Industry Outlook and Trend Analysis
The Electric Vehicles Market was worth USD 72.23 billion in 2014 and is expected to reach approximately USD 364.67 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 19.71% during the forecast period. Electric vehicles are self-moving transportation machines for passengers and products using the power that is stored in the batteries by means of electric engines or with the assistance of both interior combustion engine and electric engines working in tandem. Electric vehicles are thought to be the vehicles without bounds and are very liable to make regular vehicles obsolete. The development of electric vehicles is attributed to the ever increasing generation and sales of automobiles. Vehicles have become an increasingly affordable commodity due to the rising discretionary incomes across the world.
Technology Outlook and Trend Analysis
On the basis of technology the market is segmented into Plug-In Hybrid Electric Vehicles, Hybrid Electric Vehicles and Battery Electric Vehicles. Plug-in hybrid electric vehicles– ordinarily known as PHEVs– are most favourable as they combine a gas or diesel motor with an electric engine and a huge rechargeable battery. Dissimilar to traditional hybrids, PHEVS can be connected to and revived from an outlet, enabling them to drive expanded separations using only electricity.
Power Source outlook and Trend Analysis
Based on power source the market is segmented into On Board Electric Generator and Stored Electricity. The electric vehicles make use of stored electricity in a battery pack to provide power to an electric engine and turn the wheels. Whenever drained, the batteries are revived by using grid electricity, either from a dedicated charging unit or a wall socket.
Vehicle Type Outlook and Trend Analysis
On the basis of vehicle type the market is segmented into Commercial Vehicles, Two Wheelers, Passenger Cars and others. Electric passenger car is the quickest developing fragment in the worldwide electric vehicle market. The development can be credited to the developing interest for fuel productive vehicles, expanding ecological awareness among buyers, aggressive estimating in contrast with the ICE passenger cars.
Powertrain Outlook and Trend Analysis
Parallel hybrid systems have both an an electric motor and an internal combustion engine that can both exclusively drive the auto or both coupled up mutually giving drive. This was the most widely recognized hybrid system in 2016.Parallel hybrids depend more on regenerative braking and the ICE can likewise go about as a generator for supplemental recharging. This makes them more productive in urban unpredictable conditions.
Regional Outlook and Trend Analysis
The Asia-Pacific is the biggest market for EVs because of support from the government, tax rebates and subsidies and persistently enhancing charging framework in nations, for example, Japan and China. The administrations in both the significant markets i.e. Japan and China give sponsorships and other non-money related advantages, for example, access to number plate, car pool lane access, and street impose exclusions for EV users.
The leading players in the market are Mitsubishi Motors Corporation, Groupe Renault, Daimler AG, General Motors Company, Volkswagen AG, Honda Motor Co., Ltd., Ford Motor Company, Nissan Motor Corporation Ltd and Toyota Motor Corporation. These organizations are constantly concentrating towards the enhancement of new products and up gradation of their existing product portfolio. They have deliberately teamed up with other specialty players and electric vehicle makers to maintain the market competition.
The Electric Vehicle market is segmented as follows-
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-In Hybrid Electric Vehicles
By Power Source:
On Board Electric Generator
By Vehicle Type:
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?