Electric Vehicles Market-The Improved Performance of the Cars is likely to Create Numerous growth opportunities
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.
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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.
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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.
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