Dublin, July 29, 2021 (GLOBE NEWSWIRE) — The “Electric Passenger Cars Market Size, Share & Trends Analysis Report by Product (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), by Region and Segment Forecasts, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global electric passenger cars market size is expected to reach USD 1.04 trillion by 2028, growing at a anticipated CAGR of 32.5% from 2021 to 2028.
The rising crude oil prices, coupled with favorable government initiatives to promote electric vehicle adoption, are expected to drive the demand for Electric Vehicles (EVs).
Moreover, increased benefits offered by electric vehicles over internal combustion vehicles, such as lower total cost of ownership, better performance and zero fuel emission, are anticipated to contribute to the growing demand for EVs in the forthcoming years.
The cost of electric vehicle batteries has been declining over the past few years owing to the mass-scale production of electric vehicle batteries and technological advancements. This has resulted in a decrease in the…
