Electric Passenger Cars Market Size, Segments, Analysis and Forecasts 2028

Electric Passenger Cars Industry Overview

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.

U.S. electric passenger cars market size, 2016 - 2028 (USD Billion)

Electric Passenger Cars Market Segmentation

Grand View Research has segmented the global electric passenger cars market based on product and region:

Based on the Product Insights, the market is segmented into Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV).

  • The battery electric vehicle segment accounted for the largest revenue share of over 60% in 2020 and is expected to maintain its dominance over the forecast period. As of 2021, more than 15 BEV models are available in the U.S. Compared to PHEV, BEV is expected to witness a more modest growth, primarily due to range anxiety. In the BEV segment, Tesla Model S with an improved range is popular, whereas model 3 with low cost per km is the most efficient. The vendor accounted for over 70% of the BEV sales in 2020.
  • The plug-in hybrid electric vehicle segment is projected to register the highest CAGR of over 32% in terms of revenue over the forecast period. This growth can be attributed to the initiatives taken by government authorities across the developed and emerging economies to promote the use of EVs. PHEVs use batteries to power the electric motor and alternative fuel to power the internal combustion engine. Companies such as Volkswagen Group are focusing on increasing their plug-in electric car sales.  

Electric Passenger Cars Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

Key Companies Profile & Market Share Insights

The market is highly competitive with the presence of several global as well as regional players. Market players also focus on partnerships and joint ventures to increase the adoption of electric vehicles.

Some of the prominent players operating in the global electric passenger cars market include,

  • BYD Company Ltd.
  • Daimler AG
  • Ford Motor Company
  • General Motors Company
  • Lucid Motors
  • Karma Automotive
  • Fisker Inc.
  • Mitsubishi Motors Corporation
  • Nissan Motor Company
  • SAIC Motor Corporation Limited
  • Tesla
  • Volkswagen AG

Order a free sample PDF of the Electric Passenger Cars Market Intelligence Study, published by Grand View Research.

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