Major players in the passenger electric vehicles market are Tesla Motors Inc., BMW AG, Nissan Motor Corporation, Ford Motor Company and Toyota Motor Corporation, Tesla Motors, Inc., BMW AG, Nissan Motor Corporation, Ford Motor Company, Toyota Motor Corporation, Volkswagen AG, General Motors Company, Daimler AG, and Mitsubishi Motors Corporation.
The global passenger electric vehicles market is expected to grow from $77.96 billion in 2021 to $102.17 billion in 2022 at a compound annual growth rate (CAGR) of 31.1%. The market is expected to grow to $213.87 billion in 2026 at a compound annual growth rate (CAGR) of 20.3%.
The passenger electric vehicle market consists of sales of passenger electric vehicles.Passenger electric vehicles use electric motors in the vehicles rather than gasoline-powered drivetrains for running.
Passenger electric vehicles are powered by electricity from charging stations or by self-charging devices like turbochargers. Some examples of the vehicles covered under this market include Kia Soul EV, BMW i3, Volkswagen e-Golf, Tesla Model 3, and Tesla Model S.
The main types in the passenger electric vehicle market are battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles.Battery electric vehicles operate only on stored electricity, and their main components consist of a high-voltage battery, one or more electric motors (either alternating current [AC] or direct current [DC]),and a controller for managing the power electronics.
The vehicle types involved are sedan, hatchback, SUV. The charging infrastructure involved is normal charging, high power charging.
Asia Pacific was the largest region in the passenger electric vehicles market in 2021.This region is expected to remain the largest during the next five years.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rising concerns towards the environmental factors including global warming and climate change, are increasing the demand for electric vehicles and subsequently driving the passenger electric vehicles market.Due to rising environmental concerns, more people have been shifting to alternate modes of transport which cause less pollution, this has resulted in a substantial increase in the purchase of electric vehicles across the globe.
Electric vehicles are one of the most sustainable modes of transportation as they do not emit climate-damaging greenhouse gases or health-harming nitrogen oxide.They are also relatively quieter and easier to operate.
For instance, according to data by UNICEF, according to the Intergovernmental Panel on Climate Change (IPCC), the level of carbon dioxide in the atmosphere will be cut by 45 percent by 2030 to prevent global warming above 1.5oC and the threshold at which the worst impacts of climate change could be averted. . These factors are expected to boost the demand for electric vehicles and drive the market going forward.
Battery capacity and drainage challenges are significant challenges that are restraining the growth of the passenger electric vehicle market.The capacity of lithium-ion batteries, which are generally used in electric cars, decreases with the increase in the number of cycles of charging and discharging.
An electronic vehicle’s battery can be damaged due to high temperatures, overcharging, low voltages, and high charge current.There is also a risk of battery drainage while in the middle of the journey which would leave the driver with no other alternative source of fuel or power where there is no electric charging station.
For example, a report published in Economic Times (Auto) suggested that the electric cars made by Mahindra performed poorly, and its battery capacity not being up to the required levels.The models tested could not even run 80-82 km on a single charge.
These issues with batteries are limiting the use of electric vehicles, thus restraining the growth of the market.
Companies in the passenger electric vehicles market are focusing on the development of technologies to increase the range of the vehicles.In 2019, automobile manufacturers have increased the battery range of their electric models with an average of 38 miles upgrade, which is equivalent to a cumulative 15% increase on average every year.
Other developments include fluoride-ion batteries which have higher performance compared to currently used lithium-ion batteries.The fluoride-ion batteries have greater energy density and are more eco-friendly than the current lithium-ion technology.
With this new battery technology, an EV could go further on a pack of the same physical size or the same distance with a physically smaller battery pack, thus improving the range of the vehicles. Automaker Honda has already invested in the same and is working along with CalTech and NASA’s Jet Propulsion Laboratory on this technology.
The passenger electric vehicles market in Europe is governed by WP.29 of the UNECE (United Nations Economic Commission for Europe) Vehicle Regulations, which contributes to mobility electrification. WP. 29 specifies certain regulations that are required for assessing electric vehicles before commercializing them. This assessment is done in respect of safety standards and environmental performance of Electric vehicles, Hybrid Electric Vehicles, and Fuel Cells Vehicles. This regulation also covers the risks relating to electric shocks and fire explosions due to the battery. Various testing procedures are undertaken by the concerned regulatory bodies, to evaluate the environmental efficiency of these vehicles.
In April 2019 Ford Motors acquired Rivian in a deal valued at $500 Million.Rivian is an electric vehicle manufacturer and automotive technology company, founded in the year 2009 and is headquartered in Plymouth, Michigan, US.
The acquisition was done to utilize Rivian’s battery architecture, skateboard, to build a new electric vehicle. This investment was done by Ford to build a comprehensive Electronic Vehicle product portfolio and facilitate more electrification into the business.
The countries covered in the passenger electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
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