Passenger Electric Vehicles Market 2024 Trends, Technological Innovation, Growth, Key Players And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Passenger Electric Vehicles Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1348.65 billion In 2028 At A CAGR Of 29.5% :

The passenger electric vehicles market size has grown exponentially in recent years. It will grow from $365.72 billion in 2023 to $479.83 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The growth in the historic period can be attributed to research and development investments, consumer perception shift, early government incentives, initial automaker initiatives, regulatory emissions standards.

The passenger electric vehicles market size is expected to see exponential growth in the next few years. It will grow to $1348.65 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to infrastructure expansion, governmental support, automaker commitment, enhanced range and performance, consumer demand surge. Major trends in the forecast period include rising urbanization, battery technology advancements, expanding charging infrastructure, government incentives and policies, automaker investment.

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Passenger Electric Vehicles Market Major Segments
The passenger electric vehicles market covered in this report is segmented -
1) By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle
2) By Vehicle Type: Sedan, Hatchback, SUV
3) By Charging Infrastructure: Normal Charging, High Power Charging

Key Driver - Evolving Environmental Concerns Spur Demand For Passenger Electric Vehicles

The rising concerns about environmental factors, including global warming and climate change, are increasing the demand for electric vehicles and, subsequently, driving the passenger electric vehicle market. 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. These factors are expected to boost the demand for electric vehicles and drive the passenger electric vehicles market demand going forward.

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Prominent Trend - Technological Advancements In The Passenger Electric Vehicles Market For Extended Range

Companies in the passenger electric vehicles market are focusing on the development of technologies to increase the range of the vehicles. 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. Honda has already invested in the same and is working along with CalTech and NASA's Jet Propulsion Laboratory on this technology.

Passenger Electric Vehicles Market Players
Major companies operating in the passenger electric vehicles market report are BYD Company Limited, Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz, Daimler AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, Energica Motor Company S.P.A., Kia Corporation, Audi AG, Volvo Group, Renault SA, Dr. Ing. h.c. F. Porsche AG, Jaguar Land Rover Automotive plc, Mitsubishi Motors Corporation, Citroën S.A, Mahindra & Mahindra Ltd., XPeng Inc., Guangzhou Xiaopeng Motors Technology Co. Ltd., Rivian Automotive Inc., Lucid Group Inc., Karma Automotive LLC, Zero Motorcycles Inc., Faraday & Future Inc., SAIC Motor Corp. Ltd., Changan Automobile Co. Ltd., Dongfeng Motor Corporation Ltd., Great Wall Motor Co. Ltd.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the passenger electric vehicles market in 2023. This region is expected to remain the largest during the next five years. The regions covered in the passenger electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Passenger Electric Vehicles Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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