Global Electric Passenger Cars Market by Product (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global electric passenger car market was worth USD 120.81 billion in 2020. It is expected to grow at a compound annual rate (CAGR 32.5%) between 2021 and 2028. The adverse effects of COVID-19 lockdowns in the first half 2020 on the automotive industry caused a significant drop in passenger car sales worldwide. Despite all this chaos, 2020 saw a significant year for the market with approximately 3.0M units sold, nearly 40% more than 2019. China, with its government's support, was a significant market disruptor with the success stories of WulingHongguang Mini EV (and Tesla Model 3). China accounted for more than 30% of global electric car sales in 2020. It will continue to enjoy great momentum, thanks to the expanding network of public EV charging infrastructures and the anticipated rise in consumer demand during the forecast period.

The most important technologies to reduce air pollution are the electric vehicles . To encourage the adoption of electric vehicles, governments around the world offer subsidies for their purchase. The Canadian government offers a subsidy up to USD 3700 for the purchase of plug-in hybrid electric and battery electric vehicles. The Japanese government also provides a subsidy up to USD 3,700 for the purchase battery electric vehicles, and USD 1,800 for the purchase plug-in hybrid electric vehicles.

Due to rising fuel prices, electric vehicles are gaining popularity in many countries. Electric vehicles can be used as an alternative to petrol and diesel vehicles. They are powered by Lithium-ion batteries and have a hybrid charging option. Many ride-hailing companies have set their sights on electric vehicles replacing their internal combustion engines. Uber India, for instance, plans to have 3,000 electric vehicles in its fleet before the end 2021.

The overall business environment for 2020 and the subsequent years has been altered by the COVID-19 pandemic. The pandemic has caused significant disruption in many industries, including the automotive industry. The pandemic was a time of high demand for electric passenger cars. Global sales of electric passenger cars increased by more than 40% in 2020 compared to 2019. Most companies experienced disruptions in their production processes due to the lockdown. The increasing government initiatives to promote low-emission fuel vehicles led to an increase in electric passenger car adoption after the lockdown.

Product Insights

In 2020, the battery electric vehicle segment was responsible for more than 60% of the total revenue. It is expected to continue its dominance in the future. More than 15 BEV models were available in the U.S. as of 2021. BEV will see a slower growth rate than PHEV due to range anxiety. The Tesla Model S has the best range, while the model 3 is the most efficient. In 2020, 70% of all BEV sales were made by the vendor.

In terms of revenue, the plug-in hybrid electric car segment will experience the highest CAGR (over 32%), over the forecast period. Government authorities in both developed and emerging countries have taken initiatives to encourage EV use. PHEVs combine batteries and an alternative fuel to power their internal combustion engines. Volkswagen Group is focusing its efforts on increasing sales of plug-in electric cars. The company announced a 60.0% increase in plug-in electric vehicle sales between 2018 and 2020.

Regional Insights

In 2020, the European market was responsible for more than 45% of the total revenue. This high revenue share can be attributed to increasing sales of electric passenger cars in countries like Germany, France and Norway. As part of their efforts to combat the effects of the pandemic, the European governments have increased subsidies for electric cars. In Germany, for example, subsidies were increased by USD 2,500 to USD 1,500 on purchases of PHEV and BEV.

Asia Pacific is expected to experience a CAGR exceeding 37% in revenue between 2021 and 2028. China, Korea, Japan lead the region's market. China, the largest producer and user of electric passenger vehicles, will be the dominant market player for the duration of the forecast period. There have been many steps taken by the government to encourage the adoption of electric cars, such as subsidies for buyers and installation of charging stations at electric vehicles. Also, laws requiring manufacturers to produce electric vehicles according to the number of vehicles produced have been passed.

North America will experience the second highest CAGR, at over 39%, in terms of revenue between 2021 and 2028. In 2020, the U.S. was the country with the highest revenue share and will continue to be the dominant force over the forecast period. The sales of electric vehicles in the United States declined in 2019 and 2020 due to a decrease in the federal tax credit for General Motors Company (and Tesla).

Market Share Insights & Key Companies

With the presence of many regional and global players, this market is highly competitive. The market was dominated in 2020 by Tesla, SAIC Motor Corp Limited, TOYOTA MOTOR COMPANY, TOYOTA MOTOR Co., General Motors Company and Nissan Motor Company. The industry's main strategy is organic growth. This includes product launches to satisfy consumer demand and expand product offerings. TOYOTA MOTOR CORPORATION, for example, announced in April 2021 the launch of LS in Japan and Mirai in North America. These models are equipped with advanced driving assistance technology.

To increase electric vehicle adoption, market players are also keen to form partnerships and joint ventures. BYD Company Ltd. and TOYOTA MOTOR CORPORATION entered into an agreement in April 2020 to create a new company called BYD TOYOTA EVO TECHNOLOGY CO. LTD. This company is responsible for research and development of BEVs. The following are some of the major players in the global market for electric passenger cars:

• BYD Company Ltd.

• Daimler AG

• Ford Motor Company

• General Motors Company

• Lucid Motors

• Rivian

• Karma Automotive

• Fisker Inc.

• Mitsubishi Motors Corporation

• Nissan Motor Company

• SAIC Motor Corporation Limited

• Tesla

• TOYOTA MOTOR CORPORATION

• Volkswagen AG

Up Market Research published a new report titled “Electric Passenger Cars Market research report which is segmented by Product (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Players/Companies Nissan Motor Company, BYD Company Ltd, Karma Automotive, Volkswagen AG, Ford Motor Company, General Motors Company, Fisker Inc, SAIC Motor Corporation Limited, Lucid Motors, Rivian, Mitsubishi Motors Corporation, Daimler AG, Tesla, TOYOTA MOTOR CORPORATION”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Electric Passenger Cars Market Report Segments:

The market is segmented by Product (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle).

Electric Passenger Cars Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Electric Passenger Cars Market

Overview of the regional outlook of the Electric Passenger Cars Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Electric Passenger Cars Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Electric Passenger Cars Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Battery Electric Vehicle

                2. Plug-in Hybrid Electric Vehicle

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Electric Passenger Cars Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Electric Passenger Cars Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.