Electric Car Market Recorded a 29.97% Y-O-Y Growth Rate in 2021 | Driven by Increasing Demand & Sales of BEVs in the Global Market | Technavio
NEW YORK, May 4, 2022 -- The electric car market size is set to grow by 7365.42 thousand units from 2020 to 2025. However, the growth momentum will decelerate at a CAGR of 27.49%. Also, the electric car market recorded a 29.97% Y-O-Y growth rate in 2021 as per the latest research report by Technavio. The electric car market is fragmented and the vendors are deploying growth strategies such as ramping up their production capacity with new plants and partnerships to compete in the market. BAIC Motor Corp. Ltd., BMW AG, BYD Co. Ltd., Chongqing Changan Automobile Co. Ltd., Chery, Geely Auto Group, General Motors Co., KIA Motor Corp, Nissan Motor Co. Ltd., and Tesla Inc. are some of the major market participants.
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Electric Car Market 2021-2025: Scope
The report also covers the following areas:
- Electric Car Market size
- Electric Car Market trends
- Electric Car Market industry analysis
Electric Car Market 2021-2025: Drivers & Challenges
The key factor driving growth in the electric car market is the increasing demand and sales of BEVs in the global market. The sales of PHEVs and BEVs recorded significant growth in 2021 globally, especially in China and the US, and a few countries in Europe. The number of BEV manufacturers has increased in China over the past couple of years. This is due to the growing demand for new energy vehicles in the country. The presence of electric vehicles supporting infrastructure, government regulations, and subsidies and incentives for the use of all-electric vehicles are a few of the important factors driving the growth of the all-electric vehicle market in China. In Europe, countries such as Norway, the Netherlands, Germany, Iceland, and Poland dominated the regional sales. The growing demand and sales of BEVs in these countries and regions are driving the growth of the global electric cars market.
However, the high cost of ownership of BEVs will be a major challenge for the electric car market during the forecast period. BEVs or all-electric cars are costly compared with conventional vehicles, especially for the consumers of developing automotive markets. In developed automotive markets, the improved socio-economic conditions, developed electric vehicle infrastructure, higher localization of manufacturing, and government incentives/subsidies make BEVs significantly affordable. However, this does not hold true for emerging automotive markets. For the consumers in such markets, the cost of ownership of BEVs is higher compared with the ICE options available in the market. For the majority of consumers, the starting price of an entry-level BEV is costlier when compared with the available ICE options in that price segment. After-sales services such as maintenance of electric vehicle components are expensive due to the immature local market and non-availability of electric vehicle service parts. These factors have been hindering the growth of the global electric car market.
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Electric Car Market 2021-2025: Segmentation Analysis
- North America
- South America
Electric Car Market 2021-2025: Revenue Generating Segment & Regional Analysis
- The electric car market share growth in the sedan segment will be significant for revenue generation.
- 39% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for electric cars in APAC. Market growth in this region will be faster than the growth of the market in other regions. The various government initiatives to go green, increasing stringent carbon emission norms, and incentive schemes formulated for the adoption of electric vehicles will facilitate the electric car market growth in APAC over the forecast period.
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Electric Car Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist electric car market growth during the next five years
- Estimation of the electric car market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the electric car market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electric car market vendors
- The commercial vehicle market share is expected to increase by 3785.23 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.06%. Download a sample now!
- The high-performance car market share is expected to increase by 1586.35 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.44%. Download a sample now!
Electric Car Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of 27.49%
Market growth 2021-2025
7365.42 mn units
YoY growth (%)
Performing market contribution
APAC at 39%
Leading companies, competitive strategies, consumer engagement scope
BAIC Motor Corp. Ltd., BMW AG, BYD Co. Ltd., Chongqing Changan Automobile Co. Ltd., Chery, Geely Auto Group, General Motors Co., KIA Motor Corp, Nissan Motor Co. Ltd., and Tesla Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,
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Table of Content
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Sedan - Market size and forecast 2020-2025
- Hatchback - Market size and forecast 2020-2025
- Others - Market size and forecast 2020-2025
- Market opportunity by Type
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2020-2025
- North America - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- BAIC Motor Corp. Ltd.
- BMW AG
- BYD Co. Ltd.
- Chongqing Changan Automobile Co. Ltd.
- Geely Auto Group
- General Motors Co.
- KIA Motor Corp
- Nissan Motor Co. Ltd.
- Tesla Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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