Electric Vehicle Market 2018 Global Industry Size & Trends Analysis, Segmentation and Opportunities Forecast to 2024

Market Landscape

Electric vehicles market is flourishing across the globe on the back of rising need of green infrastructure in developed nations such as United States, Australia, Japan and other countries. The registration of new electric cars hit a record in 2016, with over 750,000 sales all over the globe. A developed and small economy such as Norway has been successful to contribute a market share of 29.0% in overall electric vehicles market. The market share is followed by other European countries such as Netherlands with 6.5% and Sweden with 3.4% in 2016. Moreover, China dominated the electric vehicles market with sales of more than 40.0% electric vehicles in the world.

Electric vehicles stock surpassed 2.0 million vehicles in 2016, up by 1.0 million as compared to the stock in 2015 worldwide. Factors which are driving the growth of electric vehicle industry are government initiatives and subsidies to encourage the sales of green fuel based vehicles, consumer preference in developing nations for low running cost vehicles and advantages over maintenance and pollution. The need of smart and green mobility is rising in developing nations as population is mixing up with the technology and also getting aware about pollution and advanced technology.   

Global Electric Vehicles Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in electric vehicle industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, electric vehicle manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall electric vehicle industry.

Global Electric Vehicle Market Segmentation can be classified on the basis of:-

·    By Technology Type

    • Hybrid cars
    • Plug-in Hybrid Cars
    • Battery Electric Vehicles 
  •        By Vehicle Type

      • Passenger Cars
      • Commercial Vehicles
      • Two Wheeler
      • Others (ATVs etc.)


  • By Geography 

      • North America (U.S., Canada) Electric Vehicles Market {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
      • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Electric Vehicles Market {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
      • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) Electric Vehicles Market {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
      • Latin America (Brazil, Mexico and Rest of Latin America) Electric Vehicles Market {Market Share (%), Market Size (USD Billion), Sales (Million Units)}
      • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Electric Vehicles Market {Market Share (%), Market Size (USD Billion), Sales (Million Units)}

Market Trends, Drivers and Challenges

Manufacturers of electric vehicles are continuously spending on advancement of electric vehicles in order to make them more efficient and low running cost. The trend of continuous improvements in technologies to improve the performance and price competitiveness gap between green fuel powered and conventional vehicles will continue over the next five to six years. In addition to this, populations in developed economies are inclining towards low running cost and pollution free vehicles. The rising awareness among the population along with the government support to the electric vehicle manufacturers, the electric vehicle market is expected to reach USD 346.3 Billion by the end of 2024 from USD 118.4 Billion in 2016. The major challenge for the electric vehicle industry players is the lack of infrastructure in developing economies such as India, Canada, Spain, France, and others. Requirement of huge investment to develop a high end infrastructure for the electric vehicle is one of the barrier for the industry players.  

“Global Electric Vehicles Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global electric vehicles market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

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