New Delhi: The electric car market is expected to reach $ 1.9 trillion by 2028, at a CAGR of 37.1% during the forecast period 2021-2028, ResearchAndMarkets.com said in its latest report. In volume, this market is expected to grow at a CAGR of 36.2% from 2021 to reach 69.3 million units by 2028, he added.
According to the market research firm, the growth of this market is mainly attributed to favorable government policies and regulations, increased investment by major automotive OEMs, growing environmental concerns and falling battery prices.
Based on the type of propulsion, the electric car market is segmented into hybrid vehicles, battery electric vehicles and fuel cell electric vehicles. According to the firm, the hybrid vehicle segment is expected to account for the largest share of the electric car market in 2021. The large share of this segment is mainly attributed to increasingly stringent automotive emissions regulations, at the demand of consumers to energy-efficient vehicles, increased automotive investment. OEMs for the hybridization of the vehicle’s powertrain and the low cost of hybrid vehicles compared to battery-electric vehicles, according to the report.
However, he added that the fuel cell electric vehicle segment is expected to experience significant growth.
Moreover, on the basis of power output, the electric car market is segmented into less than 100 kW and 100 kW to 250 kW. The under 100 kW segment is expected to account for the largest share of the electric car market in 2021, the report notes. “The significant share of this segment is mainly attributed to the increasing use of light electric cars in the central business districts of major cities around the world, to the increase in the implementation of electric cars for shared mobility services, the fall in battery prices and the increase in investments by electric vehicle startups. in this segment, ”added ResearchAndMarkets.com.
However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. “The rapid growth of this segment is mainly attributed to the growing initiatives of major automotive OEMs to launch powerful electric cars, increasing regulations aimed at reducing tailpipe emissions and increasing adoption of electric cars in economies. developed. ” he added.
On the basis of end use, the electric car market is segmented into private and commercial use. The private use segment is estimated to account for the largest share of the electric car market in 2021. The significant share of this segment is mainly attributed to the growing consumer demand for fuel efficient and zero tailpipe vehicles, government incentives to promote sales and manufacturing. electric cars, tax breaks, lower battery costs and higher fuel prices.
However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. “The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets, increasing regulations to reduce fleet emissions, increasing adoption of mobility as a service (MaaS), growing demand for energy – efficient travel, rising fuel prices and encouragement by global and national regulators to roll out policies that encourage the adoption of cars electric for mobility services, ”the agency said.
It is estimated that the Asia-Pacific region will account for the largest share of the electric car market in 2021. The significant share of this region is mainly attributed to the growing demand for electric vehicles and associated charging facilities, the growing number of start-ups. -up offering many solutions. and services in the electric mobility industry, attractive incentive programs for electric car buyers and the presence of core regional skills from countries such as India, China, Japan and South Korea in manufacturing and technological developments, the report noted.