Electric Passenger Cars Market Growth & Trends
The global electric passenger cars market size is expected to reach USD 1.04 trillion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 32.5% from 2021 to 2028. The rising crude oil prices, coupled with favorable government initiatives to promote electric vehicle adoption, are expected to drive the demand for Electric Vehicles (EVs). Moreover, increased benefits offered by electric vehicles over internal combustion vehicles, such as lower total cost of ownership, better performance, and zero fuel emission, are anticipated to contribute to the growing demand for EVs in the forthcoming years.
The cost of electric vehicle batteries has been declining over the past few years owing to the mass-scale production of electric vehicle batteries and technological advancements. This has resulted in a decrease in the cost of electric vehicles as the battery is one of the most expensive and prominent parts of an electric vehicle. In 2010, an electric vehicle battery costed more than USD 1,000 per kWh. The price dropped in 2020 to over USD 135 per kWh. This decline in the cost of electric vehicle batteries is expected to create significant opportunities for users and manufacturers over the forecast period.
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In 2020, Europe captured around 45% of the electric passenger cars demand and is estimated to register a CAGR exceeding 39% over the forecast period. This share is attributed to the rising demand for electric passenger cars in countries such as Germany, the U.K., France, Norway, Netherlands, and Sweden. Moreover, 2020 was the target year for the EU’s emission standards that limit the average CO2 emissions per km driven for new cars. The European government also increased subsidies in countries such as France, Germany, and Italy to increase the sale of electric vehicles in the region and counter the pandemic’s effect.
Electric Passenger Cars Market Report Highlights
- The market for electric passenger cars was valued at USD 120.81 billion in 2020 and is projected to register a CAGR of around 32% over the forecast period
- In terms of product, Battery Electric Vehicle (BEV) segment emerged as the largest segment in 2020 and is anticipated to maintain its dominance over the forecast period
- Europe held the largest share in 2020 as the government in the region increased subsidies to boost electric vehicle sales
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Electric Passenger Cars Market Segmentation
Grand View Research has 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)
List of Key Players in the Electric Passenger Cars Market
- BYD Company Ltd.
- Daimler AG
- Ford Motor Company
- General Motors Company
- Lucid Motors
- Karma Automotive
- Fisker Inc.
- Mitsubishi Motors Corporation
- Nissan Motor Company
- SAIC Motor Corporation Limited
- Tesla
- TOYOTA MOTOR CORPORATION
- Volkswagen AG
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