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Electrical Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Electric Vehicles are power-driven by electric motors and self-contained battery or generator. In an electric vehicle, the traditional diesel engine or gasoline and fuel tank is replaced with controllers, a battery pack and an electric motor. Electric vehicles help in reducing dependency on fuel, have less operating cost and do not produce any tailpipe emissions. These vehicles are smoother and quieter than conventional vehicles, making city healthier and air cleaner. In recent years, electric vehicles have attracted the attention of government as well as consumers.  Government organizations are taking several initiatives in order to endorse the electric vehicles awareness and adoption, so as to accomplish their environmental and economic goals.

Due to substantial increase in the prices of fossil fuels such as oil, gasoline, diesel and petrol coupled with the ecological impact of the petroleum based vehicles, there is a growing need for electric vehicles among consumers. Growing adoption of the electric powered vehicles have adverse impact on several areas such as distribution and after sale service and energy supply, because all the stakeholders or companies operating in the field of automotive aftermarket sale services are negatively affected by this change.

The major drivers for the growth of electric vehicle market includes government regulations and subsidies, eco-friendly, reducing maintenance and energy dependence, reducing noise-pollution, infrastructure funding and concessions provided by the government on usage of electric vehicles such as  incentives and free parking as they reduce global CO2 emissions and vehicle attributed pollution. Also, degrading environmental conditions and decreasing oil and gas resources are another factor that led to the growth of the market for electric powered vehicles. The global electric vehicles market is anticipated to grow as consumers across the world are seeking to reduce their fuel expenses.

In coming years, plug-in hybrid electric vehicle is expected to experience high growth rate because plug-in hybrids use both fossil fuels and electricity as power sources and its price range is almost equivalent to fossil fuel powered electric vehicles. Plug-in hybrid electric vehicles offer improved emission and fuel savings as compared to other hybrid vehicles available today. Plug-in hybrid electric vehicles primarily use grid supplied electricity for charging throughout the week.

The major challenges for the electric vehicle market includes limited performance in terms of heavy duty applications and driving range, high purchasing cost, reliability and safety issue with electric vehicles, limited experience and awareness of these vehicles, lack of charging stations and long recharging time.

Electrical vehicle market can be segmented on the basis of technology and product. On the basis of technology the electric vehicle market is segmented into battery electric vehicles, plug-in electric vehicles and hybrid electric vehicles. Further, the product type segmentation includes buses, cars, scooters and motorcycles and others. Others include vehicle such as bicycles, electric vehicles, trucks and golf carts.

The major players in the global electrical vehicle market includes companies such as Volkswagen, GEELY, BMW, BYD Company Limited, Tesla Motors, Inc., Toyota Motor Corporation, General Motors,  Mitsubishi Motors Corporation, NISSAN Motors Company, Renault S.A., Smith Electric Vehicle and Daimler A.G.

The report offers a comprehensive evaluation of the market. It does so via in-depth insights, understanding market evolution by tracking historical developments, and analyzing the present scenario and future projections based on optimistic and likely scenarios. Each research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology developments, types, applications, and the competitive landscape. 

The study is a source of reliable data on:

  • Key market segments and sub-segments
  • Evolving market trends and dynamics
  • Changing supply and demand scenarios
  • Quantifying market opportunities through market sizing and market forecasting
  • Tracking current trends/opportunities/challenges
  • Competitive insights
  • Opportunity mapping in terms of technological breakthroughs 

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa) 

TMR estimates the market size of various sectors using a combination of available data on the number and revenue of companies within each sub-sector and tiers of companies. The basic components used to determine market size and forecast for a specific product area are not only limited to supply-side data, but are also related to demand, industry trends, and the economic outlook. All the above data points are utilized to generate a statistical model targeting the sector marketplace. More than 300 TMR analysts across the world integrate these elements into a framework to determine the subsector market size for a base year and then forecast growth within each market. 

TMR regularly interviews technology and business professionals as an ongoing effort to track the latest developments within each sector. These continuous surveys are stratified by company size and industry segment and weighted to reflect the global market place.  All data are collected on an ongoing effort through a structured questionnaire rolled over the web or conducted via telephones. This provides the TMR team opportunities to request for detailed question sets, complex skip patterns, and real-time calculations, which assists respondents in answering questions involving numbers and percentages. Respondents, who are interviewed as experts, are screened and qualified based on certain criteria in addition to their decision-making authority and the scope of activity within their organizations.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.


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