Electric Car Market Size to Reach USD 1,381.5 Billion by – GlobeNewswire

Fort Collins, Colorado, Sept. 26, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Electric Car Market Size, Growth, Share, Statistics Report, By Type (Battery-Powered Electric Vehicle, Hybrid-Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Battery Type (Lithium-Ion Battery, Nickel-Metal Hydride Battery), By Drive Type, By Region, and Segment Forecasts, 2023-2032.”           

According to DataHorizzon Research, The electric car market size was valued at USD 210.1 Billion in 2022 and is projected to arrive at USD 1,381.5 Billion by 2032 with a CAGR of 20.8%. The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. The world is shifting towards a new global energy economy, and electric vehicles are leading. This transformation is revolutionizing the car manufacturing industry to replace conventional modes of transportation that cause environmental pollution. And it’s no surprise that electric vehicles are gaining popularity due to their numerous technological advancements. They outperform traditional cars in many ways, from providing higher fuel economy and low carbon emissions to convenient home charging and a smoother, quieter ride.

Air pollution has become a growing concern, with many countries experiencing record-high levels. This has led to a concerted effort to reduce emissions and mitigate the effects of air pollution. To achieve sustainable living, many countries are exploring various options to address this issue. One of the most significant contributors to air pollution is vehicle emissions, a pervasive problem. Although diesel vehicles have decreased in popularity, gasoline and petroleum-based cars remain in high demand, exacerbating the situation further.

The current trends observed in the global oil market have far-reaching implications for its demand. For over a century, the internal combustion engine has reigned supreme, but its dominance is being challenged with the advent of electric vehicles. The rise in oil prices has been particularly pronounced since the outbreak of the Russia-Ukraine conflict. Furthermore, several major oil-producing nations, such as Saudi Arabia, the United Arab Emirates, and Russia, have implemented oil production cuts, further exacerbating the price increase. These shifts in demand, supply gaps, and price fluctuations pose significant challenges for developing and oil-importing countries.

The market for electric vehicles is witnessing a remarkable upswing, owing to many contributing factors. One of the foremost reasons is the augmented demand for automobiles that deliver optimal fuel efficiency, exceptional performance, and minimal emissions. Furthermore, governments across the globe have implemented stringent regulations to curtail vehicle emissions, consequently spurring the growth of the electric vehicle market. Lastly, as electric vehicle batteries are becoming increasingly cost-effective and fuel prices are skyrocketing, electric vehicles are becoming an increasingly appealing choice for consumers.

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Report Snapshot:

Segmentation Overview:

The electric car market is segmented based on its type, battery type, drive type, and geography.

When it comes to powering electric cars, lithium-ion batteries reign supreme. Not only are they incredibly energy-efficient, but they also boast impressive performance in high temperatures. Plus, 95% of their components are recyclable, making them a responsible choice for environmentally-conscious drivers. Compared to other battery types, lithium-ion batteries are considered eco-friendly due to the absence of harmful substances like mercury, cadmium, and lead, which can have detrimental effects on our planet. No wonder these batteries are the go-to choice for electric and plug-in hybrid electric cars.

The primary market share for vehicles categorized as Hybrid-Electric Cars is currently higher than that of Battery Electric Cars. The growing demand for hybrid vehicles stems from their superior fuel efficiency and lower combustion limits than fully petrol-based cars. Furthermore, hybrid vehicles are preferred due to their lower infrastructure requirements than battery electric cars. However, the limited number of charging stations and inadequate infrastructure currently available in the market are hindering the growth of hybrid vehicles. Once these limitations are addressed, the demand for battery electric cars is expected to increase as they offer complete fuel independence.

Electric car demand surges in Asia Pacific, with China leading the way with 60% of global car sales. Other countries like Thailand and Indonesia also see a rise in demand, particularly for hybrid electric vehicles. Thailand aims for 100% electric cars on the road by 2035 and is taking steps to achieve this goal. The rise in demand is attributed to government subsidies, the need to curb pollution, and rising petrol prices. This creates favorable market conditions for upcoming opportunities.

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Key Developments in the Electric Car Market:

• Silicon Valley’s Mitra Chem, a battery materials innovator utilizing AI technology, has secured $60 million in Series B funding. The funding, led by General Motors, will aid Mitra Chem in expanding its operations and expediting the development of iron-based cathode active materials for affordable and convenient EV batteries. GM is collaborating with Mitra Chem’s advanced R&D facility in California to accelerate the commercialization of affordable electric vehicle batteries. The developed batteries will be compatible with GM’s Ultium Platform EV propulsion architecture.

• To support Busan’s bid for the 2030 World Expo, Hyundai Motor Group will display 20 art cars in New York City. These art cars will showcase Hyundai’s IONIQ 5 and IONIQ 6 all-electric models and Genesis’ Electrified G80 sedan. The vehicles will be adorned with graffiti artwork by the Korean artist ‘JAY FLOW’ to highlight Busan’s lively spirit through colorful designs and the slogan ‘BUSAN is Ready.’

Electric Car Market Report Highlights:

• The electric car market size is projected to reach USD 1,381.5 Billion with a CAGR of 20.8% by 2032. Electric vehicles are gaining popularity as they offer higher fuel economy, low carbon emissions, and convenient home charging. Air pollution caused by vehicle emissions is a growing concern, and many countries are exploring sustainable options. The rise in oil prices due to supply gaps and production cuts has increased the demand for electric vehicles. Governments worldwide have implemented strict regulations to reduce emissions, and electric vehicle batteries are becoming more cost-effective, making them a more appealing choice for consumers.

• Lithium-ion batteries are the top choice for electric cars due to their energy efficiency and eco-friendliness. Hybrid cars are more popular than battery electric cars due to better fuel efficiency and lower infrastructure requirements. Still, the demand for electric cars is expected to grow once charging station availability improves.

• Electric car demand is growing in Asia Pacific, led by China, with 60% of global sales. Other countries like Thailand and Indonesia also witness a rise in demand, especially for hybrid electric vehicles. This is due to government subsidies, the need to reduce pollution, and increasing petrol prices. This creates a favorable market for new opportunities.

• Some of the prominent players in the global electric car market report include Tesla, Li Auto, BMW Group, Volkswagen Group, Mercedes-Benz Group, Stellantis, General Motors, Lucid Motors, Tata Motors, Hyundai, BYD, and Kia. 

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Electric Car Market Report Segmentation: 

Electric Car Market, By Type (2023-2032)

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

Electric Car Market, By Battery Type (2023-2032)

• Nickel-Metal Hydride Battery
• Lithium-Ion Battery
• Lead-Acid Battery
• Ultra capacitors

Electric Car Market, By Drive Type (2023-2032)

• Front Wheel Drive
• Rear Wheel Drive

Electric Car Market, By Region (2023-2032)

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa

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