Updated On May 15, 2024

By SaraNextGen

Electric Cars Market Expected to Reach at a Value of US$ 172.5 Bn by 2028 | MMC Report

The report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Electric Cars Market: Opportunity Analysis and Future Assessment 2020-2028’.

• An overview of conceptual frameworks, analytical approaches of the Electric Cars market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Electric Cars market is expected to grow at a significant rate in the near future. The global electric cars market is estimated to reach at a value of US$ 7.1 Bn by the end of 2020 and expected to reach at a value of US$ 172.5 Bn by 2028 with a significant CAGR of 49.1%. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.

• The expeditiously rising deterioration of the environment and surroundings due to surging levels of pollution, degrading air quality, global warming, reduced atmospheric visibility, and many other concerns is one of the fundamental drivers that is boosting the evolution of electric cars in the global markets. According to the 2012 report of the Union of Concerned Scientists, driving an average electric car concludes in reduced global warming emissions than driving a gasoline-fueled car that gets 50 miles per gallon (MPG) in regions covering two-thirds of the U.S. population, up from 45 percent.

•  Owing to which, the global electric cars market is projected to gain huge momentum in the forthcoming years. In the same spirit, there has been soaring demand among consumers for high-performance and superior quality cars across the world along with fuel-efficiency and more convenience, and electric cars with all its potential are competent enough to meet all the needs of consumers, worldwide.

•  Electric cars have the abundant capability of outdoing the traditional cars, providing reduced carbon emissions as well as maintenance, escalated fuel economy, highly convenient in charging, smooth drive, as well as reduced sound from the engine. Attributable to which, the global electric cars market is projected to accelerate rapidly in the years to come.

• Apart from that, there has been a constant support for the development of a lasting electric future, keeping in mind the increasingly growing levels of environmental issues across the world. Also, there has been stringent regulations for low-emission vehicles, which further positively fuel the growth of the global electric cars market in the near future.

• Driven with which, the market giant US-based Tesla is all set to introduce its electric cars in India, beginning with sales and then considering to start assembling in India if the demand requires. Also, Mercedes-Benz is also taking on one of the biggest industry challenges with the rollout of its battery-powered EQA: selling small electric cars without a big profit squeeze. Owing to such factors, the global electric cars market is anticipated to witness substantial growth over the coming years.

• Electric Cars Market Segmentation

• The global Electric Cars market is segmented on the basis of technology, segment and regions. On the basis of the technology, the Electric Cars market is segmented into Battery Electric Vehicle (BEV) and Plug In Hybrid Electric Vehicle (PHEV). On the basis of segment, the market is segmented into Economy, Low, Medium, and Premium.

• The research report classifies the global electric cars market based on technology, segment and regions.

• By Technology

• Battery Electric Vehicle (BEV)

• Plug In Hybrid Electric Vehicle (PHEV)

• By Segment

• Economy

• Low

• Medium

• Premium

• By Region

• North America

• Latin America

• Africa

• Europe

• Asia Pacific

• Middle East

• Electric Cars Market Key Players

• The global Electric Cars market is dominated by Tesla Inc., Toyota Motor Corp., General Motors Co., BYD Co. Ltd., BAIC Motor Corp. Ltd., SAIC Motor Corp. Ltd., Geely Automobile Holdings Ltd., Chery Automobile Co. Ltd., Anhui Jianghuai Automobile Co. Ltd. (JAC Motors), and Changan Automobile Co. Ltd., among others.