Global Electric Car Market Industry Analysis | Forecast 2020 - 2024

Posted by sarahbennu on January 28th, 2020

The electric car market size is poised to grow by 5.78 million units during the period 2019-2023, according to the latest market research report by Technavio. 

Technavio has announced its latest market research report titled global electric car market 2019-2023 (Graphic: Business Wire)

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The global demand for electric vehicles has been increasing on a year-on-year basis. The sales of PHEVs and BEVs recorded significant growth in 2017 across the globe, especially in China, the US and a few countries in Europe. The presence of electric vehicle supporting infrastructure, favorable government regulations, and subsidies and incentives on the use of all-electric vehicles are a few of the critical factors driving the growth of the all-electric vehicle market. Therefore, the growing demand and sale of BEVs in the global market are driving the growth of the global electric car market.

As per Technavio, the increase in the number of new electric car launches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.

Electric Car Market: Increase in the Number of Electric Car Launches

The global electric car market is witnessing an increase in the number of launches. These new models offer improved performance, upgraded battery range, and enhanced comfort and convenience while traveling. Electric cars have been launched in different price segments, ranging from small budget cars to high-performance all-electric cars. Some of the new launches unveiled were Volvo Car’s Polestar 1, AUDI’s E-Tron Quattro, Toyota Motor’s Supra, BMW’s i8 Roadster, and Jaguar Land Rover’s I-Pace.

“Emergence of wireless charging systems for EVs and the growing production of in-house electric motors by OEMs will have a significant impact on the growth of the electric car market value during the forecast period,” says a senior analyst at Technavio.

Electric Car Market: Segmentation Analysis

This market research report segments the electric car market by body type (hatchbacks, sedans, and others) and geography (the Americas, APAC, and EMEA).

The APAC region led the market in 2018, followed by EMEA and the Americas, respectively. The growth of the electric car market share in APAC can be attributed to several factors such as the presence of electric-vehicle friendly infrastructure and growing awareness among consumers in China.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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