Pune, India., Nov. 15, 2021 (GLOBE NEWSWIRE) -- The Global Electric Passenger Car Market Size has been estimated to be USD 160.2 billion in 2021 and is projected to exhibit a CAGR of 33.5% during the forecast period, according to a recent market study by Quince Market Insights. The electrical vehicle is basically a self-propelling vehicle, which carries goods and passengers. These vehicles are charged by self-charging devices, which include regenerative braking systems and turbochargers that can convert kinetic energy into electrical energy.
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The rise in the demand for electric vehicles across the world is the major driving factor for the growth of the market. Increasing concerns related to the detrimental environmental impacts due to emissions of greenhouse gases along with the implementation of favorable government policies, which encourage the sustainable development are boosting the market growth. Apart from this, the manufacturers are taking efforts on the development of the advanced technologies for producing the low to zero emission vehicles with soundless operations and fuel efficiency.
However, there are less electric vehicle charging outlets in various parts of the world, which is a factor restraining the growth of the market. As a result, the likelihood of public EV charging decreases, lowering demand for electric vehicles. Even though countries are working to establish EV charging infrastructure, most of them have yet to develop appropriate EV charging stations.
Some Key Developments Offered in the Global Electric Passenger Car Market Report:
- April 2021: Toyota Motor Corporation has introduced the LS and Mirai in the Japanese market, both of which have sophisticated driver assistance.
- April 2020: BYD Company Ltd and Toyota Motor Corporation have teamed up to form BYD Toyota EV Technology Co. Ltd, a new electric vehicle brand.
- January 2020: Ather Energy Pvt Ltd has announced plans to construct a 4-lakh square foot facility in Tamil Nadu's Hosur region.
- February 2019: For the introduction of electric buses in India, Futon PMI committed INR 500 crores in a joint venture with China's Beiqi Foton Motor Co.
COVID-19 Impact on the Global Electric Passenger Car Market
The QMI team is closely monitoring the impact of COVID-19 on the global electric passenger car industry, and it has been observed by our team that the demand for electric passenger car is increasing after the onset of pandemic. The market is anticipated to grow sharply during the forecast period. The outbreak of pandemic has completely changed the scenario of the electric passenger car market for 2020 and 2021. The market has also witnessed growth post lockdown due to different initiatives taken by the government. Several countries have indicated that internal combustion vehicles will be phased out completely within the next 10 to 30 years. There are reasons to be optimistic, given countries' aspirations to reach net-zero emissions and the way governments in important car markets responded to the Covid-19 crisis by stressing support for electric vehicles in recovery plans.
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 the PHEV segment is witnessing the fastest growth owing to different government initiatives across the developing and developed regions for promoting the use of PHEV batteries to power the electric motor. The usage of PHEVs is assisting in reducing reliance on fuel. PHEVs will also be able to significantly cut greenhouse gas (GHG) emissions from the light-duty vehicle sector if the carbon intensity of grid power is reduced.
Global Electric Passenger Car Market, by Class
Based on class, the global electric passenger car market is segmented into mid-priced and luxury. Due to its limited features such as instrument cluster, infotainment, and several other amenities, the mid-priced segment captured the largest market share. Many manufacturers, like Smart, BYD, and Great Wall Motors, are launching mid-priced vehicles. On the other hand, well-known automakers like as General Motors (the United States), Hyundai Motor Company (South Korea), Nissan (Japan), and Honda Motorcycle & Scooter India Pvt. Ltd. (Japan) are manufacturing mid-priced electric vehicles to capture the market share.
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. Because of the natural progression of a new technology, issues such as speed are being resolved. Experts all over the world are working hard to boost the speed of electric vehicles using lithium-ion batteries, which are the state-of-the-art in battery technology.
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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 the rear wheel segment is witnessing the fastest growth as a result of its easier vehicle control and rising demand. The BMQ i3, Tesla Model 3, Volkswagen ID4, and other developed regions have seen faster growth in these vehicles, with the BMQ i3, Tesla Model 3, Volkswagen ID4, and others dominating the market. However, due to its newer market, the Middle East and Africa will see considerable rise in the expansion of rear wheel cars in the next years.
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. The supper charging segment is experiencing the fastest growth. This is due to numerous announcements regarding EV charging station expansion plans in the future years. Aside from that, several countries are collaborating with various states to accelerate infrastructure 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 segment is witnessing the fastest growth. The air compressors are incorporated with a conventional internal combustion engine in the electric passenger automobile. The air compressor is primarily powered by an electric motor connected to the vehicle's high voltage network.
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 Asia Pacific is growing faster as it is the major producer and has a great user dominance in the electronic passenger car market. The government is this region has taken multiple steps, which include compulsory laws and subsidies for EV buyers to manufacture EV’s.
Some key Points of the Electric Passenger Car Market Report are:
- An in-depth global electric passenger car market analysis by the segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global electric passenger car market, which include Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany) and Nissan Motors (Japan).
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global electric passenger car market.
- Impact of COVID-19 on the global electric passenger car market
Find more insights on this topic from this report, “Electric Passenger Car Market, 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, Europe, Asia Pacific, Middle East and Africa, South America)” - Global Market Size & Forecasting to 2030” in-depth analysis along with the table of contents (ToC).
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