Electric Passenger Cars Market Analysis Report By Product, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global electric passenger cars market was prized by USD 120.81 billion in 2020. It is estimated to witness 32.5% CAGR from 2021 to 2028.

Drivers

As a result of the growing fuel prices, the acceptance of electric vehicles has got grip in numerous nations. An electric vehicle performs like a replacement for the diesel and petrol vehicles. These vehicles are powered by lithium-ion batteries, which present a capability of hybrid charging. Many cab service providing companies are concentrating on exchanging their convoy, powered by internal combustion engine, by means of electric vehicles. For example, by the conclusion of 2021, Uber India proposes to contain approximately 3,000 electric vehicles in its convoy.

Electric vehicles (EVs) are between the most important technologies, which add to decreasing the air contamination. Therefore, to encourage their acceptance, the governments of various nations, all over the world, are offering financial assistances on the acquisition of electric vehicles. For example, the Canadian government offers a financial support, which is equal to USD 3,700 on the possession of battery powered electric vehicles as well as plug-in hybrid electric vehicles.

Similarly, the Japanese government gives funding of equal to USD 3,700 on the buying of battery electric vehicles, along with USD 1,800 on the procurement of a plug-in hybrid electric vehicle.

By way of the encouragement given by the government, China was the most important market leader, due to the success of Tesla Model 3 and Wuling Hongguang Mini EV. In 2020, the nation held more than 30.0% share of the global trade for electric passenger cars. It will go on observing the huge impetus, which is backed by the increasing arrangement of open electric vehicle charging infrastructure, plus an expected increase in consumer demand, during the forecast period.

Effect of Covid-19

The eruption of the Covid-19 pandemic has altered the general business situation for 2020 along with the subsequent years. A number of businesses have observed a considerable hindrance because of the pandemic; moreover, the automobile manufacturing is not exemption to that. But, electric passenger cars observed a greater demand, throughout the pandemic period.
As contrast to 2019, the global transaction for electric passenger car augmented by more than 40.0%, in 2020. Due to the lockdown the manufacturing operation of the majority companies was disturbed. But, because of the rising programs by the government establishments, to promote the usage of less discharging fuel vehicles, the acceptance of electric passenger cars increased after lockdown.

Product Insight

The Battery Electric Vehicle (BEV) section held the major, above 60.0% revenue share of the electric passenger cars market, in 2020. It is projected to retain its domination, during the forecast period. Over 15 models of Battery Electric Vehicle (BEV) are presented in the U.S., since 2021.

Mainly, because of the range concern, Battery Electric Vehicle (BEV) is likely to observe an additionally reasonable enlargement, as contrast to Plug-In Hybrid Electric Vehicle (PHEV). In the Battery Electric Vehicle (BEV) section, Tesla Model S having an enhanced range is admired, but model 3, having small expense for each km, are the mainly economical. The company held more than 70.0% share of the Battery Electric Vehicle (BEV) trades, in 2020.

In terms of revenue, the Plug-In Hybrid Electric Vehicle (PHEV) section is expected to record the maximum, more than 32.0% CAGR, during the forecast period. This enlargement can be credited to the lead taken by the government establishments through the developing as well as developed nations, to encourage the utilization of electric vehicles.

Plug-In Hybrid Electric Vehicle (PHEV) makes use of batteries, to supply power for the electric motors plus unconventional fuel to provide power for the internal combustion engine. The companies like Volkswagen Group are concentrating on raising the retailing of their plug-in electric cars. As contrast to 2018, the company declared roughly 60.0% growth in retailing of its plug-in electric car, in January 2020.

Regional Insight

In 2020, the market in Europe held the major, above 45.0% revenue share of the global electric passenger cars market. Mostly, the greater revenue share is credited to the rising electric passenger car trade in the nations like Norway, Germany, the U.K. and France.

As a part of their inventiveness, to counteract the consequences of the pandemic, the governments of many European nations have augmented grants for the electric vehicles. For example, the government increased financial support by roughly USD 1,500 and USD 2,500 on the correspondingly purchase of Plug-In Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV), in Germany.

North America is projected to record the subsequent maximum, above 39.0% CAGR, in terms of revenue, during the forecast period. In 2020, the U.S. held the major revenue share and is likely to carry on its domination, during the forecast period. But, in the U.S., electric vehicles observed drop in sales during 2019 and 2020, because the centralized tax credit was reduced for Tesla and General Motors Company.

Asia Pacific is anticipated to witness more than 37.0% CAGR in terms of revenue, during forecast period. The local market is dominated by the nations like Japan, China and South Korea. Individually, China the major producer as well as customer of electric passenger cars, is likely to hold a leading share, during the forecast period.

The government has adopted a number of steps to encourage the acceptance of electric vehicles, comprising the laws permitting the companies to make electric vehicles for each number of vehicles produced, financial support for electric vehicle purchaser and setting up of charging stations for electric vehicle.

Companies

By the attendance of numerous local with global companies the electric passenger cars market is extremely aggressive. The companies concentrate on joint ventures, to augment the acceptance of electric vehicles.
Natural enlargement stays the important policy for the general business, by way of a main concentration on product presentation, to encounter customer demands in addition to enlarge product contributions.

Some of the companies for electric passenger cars market are:

    • TOYOTA MOTOR CORPORATION
    • SAIC Motor Corporation Limited
    • Mitsubishi Motors Corporation
    • Karma Automotive
    • Lucid Motors
    • Ford Motor Company
    • BYD Company Ltd.
    • Volkswagen AG
    • Tesla
    • Nissan Motor Company
    • Fisker Inc.
    • Rivian
    • General Motors Company
    • Daimler AG

Report Scope

Segments Covered in the Report

This report forecasts the volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global electric passenger cars market report based on product and region:

• Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
    • Battery Electric Vehicle (BEV)
    • Plug-In Hybrid Electric Vehicle (PHEV)

• Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
       • Canada
    • Europe
       • U.K.
       • Germany
       • France
       • Norway
       • Sweden
       • Rest of Europe
    • Asia Pacific
       • China
       • Japan
       • Korea
       • Rest of Asia Pacific
    • Rest of the World (RoW)