Global Passenger Electric Vehicles Market to Reach $1681.09 Billion by 2029, Growing at 27.8% CAGR

What Is the Expected Size and Growth Rate of the Passenger Electric Vehicles Market?
In recent times, there has been a significant increase in the market size of passenger electric vehicles. The market is projected to expand from $479.83 billion in 2024 to $629.54 billion in 2025, a rise marked by a compound annual growth rate (CAGR) of 31.2%. This growth observed in the historical period can be credited to various factors such as investment in research and development, changes in consumer attitudes, early government incentives, initial initiatives taken by automakers, and regulatory emissions standards.

In the forthcoming years, the market size for passenger electric vehicles is forecasted to witness staggering growth, reaching $1681.09 billion in 2029 with a compound annual growth rate (CAGR) of 27.8%. The predicted growth in this period can be accredited to several factors such as expansion of infrastructure, backing from governments, commitment from automakers, improved range and performance, as well as a surge in consumer demand. The forecast period is also expected to see significant trends ranging from increased urbanization, advancements in battery technology, growth in charging infrastructure, favorable government policies and incentives, and substantial investment from automakers.

What Factors Are Fueling Growth in the Passenger Electric Vehicles Market?
Mounting apprehensions about environmental conditions, such as global warming and climate shift, are propelling the need for electric vehicles and consequently fueling the passenger electric vehicle market. The increased environmental worries are making more individuals gravitate towards alternative transportation methods that contribute less to pollution. This has led to a significant surge in the buying of electric vehicles worldwide. Electric vehicles, being one of the most eco-friendly modes of transport, do not release harmful greenhouse gases contributing to climate change nor nitrogen oxide detrimental to health. Furthermore, they tend to be quieter and simpler to handle. For instance, as per the data from UNICEF, the Intergovernmental Panel on Climate Change (IPCC) suggests that by 2030, there will be a 45 percent reduction in atmospheric carbon dioxide levels to avoid global warming above 1.5oC, beyond which the most severe effects of climate change may be prevented. Such factors are anticipated to heighten the appeal for electric vehicles and spur the demand in the passenger electric vehicles market in the future.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2524&type=smp

Which Leading Companies Are Shaping the Growth of the Passenger Electric Vehicles Market?
Major companies operating in the passenger electric vehicles market include BYD Company Limited, Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, 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, SAIC Motor Corp. Ltd., Changan Automobile Co. Ltd., Dongfeng Motor Corporation Ltd., Great Wall Motor Co. Ltd.

What Are the Major Trends Shaping the Passenger Electric Vehicles Market?
The proliferation of passenger electric vehicles in the market might be plagued by important issues such as battery capacity and battery draining. The efficiency of lithium-ion batteries, often employed in electric vehicles, degrades as the battery goes through numerous charging and discharging cycles. Overheating, overcharging, low voltages, and excessive charging power can potentially destroy an electric vehicle's battery. Furthermore, the risk of battery exhaustion in transit presents significant inconvenience, leaving the driver with no other fuel or power alternatives during a shortage of electric charging stations. A case in point is a study cited in the Economic Times (Auto) which showed that Mahindra's electric vehicle models underperformed, with the battery capacity seen to be subpar. The tested models could only cover a distance of 80-82 km on a solitary charge. Thus, these battery issues are creating a hurdle for the adoption of electric vehicles, thereby impeding the growth of the passenger electric vehicles market.

What Are the Key Segments of the Passenger Electric Vehicles Market?
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

Subsegments:
1) By Battery Electric Vehicle (BEV): Compact BEVs, Sedans, SUVs, Luxury BEVs
2) By Hybrid Electric Vehicle (HEV): Mild Hybrid, Full Hybrid, Series Hybrid
3) By Plug-In Hybrid Electric Vehicle (PHEV): Compact PHEVs, Sedans, SUVs, Luxury PHEVs

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/passenger-electric-vehicle-global-market-report

Which Region Dominates the Passenger Electric Vehicles Market?
The countries covered in the passenger electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

What Is Covered In The Passenger Electric Vehicles Global Market Report?

- Market Size Analysis: Analyze the Passenger Electric Vehicles Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Passenger Electric Vehicles Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Passenger Electric Vehicles Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Passenger Electric Vehicles Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2524

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.