Yahoo Finance Passenger Electric Vehicles Global Market Report 2023
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.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Electric Vehicles Global Market Report 2023" - https://www.reportlinker.com/p06280937/?utm_source=GNW
The global passenger electric vehicle 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The passenger electric vehicle market is expected to grow to $213.87 billion in 2026 at a CAGR of 20.3%.
The passenger electric vehicles market consists of sales of hybrid electric vehicles (HEVs) and extended range electric vehicles (E-REVs).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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).
Asia Pacific was the largest region in the passenger electric vehicles market in 2022.This region is expected to remain the largest during the next five years.
The regions covered in the passenger electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types in the passenger electric vehicle market are battery electric vehicles, hybrid electric vehicles, and 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 sedans, hatchbacks, and SUVs. The charging infrastructure involved is normal charging and high power charging.
The rising concerns about environmental factors, including global warming and climate change, are increasing the demand for electric vehicles and, subsequently, driving the passenger electric vehicle market.Due to rising environmental concerns, more people have been shifting to alternate modes of transport that 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 their battery capacity was not 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 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 vehicle market in Europe is governed by WP.29 of the UNECE (United Nations Economic Commission for Europe) Vehicle Regulations, which contribute 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 cell 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 June 2022, Club Car, a US-based manufacturer and global leader in golf, consumer, and utility vehicles, acquired Garia A/S for an undisclosed amount.Through this acquisition, Club Car will expand in low-speed electric vehicles.
Garia A/S is a Denmark-based manufacturer of electric vehicles for the utility, consumer and golf markets.
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.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The passenger electric vehicle market research report is one of a series of new reports that provides passenger electric vehicle market statistics, including passenger electric vehicle industry global market size, regional shares, competitors with a passenger electric vehicle market share, detailed passenger electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the passenger electric vehicle industry. This passenger electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06280937/?utm_source=GNW
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