The global electric vehicleGovernment support in the form of subsidies, grants, and tax rebates Electric. 2018, from 1:50 to an estimated million units vehicle battery has grown in the world. estimated 1.50 million units in 2018. Generic.million units in 2018. Government support in the form of subsidies, grants and tax rebates, improving charging infrastructure, increasing vehicle range, and reducing electric vehicle battery costs Electricity vehicle battery costs are increasing. Electric vehicle battery costs are increasing.
The FCEV segment (zero-emission vehicles) is the highest growth rate in the electric vehicle market, followed by BEVs and PHEVs because of the availability of better subsidies and support from governments. Increasing vehicle range and the charging infrastructure have fueled the demand for BEVs. Nissan Leaf and Tesla Model S were the most successful and highest selling BEV models in 2016. The growth of BEV sales is projected to continue during the forecast period due to decreasing battery prices, increasing environmental awareness among consumers, and decreasing charging time. It has been projected that the invention of super-fast chargers would enable EV to be fully charged in less than an hour.
An electric passenger car is the largest segment in the global electric vehicle market. The growth can be attributed to the growing demand for fuel-efficient vehicles, increasing environmental awareness among consumers, and competitive pricing in comparison to the ICE passenger cars. The increasing support from governments in China, Japan France, Norway, and the US, and the OEM’s efforts to improve the existing EV models would drive the sales of electric vehicle passenger cars during the forecast period. Major OEMs have also announced the launch of the EV variants of their most successful IC (internal combustion) engine models.
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The Asia Pacific is the largest market for automotive electric vehicles. China is the largest market because of the government support and the availability of strong charging infrastructure. The alarming pollution levels in these countries have various types of financial and non-financial benefits to promote the sales of EVs.
The major restraints considered in the study include the poor charging infrastructure, limited vehicle range, and the short lifespan of the EV battery, which restricts the sales of electric vehicles.
EV cars competitively as compared to ICE cars.
The global electric vehicle market is dominated by major players such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany).
Government funding, subsidies, and incentives; growing demand for electric vehicles; Automakers in electric vehicles are driving the growth of the electric vehicle market
Battery Electric Vehicle (
BEVs ) are preferred by several governments due to their zero-emission nature. Various governments around the world support the sales of BEVs through their higher subsidy and tax rebate structures in comparison to HEVs and PHEVs. BEVs are the most preferred vehicles in China. With steadily improving charging infrastructure and reducing charging time, BEVs are expected to register the highest growth rate among EV propulsion systems. Increased range and reduced cost of play. Cumulative sales of BEVs may soon be one million units worldwide. BEVs are available in multiple segments including sedan, SUV, and hatchback. Many OEMs are launching electric vehicles to cater to the market demand. BYD (China) and Tesla (US) are the pure electric vehicle companies topping sales while OEMs such as Nissan,
Fuel Cell Electric Vehicle (FCEV)
Fuel cell vehicles have better fuel economy and can travel 300-400 miles with a full fuel tank. The refueling time for fuel cell vehicles is around 3 to 5 minutes. This makes fuel cell electric vehicles (FCEVs) an ideal option for transportation on a definite or fixed route. In addition, many of these regions are increasingly investing in hydrogen-powered vehicles and hydrogen infrastructure. For instance, in January 2018,
Plug-in Hybrid Electric Vehicle (PHEV)
Increasing the number of charging stations in countries such as China, the US, and the UK would positively affect the demand for PHEVs. The demand for PHEVs would, therefore, rise due to various taxes and incentives provided by the governments of different countries. For instance, the Japanese government is providing subsidies up to USD 8,500 for PHEVs. China is leading the market for PHEVs in the Asia Pacific owing to the availability of advanced technology and increased government incentives on a purchase of PHEVs.
Hybrid Electric Vehicle (Hev)
Globally, many countries are now offering various incentives and tax rebates on the purchase of HEVs, which is ultimately driving the HEV market. Moreover, policies for the exemption from road tax, crowding charge, and free car parks have been adopted. As a result, the adoption of HEVs is increasing, especially in the Asia Pacific region. China, India, and Japan are investing a huge amount of money to promote the adoption of HEVs. For example, the National Electric Mobility Mission Plan, 2013 (NEMMP) proposals are expected to drive the hybrid vehicle market in India.