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Electric Passenger Cars Market Size, Share & Trends Analysis Report By Product (Battery Electric, Plug-in Hybrid Electric), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2025 - 2030

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  • 100 Pages
  • March 2025
  • Region: Global
  • Grand View Research
  • ID: 6062557
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Description Jump to:
The global electric passenger cars market size is expected to reach USD 2.13 trillion by 2030. The market is anticipated to register a CAGR of 39.4% from 2025 to 2030. 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 most expensive and prominent parts of an electric vehicle. In 2010, an electric vehicle battery costed more than USD 1,000 per kWh. The price dropped in 2020 to over USD 135 per kWh. This decline in the cost of electric vehicle batteries is expected to create significant opportunities for users and manufacturers over the forecast period.

The COVID-19 pandemic has resulted in lockdowns and social distancing globally, consequently leading to losses for automobile, manufacturing, entertainment, restaurant, and hospitality industries. The unfavorable business scenario has impacted the production of electric vehicles in 2020. However, the overall sales of electric passenger cars increased by over 40% in 2020, reaching around 3 million units. Several companies across the developed and emerging economies have increased their electric vehicle charging stations post lockdown. Moreover, the market did not face significant losses during the pandemic due to increased demand. Besides, with favorable government initiatives to support electric vehicle adoption, the market will likely witness significant growth over the coming decade.

In 2020, Europe captured around 45% of the electric passenger cars demand and is estimated to register a CAGR exceeding 39% over the forecast period. This share is attributed to the rising demand for electric passenger cars in countries such as Germany, the U.K., France, Norway, Netherlands, and Sweden. Moreover, 2020 was the target year for the EU’s emission standards that limit the average CO2 emissions per km driven for new cars. The European government also increased subsidies in countries such as France, Germany, and Italy to increase the sale of electric vehicles in the region and counter the pandemic's effect.

Electric Passenger Cars Market Report Highlights

  • The global electric passenger cars market size was estimated at USD 303.6 billion in 2024 and is projected to grow at a CAGR of 39.4% from 2025 to 2030
  • Battery Electric Vehicle (BEV) dominated the electric passenger car market with a revenue share of 51.4% in 2024
  • Asia Pacific electric passenger car market dominated the industry, accounting for 44.6% of the share in 2024

Why should you buy this report?

  • Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
  • Competitive Landscape: Explore the market presence of key players worldwide.
  • Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
  • Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.

This Report Addresses:

  • Market intelligence to enable effective decision-making
  • Market estimates and forecasts from 2018 to 2030
  • Growth opportunities and trend analyses
  • Segment and regional revenue forecasts for market assessment
  • Competition strategy and market share analysis
  • Product innovation listing for you to stay ahead of the curve
  • COVID-19's impact and how to sustain in these fast-evolving markets

