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Electric Passenger Cars Market worth $257.45 billion by 2030, growing at a CAGR of 8.04% - Exclusive Report by 360iResearch

03-14-2024 12:46 PM CET | Logistics & Transport

Press release from: 360iResearch

Electric Passenger Cars Market | 360iResearch

Electric Passenger Cars Market | 360iResearch

The "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" report has been added to 360iResearch.com's offering.

The Global Electric Passenger Cars Market to grow from USD 149.80 billion in 2023 to USD 257.45 billion by 2030, at a CAGR of 8.04%.

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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.

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 Segmentation & Coverage:

This research report categorizes the Electric Passenger Cars Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Vehicle Type, market is studied across Hatchback, Sedan, and SUV. The SUV commanded largest market share of 35.66% in 2023, followed by Sedan.

Based on Product, market is studied across Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV). The Plug-In Hybrid Electric Vehicle (PHEV) commanded largest market share of 62.17% in 2023, followed by Battery Electric Vehicle (BEV).

Based on Driving Range, market is studied across Above 150 Miles and Up to 150 Miles. The Up to 150 Miles commanded largest market share of 67.63% in 2023, followed by Above 150 Miles.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 42.66% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Electric Passenger Cars Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Electric Passenger Cars Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

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.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Electric Passenger Cars Market, by Vehicle Type
7. Electric Passenger Cars Market, by Product
8. Electric Passenger Cars Market, by Driving Range
9. Americas Electric Passenger Cars Market
10. Asia-Pacific Electric Passenger Cars Market
11. Europe, Middle East & Africa Electric Passenger Cars Market
12. Competitive Landscape
13. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Electric Passenger Cars Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Electric Passenger Cars Market?
3. What is the competitive strategic window for opportunities in the Electric Passenger Cars Market?
4. What are the technology trends and regulatory frameworks in the Electric Passenger Cars Market?
5. What is the market share of the leading vendors in the Electric Passenger Cars Market?
6. What modes and strategic moves are considered suitable for entering the Electric Passenger Cars Market?

Read More @ https://www.360iresearch.com/library/intelligence/electric-passenger-cars?utm_source=openpr&utm_medium=referral&utm_campaign=analyst

Contact 360iResearch

Mr. Ketan Rohom
Sales & Marketing,
Office No. 519, Nyati Empress,
Opposite Phoenix Market City,
Vimannagar, Pune, Maharashtra,
India - 411014.
sales@360iresearch.com
+1-530-264-8485
+91-922-607-7550

About 360iResearch

360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.

We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset - our people.

Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.

Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.

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