This market research report includes a detailed segmentation of the Global Electric Car Market share assessments for the regional and country level segments. The analysis of pioneering verticals and geographical regions is also discussed to anticipate the deployment rate of industry.
The Global Electric Car market was valued at USD xx billion in 2017 and is expected to reach USD xx billion by 2025, with a CAGR of xx% during the forecast period (2018-2025). Despite tremendous growth, the Electric car market is still very small compared to the overall car market. In all countries except China, electric cars make up less than 1% of cars. The share of the electric cars in the car market is expected to grow in the future. As technology devel-ops, an increasingly broad range of electric cars will become popular.
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Renaissance in electric car manufacturing occurred due to advances in batteries, concerns about increasing oil prices, and the desire to reduce greenhouse gas emissions. The popular-ity of electric cars has been expanding rapidly due to their increased range and lower bat-tery costs, environmental sensitivity, and government subsidies. Electric car causes no Tail-pipe emissions. Even though electricity production causes greenhouse gas emission. Along with Tax benefits, special electricity rates, insurance discounts are being offered to promote the use of electric cars.
Initiatives to develop low- cost, fast charging battery technologies that support long range use looked set to yield promising results. The increasing number of publicly available fast electric vehicle chargers is also driving the growth of Electric cars market globally.
Some of the key electric car companies are:
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Based on the type, electric car Market can be segmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV) and fuel cell electric Vehicle (FCEV).
BEV cars run entirely on the electric motor without the IC engine. PHEV cars have an elec-tric motor and IC engine to replace the battery when the battery is low or vice-versa. Both BEV and PHEV electric cars are more fuel efficient than the Standard hybrid electric car which contains battery but mostly runs on an IC engine.
Based on region, the market can be segmented into North America, South America, Europe, Asia-pacific and rest of the world. China & United States are the biggest players in Electric Cars market. China surpassed the United States in the total number of electric cars in 2016.
Japan, Norway, United Kingdom, Netherlands, France, Germany are the other significant players in the Electric car market. In Norway, 1.3% of all cars are electric cars. The ratio is even smaller in all other countries.
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