Delivery : 24-72 Working Hours
| Report Code: AT11186 |
Available Format: | |
Category : New Energy Vehicles & Components | |||
Electric Car Market Overview
Over the last decade, electric car market has seen a significant growth. The market size of U.S. and China together accounts for majority of electric cars sold globally, followed by Germany, Japan, Norway and the UK. Norway and Netherlands have considerable share of electric cars in total car sales in their respective countries. Plug-in type and hybrid cars are more preferred in the U.S. when compared to battery cars.
An electric car uses one or more, fixed or detachable, electric batteries for propulsion. The batteries could be charged at a charging station. A hybrid electric car combines fossil fuel and electric power for propulsion. The battery is charged by regenerative braking in which the heat dissipated by brakes is used to charge the battery. The batteries of plug-in hybrid type electric cars can be charged either by regenerative braking or plugging in a charging station.
Drivers
Declining prices of lithium-ion batteries is expected to make electric cars more affordable in future, benefiting the electric car market. The lithium-ion battery cost has declined by around 80% in few years. Moreover, technological innovations would further bring down the cost of the battery over the forecast period. As batteries are the main component of an electric car accounting for majority of cost, declining battery prices, to an extent, would close the price gap between the conventional and electric cars benefiting the sales of the latter.
An electric car is often considered impractical by the customers due to its low capacity and high costs. However, newer generation electric cars, such as Chevrolet Bolt and Tesla (Model 3), can run more than 200 miles on a single charge. More such higher-range electric cars are expected to be launched in future. Availability of high-range electric cars would make them more practical to own and run long distances on a single charge.
Challenges
Lack of sufficient number of recharging stations is a major challenge to the growing electric car market. Even in the U.S. and China, there are just 16,000 public recharging stations and 150,000 public recharging points respectively. Moreover, most of these recharging stations are only available in key cities. Recharging stations on the highways or intercity routes are negligible. Even though the number of recharging stations are growing fast, their insufficiency is a major constraint for the electric car market. Moreover, investor funding to invest in recharging stations in countries where the electric vehicle market is in a nascent stage could become a major challenge for this industry.
Lack of awareness about the electric vehicles and less their less acceptability among the masses is a considerable challenge for this industry. In nascent markets such as India, many people are still not aware of an electric car. In developed markets where the awareness is more, many people still do not consider electric car practical for everyday use. However, this is going to change in the medium term, at least in key cities globally with the growing popularity of electric vehicles.
Electric Car Market - Competitive Landscape
The electric car market is fairly fragmented with both international car companies and local Chinese car manufacturers each sharing small market shares in the total sales. Some of the key companies among the international car manufacturer includes Chevrolet, Nissan, Mitsubishi and BMW. Tesla is also an important player in this industry. BYD and BAIC are important Chinese companies in the electric car market.
Market Segmentation
By Battery Voltage
By Car Type
By Battery Technology
By Geography
Secure Online Payments
