Transparency Market Research in its new report titled, “Electric Passenger Car Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the electric passenger car market. The TMR report anticipates that the rise in the demand for blood- and plasma-derived products such as platelets, immunoglobulin, and plasma coupled with rapid increase in the global disease burden will drive the electric passenger car market during the forecast period i.e, 2018-2026.

Rising concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness are expected to prompt governments of various nations to positively take some action in order to seek a partial solution by means of creating incentives or to make investments in the automotive sector in order to fuel the electric passenger car market in the near future. Rising stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world, are further expected to propel the electric passenger car market during the forecast period, says the report. The report also discusses the major market restraints that includes price of an electric passenger car which is considerably high, in spite of the numerous advantages offered by them. This is primarily due to the high cost of batteries that are utilized to run electric cars and the cost required to recharge these batteries. Electric fuelling stations required for electric cars are still in the development stage. Therefore, using electric passenger cars for traveling long distances is likely to create problems during the journey.

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The report has segregated the global electric passenger car market based on vehicle, propulsion, charging station, government regulation, and region. On the basis of vehicle type, the electric passenger vehicle market is split into hatchback and four more segments. Among these, the hatchback segment is expected to expand at a significant growth rate during the forecast period owing to the increasing production volumes of hatchback cars in recent years. Based on propulsion, the electric passenger car market is divided into battery electric vehicle and three other segments. The battery electric vehicle segment is expected to grow at a significant growth rate during the forecast period due to the relatively high cost of other segments and the reduced carbon footprint due to the usage of battery, which are fully electric vehicles. Based on charging station, the electric passenger car market is segregated into fast charging and two more segments. In accordance with government regulation, the electric passenger car market is divided into electric vehicle subsidies and electric vehicle tax rebates.

From a regional perspective, the electric passenger car market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the TMR report anticipates that Asia Pacific will lead the electric passenger car market during the forecast period owing to the increased vehicle production, strong presence of well-established vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea, and the increasing efforts being taken by the government of China to support the development of electric vehicles. Major players operating in the global electric passenger car market are profiled in this report to give a better competitive landscape and these include Tesla Motors Inc., Nissan Motor Corporation, LG Chem., BMW AG, Mahindra & Mahindra Limited, Tata Motors Limited, JTEKT Corporation, and Mitsubishi Electric Corporation.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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