An electric car is a self-propelling transportation machine that is powered either by a collector system through electricity from charging station deployments or else can be charged by self-charging devices like regenerative braking systems and turbochargers.
The global electric car market was USD 134.32 billion in 2018 and is estimated to reach USD 413.95 billion by 2025 at a CAGR of 17.44% during the forecast period.
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Growth by Region
Asia-Pacific region accounted for the largest market in 2018 owing to the rising government incentives in the form of subsidies, grants and tax rebates, thus, continuously improving charging infrastructure in the region. North America, on the other hand, is also one of the lucrative markets owing to the USD 2.4 billion in federal grants to support the development of next-generation electric cars and batteries paired with USD 115 million for the installation of electric vehicle charging infrastructure in almost 16 different metropolitan areas around the country. Europe is also an important market for electric cars due to the introduction of new technologies focusing on zero-carbon emission vehicles in the region.
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Drivers vs Constraints
The global electric car market is mainly driven by rising government incentives in the form of subsidies and grants along with growing environmental concerns caused by conventional passenger carriers used for transportation purposes. Also, a volumetric surge in the automotive sector and the introduction of new technologies is also anticipated to propel the growth of the electric car market globally. However, the growth is hindered by the high manufacturing cost of the vehicle coupled with low fuel economy and serviceability of electric cars globally.
Industry Trends and Updates
Tesla, Inc., an American automotive and energy company is investing USD 5 billion in a factory located in Shanghai, China mainly to offer better access to domestic markets as well as to ease the effects of punitive tariffs for its customers located in China.
Lucid Motors, Inc., an American automotive company specializing in electric cars has got an investment amount of USD 1 billion by Saudi Arabia’s Public Investment Fund. This transaction represents a major milestone for Lucid Motors and will provide the company with the necessary funding to commercially launch its first electric vehicle (EV), the Lucid Air in the year 2020.