About Electric Car
The electric car is also known as the battery-electric car. This is automotive that is impelled by at least one electric engine, utilizing energy put away in batteries. Electric vehicles are quieter and have no fumes emanating, and lower outflows overall. Electric vehicles are less expensive than identical ICE vehicles, because of lower powering and upkeep costs. Charging an electric car should be possible at an assortment of charging stations and these stations can be introduced in public areas. Electric cars are a kind of electric vehicle (EV) that has a battery-powered battery pack locally available that can be charged from the electric matrix, and the power put away on the vehicle is the main source that drives the wheels for impetus. The expression "electric cars" by and large alludes to expressway skilled cars, yet there are likewise low-speed electric vehicles with limits as far as weight, force, and greatest speed that are permitted to go on open streets.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The Electric Car market is moderately fragmented with the availability of medium and giant organizations in the market. The giant organizations are concentrated on research and development with expansion of their business operations in order to increase their market share and generate revenue. Moreover, small regional players are collaborating with other companies. Analyst at AMA Research estimates that Germany Vendors will contribute the maximum growth to Global Electric Car market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Tesla (United States), Tata Motors (India), Audi (Germany), Mercedes (Germany), Jaguar (United Kingdom), Hyundai (South Korea), MG Motors (Birmingham), Mahindra (India), BMW (Germany) and Volkswagen AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Storm Motors (India), BYD (China), Volvo (Sweden), Daimler AG (Germany), SAIC Motor (China) and NIO (China).
Segmentation Overview
AMA Research has segmented the market of Global Electric Car market by Type (Battery Electric Car, Hybrid Electric Car and Plug-In Hybrid Electric Car), Application (Commercial Use and Household Use) and Region.
On the basis of geography, the market of Electric Car has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Speed, the sub-segment i.e. <125 MPH will boost the Electric Car market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Mid-Priced will boost the Electric Car market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Car Type, the sub-segment i.e. Passenger Cars will boost the Electric Car market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Drive, the sub-segment i.e. All-Wheel Drive will boost the Electric Car market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Charging , the sub-segment i.e. Normal Charging will boost the Electric Car market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Different countries shifting from normal vehicles to electric vehicles to protect the environment and due to scare of oil resources and Growing demand for the electric car in the emerging countries
Market Growth Drivers:
Growing demand for low emission commuting long-range supporting electric cars, Increase in technological advancements regarding batteries and rise in production of batteries on a mass scale in large volumes and Decrease in cost of Electric Vehicle batteries
Challenges:
Insufficient standardization of charging infrastructure and Reduction of buying and maintenance cost of the electric cars
Restraints:
Lack of charging infrastructure and High cost of the electric car
Opportunities:
The government are taking initiatives to promote electric vehicle and Increase research and development activities by existing and new organizations in electric cars
Market Leaders and their expansionary development strategies
In September 2021, YASA a British electric motor startup with a revolutionary “axial-flux” motor, was acquired by Mercedes-Benz. YASA will now develop ultra-high-performance electric motors for Mercedes-Benz’s AMG.EA electric-only platform. It will stay in the U.K. as a fully owned subsidiary, serving both Mercedes-Benz and existing customers like Ferrari.
In September 2021, German luxury car manufacturer Audi, added two fully electric four-door coupes – the Audi e-Tron GT and the Audi RS e-Tron GT – to its range of electric vehicles in India. These are the first fully electric sports cars from Audi and these vehicles are designed to outperform
Federal Motor Vehicle Safety Standards (FMVSS) are the United States vehicle regulations and a rule specifying authority provide guidelines regarding design, performance, and durability requirements, safety-related components, systems, and design features. and Canada Motor Vehicle Safety Standards (CMVSS) is the Canadian regulatory body that provides rules and guidelines for vehicle manufacturing and on-road driving rules and regulations.
Key Target Audience
Industry Associations, Government Regulatory, Battery Suppliers, Engine Part Manufactures, Engine Part Suppliers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.