Press release
Overview of Segmentation, Market Dynamics, and Competitive Landscape in the Passenger Electric Vehicles Market
Passenger Electric Vehicles Market
Passenger Electric Vehicles Market Size and Growth Outlook
The passenger electric vehicles sector is anticipated to experience rapid expansion over the next several years. Market value is projected to reach $968.33 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.0%. This momentum is driven by various factors including the decreasing cost of batteries, the widening charging infrastructure, the integration of autonomous electric vehicles, more stringent carbon emission regulations, and the rise of smart mobility ecosystems. Key developments expected to influence this growth include the swift uptake of battery electric vehicles, expanding charging networks, increasing popularity of electric SUVs, greater government incentives, and a heightened awareness among consumers.
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Top Players Leading the Passenger Electric Vehicles Market
Several prominent corporations are steering the direction of the passenger electric vehicles industry. These major market participants include BYD Company Limited, Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Mercedes-Benz, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG (BMW), 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., and Great Wall Motor Co. Ltd.
Important industry collaboration occurred in November 2023 when India's Tata Passenger Electric Mobility Ltd (TPEM) teamed up with Jaguar Land Rover Plc (JLR). Through this partnership, TPEM licensed JLR's Electrified Modular Architecture (EMA) platform for its premium all-electric vehicle series called 'Avinya'. The collaboration aims to fast-track the creation of competitive electric vehicles worldwide, improving connectivity, performance, safety, and software-over-the-air (SOTA) capabilities while cutting development time and costs. Jaguar Land Rover is a UK-based luxury automaker known for its engineering excellence and advanced automotive technologies in both electric and combustion engine vehicles.
View the full passenger electric vehicles market report:
https://www.thebusinessresearchcompany.com/report/passenger-electric-vehicle-global-market-report
Key Drivers Fueling Growth in the Passenger Electric Vehicles Sector
One major factor propelling this market is the continuous reduction in battery costs, making electric vehicles more affordable for consumers. As batteries become more efficient and less expensive, they lower the overall price barrier for EV adoption.
Additionally, the expansion of charging infrastructure globally supports easier access and convenience for EV users, removing a significant hurdle to widespread electric vehicle acceptance. More charging stations and faster charging options enhance user confidence and practical usability.
Current Trends Shaping the Passenger Electric Vehicles Industry
Companies in this space are heavily investing in innovation, especially in electric vehicle batteries, which are crucial for performance and range. For example, Gotion High Tech Co Ltd., a Chinese battery manufacturer, introduced in May 2023 its AV battery named Astroinno, offering a range of 1000 km. This battery boasts a potentially higher energy density compared to common lithium-iron-phosphate (LFP) batteries while remaining more cost-effective than batteries relying mainly on nickel and cobalt. The Astroinno battery delivers an energy density of 240 watt-hours per kilogram (Wh/kg) at the cell level and 190 Wh/kg at the system level.
Another trend involves the growing consumer preference for electric SUVs, bolstered by expanding government incentives and increased awareness of environmental benefits. These factors are contributing significantly to the rapid adoption of electric vehicles across various segments.
Passenger Electric Vehicles Market Segmentation at a Glance
This market is segmented depending on several criteria:
By Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type:
- Sedan
- Hatchback
- SUV
By Charging Infrastructure:
- Normal Charging
- High Power Charging
More detailed subcategories include:
For Battery Electric Vehicles (BEV): Compact BEVs, Sedans, SUVs, Luxury BEVs
For Hybrid Electric Vehicles (HEV): Mild Hybrid, Full Hybrid, Series Hybrid
For Plug-in Hybrid Electric Vehicles (PHEV): Compact PHEVs, Sedans, SUVs, Luxury PHEVs
This comprehensive segmentation helps identify specific market niches and consumer preferences that will drive future developments in the passenger electric vehicles industry.
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