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Market Research Report
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1019739

Electric Passenger Cars Market Size, Share & Trends Analysis Report By Product (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Region, And Segment Forecasts, 2021 - 2028

Published: | Grand View Research, Inc. | 120 Pages | Delivery time: 2-10 business days

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Electric Passenger Cars Market Size, Share & Trends Analysis Report By Product (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Region, And Segment Forecasts, 2021 - 2028
Published: June 25, 2021
Grand View Research, Inc.
Content info: 120 Pages
Delivery time: 2-10 business days
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  • Description
  • Table of Contents
Description

Electric Passenger Cars Market Growth & Trends

The global electric passenger cars market size is expected to reach USD 1.04 trillion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 32.5% from 2021 to 2028. The rising crude oil prices, coupled with favorable government initiatives to promote electric vehicle adoption, are expected to drive the demand for Electric Vehicles (EVs). Moreover, increased benefits offered by electric vehicles over internal combustion vehicles, such as lower total cost of ownership, better performance, and zero fuel emission, are anticipated to contribute to the growing demand for EVs in the forthcoming years.

The cost of electric vehicle batteries has been declining over the past few years owing to the mass-scale production of electric vehicle batteries and technological advancements. This has resulted in a decrease in the cost of electric vehicles as the battery is one of the most expensive and prominent parts of an electric vehicle. In 2010, an electric vehicle battery costed more than USD 1,000 per kWh. The price dropped in 2020 to over USD 135 per kWh. This decline in the cost of electric vehicle batteries is expected to create significant opportunities for users and manufacturers over the forecast period.

The Covid-19 pandemic has resulted in lockdowns and social distancing globally, consequently leading to losses for automobile, manufacturing, entertainment, restaurant, and hospitality industries. The unfavorable business scenario has impacted the production of electric vehicles in 2020. However, the overall sales of electric passenger cars increased by over 40% in 2020, reaching around 3 million units. Several companies across the developed and emerging economies have increased their electric vehicle charging stations post lockdown. Moreover, the market did not face significant losses during the pandemic due to increased demand. Besides, with favorable government initiatives to support electric vehicle adoption, the market will likely witness significant growth over the coming decade.

In 2020, Europe captured around 45% of the electric passenger cars demand and is estimated to register a CAGR exceeding 39% over the forecast period. This share is attributed to the rising demand for electric passenger cars in countries such as Germany, the U.K., France, Norway, Netherlands, and Sweden. Moreover, 2020 was the target year for the EU's emission standards that limit the average CO2 emissions per km driven for new cars. The European government also increased subsidies in countries such as France, Germany, and Italy to increase the sale of electric vehicles in the region and counter the pandemic's effect.

Electric Passenger Cars Market Report Highlights

The market for electric passenger cars was valued at USD 120.81 billion in 2020 and is projected to register a CAGR of around 32% over the forecast period

In terms of product, Battery Electric Vehicle (BEV) segment emerged as the largest segment in 2020 and is anticipated to maintain its dominance over the forecast period

Europe held the largest share in 2020 as the government in the region increased subsidies to boost electric vehicle sales

Table of Contents
Product Code: GVR-4-68038-281-5

Table of Contents

Chapter 1 Methodology and Scope

  • 1.1 Market Segmentation & Scope
  • 1.2 Market Definition
  • 1.3 Research Methodology
  • 1.4 Information Procurement
    • 1.4.1 Purchased Database
    • 1.4.2 GVR's Internal Database
    • 1.4.3 List of Secondary Sources
    • 1.4.4 Primary Research
  • 1.5 Information Analysis
  • 1.6 Market Formulation & Data Visualization
  • 1.7 Data Validation & Publishing

Chapter 2 Executive Summary

  • 2.1 Market Snapshot

Chapter 3 Electric Passenger Cars Market Variables, Trends & Scope

  • 3.1 Penetration & Growth Prospect Mapping
  • 3.2 Industry Value Chain Analysis
  • 3.3 Electric Passenger Cars Market Dynamics
    • 3.3.1 Market driver analysis
    • 3.3.2 Market restraint analysis
    • 3.3.3 Market opportunity analysis
  • 3.4 Electric Passenger Cars Industry Analysis - Porter's
  • 3.5 Electric Passenger Cars Industry Analysis - PEST
  • 3.6 Electric Passenger Cars - Top Selling Models, By Brand
  • 3.7 Electric Passenger Cars Government Regulations
  • 3.8 Electric Passenger Cars Market - COVID-19 Impact
  • 3.9 Electric Passenger Cars Market: Key Company Analysis, 2020

Chapter 4 Electric Passenger Cars Market: Product Segment Analysis

  • 4.1 Electric Passenger Cars Market: By Product Segment Outlook & Market Share 2020 and 2028
  • 4.2 Battery Electric Vehicle (BEV)
    • 4.2.1 BEV market, by region, 2016 - 2028
  • 4.3 Plug-In Hybrid Electric Vehicle (PHEV)
    • 4.3.1 PHEV market, by region, 2016 - 2028

Chapter 5 Electric Passenger Cars Market: Regional Segment Analysis

  • 5.1 Electric Passenger Cars Market: Regional Outlook & Market Share 2020 and 2028
  • 5.2 North America
    • 5.2.1 U.S.
    • 5.2.2 Canada
  • 5.3 Europe
    • 5.3.1 U.K.
    • 5.3.2 Germany
    • 5.3.3 France
    • 5.3.4 Norway
    • 5.3.5 Sweden
    • 5.3.6 Rest of Europe
  • 5.4 Asia Pacific
    • 5.4.1 China
    • 5.4.2 Japan
    • 5.3.3 Korea
    • 5.3.4 Rest of the Asia Pacific
  • 5.5 Rest of the World (RoW)

