The Electric Car Market is expected to reach a value of $1.9 trillion by 2028, at a CAGR of 37.1% during the forecast period 2021-2028. In terms of volume, this market is expected to grow at a CAGR of 36.2% from 2021 to reach 69.3 million units by 2028.
Electric car is an automobile that is propelled by one or more electric motors, using energy stored in batteries. Compared to internal combustion engine (ICE) vehicles, electric cars are quieter, have no exhaust emissions, and lower emissions. Electric cars have an electric motor instead of an internal combustion engine. The motor is powered by a large battery pack placed in the car, which can be recharged through a wall socket or portable charger.
Electric cars use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the battery pack of the vehicle, which in turn runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles. In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric cars are increasingly used for private transportation and shared mobility services.
Here are the top 10 companies operating in Electric Car Market
Founded in 2003 and headquartered in California, U.S., Tesla, Inc. designs, develops, manufactures, sells, and leases high-performance, fully-electric vehicles and energy generation & storage systems. Tesla, Inc. provides electric vehicles, mobile service technicians, body shops, supercharger stations, and energy generation & storage solutions. Tesla, Inc. is the world’s first vertically integrated sustainable energy company that offers end-to-end clean energy products, including energy generation, storage, and consumption. With its subsidiaries and a strong distribution network, the company has its presence across the United States, China, the Netherlands, Norway, and other countries.
The company operates through two reportable segments—Automotive and Energy Generation and Storage. Tesla, Inc. manufactures electric vehicles and other components at the Fremont Factory (U.S.), Bay Area in California, Gigafactory Nevada (U.S.), Gigafactory New York (U.S.), Gigafactory Shanghai (China), and is planning to build a Gigafactory in Berlin, Germany for the European Market. Tesla, Inc. has upgraded its powertrain system and developed autopilot and full self-driving (“FSD”) hardware and neural net, which helps achieve leading range, recharging flexibility, superior acceleration, and handling and safety characteristics.
Founded in 1916 and headquartered in Munich, Germany, BMW is the world’s leading premium manufacturer of automobiles and motorcycles. BMW stands for Bayerische Motoren Werke, a German multinational corporation that produces luxury vehicles and motorcycles. BMW consists of four brands BMW (Germany), MINI (Germany), Rolls-Royce (U.K.), and BMW Motorrad (Germany). BMW is the world’s leading manufacturer of premium automobiles and motorcycles and a provider of premium financial and mobility services. BMW Group sets trends in production technology and sustainability as an innovation leader with an intelligent material mix, a technological shift towards digitalization, and resource-efficient production. With its subsidiaries and a strong distribution network, the company has its presence across Europe, Asia, the Americas, and other regions.
The company operates through four reportable segments Automotive, Motorcycles, Financial Services, and Other Entities. In 2020, the BMW Group delivered 2,325,179 automobiles which consisted of BMW, MINI, and Rolls-Royce Motor Cars and 169,272 motorcycles globally. Of this, 192,662 were electrified vehicles (BEVs+PHEVs). BMW has 31 production facilities and assembly facilities in 15 countries.
Founded in 1937 and headquartered in Berlin, Germany, Volkswagen AG is a German multinational automotive manufacturing corporation and the largest carmaker in Europe. Volkswagen Group consists of twelve brands from seven European countries: Volkswagen (Germany), Audi (Germany), SEAT (Spain), ŠKODA (Czechia), Bentley (U.K.), Bugatti (France), Lamborghini (Italy), Porsche (Germany), Ducati (Italy), Volkswagen Commercial Vehicles (Germany), Scania (Sweden), and MAN (Germany). Volkswagen Group offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management. With its subsidiaries and a strong distribution network, the company has its presence across Germany, North America, Europe, South America, and Asia-Pacific.
The company operates through four reportable segments Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. Volkswagen operates through 118 production plants in 20 European countries and an additional ten countries in the Americas, Asia, and Africa.
Hyundai Motor Company
Founded in 1967 and headquartered in Seoul, Korea, Hyundai Motor Company is a South Korean multinational automotive manufacturer. Hyundai Motor Company produces compact and luxury cars, SUVs, minivans, trucks, buses, and other commercial vehicles. Hyundai Motor Company generates more than one-third of its sales from South Korea, but its vehicles are also popular in China and India. With its subsidiaries and a strong distribution network, the company has its presence across Korea, North America, Asia, Europe, and other regions.
The company operates through three reportable segments Vehicle, Finance, and Others. Hyundai Motor Company has technical centers in North Korea, South Korea, America, Europe, Japan, India, and China.
BYD Company Ltd.
Founded in 1995 and headquartered in Shenzhen, China, BYD Company Ltd. is an automobile company that offers traditional fuel-engine vehicles, new energy vehicles, handset components, assembly services, rechargeable batteries, and photovoltaics. BYD Company Ltd. offers various products and solutions for passenger vehicles, commercial vehicles, rail transit, batteries, and electronics. BYD Company Ltd. also provides product design, component manufacturing, and assembly services for products such as handsets, tablets, notebook computers, and other consumer electronics products. With its subsidiaries and a strong distribution network, the company has its presence across The People’s Republic of China, Asia-Pacific, the U.S., and other countries.
