost of hybrid vehicles compared to battery electric vehicles.
However, the fuel cell electric vehicles segment is expected to register the highest CAGR during the forecast period. The growth is mainly driven by several advantages, such as fast refueling, zero tailpipe emissions, lighter and smaller battery packs with increased driving range, increasing government initiatives for setting up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs worldwide in the research and development of hydrogen fuel cell technology.
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Based on power output, the electric cars market is segmented into less than 100kW and 100kW to 250kW. In 2024, the less than 100kW segment is expected to account for the larger share of above 83.2% of the electric cars market. The segment’s large share is attributed to the increasing use of light electric cars in the central business districts of major cities across the world, increasing implementation of electric cars for shared mobility services in the major cities, falling battery prices, and increasing investments in electric vehicle startups in this segment.
However, the 100 kW to 250 kW segment is expected to register the highest CAGR during the forecast period. The growth is mainly driven by increasing initiatives by leading automotive OEMs to launch more powerful electric cars, increasing regulations to reduce tailpipe emissions, increasing adoption of electric cars in developed economies, and governments’ targets to phase out diesel vehicles by 2030.
Based on end use, the electric cars market is segmented into private use and commercial use. In 2024, the private use segment is expected to account for the largest share of above 86.2% of the electric cars market. The segment’s large share is attributed to increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, government incentives to promote sales and manufacturing of electric cars, tax rebates, the decline in battery costs, and increasing fuel prices.
However, the commercial use segment is expected to register the highest CAGR during the forecast period. The growth is mainly driven by the increasing use of electric cars in shared mobility services and corporate taxi fleets, increasing regulations to reduce fleet emissions, growing adoption of mobility-as-a-service (MaaS), and growing demand for energy-efficient commuting, increasing fuel prices, and encouragement by global and state-level regulatory bodies to deploy policies promoting the adoption of electric cars for mobility services.
Based on geography, the electric cars market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 41.9% of the electric cars market. The large share of the Asia-Pacific region is attributed to the increasing demands for EVs and associated charging facilities, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, attractive incentive programs for electric car buyers, and the presence of regional core competencies of countries such as China, Japan, South Korea, and India in manufacturing and technological developments.
In addition, various key players in this region are collaborating with automakers to promote, frame regulations, and invest in the electric vehicles industry. For instance, in January 2023, Tata Motors Limited (India) partnered with ICICI Bank Ltd (India) to offer an EV Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, ICICI Bank will provide inventory funding to the authorized passenger EV dealers of Tata Motors. In March 2022, BYD Company Ltd. (China) signed a deal with the Chinese government to supply 10,000 electric taxis to Shenzhen. The company also plans to invest USD 1.5 billion to build a new factory in the city to produce electric vehicles and batteries. These instances support the growth of the electric cars market in Asia-Pacific during the forecast period.
However, Europe is expected to record the highest CAGR of 42% during the forecast period. The factors contributing to the high growth of this regional market are consistent developments in making stringent emission regulations by the European Union, increasing focus of the countries in reducing the number of conventional cars on the roads, extensive charging infrastructure network in Europe, and increasing investment for developing sustainable road transport infrastructure that can charge electric cars on the go to minimize range anxiety associated with electric vehicles.
Norway is the frontrunner in promoting the adoption of EVs and has successfully encouraged people to switch from traditional gasoline and diesel cars to EVs. Sweden is one of the fastest-growing countries for the electric mobility ecosystem and has made significant steps towards reducing its carbon footprint. The Swedish government aims to become carbon-neutral by 2045. Sweden is the first country to build an electrified road for En-route EV Charging. For instance, in May 2023, the Swedish government constructed the electric road system (ERS) that allows EVs to recharge while driving, allowing EV drivers to travel longer distances between charge station visits. This is implemented on the E20 highway, running through Stockholm, Gothenburg, and Malmö. This initiative is expected to boost the demand for electric mobility in the country, creating significant opportunities for the growth of the electric cars market.
The key players operating in the electric cars market include Nio Inc. (China), Alcraft Motor Company Ltd. (U.K.), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), and Mahindra and Mahindra Ltd. (India).
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Scope of the Report:
Electric Cars Market Assessment—by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
Electric Cars Market Assessment—by Power Output
- Less than 100 kW
- 100 kW to 250 kW
- More than 250 kW
Electric Cars Market Assessment—by End Use
- Private Use
- Commercial Use
Electric Cars Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Indonesia
- Thailand
- Vietnam
- Malaysia
- Singapore
- Rest of Asia– Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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