- Toll Free: +1-800-792-5285
- (UK): +44-845-528-1300
- Int'l: +1-503-894-6022
- Help@alliedmarketresearch.com
Cart
|
AU_172404
|
Pages: 180
|
Jun 2017 | 10678 Views
|
|
|
|
Author's :
Ankit Singh Pundir
|
Tables: 41
|
Charts: 43
|
Formats*:
  
|
|
Global Electric Vehicle Market was valued at $103,342 million in 2016, and is projected to reach $350,963 million by 2023, growing at a CAGR of 19.8% from 2017 to 2023. Electric vehicles use one or more than one electric motors or traction motors for propulsion. 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, etc. Norway had the highest market penetration per capita globally with four plug-in electric vehicles per 1,000 inhabitants in 2013. In March 2014, Norway became the first country featuring 1 in every 100 passenger cars in the plug-in electric type on the road. It had the world's largest plug-in electric vehicle segment market share of total new car sales, accounting for 13.8% in 2014 as compared to 5.6% in 2013. In June 2016, Andorra became the second country having largest electric vehicles, with 6% market share of battery electric vehicles and plug-in hybrid electric vehicle due to strong public policy providing multiple benefits. By May 2015, there were 58,989 electric vehicles registered in Norway, which comprises of 54,160 battery electric vehicles and 4,829 plug-in hybrid electric vehicle.
Globally, the new registrations of electric cars increased by 70% from 2014 to 2015. In 2015, over 550,000 vehicles were sold globally which includes both battery electric vehicle and plug-in hybrid electric vehicle. China surpassed the U.S. as the largest market for electric cars in 2015, with over 200,000 new registrations. Both these markets accounted for more than half of the global new electric car registrations in 2015. China is a potential market for electric vehicles, as it has the maximum number of electric vehicles globally. As per the Global EV Outlook 2015, China has a population of 230 million electric bikes, 83,000 electric cars, and 36,500 electric buses. Toyota Motor Corporation and Tesla Motors, Inc. are prominent players regularly manufacturing electric vehicles. For instance, Tesla Motors, Inc. added Model S, the fastest electric car to the global automotive fleet.
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. However, high manufacturing cost of electric vehicles and low fuel economy & serviceability restrain the 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 this market, such as system integrators, vehicle manufacturers, engine manufactures, and component providers, in the near future.
Top Winning Strategy: Global Electric Vehicle Market
At present, expansion is the key strategy that drives the market, accounting for around 44% of total strategies adopted by key players. The key electric vehicle manufacturers, such as Toyota Motor Corporation, Volkswagen AG, and Tesla, expanded their business by opening various research and manufacturing facilities globally. In addition, they have launched more efficient and advance electric vehicles to enhance their market share globally.
Market Dynamics
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 European or U.S. regulations. For instance, China adopted emission regulations for large cities based on European Stage V emission standards. Taiwan and Korea have adopted stringent U.S. based standards for gasoline vehicles, and European-based standards for diesel vehicles. These factors are expected to promote growth of the market in the future.
The market is segmented on the basis of 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-wheelers, passenger cars, and commercial vehicles. 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, Citron, and Mahindra & Mahindra Ltd.
Key Benefits
Market Players In Value Chain
Electric vehicles are promising technologies with respect to the reduction of global vehicular emission. Moreover, growth in demand for fuel-efficient vehicles is a key driver of the market across various countries, owing to the focus of companies on manufacturing fuel-efficient and low-cost electric vehicles. In addition, electric vehicles are currently augmented with other electronic systems, such as self-driving assist, telematics control, and tire pressure monitoring system, to provide more vigilance and comfort, which augments the market growth. However, high manufacturing cost and reduced life of the electronic parts restrain the market growth.
At present, electric vehicles are being used worldwide in all segments of vehicles, owing to the growing demand for fuel-efficient technologies in automobiles, and stringent vehicular emission laws & regulations imposed by various transport authorities. In addition, various lightweight and more fuel-efficient electric vehicles are available in two-wheelers and passenger cars provided by the key players such as Toyota, Honda, and Daimler.
The commercial vehicle segment in North America has witnessed high adoption of electric vehicles, owing to the enforced emission laws & regulations by the government and various transport authorities such as NHTSA (National Highway Traffic Safety Administration) and IIHS (Insurance Institute for Highway Safety).
Stringent emission laws & regulations are compelling the automobile manufacturers to equip their vehicles with alternative fuel technologies, resulting in increased overall market adoption of electric vehicles.
The increase in concern about vehicular pollution and growth in demand for fuel-efficient vehicles have propelled the commercial vehicle electric vehicle market. Companies, such as BYD and Smith Electric, are developing advanced and lightweight electric vehicles for commercial purposes. Various companies have also tried to expand their business by opening various manufacturing facilities in the developing countries, such as India, South Africa, to develop electric vehicles for commercial purposes.
Asia-Pacific is expected to witness the highest adoption of electric vehicles, owing to the growth in density of automobiles, booming economy, and rise in buying power of customers. Countries, such as India and China, offer lucrative opportunities for the growth of electric vehicle market as they have the large volumetric base of two-wheelers and implementation of stringent vehicular emission norms.
* Taxes/Fees, If applicable will be
added during checkout. All prices in USD.
Enterprice
License/PDF
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high level data integrity, accurate analysis and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
