Report ID: UCMIG25C2084
Report ID:
UCMIG25C2084 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
In 2020, the global electric passenger cars market reached a significant value of USD 120.81 billion. Looking ahead, the market is projected to witness substantial growth with a compound annual growth rate (CAGR) of 32.5% from 2021 to 2028. This growth can be attributed to several factors, including increasing government initiatives to promote electric vehicles, rising concerns about environmental pollution, and advancements in battery technology. As countries worldwide focus on transitioning towards sustainable transportation solutions, the electric passenger cars market is anticipated to experience a surge in demand and adoption, driving its remarkable expansion in the coming years.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Automobile Manufacturers by segment aggregation, the contribution of the Automobile Manufacturers in Automobiles & Components and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Report ID: UCMIG25C2084