Electric Passenger Car Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

Electric Passenger Car Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

  • Transparency Market Research
  • Ongoing
  • Electric Vehicle

Report Description

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An electric passenger car refers to a range of technologies that use electricity to propel a vehicle. Electric vehicles are designed to operate on electricity, thereby the consumption of fossil fuels is reduced. Electric vehicles are also likely to help achieve the target of low carbon emissions from vehicles. Automaker across the world are taking efforts to develop and introduce electric vehicles on roads at the earliest.

Production of cars has been increasing for the last few years, which is expected to drive the electric passenger car market during the forecast period. Rising concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness are expected to prompt governments of various nations to positively take some action in order to seek a partial solution by means of creating incentives or to make investments in the automotive sector in order to fuel the electric passenger car market in the near future. Increasingly stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world, are further expected to propel the electric passenger car market during the forecast period.

The price of an electric passenger car is considerably high, in spite of the numerous advantages offered by them. This is primarily attributed to the high cost of batteries that are utilized to run electric cars and the cost required to recharge these batteries. Electric fuelling stations required for electric cars are still in the development stage. Therefore, using electric passenger cars for traveling long distances is likely to create problems during the journey. Moreover, electric passenger cars are not practically feasible in cities that are facing a power shortage. The battery backup of the batteries utilized in electric passenger cars is also comparatively short. These minor drawbacks of an electric car are expected to hamper the electric passenger car market during the forecast period.

The global electric passenger car market can be segmented based on vehicle, propulsion, charging station, government regulation, and region. In terms of vehicle type, the electric passenger vehicle market can be classified into hatchback and four more segments. The hatchback segment is expected to expand at a significant growth rate during the forecast period owing to the increasing production volumes of hatchback cars in recent years. In terms of propulsion, the electric passenger car market can be classified into battery electric vehicle and three other segments. The battery electric vehicle segment is anticipated to expand at a significant growth rate during the forecast period owing to the relatively high cost of other segments and the reduced carbon footprint due to the usage of battery, which are fully electric vehicles. In terms of charging station, the electric passenger car market can be divided into fast charging and two more segments. Based on government regulation, the electric passenger car market can be segmented into electric vehicle subsidies and electric vehicle tax rebates.

Based on geographical region, the electric passenger car market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to lead the electric passenger car market during the forecast period owing to the increased vehicle production, strong presence of well-established vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea, and the increasing efforts being taken by the government of China to support the development of electric vehicles.

Key players operating in the global electric passenger car market include Tesla Motors Inc., Nissan Motor Corporation, LG Chem., BMW AG, Mahindra & Mahindra Limited, Tata Motors Limited, JTEKT Corporation, and Mitsubishi Electric Corporation.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis. 

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