The Electric Passenger Car Market is valued USD 160.2 billion exhibiting a CAGR of 33.5% over the forecast period. Globally, the sale of the electric passenger car has decreased exponentially because the automotive industry has faced adverse effects due to lockdown restrictions with the onset of the pandemic in the initial phase of 2020. Certain factors like increasing demand for low emission commuting as well as governments that support long-range through tax rebates and subsidies are driving the growth of the market.
The huge investments made by the government from across the world for developing the EV charging hydrogen fuelling station and charging stations with different incentives provided to the buyers will create opportunities for the OEMs to expand their geographical presence and revenue streams.
On the other hand, there is fewer EV charging stations in the different regions across the world. Although countries are ramping up efforts to develop EV charging infrastructure and most of the countries have not even successfully developed the proper EV charging stations. The demand for the product will increase only if there are well developed charging stations.
With the onset of the COVID 19, the manufacturing, as well as the sales of new vehicles, stopped across the world because the entire ecosystem was affected. OEMs even have to wait till the lockdown have been lifted for resuming the production which has affected the market negatively. Many manufacturing units were closed which has decreased the sales of the vehicles. But post lockdown the demand of the product has increased as the government has encouraged shifting to low emission fuel vehicles.
TABLE 1: GLOBAL ELECTRIC PASSENGER CAR MARKET OVERALL SNAPSHOT
Segmentation
The global electric passenger car market is segmented propulsion type, class, speed, charging type, vehicle drive system, and component.
FIGURE 1: GLOBAL ELECTRIC PASSENGER CAR MARKET OVERALL SNAPSHOT
Global Electric Passenger Car Market, by Propulsion Type
Based on the propulsion type, the global electric passenger car market is segmented into Battery Electric Vehicle [BEV], Plug In Hybrid Electric Market [PHEV], Fuel Cell Electric Vehicle [FECV], Hybrid Electric Vehicle [HEV]. Among these, battery electric vehicle (BEV) holds the largest market share, and this segment will continue to make its strong presence till the forecasted timeframe. More than 15 BEV models are available in the United States as of 2021. Automobile manufacturers all over the world are transitioning to battery-powered vehicles in response to stricter emission rules and more competition to develop zero-emission vehicles.
Global Electric Passenger Car Market, by Class
Based on class, the global electric passenger car market is segmented into mid priced and luxury. Among these, the mid priced is holding the largest market share owing to its limited features like instrument cluster, infotainment, and various other features. Many brand like Smart, BYD and Great Wall Motors are introducing mid priced vehicles. Reputed automobile companies like General Motors, Hyundai, Nissan, and Honda are producing mid priced EVs.
Global Electric Passenger Car Market, by Speed
Based on the speed, the global electric passenger car market is bifurcated into 0-125 MPH and above 125 MPH. Among these, above 125 MPH holds the largest market share. Factors such as speed are being resolved because of the natural evolution of a new technology. Lithium-ion batteries are the state-of-the-art in battery technology, and experts all over the world are working feverishly to increase the speed of the electric vehicles.
Global Electric Passenger Car Market, by Vehicle Drive System
On the basis of vehicle drive system, the global electric passenger car market is segmented into front wheel, rear wheel, and all wheel. Among these, rear wheel segment is holding the largest market share owing to its easier vehicle control as well as its increasing demand. Developed regions like North America has been witnessing the faster growth in these vehicles with BMQ i3, Tesla Model 3, Volkswagen ID4, etc dominating the market. However, within the upcoming years, the growth of the rear wheel vehicles will also witness significant growth in the Middle East and Africa owing to its newer market.
Global Electric Passenger Car Market, by Charging Type
Based on the charging type, the global electric passenger car market is segmented into inductive charging, super charging, and normal charging. Among these, the supercharging segment holds the largest market share. This is because many have made announcement about the expansion plans for the EV charging station in the upcoming years. Apart from these different countries are joining hands with different states to fasten the super charging infrastructural development.
Global Electric Passenger Car Market, by Component
Based on component, the global electric passenger car is segmented into power control unit, air compressor, motor, on board charger, battery cells and pacs, others. Among these, air compressor holds the largest market share. In the electric passenger car, the A/C system has a significant impact on range due to high levels of power consumption, and there is opportunity for improvement. Future systems may employ an integrated design strategy to reduce component costs and optimise layout, resulting in space and weight savings. Energy efficiency will be improved, and range will be extended, due to holistic and predictive control functions.
