DUBLIN--(BUSINESS WIRE)--The "Electric Cars Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global electric cars market.
This report focuses on electric cars market which is experiencing strong growth. The report gives a guide to the electric cars market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.
The global electric cars market is expected to decline from $533.4 billion in 2019 to 515.8 billion in 2020 at a compound annual growth rate (CAGR) of -3.31%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $1150.7 billion in 2023 at CAGR of 30.67%. The growth is mainly because of their low cost, low maintenance, less carbon emission, convenient charging, less noise from the engine, higher fuel costs, and most importantly being environmentally friendly.
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Asia-Pacific was the largest region in the electric cars market in 2019. Europe is expected to be the fastest growing region in the forecast period.
Lack of standardization of charging infrastructure is slowing down the electric cars market. The charging infrastructure is a charging point for Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), Fuel Cell Electric Vehicles (FCEV) available in every region. According to McKinsey 2018 report, there will be an estimated 120 million electric vehicle units on 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 lead to a lack of charging infrastructure. Tesla, BYD, BAIC Motor, and other international OEMs are expected to launch 66 electric vehicle models in 2020. However, many regions don't have proper charging infrastructure for electric vehicles due to higher up-front capital, higher operating costs, and currently low utilization of electric vehicles. This factor is likely to challenge the growth of this market.
The growing demand for electric vehicles is driving the electric cars market. Electric cars are one of the fastest-growing segments in the electric vehicles market. According to the InsideEVs report (Electric vehicle world sales database), in 2019 nearly 2.2 million electric vehicles were sold globally. And, 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 their low maintenance, less carbon emission, convenient charging, less noise from the engine, higher fuel costs.
Key Topics Covered:
1. Executive Summary
2. Electric Cars Market Characteristics
3. Electric Cars Market Size And Growth
3.1. Global Electric Cars Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Electric Cars Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Electric Cars Market Segmentation
4.1. Global Electric Cars Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Electric Cars Market, Segmentation By Battery Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Electric Cars Market Regional And Country Analysis
5.1. Global Electric Cars Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Electric Cars Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- General Motors
- BAiC Motors
- Daimler AG
- Chery Automobiles
- Anhui Jianghuai Automobile Co. Ltd. (JAC Motors)
- Geely Automobile Holdings Ltd.
- Great Wall Motor Co. Ltd.
- Jaguar Land Rover
- Mahindra Electric Mobility Ltd.
- Honda Motor Co. Ltd.
- Energica Motor Company S.P.A.
- Nissan Motor Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qglukv
Laura Wood, Senior Press Manager
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