Global Electrical Vehicle Market: Overview
Electric vehicles (EV) are vehicles that run on electricity in which the motors are powered by one or more rechargeable battery packs. The need for reducing reliance on petroleum-based fuels in vehicles among consumers has led automakers adopt electricity as a vehicle fuel. The growing adoption of electric vehicles is propelled by the myriad benefits they offer over conventional ones. These include no tailpipe emission, higher energy efficiency, smoother operations, enhanced acceleration, and requiring minimal maintenance.
Over the past few years, electric vehicles have soared in popularity largely due to numerous favorable government mandates and subsidies across various developed regions and steadily decreasing total cost of ownership of these vehicles. Besides, increasing concerns of tackling climate changes have led governments in emerging and established markets set ambitious goals for electric vehicle adoption.
The report provides in-depth and comprehensive insight into the key market dynamics, revenue share and size of major product segments, current trends, innovative product launches, and competitive landscape of the global electrical vehicle market. The study mirrors extensive primary and secondary researches from across a wide range of stakeholders including international energy agencies, leading automotive manufacturers, government organizations, and industry players. The report zeroes in on several government mandates and policy initiatives to track drivers and emerging trends in major regions. The factors influencing the pricing strategies of various electric vehicle manufacturers are evaluated. The strategically motivated insights help in evidence-based decision making for market participants.
Global Electrical Vehicle Market: Trends and Opportunities
The electrical vehicle market is driven by the growing demand for environmental-friendly and low-emission technologies along with rising government subsidies and support initiatives to popularize electric vehicles. Significant increases in the prices of fuel such as gasoline, diesel, and petrol, coupled with increased governmental focus to lower emission standards, have led to a healthy demand for electric vehicles in emerging and developed markets. In addition, constant improvement in the battery technology and advancement in its production processes have led to decreasing the cost of these vehicles, thereby stimulating its adoption among users.
The market is expected to be fuelled by increasing investments by numerous private and public players to employ technologies that boost the performance of electric vehicles. Major types include hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and all-electric vehicles (EVs). Along the forecast period, plug-in hybrid electric vehicles, that use both fossil fuels and electricity, are poised to witness abundant demand due to their lower prices. Additionally, compared to other vehicles they offer significant fuel savings.
Intensives initiatives made by automakers to augment the battery efficiency of HEVs and the development of higher energy density without affecting the vehicle performance have stimulated consumers’ demand for these cars.
Global Electrical Vehicle Market: Regional Outlook
On the basis of geography, the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and the Middle East and Africa. North America is a prominent market for electric vehicles. Substantial government initiatives such as providing robust infrastructural facilities to charge these electric vehicles and various subsidies in the form of tax credits for buying electric vehicles and tax breaks on home chargers in the U.S. have stimulated their adoption.
Asia Pacific is fast growing market for electric vehicles. Several initiatives by public and private players and government incentives to automakers have lowered the prices of electric vehicles in emerging and developed countries of Asia Pacific boosting its adoption. Spiraling R&D investment in electric drive systems, coupled with increasing environmental concerns in countries such as China and Japan, is expected to propel the regional market.
The rising focus toward greener technology has led to a significant demand for EVs in several European countries fuelling the Eupope market.
Global Electrical Vehicle Market: Competitive Analysis
Leading automakers are making new and innovative product launches with enhanced battery performance and investing in R&D activities to consolidate their shares in various regions. Prominent players operating in this market include Volkswagen, BMW, Tesla Motors, Inc., General Motors, Toyota Motor Corporation, Nissan Motor Company Ltd., Mitsubishi Motors Corporation, Renault S.A., and Smith Electric Vehicle.
Major regions analyzed under this research report are:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, and Chile)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
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.