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Electric Passenger Car Trends and Forecast
The future of the global electric passenger car market looks promising with opportunities in the battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) markets. The global electric passenger car market is expected to reach an estimated $1522.2 billion by 2030 with a CAGR of 31.2% from 2024 to 2030. The major drivers for this market are growing awareness about environmental sustainability, expanding network of publicly accessible electric vehicle (EV) charging facilities, and governments across the globe are offering incentives and financial support to encourage the adoption of electric vehicles through purchase subsidies.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Electric Passenger Car by Segment
The study includes a forecast for the global electric passenger car by vehicle type, product, and region.
Electric Passenger Car Market by Vehicle Type [Shipment Analysis by Value from 2018 to 2030]:
• Hatchbacks
• Sedan
• Compact SUV
• SUVs
Electric Passenger Car Market by Product [Shipment Analysis by Value from 2018 to 2030]:
• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
Electric Passenger Car Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Electric Passenger Car Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies electric passenger car companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the electric passenger car companies profiled in this report include-
• Byd Company
• Daimler
• Ford Motor
• General Motors
• Lucid Motors
• Rivian
• Karma Automotive
• Fisker
• Mitsubishi Motors
• Nissan Motor
Electric Passenger Car Market Insights
Lucintel forecasts that compact suv is expected to witness highest growth over the forecast period because of its potent engines and elevated ground clearance.
APAC is expected to witness highest growth over the forecast period because the government has implemented a range of initiatives aimed at promoting the adoption of electric vehicles, and these measures include offering incentives for EV buyers, establishing charging infrastructure, and enacting regulations mandating automakers to produce electric vehicles in proportion to their overall car production in the region.
Features of the Global Electric Passenger Car Market
Market Size Estimates: Electric passenger car market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Electric passenger car market size by vehicle type, product, and region in terms of value ($B).
Regional Analysis: Electric passenger car market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different vehicle type, product, and regions for the electric passenger car market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the electric passenger car market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the electric passenger car market size?
Answer: The global electric passenger car market is expected to reach an estimated $1522.2 billion by 2030.
Q.2 What is the growth forecast for electric passenger car market?
Answer: The global electric passenger cars market is expected to grow with a CAGR of 31.2% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the electric passenger car market?
Answer: The major drivers for this market are growing awareness about environmental sustainability, expanding network of publicly accessible electric vehicle (EV) charging facilities, and governments across the globe are offering incentives and financial support to encourage the adoption of electric vehicles through purchase subsidies.
Q4. What are the major segments for electric passenger car market?
Answer: The future of the global electric passenger car market looks promising with opportunities in the battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) markets.
Q5. Who are the key Electric Passenger Car Market companies?
Answer: Some of the key electric passenger car companies are as follows:
• BYD Company
• Daimler
• Ford Motor
• General Motors
• Lucid Motors
• Rivian
• Karma Automotive
• Fisker
• Mitsubishi Motors
• Nissan Motor
Q6. Which electric passenger car market segment will be the largest in future?
Answer: Lucintel forecasts that compact suv is expected to witness highest growth over the forecast period because of its potent engines and elevated ground clearance.
Q7. In electric passenger car market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period because the government has implemented a range of initiatives aimed at promoting the adoption of electric vehicles, and these measures include offering incentives for EV buyers, establishing charging infrastructure, and enacting regulations mandating automakers to produce electric vehicles in proportion to their overall car production in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the electric passenger car market by vehicle type (hatchbacks, sedan, compact SUV, and SUVs), product (battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV)), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Electric Passenger Car Market, Electric Passenger Car Market Size, Electric Passenger Car Market Growth, Electric Passenger Car Market Analysis, Electric Passenger Car Market Report, Electric Passenger Car Market Share, Electric Passenger Car Market Trends, Electric Passenger Car Market Forecast, Electric Passenger Car Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Electric Passenger Car Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Electric Passenger Car Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Electric Passenger Car Market by Vehicle Type
3.3.1: Hatchbacks
3.3.2: Sedan
3.3.3: Compact SUV
3.3.4: SUVs
3.4: Global Electric Passenger Car Market by Product
3.4.1: Battery Electric Vehicle (BEV)
3.4.2: Plug-In Hybrid Electric Vehicle (PHEV)
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Electric Passenger Car Market by Region
4.2: North American Electric Passenger Car Market
4.2.2: North American Electric Passenger Cars Market by Product: Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV)
4.3: European Electric Passenger Car Market
4.3.1: European Electric Passenger Cars Market by Vehicle Type: Hatchbacks, Sedan, Compact SUV, and SUVs
4.3.2: European Electric Passenger Cars Market by Product: Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV)
4.4: APAC Electric Passenger Car Market
4.4.1: APAC Electric Passenger Cars Market by Vehicle Type: Hatchbacks, Sedan, Compact SUV, and SUVs
4.4.2: APAC Electric Passenger Cars Market by Product: Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV)
4.5: ROW Electric Passenger Car Market
4.5.1: ROW Electric Passenger Cars Market by Vehicle Type: Hatchbacks, Sedan, Compact SUV, and SUVs
4.5.2: ROW Electric Passenger Cars Market by Product: Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV)
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Electric Passenger Car Market by Vehicle Type
6.1.2: Growth Opportunities for the Global Electric Passenger Car Market by Product
6.1.3: Growth Opportunities for the Global Electric Passenger Cars Market by Region
6.2: Emerging Trends in the Global Electric Passenger Car Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Electric Passenger Car Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Electric Passenger Car Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: BYD Company
7.2: Daimler
7.3: Ford Motor
7.4: General Motors
7.5: Lucid Motors
7.6: Rivian
7.7: Karma Automotive
7.8: Fisker
7.9: Mitsubishi Motors
7.10: Nissan Motor
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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