Latest Market Research Reports

Electric Passenger Cars Industry 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 mos...

Electric Passenger Cars  Industry Overview The global electric passenger cars market size was valued at USD 120.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 32.5% from 2021 to 2028. Worldwide, the sales of passenger cars dipped considerably as the automotive industry bore the adverse effects of lockdown restrictions caused by COVID-19 in the first half of 2020. However, amidst this chaos, the market had a milestone year with sales reaching approximately 3.0 million units in 2020, almost a 40% increase over 2019. China with the government’s support was a major market disrupter with the success of WulingHongguang Mini EV and Tesla Model 3. The country captured over 30% of the global electric car sales in 2020 and will continue to witness great momentum supported by the growing network of public EV charging infrastructure and an anticipated rise in consumer demand over the forecast period. Gather more insights about the market d...