Market Share, Size, Revenue, and Trend Analysis of Passenger Electric Vehicles | Global Forecast Report 2032 | Tesla Motors Inc., BMW AG, Nissan Motor Corporation, Ford Motor Company and Toyota Motor Corporation

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Passenger Electric Vehicles Global Market Report 2023 the rising concerns about environmental factors, including global warming and climate change as the major driver for the passenger electric vehicles market's growth in the forecast period. Due to rising environmental concerns, more people have been shifting to alternate modes of transport that cause less pollution. This has resulted in a substantial increase in the purchase of electric vehicles across the globe. Electric vehicles are one of the most sustainable modes of transportation as they do not emit climate-damaging greenhouse gases or health-harming nitrogen oxide. They are also relatively quieter and easier to operate. For instance, according to data by UNICEF, according to the Intergovernmental Panel on Climate Change (IPCC), the level of carbon dioxide in the atmosphere will be cut by 45 percent by 2030 to prevent global warming above 1.5oC and the threshold at which the worst impacts of climate change could be averted.

The global passenger electric vehicles market grew from $278.75 billion in 2022 to $365.72 billion in 2023 at a compound annual growth rate (CAGR) of 31.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The passenger electric vehicles market is expected to grow from $1,083.65 billion in 2027 at a CAGR of 31.2%.

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Major competitors in the passenger electric vehicles market are Tesla Motors Inc., BMW AG, Nissan Motor Corporation, Ford Motor Company and Toyota Motor Corporation, Tesla Motors, Inc., BMW AG.

A key trend in the passenger electric vehicles market includes the development of technologies. Automobile manufacturers have increased the battery range of their electric models by an average of 38 miles, which is equivalent to a cumulative 15% increase on average every year. Other developments include fluoride-ion batteries, which have higher performance compared to currently used lithium-ion batteries. The fluoride-ion batteries have greater energy density and are more eco-friendly than the current lithium-ion technology. With this new battery technology, an EV could go further on a pack of the same physical size or the same distance with a physically smaller battery pack, thus improving the range of the vehicle.

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The Passenger Electric Vehicles market is segmented -

• By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle

• By Vehicle Type: Sedan, Hatchback, SUV

• By Charging Infrastructure: Normal Charging, High Power Charging

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the passenger electric vehicles market

The Business Research Company's "Global Passenger Electric Vehicles Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Passenger Electric Vehicles Market Include:
1. Executive Summary
2. Passenger Electric Vehicles Market Characteristics
3. Passenger Electric Vehicles Market Trends And Strategies
4. Passenger Electric Vehicles Market - Macro Economic Scenario
5. Passenger Electric Vehicles Market Size And Growth
……………
27. Passenger Electric Vehicles Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Passenger Electric Vehicles Market
29. Passenger Electric Vehicles Market Future Outlook And Potential Analysis
30. Appendix

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