Electric Passenger Car Market Report: Trends, Forecast and Competitive Analysis to 2030

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.

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?