Global Electric Vehicles Market Information Report, By Technology (Battery Electric Vehicles, Hybrid Electric Vehicles and Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers), and By Region – Forecast To 2023
Nissan Motor Company, Tesla Inc, Toyota Motor Corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor Company, Mitsubishi Motors Corporation and among others., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global electric vehicle market.
Electric Vehicle Global Market - Overview
The global electric vehicle market is a very dynamic and is expected to witness significant growth over the forecast period. The growth of the electric vehicle market is majorly influenced by the surge in demand of electric vehicle worldwide, increasing fuel prices, and expansion of global auto-manufacturers into new emerging markets and government initiatives and among others. According to a recent study report published by the Market Research Future, The global market of Electric Vehicle is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 - 2022).
According to Automobile Association of America (AAA), lower gas prices have not inhibited enthusiasm for electric cars. As per the market research, the demand for electric car is likely to increase in the coming time. More than 30 million American are likely to buy electric car as their next vehicle. This trend in majorly influenced by compliance and people commitment towards environmental concern and carbon reduction. Heading towards APAC region, China has named itself as the leading market for electric vehicles. In terms of market development, China has sold more than 507,000 electric vehicles and plug-in hybrid electric vehicle in 2016, which was around 53% rise from 2015.followed by US and Europe.
Moreover, the key market players are more inclined towards focusing on electric vehicles and have started offering EV range for models including hatchbacks, superminis, sedans, large family cars, vans and others. Additionally, it has been experienced that electric car positioning in European market is quiet fast. As in 2016, Norway electric car market share was around 29% which was estimated as the highest globally, followed by the Netherlands with 6.4%, and Sweden with 3.4%. The European electric car market is set to switch from early positioning to mass market adoption over the next decade. As per the associations, market analysis and recent statements of car manufacturers, there would be around 9 to 20 million electric car could be positioned by the year 202 and around 40 to 70 million by 2025.
Over the past decade, it has been experienced that the prices of crude oil per barrel is increasing very rapidly and also the availability the crude oil is decreasing day by day. Due to these factors, the mind-set of large pool of population is shifting their preference towards electric vehicles. In the last 3 to 4 years, the demand for electric vehicles in the United States is rapidly increasing and seen around 70% of year-over-year growth in the sales. Along with the United States, Norway has also put a step ahead and has shifted more focus towards electric vehicles. As per the market statistics, every third of new car is electric and also the country has the highest proportion of 6.4% worldwide followed by Sweden i.e. 3.4%. The growth of electric vehicles is increasing across the globe and since 2014, the sales have been doubled. As of 2016, near about 777,500 electric vehicles have been sold worldwide.
The key strategies followed by most companies within the global electric vehicle market are that of new product development.
On September 2017, Nissan Motor Company has decided to commence its full production of new Nissan Leaf in Nissan’s Vehicle Assembly Plant in Smyrna, Tennessee and Nissan Motor Manufacturing (UK) Ltd.in Sunderland, U.K by the end of 2017. The major reason behind this expansion is the continuous rising demand of Nissan Leaf in US and UK.
On August 2017, The Tesla Inc. has recently launched an electric big-rig truck in the global market with a working range of 200 to 300 miles. Company's major reason behind this launch is to go beyond the luxury electric vehicles market.
On February 2016, Toyota Motor Corporation launched redesigned Prius PHV in Japan. Company is mainly focusing and working on enhancing itself in lining up on plug-in hybrid vehicles. With this launch, the company significantly advanced on the environmental performance which is distinctive feature of Prius lineup and along with this, the powerful and smooth drive which is an attribute of an electric vehicle. The company is targeting to sale 2,500 units a month in Japan from its Tsutsumi plant.
Electric Vehicle Market - Segmentation
The global Electric Vehicle market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology : Comprises Battery Electric Vehicles, Hybrid Electric Vehicles and Plug-In Hybrid Electric Vehicles
Segmentation by Vehicle Type : Comprises Passenger Cars, Commercial Vehicles and Two Wheelers
Segmentation by Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Electric Vehicle Market: Regional Analysis
North America is one of the leading regions for electric vehicle market. This market has seen healthy growth and demand for electric vehicles during the past few years. In North America, the sales of electric car have been doubled since 2014, which clearly implies that the demand for electric car have been rising on a rapid pace. The U.S. has always been the most lucrative market for electric vehicles. Over the past few years, the sales of electric vehicles have been doubled in the US which means the market will generate ample revenue. The major factors that has driven the US the market are rising demand for electric cars, government initiatives and healthy disposable income. Europe is the second leading region for electric vehicles market. In 2016, the Europe market share for electric vehicles was accounted for 20.1%. Europe is one of the most promising regions in the electric vehicles market. This market has achieved an ample scope due to the presence of profitable countries such as Germany, UK, France, Norway and others.
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