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.
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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.
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