Electric Passenger Cars Market Regional Analysis:
Europe Market Forecast
Europe electric passenger cars market is set to account for revenue share of around 51.2% by 2035. The strict regulation on carbon emissions and advancing charging infrastructure in the region are mainly fuelling the sales of electric passenger cars. For instance, the IEA estimates that electric car ownership in Europe increased by 20% in 2023.
Norway leads the sales of electric passenger cars in Europe and accounted for a share of 93% in 2023. The reintroduction of electric vehicle sales taxes, supportive incentives, and the Net Zero Emission goal are some key factors contributing to Norway market growth.
In Germany, the low cost of medium-sized EVs compared to ICE counterparts is majorly influencing the market growth. The price of best-selling Dacia Spring, MG, and Renault Megane ranges from USD 23883 to USD 37996 lower than 3 front runner ICEs above 45,000.
Asia Pacific Market Statistics
Asia Pacific electric passenger cars market is expected to observe substantial growth between 2026 and 2035. The strong presence of EV manufacturers, an increasing number of vehicle ownerships, and supportive policies on EV use are pushing the sales of electric passenger cars in the region. India and China are high-earning marketplaces owing to the rapid public investments in infrastructure development including, EV charging stations and continuous development of innovative models due to low labor costs. The existence of the world’s top automobile manufacturers such as Toyota Motor Corporation and Hyundai Motor Company is significantly influencing the sales of electric passenger cars in Japan and South Korea.
China captured around 60% of the new electric vehicle registrations in 2023 due to the country’s new energy vehicle industry development plan (2021 to 2035). The continuous innovations in EV technology and the expansion of public EV charging stations are further contributing to the China electric passenger cars market growth. For instance, according to an IEA report, in 2021 there were around 470 thousand publicly accessible fast chargers in the country.
In India, the cost-effective availability of labor and manufacturing base cuts the operational costs by 10% to 25% compared to Europe and Latin America. The rising environmental concerns and supportive government policies are promoting the adoption of electric passenger cars. For instance, the Government of India allotted around a USD 60.18 billion budget under the Electric Mobility Promotion Scheme to drive green mobility and expand electric vehicle production.