Global Electric Passenger Car Market, By Region
Based on the region, the global electric passenger car market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America. Among these, the Europe holds the largest market share owing to the increasing number of sales of electric passenger car in several countries like France, Germany, Norway, and the UK. Governments in the European countries have increased subsidies for the adoption of electric vehicles.
TABLE 2: GLOBAL ELECTRIC PASSENGER CAR MARKET OVERVIEW
FIGURE 2: GLOBAL ELECTRIC PASSENGER CAR MARKET (USD BILLION), 2021–2030
Recent Developments in The Global Electric Passenger Car Market
- April 2021: Toyota Motors Corporation has made an announcement of the LS and Mirai in the Japan market that provided with advanced driving assist.
- April 2020: BYD Company Ltd and Toyota Motor Corporation has collaborated to create a new brand named BYD Toyota EV Technology Co. Ltd.
- January 2020: Ather Energy Pvt Ltd has made an announcement to build 4 lakh square feet factory in Hosur region in Tamil Nadu.
- February 2019: Futon PMI invested INR 500 crores in a joint venture with Beiqi Foton Motor Co. of China for introducing electric buses in India.
What Does This Report Provide?
This report provides a detailed understanding of the global electric passenger car market from qualitative and quantitative perspectives during the forecast period. The major market drivers, challenges, and opportunities for the global electric passenger car market have been covered in the report. This report further includes the market shares of the leading companies operating in the global electric passenger car market, along with their production capacities and the growth strategies adopted by them.
Segmentation
By Propulsion Type
- Battery Electric Vehicle [BEV]
- Plug In Hybrid Electric Market [PHEV]
- Fuel Cell Electric Vehicle [FECV]
- Hybrid Electric Vehicle [HEV]
By Class
- Mid Priced
- Luxury
By Speed
- 0-125 MPH
- Above 125 MPH
By Vehicle Drive System
- Front Wheel
- Rear Wheel
- All Wheel
By Charging Type
- Inductive Charging
- Super Charging
- Normal Charging
By Component
- Power Control Unit
- Air Compressor
- Motor
- On board Charger
- Battery Cells and Pacs
- Others
By Region:
North America Electric Passenger Car Market
- North America, by Country
-
- U.S.
- Canada
- Mexico
- North America, by Propulsion Type
- North America, by Class
- North America, by Speed
- North America, by Vehicle Drive System
- North America, by Charging Type
- North America, by Component
Europe Electric Passenger Car Market
- Europe, by Country
-
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Europe, by Propulsion Type
- Europe, by Class
- Europe, by Speed
- Europe, by Vehicle Drive System
- Europe, by Charging Type
- Europe, by Component
Asia Pacific Electric Passenger Car Market
- Asia Pacific, by Country
-
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Asia Pacific, by Propulsion Type
- Asia Pacific, by Class
- Asia Pacific, by Speed
- Asia Pacific, by Vehicle Drive System
- Asia Pacific, by Charging Type
- Asia Pacific, by Component
Middle East and Africa Electric Passenger Car Market
- Middle East and Africa, by Country
-
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Propulsion Type
- Middle East and Africa, by Class
- Middle East and Africa, by Speed
- Middle East and Africa, by Vehicle Drive System
- Middle East and Africa, by Charging Type
- Middle East and Africa, by Component
South America Electric Passenger Car Market
- South America, by Country
-
- Brazil
- Argentina
- Rest of South America
- South America, by Propulsion Type
- South America, by Class
- South America, by Speed
- South America, by Vehicle Drive System
- South America, by Charging Type
- South America, by Component
Major Companies: In this report, the major companies studied are: Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany) and Nissan Motors (Japan).
Objectives of this Report:
- To estimate the market size for the market on a regional and global basis.
- To identify major segments in the market and evaluate their market shares and demand.
- To provide a competitive scenario for the market with major developments observed by the key companies in the historic years.
- To evaluate the key factors governing the dynamics of the electric passenger car market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications.
Key Questioned Answered in the Study:
- What are major growth drivers and market trends that are impacting the global electric passenger car market?
- What is the market size both in terms of value and volume for the global electric passenger car market?
- Who are the leading market players and who are the new market players that operate in the global market with an estimated market share?
- What are the future investment pockets and opportunities in the global electric passenger car market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume
- Impact of COVID-19 on the global electric passenger car market
Customization:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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