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Electric Cars Market Growth Driven By Rising Fuel Prices And Growing Interest Of Consumer Towards Non-Fuel Cars

“Global Electric Cars Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by 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:

  • Mid-price
  • Luxury

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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