The global electric car market is estimated to grow at a CAGR of more than 19.0% during the forecast period. As per the International Energy Agency, there were around 5.1 million electric vehicles globally with a sale of around 2 million EVs in 2018, however, a modest growth is witnessed in 2019, due to some policy changes. Some of the key factors driving the growth of the global electric car market include cohesive government regulations, subsidies on the electric car by the government, development of charging infrastructure, and stringent target to curb the carbon emission. Due to this, automakers are continuously introducing new electric car models with a higher range and less charging time all across the globe as low distance coverage and high prices are the major restraining factor to the electric market.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is further divided into hatchback, sedan, and SUV. Moreover, by propulsion technology, the market is sub-segmented into battery-electric cars and plug-in hybrid electric cars. Battery electric cars are expected to have a major market share during the forecast period. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries cars segment is estimated to cover a major market share during the forecast period. Based on geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. During the forecast period, Asia Pacific is forecast to be the largest market with a lucrative growth rate. China, Japan, India, and South Korea are significantly contributing to the market. A significant growth rate is expected in Europe as the economies such as Norway, Germany, UK, Spain, are significantly providing subsidies on electric cars growing with lucrative growth.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Electric Car Market report Segment
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers
- Comprehensive research methodology of the Global Electric Car Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Global Electric Car Market.
- Insights about market determinants which are stimulating the Global Electric Car Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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