Electric Vehicle Market Overview:
Electric Vehicles, though cost effective, less pollutant, lowered carbon emission and dire need of the time; are yet to get the desired impetus to its market size. Although, the Global Electric Vehicle Market is running successfully; it has still not gotten to taste the success it should have by now. However, it will still be considered as a slow growth despite the expected rise of sales of EV which will be doubled to 4000 units by 2018 and will further keep growing till 2027.
Post 2027, accelerating demand for Electric vehicles attributing to advance battery technology, government mandate and initiatives for speedy uptake of electric cars coupled with the sunken battery cost and significantly lowered prices of electric Vehicles will phenomenally drive the market growth.
Governments across the globe are going that extra mile to encourage the uptake of electric cars among people rather than rending limited support. They are increasingly allotting significant funds and grants to encourage innovation and investment to accelerate the uptake of electric vehicles.
Following proceedings that took place in the EV Market are very well explaining the current status of the global EV markets.
6 Nov. 2017, A significant incentive for purchasing an electric car could vanish as part of the tax plan rolled out by House Republicans: The $7,500 per vehicle tax credit that has boosted sales of EVs in the U.S. is drafted to be repealed after the 2017 tax year, according to a summary of the House version of the bill. The proposed move is part of a tax code overhaul that seeks to target a number of widely-used deductions. The tax plan will pull plug on $7,500 credit for electric vehicle buyers
5 Nov. 2017, Ryder Systems Inc. (U.S) a truck leasing and Rental Company declared that it has ordered 125 all-electric delivery vans from Chanje. The deal is considered as one of the first big purchases made in the still nascent electric truck industry.
3 Nov. 2017, IONITY, a group formed of mainly German car makers announced that the joint venture will build out a pan-European network of 400 fast charging stations for electric vehicles by the year 2020. The venture – IONITY, is backed by BMW AG, Daimler AG, Ford Motor Co and Volkswagen with its Audi and Porsche brands. Each charging point will have a capacity of 350 kW, and will use the existing European standard, the Combined Charging System, to reduce charging times compared to existing systems. The system is not tied to brands, which should make EVs more appealing to drivers. However, in the US under the flagship of Tesla – the all-electric challenger, established brands are teaming up to ensure that electric vehicles (EVs) can get quickly back on the road after hooking up to a High-Power Charging (HPC) station.
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3 Nov. 2017, Osram an automotive lighting solutions company in India, acknowledging the expected market growth in LEDs in India (currently 5% – is expected to escalate to 30 % in two-wheelers and 25 % in four-wheelers by 2020) announced that Osram is fully geared to address this shift by adopting LED, HID, xenon technology. The company also believes that with the Government pushing energy efficient vehicles, lighting will also have to follow suit.
31 Oct. 2017, TVS Motor announced that it is to launch electric Jupiter by June 2018. The electric Jupiter is expected to come up with a lithium-ion battery, which can go up to 50 km range.
30 Oct. 2017, Tesla Inc. (electric-car maker) announced that it has finalised a deal to build its own manufacturing plant in China.
30 Oct. 2017, Octillion Power Systems, the US-based manufacturer of advanced energy storage systems for electric vehicles (EVs) and power grids, announced its foray into the fast-growing Indian market. The company has set up an office in India with plans to establish an advanced EV battery manufacturing facility at an investment of $15 million.
28 Oct. 2017, Ashok Leyland (A Truck manufacturing co. India) declared the investment of Rs. 400-500 crore on Electric Vehicles manufacturing.
Oct. 2017, Maruti Suzuki (an Automobile manufacturing co. India) announced that to achieve output of more than 2 mn. by 2020 the company has fast-tracked the setting up of fresh capacity in Gujarat, plans to introduce new models and is doing a market study on electric vehicles.
Electric Vehicle Market Competitive Analysis
The Global Electric Vehicle market is well established. Several large and small players having international presence adorn the market of Electric Vehicle. The market is expected to witness fierce competition during the forecast period. Well established players incorporate acquisition, collaboration, partnership, expansion, product launch in order to gain competitive advantage in this market and to maintain their market position. The Key players operating in this market emphasis upon the product innovation and new manufacturing processes which in turn is anticipated to fuel the already intensified competition during the forecast period. Electric Vehicle market demonstrates high growth prospect which is turn is attracting several new entrants to the market which is apparently anticipated to intensify the market competition.
Battery makers operating in the global EV market are increasingly turning to nickel to help power growing global electric car sales, but only half of the world’s producers of the metal are likely to benefit. The battery boom promises a new and growing market for miners producing high-grade nickel products. However, half the world’s supply of the metal, comprised of so-called ferronickel and nickel pig iron grades, is unsuitable for battery production.
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Manufacturers strive to offer expansive IT expertise is which can deal not only in rechargeable batteries, but also in handset and computer components, traditional fuel-powered vehicles, new energy vehicles, rail transit, solar farming, energy storage, LED technologies.
Nissan motors (Japan), Tesla Corporation (U.S.), General motors (U.S.), Mitsubishi Motors (Japan), Volkswagen (Germany), Daimler AG (Germany), Smith electric Vehicle (U.S.), Bosch GmbH (Germany), and Delphi Automotive plc. (U.K.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Electric Vehicle Market.
Electric Vehicle Market Segmentation
The Electric Vehicle Market can be segmented in 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Types: Comprises HEVs (Hybrid Electric vehicle), BEVs (Battery electric vehicle) and PHEVs (Plug-in hybrid electric vehicles).
Segmentation by Component: Comprises Battery, Automotive parts, Sub-assembly.
Segmentation by Manufacturing Process: Comprises Raw material, Design, Quality control, Assemblies, and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Electric Vehicle Market – Regional Analysis
North-America dominated the Global Electric Vehicle Market with the largest market share due to growing trend of low operating cost and sustainable development of electric vehicle in the region, and therefore accounting for astronomical amounts and is expected to grow further over its previous growth records by 2027. Electric Vehicle Market in European market is expected to grow at a substantial CAGR during 2016 to 2027. The Asia-Pacific market for Electric Vehicle Market is expected to grow at a considerable CAGR (2016-2027). In China, there is a huge push for New Energy Vehicles (NEVs) in order to cut down on urban pollution.
In US, the tax plan – The $7,500 per vehicle tax credit that has boosted sales of EVs in the U.S. is drafted to be repealed after the 2017 tax year. This is likely to affect the EV sales in the US.
Whereas in India, High GST (Sales Tax) rate on batteries will miserably hit e-vehicle sales. Under the new indirect tax regime, while electric vehicles sold with batteries are charged 12% GST, batteries sold without vehicles are taxed 28%.High tax on batteries used in electric vehicles under the goods and services tax regime may prove a major roadblock to the government’s drive to push e-vehicles. The government needs to step up investments in electric vehicle technology to help bring down battery costs and encourage adoption of green mobility solutions.
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