This product will be delivered within 1-3 business days.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.2.1. Product
1.3. Estimates and Forecast Timeline
1.4. Research Methodology
1.5. Information Procurement
1.5.1. Purchased Database
1.5.2. Internal Database
1.5.3. Secondary Sources
1.5.4. Primary Research
1.6. Information Analysis
1.6.1. Data Analysis Models
1.7. Market Formulation & Data Visualization
1.8. Model Details
1.8.1. Commodity Flow Analysis
1.9. List of Secondary Sources
1.10. Objectives
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Electric passenger cars Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.3. Business Environment Analysis
3.3.1. Industry Analysis - Porter’s Five Forces Analysis
3.3.1.1. Supplier Power
3.3.1.2. Buyer Power
3.3.1.3. Substitution Threat
3.3.1.4. Threat of New Entrants
3.3.1.5. Competitive Rivalry
3.3.2. PESTLE Analysis
Chapter 4. Electric Passenger Cars Market: Product Business Analysis
4.1. Product Market Share, 2024 & 2030
4.2. Product Segment Dashboard
4.3. Market Size & Forecasts and Trend Analysis, by Product, 2018 to 2030 (USD Billion)
4.4. Battery Electric Vehicle (BEV)
4.4.1. Battery Electric Vehicle (BEV) Market, 2018 - 2030 (USD Billion)
4.5. Plug-In Hybrid Electric Vehicle (PHEV)
4.5.1. Plug-In Hybrid Electric Vehicle (PHEV) Market, 2018 - 2030 (USD Billion)
Chapter 5. Electric Passenger Cars Market: Regional Estimates & Trend Analysis
5.1. Regional Market Share Analysis, 2024 & 2030
5.2. Regional Market Dashboard
5.3. Market Size & Forecasts Trend Analysis, 2018 to 2030:
5.4. North America
5.4.1. North America Electric Passenger Cars Market Estimates and Forecasts, By Country, 2018 - 2030 (USD Billion)
5.4.2. U.S.
5.4.2.1. Key Country Dynamics
5.4.2.2. Regulatory Framework
5.4.2.3. Competitive Insights
5.4.2.4. U.S. Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.4.3. Canada
5.4.3.1. Key Country Dynamics
5.4.3.2. Regulatory Framework
5.4.3.3. Competitive Insights
5.4.3.4. Canada Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.4.4. Mexico
5.4.4.1. Key Country Dynamics
5.4.4.2. Regulatory Framework
5.4.4.3. Competitive Insights
5.4.4.4. Mexico Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.5. Europe
5.5.1. Europe Electric Passenger Cars Market Estimates and Forecasts, By Country, 2018 - 2030 (USD Billion)
5.5.2. UK
5.5.2.1. Key Country Dynamics
5.5.2.2. Regulatory Framework
5.5.2.3. Competitive Insights
5.5.2.4. UK Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.5.3. Germany
5.5.3.1. Key Country Dynamics
5.5.3.2. Regulatory Framework
5.5.3.3. Competitive Insights
5.5.3.4. Germany Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.5.4. France
5.5.4.1. Key Country Dynamics
5.5.4.2. Regulatory Framework
5.5.4.3. Competitive Insights
5.5.4.4. France Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.6. Asia Pacific
5.6.1. Asia Pacific Electric Passenger Cars Market Estimates and Forecasts, By Country, 2018 - 2030 (USD Billion)
5.6.2. China
5.6.2.1. Key Country Dynamics
5.6.2.2. Regulatory Framework
5.6.2.3. Competitive Insights
5.6.2.4. China Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.6.3. Japan
5.6.3.1. Key Country Dynamics
5.6.3.2. Regulatory Framework
5.6.3.3. Competitive Insights
5.6.3.4. Japan Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.6.4. India
5.6.4.1. Key Country Dynamics
5.6.4.2. Regulatory Framework
5.6.4.3. Competitive Insights
5.6.4.4. India Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.6.5. South Korea
5.6.5.1. Key Country Dynamics
5.6.5.2. Regulatory Framework
5.6.5.3. Competitive Insights
5.6.5.4. South Korea Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.6.6. Australia
5.6.6.1. Key Country Dynamics
5.6.6.2. Regulatory Framework
5.6.6.3. Competitive Insights
5.6.6.4. Australia Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.7. Latin America
5.7.1. Latin America Electric Passenger Cars Market Estimates and Forecasts, By Country, 2018 - 2030 (USD Billion)
5.7.2. Brazil
5.7.2.1. Key Country Dynamics
5.7.2.2. Regulatory Framework
5.7.2.3. Competitive Insights
5.7.2.4. Brazil Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.8. Middle East & Africa
5.8.1. Middle East & Africa Electric Passenger Cars Market Estimates and Forecasts, By Country, 2018 - 2030 (USD Billion)
5.8.2. UAE
5.8.2.1. Key Country Dynamics
5.8.2.2. Regulatory Framework
5.8.2.3. Competitive Insights
5.8.2.4. UAE Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.8.3. Saudi Arabia
5.8.3.1. Key Country Dynamics
5.8.3.2. Regulatory Framework
5.8.3.3. Competitive Insights
5.8.3.4. Saudi Arabia Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.8.4. South Africa
5.8.4.1. Key Country Dynamics
5.8.4.2. Regulatory Framework
5.8.4.3. Competitive Insights
5.8.4.4. South Africa Electric Passenger Cars Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Competitive Landscape
6.1. Participant Overview
6.2. Company Market Position Analysis
6.3. Company Categorization
6.4. Strategy Mapping
6.5. Company Profiles/Listing
6.5.1. BYD Company Ltd.
6.5.1.1. Overview
6.5.1.2. Financial Performance
6.5.1.3. Product Benchmarking
6.5.1.4. Strategic Initiatives
6.5.2. Mercedes-Benz Group AG. (Daimler AG)
6.5.2.1. Overview
6.5.2.2. Financial Performance
6.5.2.3. Product Benchmarking
6.5.2.4. Strategic Initiatives
6.5.3. Ford Motor Company
6.5.3.1. Overview
6.5.3.2. Financial Performance
6.5.3.3. Product Benchmarking
6.5.3.4. Strategic Initiatives
6.5.4. General Motors
6.5.4.1. Overview
6.5.4.2. Financial Performance
6.5.4.3. Product Benchmarking
6.5.4.4. Strategic Initiatives
6.5.5. Lucid
6.5.5.1. Overview
6.5.5.2. Financial Performance
6.5.5.3. Product Benchmarking
6.5.5.4. Strategic Initiatives
6.5.6. MITSUBISHI MOTORS CORPORATION
6.5.6.1. Overview
6.5.6.2. Financial Performance
6.5.6.3. Product Benchmarking
6.5.6.4. Strategic Initiatives
6.5.7. Nissan Motor Co., Ltd.
6.5.7.1. Overview
