According to the latest report by IMARC Group, titled “Electric Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global electric car market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global electric car market size reached US$ 129.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 372.3 Billion by 2028, exhibiting a growth rate (CAGR) of 18.93% during 2023-2028.

Electric Car Market IMARC

An electric car, also known as an electric vehicle (EV), is a type of automobile that is powered by one or more electric motors, using energy stored in rechargeable batteries. Unlike conventional gasoline or diesel cars, electric cars do not have a combustion engine and emit no harmful pollutants into the environment. It has several advantages over traditional cars, such as it is more efficient than gasoline or diesel vehicles, which means that electric cars are more energy-efficient and produce fewer greenhouse gas emissions than traditional cars. Besides this, it also has lower maintenance costs since it has fewer moving parts and does not require oil changes or tune-ups.

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Global Electric Car Market

The global market is primarily driven by the growing focus on sustainable development among the masses. In addition, numerous initiatives are undertaken by the government to reduce the pollution level is significantly supporting the demand for electric vehicles across the globe. Also, the introduction of several incentives, such as tax credits and subsidies by the governments in order to encourage the adoption of EVs is creating a positive market outlook. Furthermore, continuous developments in the automotive industry and the emergence of modern technologies are impacting the market favorably. Along with this, the rising investments by public and private agencies in infrastructural development projects and smart city initiatives are providing a boost to the market.

Competitive Landscape:

By IMARC group the report has also analyzed the competitive landscape of the market with some of the top electric car companies in 2023 being-

Some of these key players include:

  • Bayerische Motoren Werke AG (OTCMKTS: BMWYY)
  • BYD Company Limited (OTCMKTS: BYDDY)
  • Ford Motor Company (NYSE: F)
  • General Motors Company (NYSE: GM)
  • Groupe Renault (OTCMKTS: RNLSY)
  • Hyundai Motor Company (OTCMKTS: HYMTF)
  • Tesla Inc. (NASDAQ: TSLA)
  • Toyota Motor Corporation (NYSE: TM)
  • Volkswagen AG (Porsche SE) (OTCMKTS: VWAPY)

Explore the Full Report with Charts, Table of Contents, and List of Figures:

Key Market Segmentation:

Breakup by Type Insights:

  • Battery Electric Vehicle
  • Plug-In Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle

Breakup by Vehicle Class Insights:

  • Mid-Priced
  • Luxury

Breakup by Vehicle Drive Type Insights:

  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.

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