The global electric vehicles market is expected to grow as consumers around the world are seeking to lower their fuel expenditure. Growing government initiatives, rising environmental concerns and availability of electric vehicles at affordable prices are some of the factors affecting market growth. In terms of revenue, the market for electric vehicles (on-road) was valued at USD 83.54 billion in 2012. 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. Government organizations worldwide are taking several initiatives in order to promote the electric vehicles adoption and awareness, so as to achieve their economic and environmental goals.
By product types, the global market for on-road electric vehicles has been categorized into four broad segments such as motorcycles and scooters, cars, buses and others. Others include vehicles such as neighborhood electric vehicles, bicycles, golf carts and trucks. In terms of revenue, electric cars are estimated to dominate the electric vehicles market throughout the forecast period, 2013 - 2019. In terms of volume, electric bicycles held the largest market share in 2012 and are expected to remain as largest market by 2019. Despite being environment friendly and cost effective, electric vehicles are expected to face challenges in achieving high volume sales, which is a major challenge hindering the market growth. This is due to high initial cost and limited performance in terms of driving range and heavy duty applications.
In 2012, North America was the largest market for electric owing to the government initiatives such as Corporate Average Fuel Economy program. This program mandates the fuel efficiency level across the manufacture’s fleet. U.S. government is also taking initiatives to reduce the dependency on fossil fuels such as creating better charging infrastructure. In terms of revenue, North America’s share was estimated to be 38.3% of the global electric vehicle market in 2012.
Battery, which is key power source and component of an electric vehicle, is seeing increased research and development activities by companies, so as to help the market overcome growth challenges. For e.g. recent advances in application of nano-technology in lithium-ion batteries used in electric vehicles, is creating new opportunities in the market. These advanced batteries offer improved energy transfer and better battery storage capacity. Researchers and industry players are working together to speed up advancements in performance of batteries while lowering the production costs. With efficient batteries available at low cost, it would also help in lowering electric vehicles’ prices, thereby promoting higher adoption by customers.
With its high growth potential and underlying latent demand, electric vehicles market is witnessing the emergence of new players. Some of the major players for this market include Tesla Motors, Mitsubishi Motors, Nissan Motors, Renault, Smith Electric Vehicles, Toyota Motors and General Motors among others.
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
- 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
- Hybrid electric buses
- Battery electric buses
- Fuel cells electric buses
- Electric bicycles
Electric Vehicles (on-road) Industry Application Market, By Geography
- North America
- Rest of the World (RoW)