Electric vehicles (EV) are vehicles that run on electricity in which the motors are powered by one or more rechargeable battery packs. The need for reducing reliance on petroleum-based fuels in vehicles among consumers has led automakers adopt electricity as a vehicle fuel. The growing adoption of electric vehicles is propelled by the myriad benefits they offer over conventional ones. These include no tailpipe emission, higher energy efficiency, smoother operations, enhanced acceleration, and requiring minimal maintenance.
Over the past few years, electric vehicles have soared in popularity largely due to numerous favorable government mandates and subsidies across various developed regions and steadily decreasing total cost of ownership of these vehicles. Besides, increasing concerns of tackling climate changes have led governments in emerging and established markets set ambitious goals for electric vehicle adoption.
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The report provides in-depth and comprehensive insight into the key market dynamics, revenue share and size of major product segments, current trends, innovative product launches, and competitive landscape of the global electrical vehicle market. The study mirrors extensive primary and secondary researches from across a wide range of stakeholders including international energy agencies, leading automotive manufacturers, government organizations, and industry players. The report zeroes in on several government mandates and policy initiatives to track drivers and emerging trends in major regions. The factors influencing the pricing strategies of various electric vehicle manufacturers are evaluated. The strategically motivated insights help in evidence-based decision making for market participants.
Global Electrical Vehicle Market: Trends and Opportunities
The electrical vehicle market is driven by the growing demand for environmental-friendly and low-emission technologies along with rising government subsidies and support initiatives to popularize electric vehicles. Significant increases in the prices of fuel such as gasoline, diesel, and petrol, coupled with increased governmental focus to lower emission standards, have led to a healthy demand for electric vehicles in emerging and developed markets. In addition, constant improvement in the battery technology and advancement in its production processes have led to decreasing the cost of these vehicles, thereby stimulating its adoption among users.
The market is expected to be fuelled by increasing investments by numerous private and public players to employ technologies that boost the performance of electric vehicles. Major types include hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and all-electric vehicles (EVs). Along the forecast period, plug-in hybrid electric vehicles, that use both fossil fuels and electricity, are poised to witness abundant demand due to their lower prices. Additionally, compared to other vehicles they offer significant fuel savings.
Intensives initiatives made by automakers to augment the battery efficiency of HEVs and the development of higher energy density without affecting the vehicle performance have stimulated consumers’ demand for these cars.
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Global Electrical Vehicle Market: Regional Outlook
On the basis of geography, the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and the Middle East and Africa. North America is a prominent market for electric vehicles. Substantial government initiatives such as providing robust infrastructural facilities to charge these electric vehicles and various subsidies in the form of tax credits for buying electric vehicles and tax breaks on home chargers in the U.S. have stimulated their adoption.
Asia Pacific is fast growing market for electric vehicles. Several initiatives by public and private players and government incentives to automakers have lowered the prices of electric vehicles in emerging and developed countries of Asia Pacific boosting its adoption. Spiraling R&D investment in electric drive systems, coupled with increasing environmental concerns in countries such as China and Japan, is expected to propel the regional market.
The rising focus toward greener technology has led to a significant demand for EVs in several European countries fuelling the Eupope market.
Global Electrical Vehicle Market: Competitive Analysis
Leading automakers are making new and innovative product launches with enhanced battery performance and investing in R&D activities to consolidate their shares in various regions. Prominent players operating in this market include Volkswagen, BMW, Tesla Motors, Inc., General Motors, Toyota Motor Corporation, Nissan Motor Company Ltd., Mitsubishi Motors Corporation, Renault S.A., and Smith Electric Vehicle.
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