Jul 06, 2020 (AB Digital via COMTEX) -- The latest research report on Electric Vehicle Market delivers a comprehensive study on current market trends. The outcome also includes revenue forecasts, statistics, market valuations which illustrate its growth trends and competitive landscape as well as the key players in the business.
Global Electric Vehicle Market is valued at 138.65 USD Billionin 2019 and expected to reach 649.95 USD Billionby 2025 with the CAGR of 21.33% over the forecast period.
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Scope of Global Electric Vehicle Market Report-
An electric vehicle is a self-propelled transport machine for passengers and goods, which uses the electrical energy stored in a battery via an electric motor or by means of an internal combustion engine and an electric motor operating in series. Electric cars are expected to be the cars of the future making conventional cars obsolete.
With the integration of product innovation, sustainability plans and consumer needs, the global electric vehicle market is poised to take a big leap, creating immense prospects for the future. According to the International Energy Agency (IEA), electric vehicles will represent 40% of all passenger cars by 2040. For most people, this estimate may not be surprising, as manufacturers of electric vehicles such as that Tesla has ventured into new areas such as all-terrain trucks and urban transportation needs such as taxis. In addition, the Chinese electric bus logo has won promising contracts in Europe, where the adoption of electric buses is increasing dramatically. In addition, the demand for electric vehicles is promising for global automakers.
There are many benefits pertaining to an electric vehicle. It is cheaper to run than a traditional petrol vehicle, it is easier to maintain since it does not have too many movable parts, it possess several benefits for the environment, some of which are no contribution towards air pollution, no carbon emissions, it uses eco-friendly materials and bio-based parts for the functioning of electric vehicles, it also uses renewable energy sources to charge itself up. Additionally, it carries several health benefits indirectly, since it contributes nothing towards exhaust emissions and degraded air quality, which is also good news for health. Electric vehicles have improvised upon safety measures where they use low center of gravity making them less vulnerable for rolling over.
Global Electric Vehicle Market is segmented on the basis of vehicle type, charging station, component-based and propulsion type. On the basis of vehicle type, the market is segmented into passenger car, two-wheeler, commercial vehicle. On the basis of charging station, market is segmented into normal, super charging. On the basis of component-based, the market is segmented into battery cells, infotainment, on-board charge, and electric motor. On the basis of propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, fuel-cell and hybrid vehicle.
The regions covered in this Electric Vehicle market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country, market ofElectric Vehicle is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Key Players Electric Vehicle Market Report-
Electric Vehicle Market report covers major key players in the market like Tesla, BMW, Volkswagen Group, Nissan, BYD, Daimler AG, Toyota Motor Corporation, Group Renault, Ford Motor Company and others.
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Tesla welcomes design submissions for its Electric Car
June15 [th] , 2020; A global Electric Vehiclemanufacturer and leader, Tesla,has announced that it is inviting design submissions from car designers in China and other amateur designers for its small electric car based in China. The company is now inviting submissions from other creative people too even if they are not professional designers, the only condition being it has to be suitable for a launch in Chinese market and should be something that Chinese population could relate to. The car is expected to bring a boom in china vehicle industry.
Global Electric Vehicle Market Dynamics-
Rising advent of advanced vehicle, favourable government policies, well-developed charging infrastructure, increasing tax rebates, growing concerns over air pollution by diesel/petrol vehicle, rise in e-commerce activities and shred mobility are the major factors for driving the growth of Global Electric Vehicle Market. As per EEI, Electric Vehicle Sales were more than 81% in 2018, as compared to 2017.
Moreover, governments in countries, especially in developing economies, are investing hugely in anti-pollution programs and rallies that support environmental programs against traffic pollution, which encourages people to ride anElectric Vehicle. There is also an active participation by different OEMs, and favourable endeavours by government in the form of subsidies, grants and non-financial favours such as easy vehicle registration. These are other major factors that are contributing for the growth of Electric Vehicle market.
However, there is a lack of standardization of charging infrastructure that disrupts the interoperability among various charging standards and a convenient user experience. All these factors are expected to act as restraints for the growth of Electric Vehicle market.
There is a growing access to renewable energy sources that are most suitable for producing electricity and can further be used to charge electric vehicle. Moreover, incorporation of vehicle-to-gridelectric charging stations is also very trending these days that promote the adoption of EV and are expected to offer lucrative opportunities for the growth of Electric Vehicle market.
North Americais expected to remaina dominant region in the Global Electric Vehicle Market.
North America is the dominant region in the market with the largest share of the global Electric Vehicle market, owing to the countries in the region being early adopters of technology and early urbanized practices like well-developed and accessible renewable energy charging stations. There is a growing demand for electric vehicles in US, where new initiatives are continuously being taken up in order to bring innovation in automotive EV industry. Manufacturers are incorporating various attributes to the chargeable cars and working in a synchronization with the government efforts towards sustainable development. As per EEI, there were more than 1.18 million electric vehicles that run on roads in US, as of March 30, 2019. Also, approximately 61000 electric cars were sold in US, in the first quarter of 2019 itself.
Whereas Asia Pacific region is expected to grow at a fastest rate and exhibit a spurring growth in the Electric Vehicle market. The major reasons being low manufacturing costs and rising efforts by the governments of developing economies like China, India, Japan etc. to invest into proper infrastructure for the manufacturing of innovative, autonomous, and tech-based advanced Electric Vehicle. Seeing to this, various Electric Vehicle companies are making advancements, incorporating technology and adding various innovative attributes to Electric Vehicle making them more convenient and in lines with the carbon emission norms, which is expected to boost the Electric Vehicle market in the region.As per The Energy and Resources Institute (TERI), 2019, there have been selling of around 2.7 lakh electric vehicles in India through the government initiative, FAME. Based on the statistics of World Economic Forum (WEF), 2019, China is winning the race in electric vehicle market, since it sold around 12,55,000 EVs in the year 2018 which surpassed US sales with a huge margin.