6.5.7.2. Financial Performance
6.5.7.3. Product Benchmarking
6.5.7.4. Strategic Initiatives
6.5.8. Tesla
6.5.8.1. Overview
6.5.8.2. Financial Performance
6.5.8.3. Product Benchmarking
6.5.8.4. Strategic Initiatives
6.5.9. TOYOTA MOTOR CORPORATION
6.5.9.1. Overview
6.5.9.2. Financial Performance
6.5.9.3. Product Benchmarking
6.5.9.4. Strategic Initiatives
6.5.10. Volkswagen Group
6.5.10.1. Overview
6.5.10.2. Financial Performance
6.5.10.3. Product Benchmarking
6.5.10.4. Strategic Initiatives
List of Tables
Table 1. List of secondary sources
Table 2. List of abbreviations
Table 3. Global Electric Passenger Cars Market, by Region, 2018 - 2030 (USD Billion)
Table 4. Global Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 5. North America Electric Passenger Cars Market, by country, 2018 - 2030 (USD Billion)
Table 6. North America Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 7. U.S. Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 8. Canada Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 9. Mexico Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 10. Europe Electric Passenger Cars Market, by Country, 2018 - 2030 (USD Billion)
Table 11. Europe Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 12. U.K. Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 13. Germany Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 14. France Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 15. Asia Pacific Electric Passenger Cars Market, by country, 2018 - 2030 (USD Billion)
Table 16. Asia Pacific Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 17. China Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 18. Japan Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 19. India Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 20. South Korea Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 21. Australia Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 22. Latin America Electric Passenger Cars Market, by country, 2018 - 2030 (USD Billion)
Table 23. Latin America Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 24. Brazil Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 25. Middle East & Africa Electric Passenger Cars Market, by country, 2018 - 2030 (USD Billion)
Table 26. Middle East & Africa Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 27. UAE Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 28. Saudi Arabia Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
Table 29. South Africa Electric Passenger Cars Market, by Product, 2018 - 2030 (USD Billion)
List of Figures
Fig. 1 Electric passenger cars market segmentation
Fig. 2 Market research process
Fig. 3 Data triangulation products
Fig. 4 Primary research pattern
Fig. 5 Market research approaches
Fig. 6 Value-chain-based sizing & forecasting
Fig. 7 Market formulation & validation
Fig. 8 Market snapshot
Fig. 9 Product outlook (USD Billion)
Fig. 10 Competitive landscape
Fig. 11 Electric passenger cars market dynamics
Fig. 12 Electric passenger cars market: Porter’s five forces analysis
Fig. 13 Electric passenger cars market: PESTLE analysis
Fig. 14 Electric passenger cars market: Product segment dashboard
Fig. 15 Electric passenger cars market: Product market share analysis, 2024 & 2030
Fig. 16 Battery electric Vehicle (BEV) market, 2018 - 2030 (USD Billion)
Fig. 17 Plug-In Hybrid Electric Vehicle (PHEV) market, 2018 - 2030 (USD Billion)
Fig. 18 Electric passenger cars market revenue, by region
Fig. 19 Regional marketplace: Key takeaways
Fig. 20 Regional marketplace: Key takeaways
Fig. 21 North America electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 22 U.S. country dynamics
Fig. 23 U.S. electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 24 Canada country dynamics
Fig. 25 Canada electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 26 Mexico country dynamics
Fig. 27 Mexico electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 28 Europe electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 29 U.K. country dynamics
Fig. 30 U.K. electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 31 Germany country dynamics
Fig. 32 Germany electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 33 France country dynamics
Fig. 34 France electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 35 Asia Pacific electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 36 China country dynamics
Fig. 37 China Electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 38 Japan country dynamics
Fig. 39 Japan electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 40 India country dynamics
Fig. 41 India electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 42 South Korea country dynamics
Fig. 43 South Korea electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 44 Australia country dynamics
Fig. 45 Australia electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 46 Latin America electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 47 Brazil country dynamics
Fig. 48 Brazil Electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 49 Middle East & Africa electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 50 UAE country dynamics
Fig. 51 UAE Electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 52 Saudi Arabia country dynamics
Fig. 53 Saudi Arabia electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 54 South Africa country dynamics
Fig. 55 South Africa electric passenger cars market, 2018 - 2030 (USD Billion)
Fig. 56 Company categorization
Fig. 57 Company market position analysis
Fig. 58 Strategic framework

Companies Mentioned

  • BYD Company Ltd.
  • Mercedes-Benz Group AG. (Daimler AG)
  • Ford Motor Company
  • General Motors
  • Lucid
  • MITSUBISHI MOTORS CORPORATION
  • Nissan Motor Co., Ltd.
  • Tesla
  • TOYOTA MOTOR CORPORATION
  • Volkswagen Group

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