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 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 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 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.
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