Electric Passenger Cars Market Size is Expanding USD 3,737.49 BN by 2032

Tokyo, May 30, 2023 (GLOBE NEWSWIRE) -- The global electric passenger cars market size will reach around USD 2,112.89 billion by 2030. Unlike its gasoline-powered counterpart, an electric car functions on electricity. These cars don't have internal combustion engines; instead, they work on electric motors, which need a continuous supply of power from batteries to function. These cars utilize a range of batteries. Lithium ion, molten salt, zinc-air, and different nickel-based systems are some of these. The main purpose of the electric car was to supplant traditional forms of transportation because they cause pollution. It has become more well-known as a result of numerous technical developments. It beats traditional cars by offering better fuel efficiency, lower upkeep costs, easy home charging, a smoother ride, and less motor noise. Electric cars come in three varieties: battery-powered, hybrid and plug-in hybrid. Additionally, although slightly more costly than gasoline-powered counterparts, electronic cars don't need regular engine oil changes.

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Increased demand for fuel-efficient, high-performance, and low-emission cars, strict government emission laws, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the development of the electric vehicle market. Additionally, it is anticipated that factors like a dearth of infrastructure for charging, high production costs, range anxiety, and serviceability will restrain the development of the electric vehicle market. Additionally, the main participants in the electric vehicle market should benefit greatly from factors like technical development, pro-active government efforts, and the development of self-driving electric vehicle technology.

Report highlights

• The battery electric vehicle category had the highest revenue share of over 62% in 2022, and it is anticipated that it will continue to hold a commanding position throughout the projection period. In the U.S., there will be more than 15 BEV versions accessible by 2021.
• During the forecast period, the compact-SUV category is expected to rule the market. The key drivers of the compact-SUV segment's growth over the projection period are powerful motors and high ground clearance.
• In 2022, over 47% of all income came from the European market. The significant income share is primarily attributable to the rising sales of electric passenger cars in nations like Germany, France, Norway, and the United Kingdom.
  
  

Regional Snapshots

North America is expected to hold the largest market share due to the high adoption rate of electric passenger cars in the region, with the United States being the largest market, followed by Canada and Mexico. Europe is also expected to hold a significant market share due to the increasing adoption of electric passenger cars in the region, with the United Kingdom, Germany, France, and Italy being the major markets in the region.

Asia Pacific is expected to grow at a higher rate 38% due to the increasing adoption of electric passenger cars in emerging economies such as China and India, with China, Japan, India, and Australia being the major markets in the region. The Middle East and Africa region is expected to hold a small market share due to the limited adoption of electric passenger cars in the region, with Saudi Arabia, UAE, and South Africa being the major markets in the region. South America is also expected to hold a small market share due to the limited adoption of electric passenger cars in the region, with Brazil being the major market in the region.

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Scope of this report

Market Dynamics

Drivers

Several factors are driving the growth of the global electric passenger car market. For starters, as consumers and governments become more environmentally conscious, there is an increasing demand for more sustainable transportation options. Second, government policies and incentives, such as tax breaks and subsidies, encourage the use of electric vehicles. Third, advances in electric vehicle technology have improved electric vehicle performance and range, making them a more appealing option for consumers. Finally, as charging infrastructure becomes more widely available, consumers will find it easier to own and operate electric vehicles. These factors are all working together to fuel the rapid growth of the electric passenger car market, which is expected to continue in the coming years.

Restraints

Several factors are driving the growth of the global electric passenger car market. For starters, as consumers and governments become more environmentally conscious, there is an increasing demand for more sustainable transportation options. Second, government policies and incentives, such as tax breaks and subsidies, encourage the use of electric vehicles. Third, advances in electric vehicle technology have improved electric vehicle performance and range, making them a more appealing option for consumers. Finally, as charging infrastructure becomes more widely available, consumers will find it easier to own and operate electric vehicles. These factors are all working together to fuel the rapid growth of the electric passenger car market, which is expected to continue in the coming years. Concerns have also been raised about the environmental impact of electric vehicle production and battery disposal, as the manufacturing process consumes a significant amount of energy and resources, and recycling or disposing of batteries can be difficult. Finally, there is a lack of consumer awareness and education about electric vehicles, with many people still unaware of how they operate or the advantages they provide. Addressing these issues will be critical for the electric passenger cars market continued growth and success.

Opportunities

The Electric Passenger Cars Market has several growth opportunities in the coming years. One of the most significant opportunities is the growing demand for electric vehicles as a more sustainable transportation option, which is being driven by growing environmental concerns and the need to reduce carbon emissions. The development of more advanced battery technology and the rise of renewable energy sources are also creating opportunities for the electric vehicle market, allowing for longer range and more efficient vehicles. Furthermore, government policies and incentives to encourage the adoption of electric vehicles, such as tax credits, subsidies, and infrastructure investments, present significant market growth opportunities. The shift towards autonomous vehicles and connected car technologies also opens up opportunities for electric vehicle market innovation and development, as well as potential partnerships with technology companies. Overall, the Electric Passenger Cars Market offers several significant growth opportunities, especially as consumers and governments place a greater emphasis on sustainability and the adoption of electric vehicles as a more viable transportation option.

Challenge

The high cost of electric vehicles in comparison to traditional gasoline-powered vehicles is one of the major challenges confronting the Electric Passenger Cars Market. Another barrier to long-distance travel is the limited range of electric vehicles and the availability of charging infrastructure. Furthermore, the production and disposal of lithium-ion batteries used in electric vehicles have raised environmental concerns. The lack of standardisation of charging infrastructure, as well as varying government regulations in different regions and countries, pose additional challenges to market growth. Finally, competition from other alternative fuel sources, such as hydrogen fuel cell vehicles, may impede the growth of the electric passenger car market.

Recent developments

• In January 2023: Ford India Private Limited and Tata Passenger Electric Mobility Limited had signed a Unit Transfer Agreement for the purchase of FIPL's manufacturing facility located in Sanand, Gujarat.
• In June 2022, Siemens, Audi Middle East, and the Ministry of Energy and Infrastructure (MoEl) of the United Arab Emirates inked a collaboration deal to increase the number of electric vehicle (EV) charging stations on federal roadways and to promote EV usage nationwide.
• Audi Middle East declared its partnership with Dubai, United Arab Emirates' Museum of the Future in March 2022. Through this partnership, Audi AG will communicate its electrification and environmental plans, which are aligned with the UAE's future-focused goal.
  
  

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