Pune, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Global Electric Vehicles Market Information Report, By Technology (Battery Electric Vehicles, Hybrid Electric Vehicles and Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers), and By Region - Forecast To 2023.
EV Market Insights
The global electric vehicles market has the potential for high growth opportunity and Market Research Future's analysis of the market has revealed that the global electric vehicle market is set to experience a CAGR of 18.96% during the assessment period of 2017 to 2023. Several major factors including the increasing fuel prices and government initiatives among others have been observed to be significant influencers of growth for the global electric vehicle market. In 2016, the market valued USD 106.5 Bn and is on track to reach an estimated value of USD 356.5 Bn by the end of 2023.
The soaring demand for electric vehicles is a key driver of the market and is supported by increasing oil prices. With fuel growing less affordable across the globe, the worldwide demand for electric vehicles has increased and encouraged government initiatives which support the development of electric powered vehicles. The increasing set up of charging point for electric vehicles in public spaces is likely to encourage the sales of electric vehicles. Moreover, market-leading players are actively investing in the development of a wide variety of cars types such as SUVs, large family cars, hatchbacks and sedans among others in an effort to offer a wide range of vehicles which suit the consumer's requirement. Increasing manufacturing activities with regards to electric vehicles have driven manufacturers to emerging markets where there is a high potential for growth.
Presently, electric vehicles come with a hefty price tag which is discouraging large volume sales. Moreover, the aftermarket for electric vehicles is underdeveloped and may hinder market growth. However, these factors are likely to change over the course of the forecast period due to their variable nature and the ongoing development of the market. Additionally, emerging economies offer high growth potential which is likely to yield market expansion opportunities in the coming years.
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EV Market Segmentation
The segmental analysis of the global electric vehicle market has been done on the basis of technology, vehicle type, and region in MRFR's exhaustive report. By technology, the EV market is segmented into hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles. among these, the battery electric vehicles segment accounts for a market share of over 50% with a market value of USD 54.7 Bn. The battery electric vehicle segment is anticipated to witness a CAGR of 19.95% during the forecast period. Meanwhile, the plug-in hybrid electric vehicle segment is expected to register the highest CAGR of 21.75% during the assessment period due to increasing adoption of this type of technology.
By vehicle type, the Electric Vehicles Market is segmented into two-wheelers, passenger cars, and commercial vehicles. The passenger cars segment accounts for the majority share of 68.20% of the total market and is expected to witness the fastest growth with the highest CAGR of 19.93% during the review period. The segment has been valued at USD 72.6 Bn.
The global segmentation of the Electric Vehicles Market divides it into North America, Europe, Asia Pacific and the Rest of the World.
Global Economic Shift To Increase Focus in the APAC for Manufacturing & Sales
The Asia Pacific is a prominent region with regards to the sales of electric vehicles and the opportunity present in the region. China leads the global market with a sale of more than half a million electric cars in 2016. Moreover, the APAC region has emerged as an economic region of note due to the shift in the global economy which has made the region a manufacturing hub. APAC has become highly attractive to international market players such as Tata Motors, Hyundai and Tesla among others who are looking to leverage the availability of comparatively cheap and skilled labor combined with reduced operating costs and high potential for a growth in sales volumes. Rising disposable incomes in emerging APAC economies and the above-mentioned recognition of the potential by major market players will lead the market toward ample opportunities.
The North American EV market with its inclusion of the US is a significant market due to the presence of several leading market players such as Tesla, which has played a key role in revolutionizing electric vehicles. North America is followed by Europe which displays a comparable growth pattern. Electric Vehicles Market players in these regions are offering a wide range of electric vehicles. Europe is growing at a particularly fast rate as has been evidenced by market shares held by various countries in the region such as Norway with a market share of 29%. Other countries with a significant market share include the Netherlands and Sweden.
Key Players
Market leaders have been recorded in MRFRs report for the analysis of leading market strategies. Prominent players are largely using expansion and product launch as market strategies to strengthen their market position. Market players of note that have been analyzed in MRFR's report include BMW, Hyundai Motor Company, Volkswagen, Ford Motor Company, General Motors, Nissan Motor Company, Tesla Inc, Mitsubishi Motors Corporation, Daimler AG, and Toyota Motor Corporation among others.
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Latest Industry News
Mercedes-Benz, which is owned by Daimler, has revealed its first electric vehicle. The EQC is the brands first electric SUV and is expected to be commercially available after 2019.
Kalashnikov, a Russian firearms firm, has entered the electric vehicle market with the launch of its first electric vehicle dubbed the CV-1.
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