According to a recent research report published by P&S Intelligence, the global electric car market size 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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BEVs are expected to have a larger share than PHEVs during the forecasted period, as government subsidies and schemes continue to favor BEVs over PHEVs, as they are eco-friendlier. For instance, in France, electric cars emitting up to 20 g CO2/km (mostly BEVs) receive more tax exemptions than electric cars with 21 g to 60 g CO2/km (mostly PHEVs). Similarly, in the U.S., the Zero Emission Vehicle (ZEV) credit for BEVs is more than that for PHEVs, which is encouraging the car companies in the region to sell more BEVs than PHEVs. If the incentives on PHEVs will be few or phased out, sales will be affected. For instance, in the Netherlands, tax incentives were removed for PHEVs in 2016, which led to a decline in their sales in the country.
Battery accounts for a considerable share in the total cost of an EV. For BEVs to become cost competitive with conventional cars, the cost of battery packs should fall below $120/kWh. Electric car battery pack prices dropped by more than 77% during the 2010–2016 period to $227/kWh. The cost of lithium-ion (Li-ion) batteries is expected to further decrease in the coming years, which is expected to benefit the EV market. The lower price of batteries will open new opportunities for the players in the market to increase their battery capacity and range, which, in turn, will expand the market too. The figure shows the decline in the average price of Li-ion batteries in the 2010–2016 period.
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The global EV market was highly fragmented in 2016, with top three players accounting for less than 50% of the total sales. BYD stood as the market leader in 2016 because of its market dominance in China and popularity of its Tang and Qin electric cars. BYD was closely followed by the Renault–Nissan–Mitsubishi Alliance because of the growing popularity of the Nissan Leaf and the Mitsubishi Outlander. Tesla accounted for more than 10% of the global EV sales in 2016, benefited by the demand for its Model S and Model X. Other important players in the market included BMW, General Motors, and local Chinese companies, such as BAIC.
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