The global Electric Passenger Cars Market size is expected to reach USD 1.04 trillion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 32.5% from 2021 to 2028. The rising crude oil prices, coupled with favorable government initiatives to promote electric vehicle adoption, are expected to drive the demand for Electric Vehicles (EVs). Moreover, increased benefits offered by electric vehicles over internal combustion vehicles, such as lower total cost of ownership, better performance, and zero fuel emission, are anticipated to contribute to the growing demand for EVs in the forthcoming years.
The cost of electric vehicle batteries has been
declining over the past few years owing to the mass-scale production of
electric vehicle batteries and technological advancements. This has resulted in
a decrease in the cost of electric vehicles as the battery is one of the most
expensive and prominent parts of an electric vehicle. In 2010, an electric
vehicle battery costed more than USD 1,000 per kWh. The price dropped in 2020
to over USD 135 per kWh. This decline in the cost of electric vehicle batteries
is expected to create significant opportunities for users and manufacturers
over the forecast period.
The Covid-19 pandemic has resulted in lockdowns and
social distancing globally, consequently leading to losses for automobile,
manufacturing, entertainment, restaurant, and hospitality industries. The
unfavorable business scenario has impacted the production of electric vehicles
in 2020. However, the overall sales of electric passenger cars increased by
over 40% in 2020, reaching around 3 million units. Several companies across the
developed and emerging economies have increased their electric vehicle charging
stations post lockdown. Moreover, the market did not face significant losses
during the pandemic due to increased demand. Besides, with favorable government
initiatives to support electric vehicle adoption, the market will likely
witness significant growth over the coming decade.
In 2020, Europe captured around 45% of the electric
passenger cars demand and is estimated to register a CAGR exceeding 39% over
the forecast period. This share is attributed to the rising demand for electric
passenger cars in countries such as Germany, the U.K., France, Norway,
Netherlands, and Sweden. Moreover, 2020 was the target year for the EU’s
emission standards that limit the average CO2 emissions per km driven for new
cars. The European government also increased subsidies in countries such as
France, Germany, and Italy to increase the sale of electric vehicles in the
region and counter the pandemic's effect.
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Passenger Cars Market Report
Electric Passenger Cars Market Report Highlights
- The
market for electric passenger cars was valued at USD 120.81 billion in
2020 and is projected to register a CAGR of around 32% over the forecast
period
- In
terms of product, Battery Electric Vehicle (BEV) segment emerged as the
largest segment in 2020 and is anticipated to maintain its dominance over
the forecast period
- Europe
held the largest share in 2020 as the government in the region increased
subsidies to boost electric vehicle sales
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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