Global Electric Car Market Size is Projected to Reach USD 1438.8 Billion by 2025 With a CAGR of 19.40% - Valuates Reports
SOURCE Valuates Reports
Global Electric Car Market Overview
BANGALORE, India, Nov. 27, 2019 /PRNewswire/ -- Over the next few years, the global market size of electric cars is anticipated to continue to grow mainly driven by technological developments in batteries and the lower cost of lithium-ion (Li-ion) cells.
A rise in the quantity of production is a significant factor leading to lower Li-ion battery prices along with the relocation of production units from Japan to China. This relocation allows manufacturers to benefit from a wide range of rare earth materials such as dysprosium and terbium for the production of batteries for electric vehicles.
Furthermore, vehicle companies are presently targeting greater battery capacity, increasing the variety of electric vehicles (EVs) to 200 miles on a single charge.
Some of the significant developments in the electric car market that will gain traction in the next five years include a rise in the amount of new electric car launches worldwide, the development of wireless charging facilities for EVs, and OEMs increasing in-house electric motors manufacturing.
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ELECTRIC CAR MARKET TRENDS
The Asia-Pacific area is estimated to account for 76% of the development of the electric car industry between 2019 and 2023. The main contributors in this region are China, Japan, South Korea, Singapore, Australia. Because of their environmentally friendly and energy-efficient benefits, the US electric car market has enjoyed very rapid development since 2014. We forecast this favorable development to continue until 2022 because state-led governments provide incentives for electric vehicle adoption to avoid increased greenhouse gas emissions.
SEGMENTS AND CLASSIFICATION OF ELECTRIC CAR MARKET
The report classifies the global electric car market into three sections based on its type, application, and region.
Segments in Global Electric Car Market Based on Region
- North America
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Segments in Global Electric Car Market Based on Type
Segments in Global Electric Car Market Based on Application
- Home Use
- Commercial Use
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TOP COMPANIES IN THE ELECTRIC CAR MARKET
The global electric car market is highly competitive, with significant organizations leading the market. Some of the notable electric car companies discussed in this report are,
REPORTS RELATED TO ELECTRIC CAR MARKET
Electric Vehicle Market:
The global electric vehicle market was valued at $118,864.5 million in 2017, and is projected to reach $567,299.8 million by 2025, growing at a CAGR of 22.3% from 2018 to 2025.
Electric Vehicle Battery Market:
Electric Vehicle Charging System Market:
Electric Vehicle Battery Systems Market:
Electric Car Balance Market:
The global Electric Car Balance market is valued at 1320 million US$ in 2018 and will reach 1330 million US$ by the end of 2025, growing at a CAGR of 0.1% during 2019-2025.
Electric Car Chargers Market:
Global Electric Car Chargers market size will reach 13100 million US$ by 2025, from 1710 million US$ in 2018, at a CAGR of 29.0% during the forecast period.
Asia Pacific Electric Vehicles Market:
The Asia Pacific electric vehicles market revenue is estimated to be $30.11 billion in 2017 and is expected to reach $144.62 billion by 2023, growing at a CAGR of 29.9%.
EV battery market during the forecast period to record a CAGR of nearly 23 per cent.
Electric Car Battery Charger Market:
Electric Car Turbocharger Market:
Car Electric Horn Market:
WHAT THE ELECTRIC CAR MARKET REPORT HAS TO OFFER
This report focuses on the volume and value of electric cars at the global, regional, and corporate level. This report represents the overall size of the electric car market from a global perspective by analyzing historical data and prospects for the future. This report focuses on the production capacity, ex-factory price, revenue, and market share for each manufacturer covered by this report at the company level.
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