Press Release

Electric Passenger Car Sales to Cross $ 185 Billion by 2023

Favorable government initiatives, growing consumer inclination towards electric vehicles, and increasing research & development by automobile manufacturers to drive the global electric passenger car market through 2023

According to TechSci Research report, “Global Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Region, Competition Forecast & Opportunities, 2013 – 2023, the electric passenger car market across the globe is projected to surpass $ 185 billion by 2023. Growth in the market is expected to be driven by changing consumer preference from traditional fossil fuel vehicles to electric passenger cars, in addition to incentive schemes by governments of developed as well as developing nations to boost the sales of electric vehicles owing to increasing concerns associated with emissions and environmental pollution. Moreover, technological advancements and increasing consumer awareness about the benefits of electric vehicles and harmful effects of car emissions are further expected to fuel the electric passenger car market across the globe over the coming years. 

Browse 154 market data Figures spread through 234 Pages and an in-depth TOC on "Global Electric Passenger Car Market"

Increasing presence of various leading global automobile companies such as Nissan, Tesla, Volkswagen, BMW, Renault, Audi, etc., and their continuing research & development efforts to manufacture technologically advanced as well as affordable electric passenger cars, is anticipated to further boost the global electric passenger car market during the forecast period. Asia-Pacific electric passenger car market is the largest electric vehicle market across the globe, owing to rising demand for automobiles running on cleaner energy and their increasing affordability in the region. Battery-powered electric passenger car segment dominates the global market for passenger cars, on account of several technological advancements, improving charging infrastructure and declining prices of lithium-ion batteries.

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“Owing to increasing pressure on governments across the globe to address the alarming pollution levels, a rising number of governments are launching various incentive schemes such as tax exemptions for the buyers of electric vehicles. Moreover, governments are framing policies to further support clean fuel car market, while stakeholders are taking actions to boost public awareness regarding electric vehicles. All these developments are expected to stimulate growth in the global electric passenger car market over the course of next five years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Region, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of electric passenger car market across the globe, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.


About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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North America Electric Passenger Car Market By Vehicle Type (Hatchback, Sedan and SUV/MPV), By Technology Type (Battery Electric Vehicle and Plug-in Hybrid Electric Vehicle), By Driving Range, Competition, Forecast & Opportunities,

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The major drivers for the North America Electric Passenger Car Market are increasing environmental consciousness and the availability of government incentives and rebates, which promote the adoption of electric vehicles. Additionally, advancements in electric vehicle technology and charging infrastructure contribute to market growth.

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