Global Electric Car Market 2019-2023
About this market
Increase in number of new electric car launches across the globe to emerge as one of the major trends in the market. The market has been unveiling all electric car models in recent years. These new models offered improved performance, battery range, and enhanced comfort and convenience while travelling. Technavio’s analysts have predicted that the electric car market will register a CAGR of close to 39% by 2023.
Growing demand and sales of BEVs in global market
In the Americas, the US contributed to significant sales of electric car during the base year. Therefore, the growing demand and sales of BEVs in these countries and regions is driving growth of global electric car market.
BEV range issues
The limited performance and range capacity associated with a BEV act as market growth inhibitors.
For the detailed list of factors that will drive and challenge the growth of the electric car market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Tesla and Volkswagen the competitive environment is quite intense. Factors such as the rising demand and sales of BEVs in global market and increase in number of new electric car launches across the globe, will provide considerable growth opportunities to electric car manufactures. BAIC Motor, BMW, BYD Company, CHERY, General Motors, Nissan, Tesla, and Volkswagen are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Electric Car Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increase in number of new electric car launches across the globe.”
According to the report, one of the major drivers for this market is the rising demand and sales of BEVs in global market.
Further, the report states that one of the major factors hindering the growth of this market is BEV range issues.