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(USGovernment-News.Com, June 25, 2018 ) GLOBAL ELECTRIC VEHICLE MARKET was valued at USD 97.4 billion in the year 2017. Global Electric Vehicle market is further estimated to grow at a CAGR of 18.59% from 2018 to reach USD 321.1 billion by the year 2023. Asia Pacific region holds the highest market share in 2016 and European market is considered as the fastest growing market in the forecasted period. At a country level, developed markets like China, Norway with highest population base holds the notable market share in 2017 and it is projected to grow strongly in the coming years.
Tesla Motors, Inc. (US), Daimler AG (Germany), BMW Group (Germany), Groupe Renault (France) are some of the key players in the Electric Vehicle Market with Tesla Motors holding the considerable market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly growth strategies such as collaboration, merger and expansion of the distribution network were few techniques adopted by most of the top manufacturers in the last 5 years.
Drivers: Government grants provided by different countries for production Restraints: Increasing production cost Opportunities: Use of advanced technology in automotive sector Challenges: Limited charging infrastructure
Segmentation done on the basis of vehicle type includes Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Battery Electric Vehicles types of which, the Battery Electric Vehicles segment because of the availability is expected to hold the highest market share during the forecast period.
On the other hand Plug-in Hybrid Electric Vehicles type for this market is expected to grow at the highest CAGR of during year 2018-2023.
Key Benefits for Stakeholders Electric Vehicle Manufacturers, Distributors and Retailers Research and Consulting organization Government bodies Technology Standards Organizations, Forums, Alliances and Associations End use industries Regulatory bodies, policy makers and consumers.
By Type Hybrid Electric Vehicles (HEVs) Plug-in Hybrid Electric Vehicles (PHEVs) Battery Electric Vehicles (BEVs)
By Vehicle Passenger Car Two Wheeler Commercial Vehicles
By Region North America Europe Asia-Pacific ROW
Key Market Players Tesla Motors, Inc. Daimler AG BMW Group Ford Motor Company Groupe Renault Toyota Motor Corporation Volkswagen AG Nissan Motor Corporation Ltd. Honda Motor Co., Ltd. General Motors
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