The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising concerns about environmental factors, including global warming and climate change are expected to drive innovation in passenger electric vehicles manufacturing, thus driving the market during the forecast period.

The global passenger electric vehicles market is expected to grow from $278.75 billion in 2022 to $365.72 billion in 2023 at a compound annual growth rate (CAGR) of 31.2%. The passenger electric vehicles market is expected to grow from $1,083.65 billion in 2027 at a CAGR of 31.2%.

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Global Passenger Electric Vehicles Market Segments Include:

• By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle
• By Vehicle Type: Sedan, Hatchback, SUV
• By Charging Infrastructure: Normal Charging, High Power Charging
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global passenger electric vehicles market in 2021.

Major Market Players in the passenger electric vehicles market include Tesla Motors Inc., BMW AG, Nissan Motor Corporation, Ford Motor Company and Toyota Motor Corporation, Tesla Motors, Inc.

Companies in the passenger electric vehicle market are focusing on the development of technologies to increase the range of the vehicles. Automobile manufacturers have increased the battery range of their electric models by an average of 38 miles, 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 vehicle. 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 Global Market Report 2023  provides a passenger electric vehicles market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The passenger electric vehicles market forecast analyzes passenger electric vehicles market size, passenger electric vehicles market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A passenger electric vehicle is a road motor vehicle that runs on electricity and is used to transport people and has a maximum seating capacity of nine people (including the driver).

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