The company operates through three reportable segments—Rechargeable Batteries and Photovoltaic, Handset Components and Assembly Services, and Automobiles and Related Products. BYD Company Ltd. caters to diverse industrial segments such as electronics, automobiles, new energy, and rail transit and has established over 30 industrial parks worldwide.
A report into the projected growth of the current Electric Car Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2028, it’s expected to have grown at a CAGR of 36.2%, reaching over $1.9 trillion.
Founded in 1998 and headquartered in Stuttgart, Germany, Daimler AG is one of the leading global suppliers of premium and luxury cars. The company is also one of the world’s largest manufacturers of commercial vehicles. Daimler AG offers financing, leasing, fleet management, investments, insurance brokerage, and innovative mobility services. Daimler AG offers passenger cars, trucks, vans, buses, and services. With its subsidiaries and a strong distribution network, the company has its presence across Europe, Asia, North America, and other markets.
The company operates through three reportable segments—Mercedes-Benz Cars & Vans, Daimler Trucks & Buses, and Daimler Mobility. Daimler AG has sold 2,528 million vehicles worldwide. Daimler AG has three business units Mercedes-Benz AG, Daimler Truck AG, and Daimler Mobility AG.
Ford Motor Company
Founded in 1903 and headquartered in Michigan, U.S., Ford Motor Company is an American multinational automaker that designs, manufactures, markets, and services a full line of Ford trucks, utility vehicles, and cars. The company sells automobiles and commercial vehicles under the Ford brand and most luxury cars under the Lincoln brand. Ford Motor Company works in the service and parts, commercial, mobility, community, and other spaces. With its subsidiaries and a strong distribution network, the company has its presence across the U.S., Canada, U.K., Germany, Mexico, and other countries.
The company operates through three reportable segments Automotive, Ford Credit, and Mobility. Ford Motor Company has built various iconic vehicles, including the Ford Model T, Continental, Mustang, Ford F-series, and Ford Bronco. The company also manufactures many other products, such as airplanes, radios, refrigerators, postal machines, weather satellites, and medical supplies. Currently, Ford Motor Company has operations across North America and in over 125 countries around the world.
General Motors Company
Founded in 1908 and headquartered in Michigan, United States, General Motors Company is one of the world’s largest auto manufacturers. The company designs, builds and sells trucks, crossovers, cars, and automobile parts worldwide. General Motors also provides automotive financing services through General Motors Financial Company, Inc. (U.S.). General Motors consists of 6 brands—Buick (U.S.), Cadillac (U.S.), Chevrolet (U.S.), GMC (U.S.) Baojun (China), and Wuling (China). With its subsidiaries and a strong distribution network, the company has its presence across North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The company operates through five reportable segments—GMNA, GMI, Corporate, Cruise, and GM Financial. General Motors has 122 facilities and 4,232 dealers in the U.S.
Honda Motor Co., Ltd.
Founded in 1948 and headquartered in Tokyo, Japan, Honda Motor Co., Ltd. is a Japanese public multinational company that offers automobiles, motorcycles, and power equipment. Honda Motor Co., Ltd. providers products from diverse segments, such as automobiles, motorcycles, power products, Honda jets, and aero engines. As of March 2020, Honda Motors had sold 19.28 million units of motorcycles, 4.85 million units of automobiles, and 5.70 million units of power products. With its subsidiaries and a strong distribution network, the company has its presence across Japan, North America, Europe, Asia, and other regions.
The company operates through four reportable segments—Motorcycle Business, Automobile Business, Financial Services Business, and Life Creation and Other Businesses. Honda Motors has delivered over 6 million power products to customers in over 150 countries and regions.
Mahindra and Mahindra Ltd.
Founded in 1945 and headquartered in India, Mahindra and Mahindra Ltd. is an Indian multinational automotive manufacturing corporation. Mahindra and Mahindra Ltd. caters to different industries such as aerospace, automotive, aftermarket, construction equipment, farm equipment, insurance broking, real estate & infrastructure, steel, vehicle & equipment finance, boats, consulting, hospitality, logistics, retail, trucks and buses, agri industry, clean energy, defense, information technology, power backup, rural housing finance, and two-wheelers. With its subsidiaries and a strong distribution network, the company has its presence across domestic and overseas.
The company has three reportable business segments – Automotive, Farm Equipment, and Others. Mahindra and Mahindra Ltd. have their business in 22 industries and also a presence in more than 150+ companies. In 1994, to promote the growth of Electric Vehicles (EV), Mahindra and Mahindra Ltd. acquired Reva Electric Car Company and renamed it Mahindra Reva Electric Vehicles.
Popular Mentions: NIO Inc., Nissan Motor Co., Ltd., Tata Motors Limited, Alcraft Motor Company Ltd, and Faraday & Future Inc.
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Authoritative Research on the Electric Car Market – Global Opportunity Analysis and Industry Forecast (2021-2028)
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