Electric Car Market | Growth, and Demand Forecast, 2013–2023
Global 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 electric cars, are the major drivers for the growth of electric car market.
Global 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 electric cars, are the major drivers for the growth of electric car market.
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<strong>Electric</strong> <strong>Car</strong> <strong>Market</strong><br />
On the basis of segment, the market is categorised into low, economy, medium, <strong>and</strong> premium segment cars.<br />
Economy segment car has been experiencing higher sales globally. Economy-segment EVs are estimated to<br />
account for the largest share, of more than 30%, in the electric car market in 2017, followed by low-segment<br />
cars.<br />
Asia-Pacific, led by China, is estimated to hold the largest share in the electric car market with more than 45%<br />
share in 2017. During the 2013–2016 period, the Chinese government heavily subsidized EVs, which led to a<br />
boom in the industry, with sales growing at a CAGR of around 180%. By 2015, the government had spent around<br />
$4.9 billion in subsidizing electric vehicles.<br />
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