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.
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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.
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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.
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