Electric Passenger Cars Market Size, Share, Trends, Opportunities Analysis Forecast Report by 2028

Electric Passenger Cars Market

Electric Passenger Cars Market Size –By Product (Battery Electric Vehicle and Plug-in Hybrid Electric Vehicle), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026

Category: Automotive Report Format : PDF Pages: 140 Report Code: ZMR-6441 Published Date: Jul-2021 Status : Published
Market Size in 2019 Market Forecast in 2026 CAGR (in %) Base Year
USD 122.1 Billion USD 243.5 Billion 33.1%% 2019

Electric Passenger Cars Market Size

The Global Electric Passenger Cars Market Size accrued earnings worth approximately 122.1 USD Billion in 2019 and is predicted to gain revenue of about 243.5 USD Billion by 2026, is set to record a CAGR of nearly 33.1% over the period from 2020 to 2026. The report offers an assessment and analysis of the Electric Passenger Cars market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue USD Billion.

Electric Passenger Cars Market: Overview

Electric vehicles are multibillion-dollar avenues for the utility sector and electric passenger cars are no exception to this. Reportedly, one-fourth of cars on the roads will be of electric type by 2030. With over two million electric vehicles sold across the globe during 2019 and electric cars accounting for nearly 2.5% of the overall light vehicle market share in the same year, the market for electric passenger cars is anticipated to gain traction in the years to come.

Demand for producing fuel-efficient vehicles with a need for reducing carbon footprints will create new growth opportunities for the electric passenger cars industry in the foreseeable future. An increase in crude oil prices and the requirement for reducing the depletion of oil reserves will pave a way for the expansion of the electric passenger cars market over the upcoming years.

Electric Passenger Cars Market: Growth Dynamics

With technological breakthroughs, regulations, customer acceptance, self-driven vehicles, and ride-sharing activities influencing the automotive industry, the electric passenger cars market is anticipated to witness an accelerated surge over the upcoming years. Product innovations have brought a paradigm shift in the automotive vehicle manufacturing sector and help in reducing electric vehicle battery costs. This, in turn, will push business growth in the next couple of years.

Furthermore, the surge in the use of electric vehicles is a part of the broader business strategy adopted by reputed vehicle manufacturing firms for reducing GHG emissions in the atmosphere due to raising environmental concerns. In addition to this, a rise in the sale of battery electric cars as well as plug-in hybrid electric cars will contribute lucratively towards the overall market size over the assessment period.

Furthermore, in 2019, crude oil use in countries such as the U.S. accounted for approximately 69.7%% 2019. This has forced governments of developed economies such as the U.S. to look for green alternatives in the form of electric vehicles. This will boost electric passenger cars market trends. For the record, electric vehicle sales in the U.S. increased to nearly 79.5% during 2017-2018.

Electric Passenger Cars Market: Report Scope

Report Attributes Report Details
Report Name Electric Passenger Cars Market Research Report
Market Size in 2019 USD 122.1 Billion
Market Forecast in 2026 USD 243.5 Billion
Growth Rate CAGR of 33.1%
Number of Pages 140
Key Companies Covered Daimler AG, General Motors Company, BYD Company Ltd., Tesla, Nissan Motor Company, Ford Motor Company, SAIC Motor Corporation Limited, Volkswagen AG, Mitsubishi Motors Corporation, and TOYOTA MOTOR CORPORATION.
Segments Covered By Product, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2019
Historical Year 2017 to 2019
Forecast Year 2020 - 2026
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Europe To Make Huge Contributions Towards Overall Market Revenue By 2026

The growth of the regional market over the assessment period is due to the huge sale of electric cars in Europe in 2019. In addition to this, rise in electric vehicle demand in Holland, Germany, Norway, and France will embellish regional market trends.

The rise in government subsidies and drastic improvement in battery systems of electric vehicles along with the launching of new EU emission protocols will steer regional market growth in the coming decade. Reportedly, in 2019, France established a carbon-neutral target by 2050 and UK followed the suit by scheduling a ban on polluting vehicles till 2050.

Additionally, Germany has decided to reduce GHG emissions by nearly 54.5% by 2030 and nearly 94.5% by 2050. Moreover, supportive government policies and changing customer preferences are likely to act as major drivers for the electric passenger cars market across Europe in the near future.

Competitive Landscape

Some of the leading players in the global market include

  • Daimler AG
  • General Motors Company
  • BYD Company Ltd.
  • Tesla
  • Nissan Motor Company
  • Ford Motor Company
  • SAIC Motor Corporation Limited
  • Volkswagen AG
  • Mitsubishi Motors Corporation
  • TOYOTA MOTOR CORPORATION.

The global Electric Passenger Cars Market is segmented as follows:

By Product

  • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

With technological breakthroughs, regulations, customer acceptance, self-driven vehicles, and ride sharing activities influencing automotive industry, electric passenger cars market is set to experience momentous surge over the forthcoming years. Product innovations has brought a paradigm shift in the automotive vehicle manufacturing sector and helps in reducing electric vehicle battery prices. This, in turn, will spur business growth in the next couple of years. Furthermore, surge in use of electric vehicles is a part of broader business strategy adopted by reputed vehicle manufacturing firms for reducing GHG emissions in atmosphere due to raising ecological concerns. In addition to this, rise in sale of battery electric cars as well as plug-in hybrid electric cars will contribute lucratively towards overall market revenue over assessment period.

According to Zion market research report, the global Electric Passenger Cars market accrued earnings worth approximately 122.1(USD Billion) in 2019 and is predicted to gain revenue of about 243.5(USD Billion) by 2026, is set to record a CAGR of nearly 33.1% over the period from 2020 to 2026.

Europe will contribute lucratively towards the global market size over the estimated timeline. The regional market surge is subject to huge sale of electric cars in Europe in 2019. In addition to this, rise in electric vehicle demand in Holland, Germany, Norway, and France will embellish regional market trends. Rise in government subsidies and drastic improvement in battery systems of electric vehicles along with launching of new EU emission protocols will steer regional market growth in coming decade. Reportedly, in 2019, France established carbon-neutral target by 2050 and UK followed the suit by scheduling a ban on polluting vehicles till 2050. Additionally, Germany has decided to reduce GHG emissions by nearly 54.5% by 2030 and nearly 94.5% by 2050.

The key market participants include Daimler AG, General Motors Company, BYD Company Ltd., Tesla, Nissan Motor Company, Ford Motor Company, SAIC Motor Corporation Limited, Volkswagen AG, Mitsubishi Motors Corporation, and TOYOTA MOTOR CORPORATION.

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