Global Plug-In Electric Car Market – Growth | key Industry Players | Analysis | Forecasts to 2023

Global plug-in electric car market is projected to attain a size of 52,72,312 units by 2023. The government financial incentives such as subsidies and tax rebates on the purchase of electric cars and non-financial support, such as access to high-occupancy vehicle lanes and preferential parking for plug-in electric cars, are the major drivers for the growth of plug-in electric car market.

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On the basis of segment, the market is categorised into low, economy, medium, and premium segment cars. Economy segment car has been experiencing higher sales globally. Economy-segment PEVs are estimated to account for the largest share, of more than 30%, in the plug-in electric car market in 2017, followed by low-segment cars.

Asia-Pacific, led by China, is estimated to hold the largest share in the plug-in electric car market with more than 45% share in 2017. During the 2013–2016 period, the Chinese government heavily subsidized PEVs, which led to a boom in the industry, with sales growing at a CAGR of around 180%.

Europe is estimated to be the second largest plug-in electric car market globally, with a share of more than 25.0% in 2017. The EU has set a plan to minimize GHG emissions in the region to 80% below the 1990 levels by the end of 2050.

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Tesla and General Motors are estimated to be the leading players in North America. BYD and Renault-Nissan-Mitsubishi Alliance are the major players in the Asian plug-in electric car market. The other major players in the plug-in electric car market are Ford Motor Company, Volkswagen AG, Hyundai Motor Company, BAIC Motor Corporation Limited, Daimler AG, and Geely Automobile Holdings Limited.

GLOBAL PLUG-IN ELECTRIC CAR MARKET SEGMENTATION

By Technology

  • Battery Electric Vehicles (BEVs)
  • Plug-in hybrid electric vehicles (PHEVs)

 

By Segment

  • Economy
  • Low
  • Medium
  • Premium

 

By Region

  • North America

 

  • S.
  • Canada
  • Rest of North America

 

  • Europe

 

  • Germany
  • France
  • Norway
  • K.
  • Netherlands
  • Rest of Europe

 

  • Asia-Pacific

 

  • China
  • Japan
  • Rest of Asia-Pacific

 

  • Rest of the World

 

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