Harrisburg, NC -- (SBWIRE) -- 10/27/2020 -- The Market Insights Reports has added a new statistical market report to its repository titled as, Electric Cars Market. It provides the industry overview with market growth analysis with a historical & futuristic perspective for the following parameters; cost, revenue, demands, and supply data (as applicable). Furthermore, the report also sheds light on recent developments and technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries. The report also presents forecasts for Electric Cars investments from 2020 to 2023.
The global electric cars market is expected to decline from $533.4 billion in 2019 to 515.8 billion in 2020 at a compound annual growth rate (CAGR) of -3.31%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $1150.7 billion in 2023 at CAGR of 30.67%. The growth is mainly because of their low cost, low maintenance, less carbon emission, convenient charging, less noise from the engine, higher fuel costs, and most importantly being environmentally friendly.
Top Leading Companies of Global Electric Cars Market are Toyota, BMW, BYD, Tesla, Volkswagen, General Motors, BAiC Motors, SAIC, Daimler AG. and others.
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1) By Type: Battery Electric Vehicle (BEV); Plug-in Hybrid Electric Vehicle (PHEV); Hybrid Electric Vehicle (HEV)
2) By Battery Type: Lithium-Iron-Phosphate (LFP); Lithium Nickel Manganese Cobalt Oxide (Li-NMC); Lithium Titanate oxide (LTO) battery; Lithium Nickel Cobalt Aluminum oxide (NCA) battery; Nickel metal hydride (NiMH) battery; Lead Acid Battery
Asia-Pacific was the largest region in the electric cars market in 2019. Europe is expected to be the fastest growing region in the forecast period.
In February 2019, Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto (California) acquired Maxwell technologies an Energy storage company for a deal of $218 million. Maxwell technologies produce ultracapacitors an energy storage device or battery that is used in electric vehicles. The acquisition helped Tesla to get Maxwell's dry electrode technology which mainly used to produce ultracapacitors. These dry electrode technology ultracapacitors are used in electric vehicles to boost performance and also more cost-effective than other technologies.
The development of wireless charging facilities for electric vehicles is the greatest opportunity for both OEMs and end-users. Wireless charging enables charging of an electric vehicle without any inconvenience of finding the right cable connector at the charging point, and/or stopping by at any charging station. Wireless charging uses dynamic and inductive charging technologies where the electricity is transferred from one magnetic coil in the charger to a second magnetic coil connected to a car. Tesla, BMW, Rolls Royce, Volkswagen, Nissan, etc. are working on wireless charging system cars because the OEMs and technology companies figured out that it is much easier to charge an electric vehicle by wireless charging system than a plug-in system. Qualcomm's technologies, continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology which helps to charge the electric vehicle while driving. Therefore, the wireless charging system has a huge scope in the future to electrify vehicles all over the world.
Important Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc.
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Electric Cars Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
Geographically, this report is segmented into several key Regions, with sales, revenue, Market Share (%) and Growth Rate (%) of Electric Cars in these regions, from 2015 to 2020(forecast), covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Furthermore, the report provides a detailed analysis of the global Electric Cars market with an analysis of market size by value and volume. Along with this, an analysis of the penetration rate and the average revenue generated per user (ARPU) in the market has also been done. The report also includes a detailed analysis of the global Electric Cars market by countries, comprising of its market by value, volume, and ARPU and penetration rate.
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Research uses a bottom-up approach to assess the overall size of the market. Data from different industries and end-user industries and their applications across different product types are recorded and forecast during the forecast period. These segments and sub-segments are documented by industry experts and experts, as well as company representatives, and by analyzing data from these segments and sub-segments over the last few years, externally verified to gain market size.
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Note: All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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