Electric Passenger Cars Market by Vehicle Type (Hatchback, Sedan, SUV), Product (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), Driving Range - Global Forecast 2024-2030

Electric Passenger Cars Market by Vehicle Type (Hatchback, Sedan, SUV), Product (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), Driving Range - Global Forecast 2024-2030

The Electric Passenger Cars Market size was estimated at USD 149.80 billion in 2023 and expected to reach USD 161.23 billion in 2024, at a CAGR 8.04% to reach USD 257.45 billion by 2030.

Electric passenger cars are a subtype of electric vehicles (EVs) designed specifically for the transportation of passengers. They utilize one or more electric motors powered by rechargeable battery packs as their primary source of propulsion, offering a cleaner alternative to traditional vehicles that use petrol or diesel fuel. Electric passenger cars are characterized by their high energy efficiency, reduced greenhouse gas emissions, and potential to leverage renewable energy sources. Stringent regulations and norms regarding vehicular emissions and growing awareness about sustainability issues have propelled the adoption of electric passenger cars across the world. Additionally, government support in the form of tax rebates, subsidies, and other incentives to promote the production and sale of electric passenger cars is lowering the cost barriers to electric car adoption. However, incidences of a product recall caused by safety hazards and technical failures raise concerns regarding the reliability and quality of the vehicles. Additionally, concerns over driving range and inadequate charging infrastructure, especially in rural areas, limit market expansion. However, public and private entities are investing in infrastructure development initiatives to set up charging infrastructure in new smart buildings and smart city projects. Furthermore, key players are also exploring the development of battery technologies that offer quicker charging times and longer life cycles, creating more efficient and scalable methods for the recycling of electric vehicle batteries and integrating vehicle-to-grid technologies that allow electric cars to contribute to energy stabilization.

Regional Insights

The Americas region, particularly the US and Canada, is characterized by the presence of a robust technological architecture that supports innovations in the field of electric passenger cars. Federal policies and tax reforms have further promoted the purchase and production of electric passenger cars. Key players in this region are at the forefront of innovations and invest in new product launches and strategic marketing activities to improve customer awareness and brand image regarding their electric passenger cars. European countries are implementing stringent policies aimed at reducing carbon emissions from automobiles, fuelling the growth of sustainable alternatives such as electric passenger cars. EU’s smart city and smart infrastructure initiatives have fuelled the deployment of electric charging stations, which can support the preference for EVs. Research initiatives to improve the functionality of EVs and promote the recycling of batteries used in electric passenger cars improve the overall sustainability of the vehicles. In the APAC region, deteriorating air quality in rapidly urbanizing areas has led to more stringent emission policies promoting the electric passenger car industry. The promotion of local manufacturers involved in the production of EVs has boosted adoption in various APAC markets. Additionally, APAC countries are leveraging their position as major battery producers to reduce costs and encourage EV adoption.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Electric Passenger Cars Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing Demand for Fuel-Efficient, High-Performance, and Low Emission Vehicles
    • Reducing the Cost of Electric Vehicles Batteries
    • Stringent Government Rules and Regulations Towards Vehicle Emission
    • Market Restraints
      • Lack of Electric Vehicles Charging Infrastructure
      • Market Opportunities
        • Increasing Investments by Governments to Develop Electric Vehicles Charging Stations and Hydrogen Fueling Stations
        • Gaining Popularity Owing to Numerous Technological Advancements
        • Market Challenges
          • High Costs Involved in Initial Investments
          • Market Segmentation Analysis
            • Vehicle Type: Growing adoption of electric passenger SUVs due to their versatility, spaciousness, and safety
            • Product: Preference for plug-in hybrid electric vehicle (PHEV) owing to its flexibility and higher driving range
            • Driving Range: Ongoing advancements and innovations to improve the functionality of cars above the driving range of 150 miles.
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Passenger Cars Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Passenger Cars Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • China's Byd Launches Electric Passenger Cars In Indonesia
              
              BYD, the electric vehicle manufacturer, launched three new electric car models in Indonesia. The company intends to replicate its international success in the Indonesian market and improve its position in the burgeoning electric vehicle sector. This initiative aligns seamlessly with Indonesia's goals to boost EV adoption, capitalize on its abundant nickel resources, and develop a hub for EV manufacturing.
              
              Volvo Car India Launches Born Electric C40 Recharge
              
              Volvo Car India introduced the C40 Recharge, its electric model, which represents an integral part of Volvo’s transition towards electric mobility, emphasizing the company's commitment to a sustainable future. The C40 Recharge comes equipped with an 11 kW charger and aims to promote environmental stewardship, being an all-electric vehicle with zero tailpipe emissions.
              
              Mahindra Electric Mobility Completes Merger With Mahindra & Mahindra
              
              Mahindra Electric Mobility Limited (MEML) has completed its merger with parent entity Mahindra & Mahindra Ltd. This amalgamation is poised to leverage synergies and enhance Mahindra's position in the clean mobility sector by integrating its electric vehicle (EV) operations with the core automotive business. Through this integration, Mahindra & Mahindra is set to streamline its EV development initiatives, potentially accelerating innovation and reinforcing its commitment to sustainable transport solutions.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Passenger Cars Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Electric Passenger Cars Market, highlighting leading vendors and their innovative profiles. These include Aiways Automobile Europe GmbH, Alcraft Motor Company, BMW AG, BYD Company Ltd., Faraday&Future Inc., Fisker, Inc., Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Company, Karma Automotive LLC, Lucid Group, Inc., Mahindra and Mahindra Limited, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Mullen Automotive, Inc., NIO Inc, Nissan Motor Co., Ltd., Renault Group, Rivian, LLC, SAIC Motor Corporation Limited, Stellantis N.V., Tata Motors Ltd., Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, and Volvo Car Corporation by Zhejiang Geely Holding Group Co., Ltd.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Electric Passenger Cars Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Vehicle Type
              • Hatchback
              • Sedan
              • SUV
              • Product
                • Battery Electric Vehicle (BEV)
                • Plug-In Hybrid Electric Vehicle (PHEV)
                • Driving Range
                  • Above 150 Miles
                  • Up to 150 Miles
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year