The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The growing demand for electric vehicles are expected to drive innovation in electric cars manufacturing, thus driving the market during the forecast period.

The global electric cars market is expected to grow from $278.75 billion in 2022 to $365.72 billion in 2023 at a compound annual growth rate (CAGR) of 31.2%. The global electric cars market size is expected to grow to $1,083.65 billion in 2027 at a CAGR of 31.2%.

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Global electric cars Market Segments Include:

• By Type:Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
• 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 Scid Battery
• By Application:Home Use, Commercial Use
• By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric cars market in 2021.

Major Market Players in the electric cars market include Toyota, BMW, BYD, Tesla, BMW, Volkswagen, General Motors, BAiC Motors, SAIC, and Daimler AG.

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. Because OEMs and technology companies discovered that a wireless charging system is far more convenient than a plug-in system for charging an electric vehicle. Qualcomm’s technologies are continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology that helps to charge the electric vehicle while driving. Therefore, the wireless charging system has huge scope in the future to electrify vehicles all over the world.

The Electric Cars Global Market Report 2023  provides a electric cars market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric cars market forecast analyzes electric cars market size, electric cars market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An electric car is an electric vehicle that runs on a chargeable battery such as a nickel-metal hydride (NI-MH) battery, lithium-ion battery, or fuel cell battery.

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