“Global Electric Cars Market Analysis Trends,
Applications, Analysis, Growth, and Forecast to 2028” is a
recent report generated by MarketResearch.biz. The global electric
cars market report has been segmented on the basis of
vehicle type, class, and region.
Global Electric Cars
Market: Overview
An electric car is a vehicle
propelled by the help of electric motors, that also uses
energy stored in the rechargeable batteries implanted in the
vehicle. In addition, an electric car can be charged at any
charging stations, that can be installed in both public
areas or houses. In the 1880s, the first electric car was
produced practically. After the 1880s, a revival in electric
vehicle manufacturing was occurred in 2008, attributable to
various advancements in batteries, along with increasing
illnesses and deaths from air pollution. The desire to
reduce harmful emissions of GHG (greenhouse gases) leads to
the production of electric cars. According to a study,
electric vehicles have a life span of 1 million miles
(16,09,344 km), as compared to fuel based cars that have a
lifespan of approximately 2 lakh miles (3,21,000 km)
only.
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Global
Electric Cars Market: Dynamics
Factors including
one-time government subsidies at purchase, post-purchase
government subsidies, non-monetary government regulations,
and better-charging infrastructure are some political
factors that are supporting the revenue growth of the global
electric cars market. In addition, several governments have
various incentives for electric vehicles regarding tax
credits, subsidies, and other incentives in order to promote
the adoption of electric vehicles. However, the purchase of
an electric car often depends on purchase price, battery
size, and electric range.
Furthermore, fuel price,
purchasing price, and a number of potential buyers are some
economic factors that support the global electric cars
market growth in the near future. Rising fuel prices lead to
the growing interest of consumer towards non-fuel cars such
as electric cars, which, in turns, driving demand for
electric cars over the forecast period. Moreover, the
collaboration of market giants such as Tesla Motors and
Google to generate new technologies and products coupled
with rising fuel-efficiency regulations give rise to
increasing production of electric cars.
In March
2019, Tesla launched its fully electric car – Model Y –
can carry more than 5 passengers along with their goods. In
addition, it has two independent electric motors that are
ultra-responsive and digitally control torque to the wheel.
This feature of the car provides better handling, with good
traction and stability control.
However, the
initial high costs, lack of charging stations and its
standardization are some factors that can hamper the global
market growth up to some extents.
Global Electric
Cars Market: Segment Analysis
The plug-in hybrid
electric car segment, among vehicle type segments, is
forecast to capture highest revenue share of the global
market. According to a study, the ratio of annual sales of
other electric cars and plug-in hybrid electric car grew to
60:40 in 2015, from 56:44 in 2012, and then reached to 69:31
in 2018.
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Global
Electric Cars Market: Regional Analysis
The Asia
Pacific electric cars market is expected to register the
fastest growth, followed by North America. This is owing to
the strong presence of various major manufacturers of
electric cars in Asia Pacific region. Moreover, these
regions have comparatively high adoption rate for new
technology. In addition, factors such as increasing demand
for carbon emission reduction and advanced and fast charging
stations are projected to propel the regional market
growth.
Global Electric Cars Market
Segmentation:
Segmentation by Vehicle
Type:
- Battery Electric Cars
(BEVs) - Plug-in Hybrid Electric Cars
(PHEVs) - Fuel Cell Electric Cars
(FCEVs)
Segmentation by
Class:
Segmentation
by Region:
- North
America - Europe
- Asia Pacific
- Latin
America - Middle East & Africa
Key
Players:
- BMW AG
- Nissan Motor
Corporation - Kia Motors America,
Inc. - Tesla
- Hyundai Motor
- Volkswagen
AG - Groupe Renault.
- Ford Motor
company - Jaguar Land Rover
Limited - Chevrolet
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