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Electric Passenger Cars Market Worth $1.04 Trillion By 2028

Published On: October 7, 2021

The global electric passenger cars market size is estimated to arrive at USD 1.04 Trillion by 2028. It is projected to develop by 32.5% CAGR from 2021 to 2028.

The encouraging proposals by government, to encourage the acceptance of electric vehicle together with increasing crude oil prices are the factors, likely to impel the demand for electric passenger cars.

Better benefits presented by electric vehicles above internal combustion vehicles, for example, no release of toxic gases, superior performance and lesser price of entire possession, are the factors, expected to add the increasing demand for electric passenger cars, during the near future.

As a result of technical progressions and bulk size manufacture of electric vehicle batteries the price of these batteries is decreasing, during the previous few years. This has caused a reduction in the prices of electric vehicles, because mainly the battery is one of the important as well as costly parts of an electric vehicle. This is estimated to enlarge the electric passenger cars market.

The price of an electric vehicle battery was above USD 1,000 for each kWh, in 2010. The price reduced to above USD 135 for each kWh, in 2020. This drop in the prices of electric vehicle batteries is anticipated to generate large openings for the manufacturing companies as well as the customers of electric passenger cars, during the forecast period. The drop in battery price is projected to increase the market for electric passenger cars.

The global eruption of Covid-19 pandemic has caused social distancing and lockdowns therefore, producing losses for various businesses such as hospitality, entertainment, automobile, restaurant, and manufacturing. The adverse industry situation, in 2020, has influenced the manufacture of electric vehicles.

On the other hand, the general retailing of electric passenger cars augmented by more than 40.0%, in 2020, this was an attainment of approximately 3 million units. After lockdown, many companies from developing as well as developed nations have multiplied their charging stations for electric vehicle. The market did not confront considerable losses throughout the pandemic, because of the augmented demand.

In addition, by means of encouraging government proposals to help the acceptance of electric vehicle, the electric passenger cars market expected to observe major enlargement, during the near future.

Europe detained approximately 45.0% share of the demand for electric passenger cars, in 2020. It is projected to record a more than 39.0% CAGR, during the forecast period. This share is credited to the increasing demand for electric passenger cars in various European nations like Sweden, Norway, the U.K., Netherlands, France, and Germany.

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Further key findings from the report suggest:

• In 2020, Europe detained the major share of the global electric passenger cars market, because the governments of European nations augmented the financial support, to increase the retailing of electric vehicles

• The market was appreciated at USD 120.81 billion, in 2020 and is expected to record approximately 32.0% CAGR, during the forecast period

• Battery Electric Vehicle (BEV) section appeared like the major sector, in 2020. It is expected to retain its domination, during the forecast period

Million Insights segmented the global electric passenger cars market based on Product and Region.

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

Electric Passenger Cars 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)


Various companies for electric passenger cars market are:

• 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