The global electric vehicle market is set to exhibit 18.4% CAGR during 2017 to 2025 finds Market Research Future (MRFR) in its latest study. The market is influenced by several factors, which include environmental degradation, economic advantages, and technological advancements. With the passing time, fossil fuel is becoming more expensive and unsustainable. This is prompting a shift towards other viable options such electric vehicles.
Sales of electric vehicles is picking up steam on account of increased level of awareness among consumers. Moreover, the expansion of the automotive sector in regions such as Asia, Latin America and the Middle East. Emerging economies in these regions present attractive market opportunities. Nonetheless, the electric vehicles are yet to become mainstream owing to technological limitations and low penetration in price-sensitive markets. Combustion-engines continue to represent the major share of revenue for the automobile industry. A number of car manufacturers are investing on research & development programs focus towards electric vehicles. This is likely to provide an impetus to the global electric vehicle (EV) market in the years to come.
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Global Electric Vehicle (EV) Market: Segmental Analysis
MRFR’s report includes a thorough segmental analysis of the market on the basis of vehicle type, technology and region.
Based on vehicle type, the market has been segmented into commercial vehicles, passenger cars and two-wheelers. The passenger cars segment currently account for the largest market share and the trend is expected to continue beyond 2019. In addition, the passenger cars segment is projected to exhibit the fastest growth rate during the projection period. The segment’s growth is mainly driven by the rising demand for electric passenger cars.
By technology, the market has been segmented into plug-in hybrid electric vehicle, battery and hybrid. It is projected, that the plug-in hybrid electric vehicle segment is set to demonstrate an impressive growth over the next couple of years. This is mainly owing to increased installation of charging stations.
Global Electric Vehicle (EV) Market: Regional Analysis
Asia Pacific (APAC) currently represents the largest market for electric vehicle (EV)s. Increased popularity of electric vehicles in countries such as the China, Japan, South Korea and India is the primary force behind the market growth APAC. During the forecast period, the countries aforementioned are expected to make significant contribution to the market in terms revenue. The market in APAC is led by China, which is the largest automotive manufacturing hub in the world. The electric car segment has witnessed a healthy growth in the country. Increased government efforts such as subsidies and tax relief on purchase of electric vehicles is reflecting favourably on the market in China.
Europe and North America are the two other major markets for electric vehicle. The market in Europe is expected to witness a healthy growth during the forecast period. The European Union is taking sterner action towards vehicle emission. Policy reforms and steps to curb carbon emission by the EU has opened growth avenues for market players operating in the region. Demand for electric vehicles is on the rise in North America. Moreover, the region is home to some of the leading carmakers that are steadily shifting their focus towards electric vehicle.
North America also represents a healthy market for electric vehicle. Companies such as the Tesla, Inc. and Ford have already committed millions of dollars in investment in the North America electric care industry. Such factors are supporting the market growth in the region.
Global Electric Vehicle (EV) Market: Competition Analysis
MRFR in its report has mentioned some of prominent market participants, which include Tesla Inc. (US), Ford Motor Company (US), BMW (Germany), Daimler AG (Germany), Mitsubishi Motors Corporation (Japan), Toyota Motor Corporation (Japan), Nissan Motor Company (Japan), Hyundai Motor Company (South Korea), General Motors (US) and Volkswagen (Germany).
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