Chapter 6 Competitive Landscape

  • 6.1 Competition Dashboard
  • 6.2 Company Profiles
    • 6.2.1 BYD Company Ltd.
      • 6.2.1.1 Company Overview
      • 6.2.1.2 Financial Performance
      • 6.2.1.3 Product Benchmarking
      • 6.2.1.4 Strategic Initiatives
    • 6.2.2 Daimler AG
      • 6.2.2.1 Company Overview
      • 6.2.2.2 Financial Performance
      • 6.2.2.3 Product Benchmarking
      • 6.2.2.4 Strategic Initiatives
    • 6.2.3 Ford Motor Company
      • 6.2.3.1 Company Overview
      • 6.2.3.2 Financial Performance
      • 6.2.3.3 Product Benchmarking
      • 6.2.3.4 Strategic Initiatives
    • 6.2.4 General Motors Company
      • 6.2.4.1 Company Overview
      • 6.2.4.2 Financial Performance
      • 6.2.4.3 Product Benchmarking
      • 6.2.4.4 Strategic Initiatives
    • 6.2.5 Mitsubishi Motors Corporation
      • 6.2.5.1 Company Overview
      • 6.2.5.2 Product Benchmarking
      • 6.2.5.3 Strategic Initiatives
      • 6.2.5.4 Strategic Initiatives
    • 6.2.6 Nissan Motor Company
      • 6.2.6.1 Company Overview
      • 6.2.6.2 Financial Performance
      • 6.2.6.3 Product Benchmarking
      • 6.2.6.4 Strategic Initiatives
    • 6.2.7 SAIC Motor Corporation Limited
      • 6.2.7.1 Company Overview
      • 6.2.7.2 Financial Performance
      • 6.2.7.3 Product Benchmarking
      • 6.2.7.4 Strategic Initiatives
    • 6.2.8 Tesla
      • 6.2.8.1 Company Overview
      • 6.2.8.2 Financial Performance
      • 6.2.8.3 Product Benchmarking
      • 6.2.8.4 Strategic Initiatives
    • 6.2.9 TOYOTA MOTOR CORPORATION
      • 6.2.9.1 Company Overview
      • 6.2.9.2 Financial Performance
      • 6.2.9.3 Product Benchmarking
      • 6.2.9.4 Strategic Initiatives
    • 6.2.10 Volkswagen AG
      • 6.2.10.1 Company Overview
      • 6.2.10.2 Financial Performance
      • 6.2.10.3 Product Benchmarking
      • 6.2.10.4 Strategic Initiatives
    • 6.2.11 Lucid Motors
      • 6.2.11.1 Company Overview
      • 6.2.11.2 Financial Performance
      • 6.2.11.3 Product Benchmarking
      • 6.2.11.4 Strategic Initiatives
    • 6.2.12 Rivian
      • 6.2.12.1 Company Overview
      • 6.2.12.2 Financial Performance
      • 6.2.12.3 Product Benchmarking
      • 6.2.12.4 Strategic Initiatives
    • 6.2.13 Karma Automotive
      • 6.2.13.1 Company Overview
      • 6.2.13.2 Financial Performance
      • 6.2.13.3 Product Benchmarking
      • 6.2.13.4 Strategic Initiatives
    • 6.2.14 Fisker Inc.
      • 6.2.14.1 Company Overview
      • 6.2.14.2 Financial Performance
      • 6.2.14.3 Product Benchmarking
      • 6.2.14.4 Strategic Initiatives

List of Tables

  • Table 1 List of abbreviations
  • Table 2 BEV market volume, by country, 2016 - 2028 (Units)
  • Table 3 BEV market value, by country, 2016 - 2028 (USD Million)
  • Table 4 PHEV market volume, by country, 2016 - 2028 (Units)
  • Table 5 PHEV market value, by country, 2016 - 2028 (USD Million)
  • Table 6 North America electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 7 North America electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 8 U.S. electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 9 U.S. electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 10 Canada electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 11 Canada electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 12 Europe electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 13 Europe electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 14 U.K. electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 15 U.K. electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 16 Germany electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 17 Germany electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 18 France electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 19 France electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 20 Norway electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 21 Norway electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 22 Sweden electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 23 Sweden electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 24 Rest of Europe electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 25 Rest of Europe electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 26 Asia Pacific electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 27 Asia Pacific electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 28 China electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 29 China electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 30 Japan electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 31 Japan electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 32 Korea electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 33 Korea electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 34 Rest of Asia Pacific electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 35 Rest of Asia Pacific electric passenger cars market value, by product, 2016 - 2028 (USD Million)
  • Table 36 Rest of the World electric passenger cars market volume, by product, 2016 - 2028 (Units)
  • Table 37 Rest of the World electric passenger cars market value, by product, 2016 - 2028 (USD Million)

List of Figures

  • Fig. 1 Electric passenger cars market segmentation
  • Fig. 2 Market research process
  • Fig. 3 Primary research process
  • Fig. 4 Information analysis
  • Fig. 5 Data validation and publishing
  • Fig. 6 Electric passenger cars market snapshot
  • Fig. 7 Penetration & growth prospect mapping
  • Fig. 8 Industry value chain analysis
  • Fig. 9 Market driver analysis
  • Fig. 10 Market restraint analysis
  • Fig. 11 Market opportunity analysis
  • Fig. 12 Porter's analysis
  • Fig. 13 PEST analysis
  • Fig. 14 Electric passenger cars market: By product segment outlook & market share, 2020 and 2028
  • Fig. 15 Electric passenger cars market: Regional outlook & market share, 2020 and 2028
  • Fig. 16 Competition dashboard