Global Electric Vehicle Market Overview:
The global electric vehicle market was valued at $118,864.5 million in 2017, and is projected to reach $567,299.8 million by 2025, growing at a CAGR of 22.3% from 2018 to 2025. The electric vehicles are powered either by a collector system through electricity from charging station deployments or can be charged by self-charging devices such as regenerative braking systems, turbochargers, and others. According to the Norwegian Road Federation, a public road infrastructure administration in Norway, pure electric cars and hybrid cars in Norway accounted for 52% of all new car sales in 2017 as against 40% in 2016. Norway’s parliament has set a resolution goal that by 2025 all cars sold should be zero emissions.
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China is a potential market for electric vehicles, as it has the maximum number of electric vehicles manufacturing industries. According to Forbes, Chinese automakers churned out 680,000 all-electric cars, buses, and trucks in 2017, more than the rest of the world combined. China produced more than 200,000 all-electric commercial vehicles last year, amounting to nearly 5% of the total output of the world.
The demand for electric vehicles is governed by increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several countries and growth of public charging infrastructure in China, France, Norway, and the other developed countries is fueling the market growth. However, high manufacturing cost of electric vehicles and low fuel economy & serviceability restrain the electric vehicle market growth. Moreover, technological advancements in electric vehicles and proactive government initiatives are expected to unfold various opportunities for the growth of the stakeholders of the electric vehicle market, such as system integrators, vehicle manufacturers, engine manufactures, and component providers, in future.
Market dynamics
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Stringent vehicular emission rules and regulations
Several laws and regulations have been enacted globally by countries to monitor vehicular emission. Many countries have adopted previous versions of European or United Nations Economic Commission for Europe (“UN-ECE”) mobile source emission regulations. Some countries have adopted more advanced regulations based on the most recent version of the European or the U.S. regulations. For instance, China adopted emission regulations for large cities based on European Stage V emission standards. Taiwan and Korea have adopted the U.S.-based stringent standards for gasoline vehicles, and European-based standards for diesel vehicles. These factors are expected to promote growth of the market in future.
The market is segmented based on type, vehicle type, and geography. Based on type, it is divided into plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and battery electric vehicles (BEV). By vehicle type, it is classified into two-wheeler, passenger car, and commercial vehicle. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with a further country level analysis of each of these regions.
The leading market players in the market focus to expand their business operations in emerging countries. These companies have consistently introduced innovative solutions to enhance their product portfolio. Thus, expansion and product launch are two prominent growth strategies adopted by these players.
The major players profiled in this report include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.
The other players in value chain include Zero Motorcycles, Renault Motors, Audi AG, Citroën, and Mahindra & Mahindra Ltd.
Key Benefits
- This study comprises an analytical depiction of the global electric vehicle market with current trends and future estimations to depict the imminent investment pockets.
- The overall electric vehicle market potential is determined to understand the lucrative trends to gain a stronger foothold in the electric vehicle industry.
- The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global electric vehicle market.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in this global electric vehicle market…
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