Global electric car market is projected to attain a size of 52,72,312 units by 2023, according to P&S Intelligence.
The government financial incentives such as subsidies and tax rebates on the purchase of electric cars and non-financial support, such as access to high-occupancy vehicle lanes and preferential parking for electric cars, are the major drivers for the growth of electric car market.
Insights on market segments
On the basis of segment, the market is categorised into low, economy, medium, and premium segment cars. Economy segment car has been experiencing higher sales globally. Economy-segment EVs are estimated to account for the largest share, of more than 30%, in the electric car market in 2017, followed by low-segment cars. However, the volume sales of medium segment car are expected to advance at a higher growth rate during the forecast period. Economy car segment has higher preference in key markets, such as China, owing to its low cost.
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Asia-Pacific is projected to be the largest market
Asia-Pacific, led by China, is estimated to hold the largest share in the electric car market with more than 45% share in 2017. During the 2013–2016 period, the Chinese government heavily subsidized EVs, which led to a boom in the industry, with sales growing at a CAGR of around 180%. By 2015, the government had spent around $4.9 billion in subsidizing electric vehicles. Apart from this, the presence of industry leaders, such as BYD Company Limited, BAIC Motor Corporation Limited, and Geely Automobile Holdings Limited, is also benefiting the industry in this region.
Europe is estimated to be the second largest electric car market globally, with a share of more than 25.0% in 2017. The EU has set a plan to minimize GHG emissions in the region to 80% below the 1990 levels by the end of 2050. To meet this target, emissions from transport need to be reduced significantly, which, in turn, would encourage the growth of the electric car market in the region in the long run. Similar to other regions, the governments of the European countries are also providing financial and non-financial incentives to the customers to boost the market.
The global electric car market is competitive with top three players accounting for less than 50% of the total sales. Tesla and General Motors are estimated to be the leading players in North America. BYD and Renault-Nissan-Mitsubishi Alliance are the major players in the Asian electric car market.
The other major players in the electric car market are Ford Motor Company, Volkswagen AG, Hyundai Motor Company, BAIC Motor Corporation Limited, Daimler AG, and Geely Automobile Holdings Limited.