An electric vehicle is referred as an electric drive vehicle, which is utilized as a part of at least one electric engines. Electric vehicle (EV), moreover called battery electric vehicle (BEV), is affected by electric engines energized by rechargeable battery packs. In electric vehicle, no fuel is used and there is no internal combustion engine. Electric vehicle is a transport which is self-driving for travelers, and utilizes the power already stored in the electric motor batteries, which work with the help of internal engine installed in electric motors. Electric vehicle is the vehicle without bounds and is exceedingly liable to make customary vehicles obsolete.
Electric Vehicle Component and Infrastructure Market - Overview
Electric vehicle utilizes at least one electric engines or footing engines for propulsion. It can be controlled through an authority framework by power from off-vehicle sources, or might act naturally contained with a battery, sun oriented boards or a generator to change over fuel to electricity. Electric vehicle incorporate street and rail vehicles, surface and submerged vessels, electric air ship and electric rocket.
Based on component the market can be segmented into Battery Cells and Pack, On-Board Charger, Infotainment System and Instrument Cluster.
Electric Vehicle Component and Infrastructure Market - Dynamics
Electric vehicle Market is anticipated to witness constant growth over the forecast period. As the government is introducing numerous favorable policies and providing existing subsidies. Increasing vehicle portfolio and range, and low charging time are the major factors which isdriving the global electric vehicle market.
Environmental effect of the oil based transport infrastructure, alongside the fear of peak oil, has prompted re-established enthusiasm for an electric transportation infrastructure, which will boost the market for electric vehicles.
High research & development costs that are related to the production & development, lack of charging infrastructure, and short lifespan of batteries are some major restraints of the electric vehicle market.
Electric Vehicle Component and Infrastructure Market - Segment
Electric vehicle market is segmented on the basis of propulsion technology into, battery electric vehicle, plug-in hybrid electric vehicle, hybrid electric vehicle, and fuel cell vehicle. The plug-in hybrid electric vehicles segment is anticipated to grow among this segment at a rapid pace in the forecast period as there is the higher flexibility of usage in the forthcoming years in market.
On the basis of vehicle type electric vehicle market is segmented into an electric passenger car, commercial vehicle, and two wheelers. Electric passenger cars are the fastest growing segment in the vehicle type segment. Availability of a broad range of electric passenger car with upgraded technology and rising consumer awareness is the major factor which is driving electric passenger cars segment.
Based on the propulsion technology, electric vehicle market can be segmented into BEV (Battery Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), HEV (Hybrid Electric Vehicle), and FCEV (Fuel Cell Vehicle).
On the basis of regulations, the market can be segmented into battery treatment regulations, safety regulations and subsidies, and taxes based.
Based on charging, electric vehicle can be segmented into normal charging and super charging.
On the basis of geographical regions the market is segmented into seven different regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific region, Japan, and Middle East and Africa.
In regional segments, Asia-Pacific is anticipated to witness relatively high growth followed by North America region. Tax rebates subside and availability of charging infrastructure are contributing to the growth in electric vehicle sales in the region.
Electric Vehicle Market: Key Market Players
Some of the key players in the Electric Vehicle Market are BMW, Automotive Energy Supply Corporation, BYD Company Ltd., Car Charging Group, Charge Point, Inc., Delphi Automotive, LG Chem, Nissan Motor Corporation, Panasonic Corporation, Samsung SDI, Tesla Motors Inc., Volkswagen AG, Lucid Motors, Faraday Future, NextEV, Karma Automotive, Next Future Transportation, Inc., and few other regional players.
In 2015, Tesla launched world first electric SUV. A seven-seater 4x4 with hybrid styling and hip gullwing type rear doors, the Model X is additionally outstanding for its guaranteed 257 mile range and quickening to 60mph in as little as 3.2 seconds. Manufacturers of electric vehicle are investing into launching upgraded vehicle and focusing on different approaches to keep up their business in the global electric vehicle market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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.