Electric Vehicles Market Insights
The electric vehicles market is anticipated to grow at a high CAGR over the forecast period on account of increasing demand for low emission automotive. The preferences for vehicles which reduce the burden on fossil fuels and provide efficient performance are expected to drive the demand for electric vehicles over the coming years. Technological advancements in the automotive sector are expected to increase performance of electric vehicles.
Emission of harmful gases from IC engine based vehicles has resulted in deterioration of environmental conditions which has prompted the need to develop environment-friendly vehicles. The low cost operation and maintenance cost of electric vehicles as compared to diesel or petrol driven vehicles is projected to boost demand over the coming years.
Electric Vehicles Market: Type Insights
On the basis of type, the electric vehicles market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicles (PHEV). Plug-in hybrid electric vehicles are projected to grow at a high CAGR over the forecast period on account of high growth recorded in public charging infrastructure development.
The implementation of stringent regulations pertaining to vehicles emission control in the North American, European, and Asian countries is projected to positively impact demand for battery electric vehicles. However, the risk of drainage of battery and lack of alternate fuel source may hamper market growth over the coming years.
Electric Vehicles Market: Vehicle Type Insights
On the basis of vehicle type, the electric vehicles market is segmented into two-wheelers, passenger cars, and commercial vehicles. The passenger cars segment occupied the largest share and is anticipated to grow at a high CAGR over the coming years. Companies operating in this market are engaged in improving efficiency and developing new models for the market. The two wheeler segment is projected to register high growth in China among other Asian countries.
Electric Vehicles Market: Regional Insights
The demand for electric vehicles in Asia Pacific is projected to grow at the highest CAGR over the coming years. China, India, South Korea, and Japan are expected to offer attractive opportunities for the growth of the electric vehicles market.
China is one of the largest consumers of electric vehicles in the world on account of favorable government regulations implemented on purchase of EVs. The Chinese government has announced the construction of more than 12,000 charging stations by 2020. The availability of appropriate charging infrastructure is expected to positively impact market growth over the coming years.
The European region is expected to occupy a significant portion of the market on account of increasing consumption observed in countries such as Norway, the Netherlands, France, the UK, and Germany among others. After China, the U.S. is one of the largest consumers of electric vehicles; Canada is also expected to generate growing opportunities in the North America EV market.
Electric Vehicles Market: Competitive Landscape
Some of the major players in the electric vehicles market include BMW Group, Toyota Motor Corporation, Tesla, Nissan Motor Corporation, General Motors, Audi AG, Volkswagen AG, Daimler AG, Ford Motor Company, BYD Company Motors, Kia Motors, Energica Motor Company S.P.A., Mahindra & Mahindra Ltd., Renault Motors, Think Global, and Zero Motorcycles.
In September 2017, BMW Group announced that it will introduce 25 electric vehicles by 2025, out of which 12 will be full electric cars. In December 2017, Toyota Motor Corp. announced its partnership with Panasonic Corp. for the production of batteries to be used in electric vehicles. In December 2017, Volvo Car Corp. announced that it will sell electric, hybrid and plug-in hybrid cars in India from 2019.