Global Electric Car Industry Overview 2023:
Electric cars represent vehicles that are either partially or fully powered by electric power. They usually consist of various components, including motors, batteries, onboard chargers, electric power control units (EPCUs), etc. Electric cars aid in reducing carbon footprints and air pollution levels. They are also convenient and cost-effective, minimize maintenance requirements, provide better performance, produce zero tailpipe emissions, make less noise, etc. Owing to this, electric cars are a more environmental-friendly and efficient alternative to traditional gasoline-powered vehicles. They also offer a smooth ride and a unique driving experience with instant torque. Consequently, electric cars are widely utilized for personal transportation across the globe. Presently, they are commonly available in hybrid, fuel cell, and plug-in hybrid product variants.
How Big is the Electric Car Market:
- Market Size Value in 2022: US$ 129.0 Billion
- Industry Revenue Forecast in 2028: US$ 372.3 Billion
- Growth Rate: CAGR of 18.93%
- Base Year of Estimation: 2022
- Historical Data: 2017-2022
- Future Forecast Period: 2023-2028
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Global Electric Car Industry Driving Factors and Future Demand Analysis:
The growing consumer awareness of the increasing greenhouse gases (GHGs) emissions and climate change is primarily driving the electric car market. Additionally, government bodies across various countries are offering numerous financial incentives, such as rebates, tax credits, grants, etc., to encourage the adoption of EVs, which is further bolstering market growth. In line with this, they are also developing charging stations and fast-charging networks that enable electric car owners to recharge their vehicles on the go, thereby positively influencing the global market. Moreover, the escalating demand for advanced technologies, including Artificial Intelligence (AI) solutions, to produce zero- and low-emission automobiles with improved fuel efficiency and soundless operations, provide driver assistance, manage battery performance, offer predictive maintenance, etc., is acting as another significant growth-inducing factor.
By IMARC Group, the Top Electric Car Companies & Brands in the World 2023:
- Bayerische Motoren Werke AG
- BYD Company Limited
- Ford Motor Company
- General Motors Company
- Groupe Renault
- Hyundai Motor Company
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG (Porsche SE)
Apart from this, the inflating popularity of sustainable production practices, such as reducing waste generation, utilizing renewable energy sources, promoting recycling, etc., among leading manufacturers is propelling market growth. Furthermore, the rising need for fuel-efficient vehicles to reduce carbon footprints is also catalyzing the global market. Besides this, the introduction of graphene-based batteries that provide high energy density, instant charging facilities, longer life, etc., and the expanding automotive industry are anticipated to fuel the electric car market over the forecasted period.
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