Electric Car Market witnessing a CAGR of 33.6% During the Forecast Period

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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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On the basis of segment, the market is categorised into low, economy, medium, and premium segment cars. Economy segment car has been experiencing higher sales globally. Economy-segment EVs are estimated to account for the largest share, of more than 30%, in the electric car market in 2017, followed by low-segment cars. 
Asia-Pacific, led by China, is estimated to hold the largest share in the electric car market with more than 45% share in 2017. During the 2013–2016 period, the Chinese government heavily subsidized EVs, which led to a boom in the industry, with sales growing at a CAGR of around 180%. By 2015, the government had spent around $4.9 billion in subsidizing electric vehicles.
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The global electric car market is competitive with top three players accounting for less than 50% of the total sales. Tesla and General Motors are estimated to be the leading players in North America. BYD and Renault-Nissan-Mitsubishi Alliance are the major players in the Asian electric car market.
The other major players in the electric car market are Ford Motor Company, Volkswagen AG, Hyundai Motor Company, BAIC Motor Corporation Limited, Daimler AG, and Geely Automobile Holdings Limited.

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