Electric Passenger Cars Market Enormous Growth with Recent Trends & Demand to 2028
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Updated on Oct 11, 2023
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Electric Passenger Cars Industry Overview
The global electric passenger cars market size was valued at USD 120.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 32.5% from 2021 to 2028.
Worldwide, the sales of passenger cars dipped considerably as the automotive industry bore the adverse effects of lockdown restrictions caused by COVID-19 in the first half of 2020. However, amidst this chaos, the market had a milestone year with sales reaching approximately 3.0 million units in 2020, almost a 40% increase over 2019. China with the government’s support was a major market disrupter with the success of WulingHongguang Mini EV and Tesla Model 3. The country captured over 30% of the global electric car sales in 2020 and will continue to witness great momentum supported by the growing network of public EV charging infrastructure and an anticipated rise in consumer demand over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Electric Passenger Cars Market
Electric vehicles (EVs) are amongst the most prominent technologies that contribute to reducing air pollution. Thus, governments worldwide are providing subsidies on the purchase of electric vehicles to promote their adoption. For instance, the Canadian government provides a subsidy of up to USD 3,700 on the purchase of battery electric vehicles and plug-in hybrid electric vehicles. Even the Japanese government provides a subsidy of up to USD 3,700 on the purchase of battery electric vehicles and up to USD 1,800 on the purchase of a plug-in hybrid electric vehicle.
The adoption of electric vehicles has gained traction in several countries due to the increasing fuel prices. Electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. Numerousride-hailing companies are focused on replacing their internal combustion engine fleet with electric vehicles. For instance, Uber India plans to have around 3,000 electric vehicles in its fleet by the end of 2021.
The outbreak of the COVID-19 pandemic has changed the overall business scenario for 2020 as well as the following years. Several industries have witnessed a significant setback due to the pandemic, and the automobile industry is no exception to that. However, electric passenger cars witnessed a high demand during the pandemic period. The global electric passenger car sales increased by over 40% in 2020 as compared to 2019. The production operations of most companies were affected owing to the lockdown. However, the adoption of electric passenger cars surged post-lockdown owing to the increasing initiatives by government authorities to encourage the use of low emission fuel vehicles.
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- Semi-trailer Market: The global semi-trailer market size to be valued at USD 29.36 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% during the forecast period.
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
- Asia Pacific
- Rest of the World (RoW)
Market Share Insights
- April 2020: BYD Company Ltd. and TOYOTA MOTOR CORPORATION signed an agreement to form a new company named BYD TOYOTA EV TECHNOLOGY CO., LTD.
Key Companies profiled:
Some of the prominent players operating in the global electric passenger cars market are:
- 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
- TOYOTA MOTOR CORPORATION
- Volkswagen AG
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