Electric Car Market (By Product Technology: Hybrid electric vehicles, Plug-in hybrid vehicles, Battery electric vehicles; By Components: Motor, Battery, Fuel stack, Controlling unit, Humidifier, Air Compressor, Power Conditioner, Fuel processor, On board charge, Other; By Vehicle Type; By Class; By Speed; By Drive Type; By Charging Point; By Connectivity; By Propulsion; By Application; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global electric car market size was exhibited at USD 124.45 billion in 2022 and is projected to hit around USD 468.29 billion by 2032, growing at a CAGR of 14.17% during the forecast period 2023 to 2032.

Key Pointers:

• Asia Pacific region is the highest region to hold the highest revenue share of the electric car market 
• Based on the product segmentation of electric cars involves hybrid electric vehicles, Plug-in electric vehicles, and battery-based electric vehicles.
• Based on the type of segmentation of electric cars are divided into various segments such as on the basis of components including the battery, motor, reducer, fuel stack, power generation unit control, air compressor, humidifier, board charge, fuel processor, and many more. On the basis of vehicle type commercial vehicles, and passenger cars. On the basis of vehicle class low price, mid-price, luxury.
• Based on the applications segmentation of electric cars. Increasing population and rising demands due to decreased cost of the electric car due to cheaper rates of the raw material and reduced pricing of the batteries.

Electric Car Market Report Scope

The advanced technology and development with increasing demands from the market over the past 2 years helped the market to grow high. Reducing the cost of the electric car battery in the past 10 years with improved facilities and advancements and increased production. In electric cars, the batteries cost higher. Increasing demand and production of electric cars affect the environment with less emission and decrease pollution in the regions affected the market growth. Increased market due to high efficiency, low emission, vehicles, no rules and regulations imposed by the government, reduced cost of the batteries, and the rising cost of fuels are major reasons for driving the electric car market high in the regions. Advanced technologies and government support improved more opportunities for the growth of the market. Key market players with advanced manufacturing of electric cars and increasing production as per the demands from the market helped to rise the market growth. The electric car is segmented into various types such as based on the type of battery electric vehicle, fuel cell electric vehicle, and plug-in hybrid electric vehicle. Based on vehicle type four-wheeler, two-wheeler, and passenger car. Based on class luxury, mid-rated. Based on top speed above 125 mph, 100 to 125 mph, and below 100 mph. Based on vehicle drive type rear wheel driving, front-wheel drive, and all-wheel drive. Different segments have contributed to the market growing at a higher rate.

The Impact of COVID-19 on the Electric Car Market

The COVID-19 pandemic has adversely hit many economies around the globe. To control the spread of this disease and avoid the related consequences, governments across the globe have announced partial or complete lockdowns, majorly impacting many manufacturing and service industries, including electric cars.

The outbreak of COVID-19 has led to disrupted supply chains, limited operations and workforce, and factory closures. This caused a severe decline in vehicle sales in 2020, including electric cars. In Europe, during the lockdowns, manufacturing facilities, supply chains, and consumer demands were paralyzed in the first half of 2020. Major investments in areas such as the development of charging infrastructure have halted since most EVSE (Electric Vehicle Supply Equipment) manufacturers worldwide have been affected due to government restrictions and nationwide lockdowns. This has led to a setback of electric mobility targets of various governments. Such factors have slowed down the growth of the electric cars market during the forecast period.

However, the electric vehicles market is expected to recover quickly due to China’s strong growth. Developed areas of China and Europe are poised to have a strong recovery while the U.S. is estimated to fall behind. Aggressive government initiatives for stabilizing the automobile industry are anticipated as a key factor triggering the adoption rate in coming years. Leading investors have planned to double their investment in autonomous vehicles that can positively impact the electric car market in the forecast period. For instance, in March 2020, Waymo, Google’s self-driving car project, raised USD 2.3 billion from investors, such as Silver Lake, Andreessen Horowitz, and AutoNation.

Supportive government policies and regulations drive the demand for electric cars

Governments worldwide are increasingly investing in electric mobility. Increasing government regulations to phase out fossil fuel-powered vehicles, growing investment for improving public EV charging infrastructure, and initiatives in the form of subsidies & tax rebates for the adoption of electric cars are expected to support this market growth.

The COVID-19 outbreak has severely impacted the automotive sector, with major manufacturers either totally shutting down operations or operating with reduced capacities, following the directives issued by their respective governments. However, governments worldwide are aggressively investing in electric vehicle ecosystems, either through direct subsidies as an incentive for purchasing electric vehicles or by investing in developing charging infrastructure for electric vehicles. For instance, in 2020, the German government extended environmental subsidies to purchase electric cars until 2025. The subsidies ranged from EUR 3,000 for battery-electric cars and EUR 2,250 for plug-in hybrid electric cars. To boost electric car demand, the German government mandated fuel filling stations to set up electric car charging stations. The chargers are installed under its economic recovery plan with USD 159.9 billion (EUR 138 billion) to help remove the range anxiety of electric cars and boost consumer demand.

Key Findings in the Electric Car Market Study:

The fuel cell electric vehicles market to grow at a significant pace during the forecast period

The fuel cell electric vehicles segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly attributed to several advantages, such as fast refueling, zero tailpipe emissions, lighter and smaller battery pack with increased driving range, increasing government initiatives for setting up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs across the world in the research and development of hydrogen fuel cell technology.

The 100kW to 250 kW segment is projected to grow at the highest CAGR during the forecast period

The 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs to launch powerful electric cars, increasing regulations to reduce tailpipe emissions, increasing adoption of electric cars in developed economies, and targets of governments across the world to phase out diesel vehicles by 2030.

The commercial use segment to grow at the highest CAGR during the forecast period

The commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing regulations to reduce fleet emissions, growing adoption of mobility-as-a-service (MaaS), growing demand for energy-efficient commuting, increasing fuel prices, and encouragement by global and state-level regulatory bodies to deploy policies promoting the adoption of electric cars for mobility services.

Europe to be the fastest-growing regional market by value and Asia-Pacific by volume

Europe is expected to witness the fastest growth during the forecast period. The factors attributed to the high growth of this region are consistent developments in making stringent emission regulations by the European Union, increasing focus on reducing the number of conventional cars, extensive charging infrastructure network in Europe, and increasing investment for developing sustainable roads transport infrastructure that can charge electric cars on-the-go to minimize range anxiety associated with electric vehicles.

By volume, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. Major factors attributed to the high growth of this region are rising consumer interest in purchasing electric cars, increasing adoption of electric cars in developing economies such as India and Southeast Asian countries, and increasing investments by countries such as India, South Korea, and Japan for development of local electric vehicles industry.

Some of the prominent players in the Electric Car Market include:

• Tesla (US)
• Volkswagen AG (Germany)
• SAIC Motors (China)
• BYD (China)
• Stellantis (Netherlands)
• Toyota Motor Corporation
• Honda Motor Co. Ltd
• Ford Motor Company
• Nissan Motor Corporation ltd

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Electric Car market.

By Product Technology

• Hybrid electric vehicles
• Plug-in hybrid vehicles
• Battery electric vehicles

By Components

• Motor
• Battery
• Fuel stack
• Controlling unit 
• Humidifier
• Air Compressor
• Power Conditioner
• Fuel processor
• On board charge
• Other

By Vehicle Type

• Passenger cars
• Commercial vehicles

By Class 

• Low price
• Medium price
• Luxury

By Speed

• More than 125MPH
• Less than 125MPH

By Drive Type

• Front wheel drive
• Rear wheel drive
• All wheel drive

By Charging Point

• Normal charging
• High charging

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)