A woman walks past a Tesla dealership in Hanam

Tesla is in danger of losing control of the electric car market as both foreign and domestic rivals introduce cheaper options into the market.

S&P Global Mobility said in a Tuesday report that Tesla "does not yet truly compete" when it comes to electric models priced below $50,000.

The least expensive Tesla is the Model 3 compact sedan, with a starting price of just under $47,000. Elon Musk, CEO of Tesla, has hinted at the possibility of rolling out a lower-priced version of the Model 3. The production and delivery timeline for this has remained unclear. Reuters reported on Monday that Tesla is developing a streamlined version of Model 3 in the hopes of cutting production costs.

Research firm S&P Global Mobility added that Tesla's ability to maintain market control wouldn't remain unchallenged.

"Tesla's position is changing as new, more affordable options arrive, offering equal or better technology and production build," an S&P report concluded.

General Motors, Hyundai, Kia, Volkswagen and Nissan are all top competitors. There are also rivals across China who serve as Tesla's biggest competition and have begun expanding into European and American markets. Nio, Tencent, BYD and Xpeng have challenged Tesla head-on for control of the Chinese market and innovative technologies.