Electric Vehicles Market 2019 Received Rapid Boost in Global Industry by Forecast To 2023

Electric Vehicles (EV) Market 2018 is latest research report by MarketResearchFuture, the global Electric Vehicles (EV) market is expected to Register High Growth Rate during 2018 To 2023. Report analyzes Electric Vehicles (EV) Market Key Companies with Size, Share, Trends analysis, and Key Country Forecast to 2023. Electric Vehicles (EV) Market Information is segmented by Technology (Battery Electric Vehicles (EV), Hybrid Electric Vehicles (EV) and Plug-In Hybrid Electric Vehicles (EV)), By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers), and By Region – Forecast To 2023

Competitive Analysis

The global Electric Vehicles (EV) market is highly competitive. Various leading automotive players are entering into the Electric Vehicles (EV) market to capitalize on the lucrative business opportunities that the market offers and expanding the business. The key players functioning in the market include Nissan Motor Company, Toyota Motor Corporation, Volkswagen, General Motors, Hyundai Motor Company, Tesla Inc, Ford Motor Company, BMW, Daimler AG, and Mitsubishi Motors Corporation among others.

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The global Electric Vehicles (EV) (EV) market has witnessed exponential growth over the years, and the market was valued at USD 106.5 Bn in 2016 and is expected to grow at a significant CAGR of 18.96 % and double its revenue to USD 356.5 Bn over the forecast period of 2015-2023, reveals a research report by Market Research Future (MRFR).  The electronic vehicle’s market appears to be promising, and a number of factors are helping to shape up the market growth. The growth in the Electric Vehicles (EV) market is primarily driven by a rise in fuel prices and a surge in demand for Electric Vehicles (EV) due to the increasing popularity of Electric Vehicles (EV). The increase in demand for passenger cars coupled with a rise in personal car ownership lays a favorable situation for market growth. The cost of operation of Electric Vehicles (EV) is much less compared to that of conventional vehicles. Additionally, auto-manufacturers worldwide are entering into new emerging markets to expand their product portfolio. Regulations pertaining to CO2 emission standards and anti-pollution movements are supporting the growth of the market. Rising government initiatives are playing a vital role in promoting the growth of the market. Governments across the globe are offering monetary and non-monetary subsidies such as ‘Electric Vehicles (EV) only’ parking, access to bus lanes, public bus electrification, free public charging and subsidies on the purchase of EVs to encourage the purchase of Electric Vehicles (EV). The adoption of EVs among corporate fleet owners also spurs the growth of the market. Furthermore, technological advancements and cost reduction across the Electric Vehicles (EV) value chain aid market growth. Declining battery prices of EVs also acts as a driver. The availability of charging infrastructures such as battery swapping, induction charging, and wired charging has catalyzed the growth of the market. Another potential threat to the growth of the market might be the availability of rare earth metals as a raw material for batteries. Depletion of such materials would place the market in a troublesome situation. Despite the positive outlook, the Electric Vehicles (EV) market faces potent economic development challenges. The high price of EVs and poor aftermarket services are constraints to the market. Lack of proper charging infrastructure

for EVs is a potential threat to the growth of the market. Other restraining factors include limited electronic vehicle range, limited knowledge, and awareness of the benefits of Electric Vehicles (EV) and reluctance for adoption. Nevertheless, there are a lot of favorable factors which aid the growth of the market.

Segmentation

The global Electric Vehicles (EV) market has been segmented based on technology, and vehicle type. By technology, the market has been segmented into Battery Electric Vehicles (EV), Hybrid Electric Vehicles (EV), and Plug-In Hybrid Electric Vehicles (EV). The battery Electric Vehicles (EV) attained USD 54.7 Bn and accounted for 51.40% share of the market in 2016. The segment is expected to grow at a CAGR of 19.95% over the forecast period. By vehicle type, the market has been segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Passenger cars segment recorded market share of 68.20% in 2016 and attained USD 72.6 Bn. The passenger cars segment is foreseen to grow at a CAGR of 19.95% over the forecast period.

Regional Analysis

The key markets of the global Electric Vehicles (EV) market are North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific dominates the market owing to the massive sale of electric cars in the region, especially in China. The North America market is strong due to increasing commitment towards carbon emission reduction and environmental concerns. The Europe market is projected to consolidate over the forecast period as Europe will experience mass adoption of Electric Vehicles (EV) in future.

Industry Updates

  • In June 2018, Swedish luxury car brand Volvo announced the introduction of green technologies in India by manufacturing Electric Vehicles (EV). The company aims to increase the number of models that it assembles in India and is a firm supporter of the ‘Make in India ‘ initiative.
  • In July 2018, Volkswagen announced a new all-electric car-sharing platform that will be launched next year. The platform is named as ‘WE’ and is set to be launched in Germany in 2019.

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