Global Electric Vehicles Market: Snapshot

Growing prices of the conventional fuel and their vanishing existence are encouraging to search for low-cost alternatives. In order to lower their fuel expenditure, consumer demand for electric vehicles is increasing owing to their affordable prices which is likely to fuel the growth of the global electric fuel market. Additionally, the factors such as rising environmental concern globally coupled with increasing government initiatives towards the protection of the environment are augmenting the growth of the global market for electric vehicles. In addition, numerous governments are taking initiatives to promote the electric vehicles are fuelling growth of the global electric vehicles market. For instance, governments of numerous countries are imposing regulations on the emission from the vehicle by adopting the version of regulation based on the European or United Nations Economic Commission for Europe (UN-ECE).

Despite numerous advantages, the high initial cost and limited performance in terms of driving range and heavy-duty applications are limiting the sale of electric vehicles. Nevertheless, numerous players are increasingly focusing on improvement of batteries in order to reduce sale barriers as batteries are the key source to improve the performance of the electric cars. The improved performance of the cars is likely to create numerous growth opportunities for key players operating in the global market.

The global electric vehicles market is expected to attain the value of US$271.67 bn by the end of forecast period from 2013 to 2019.

Affordability of Electric Car to Support Growth

The electric vehicles market is segmented on the basis of product type and region. On the basis of product type, the market is segmented into cars, motorcycles and scooters, buses and others. Of these, electric cars segment is expected to dominate the global market in terms of revenue over the forecast period. While bicycles segment is dominating in terms of volume and expected to continue its dominance over the forecast period with a larger share over the forecast period. The factors such as cost-effectiveness and rising fuel prices are augmenting the growth of the electric cars segment.

Growing Adoption from Developing Countries Likely to Create Opportunities

On the basis of region, the global electric vehicles market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, in 2016, North America dominated the global market for electric vehicles owing to high government initiatives including the Corporate Average Fuel Economy program. The US government is taking steps to decrease the dependency on the fossil fuel and promoting usage of some of the alternatives to the conventional fuel sources. Owing to the aforementioned factors, in 2012, North America accounted for the 38.3% shares in the global market for electric vehicles. However, increasing demand from the emerging countries from the Asia Pacific and Latin America are creating lucrative opportunities for growth over the forecast period.

Some of the key players offering the electric vehicles are Tesla Motors, Nissan Motors, Mitsubishi Motors, Toyota Motors, and Smith Electric Vehicles. These companies are focusing on the research and development (R&D) activities for product improvement and innovation. In order to obtain the performance of vehicles in terms of driving range, these players are focusing to improve battery life of the vehicle.

Electricity as an alternative to conventional transportation energy is becoming a near-term reality for several countries worldwide. Electric vehicles are expected to promote sustainable energy development at the same time addressing the climate and air quality changes. Rising prices of fossil fuels coupled with the environmental impact of the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles. However, challenges for widespread adoption of these electric vehicles include consumer acceptance for this new technology, high initial purchase cost and lack of charging infrastructure. Electric vehicles are propelled by one or more electric motor and powered with the help of rechargeable battery packs. Electric vehicles offer different benefits compared to ‘internal combustion engine’ (ICE) powered vehicles such as fuel economy, zero emission of pollutants including nitrogen oxide, carbon monoxide and hydrocarbons among others. They enhance performance and offer greater energy efficiency. Operating and maintenance cost associated with the electric vehicles is also low compared to conventional vehicles.  
This report analyses the electric vehicles (on-road) market on a global basis with detailed breakdown into various sub-divisions. It provides cross-sectional analysis of the market based on parameters such as product type and geography segments. The global on-road electric vehicles market has been classified by product types into four broad segments namely electric cars, motorcycles and scooters, buses, and others. Electric car segment includes cars, neighborhood electric vehicles and golf carts. Electric cars are further classified on the basis of technology into hybrid electric cars, plug-in hybrid electric cars and battery electric cars. A neighbourhood electric vehicle is a battery electric vehicle that is legally limited to the roads with speed limits up to 45 miles per hour. Electric golf carts are particularly used on golf courses and country clubs. Different type of electric motorcycles and scooters mentioned in this report are hybrid electric motorcycles and scooters, battery electric motorcycles and scooters and plug-in hybrid electric motorcycles and scooters. Electric buses available in the market are hybrid electric buses, battery electric buses and fuel cells electric buses. Fuel cell buses employ hydrogen fuel cell as its power source. Others segment includes electric bicycles and trucks.
In addition, the analysis provides market estimation in terms of revenue and volume and forecast for the period between 2013 and 2019. The Porter’s five forces analysis and value chain analysis included in the report further help in assessing the market situation and competitiveness. Market attractiveness analysis helps to highlight the key industry segments and their comparative attractiveness with other industry segments. 
With underlying latent demand and high growth potential and, electric vehicles (on-road) market is witnessing the emergence of new players. Apart from the detailed sub-segment analysis as illustrated through the table below given, this report also provides company profiles of the key market players. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and recent developments which can help in assessing competition in the market. Some of the major companies included in this report are Tesla Motors, Inc., NISSAN Motors Company, General Motors Company, Mitsubishi Motors Corporation, Volkswagen, Renault S.A., Daimler AG and Smith Electric Vehicles.
This report analyzes the electric vehicles (on-road) market in terms of revenue (USD million) and volume (million units). The market has been segmented as follows:
Electric Vehicles (on-road) Industry Application Market, By Product types 
  • Electric Cars
    • Hybrid electric cars
    • Plug-in hybrid electric cars
    • Battery electric cars
  • Electric motorcycles and scooters
    • Hybrid electric motorcycles
    • Plug-in hybrid electric motorcycles
    • Battery electric motorcycles
  • Electric Buses
    • Hybrid electric buses
    • Battery electric buses
    • Fuel cells electric buses
  • Others
    • Electric bicycles
    • Trucks
Electric Vehicles (on-road) Industry Application Market, By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)