BANGALORE, India, Dec. 3, 2021 /PRNewswire/ -- The Electric Car Market is Segmented by Type (PHEV, BEV), by Application (Home Use, Commercial Use). Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Autos & Vehicles Category.
The global Electric Car market size is projected to reach USD 476730 Million by 2027, from USD 97260 Million in 2020, at a CAGR of 25.3% during 2021-2027.
Major factors driving the growth of the electric car market are:
The expansion of the electric car market is aided by factors such as rising demand for fuel-efficient, high-performance, low-emission vehicles, reduced need for servicing as well as strict government emission restrictions and regulations.
The global electric car market is expected to grow over the next several years, owing to technological advancements in batteries and decreased costs of lithium-ion (Li-ion) cells.
TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC CAR MARKET:
The electric car market is growing due to a growing emphasis on decreasing carbon emissions. Electric vehicles have the ability to lower greenhouse gas emissions.
Furthermore, automakers are aiming for higher battery capacity, allowing electric cars (EVs) to travel long distances on a single charge. A rise in the number of new electric car releases worldwide, the development of wireless charging facilities for EVs, and OEMs' increasing in-house electric motor manufacturing are some of the important advancements in the electric car market that will gain traction during the forecast period.
Electric vehicle registrations grew in 2021 due to a variety of factors. In particular, on a total cost of ownership basis, electric cars are increasingly becoming more competitive in several countries. Several governments granted or extended fiscal incentives to help electric car buyers weather the market downturn. Growing government investments in the development of electric vehicle charging stations and hydrogen fueling stations, as well as buyer incentives, will allow OEMs to diversify their revenue streams and geographical presence.
Based on type, BEV is expected to be the most lucrative segment. Based on application, the Commercial vehicle is projected as the most lucrative segment. Increased government focus on electrification of public transportation fleets, as well as increased demand for zero-emission Cars in the eCommerce and logistics sectors, will provide OEMs with the opportunity to diversify their revenue streams and geographical presence.
Based on regions, Asia-pacific is expected to be the most lucrative segment. The main contributors in this region are China, Japan, South Korea, Singapore, and Australia. Due to the rising demand for lower cost-efficient and low-emission automobiles, the market in the Asia Pacific is expected to rise steadily.
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