Electric Vehicle Market Technological Development and Growth Drivers Analysis, 2018 - 2023
The factors that are playing a major role in the growth of the market are increasing concern among populace regarding environmental pollution, availability of several subsidies and policies offered by the government, and the high investment by manufacturers in electric vehicles.
(firmenpresse) - Global electric vehicle market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. An electric vehicle (EV) uses traction motors or electric motors rather than a diesel or petrol engine for propulsion. The battery can be charged using household mains electricity via an EV chagrining point or at powerful EV charge station.
The factors that are playing a major role in the growth of the market are increasing concern among populace regarding environmental pollution, availability of several subsidies and policies offered by the government, and the high investment by manufacturers in electric vehicles. However, the lack of professionals and need for high investment may restrain the overall market growth in the years to come. Electric vehicle market is segmented based on type, charging station type, technology, application, and region.
Based on type, the electric vehicle market is segmented as commercial and passenger vehicle. Electric passenger vehicles sector accounted for the substantial market share of the electric vehicle and is estimated to lead the overall market in the years to come. The reason could be the rising demand from consumers, the presence of enhanced charging infrastructure, the availability of tax benefits and subventions, and the low cost of the electric vehicle. Inductive charging, normal charging, and supercharging are the charging station types that could be explored in an electric vehicle in the forecast period.
Based on the technology, hybrid electric vehicles (HEV), range extender electric vehicles (REEVs), battery electric vehicles (BEV), and plug-in hybrid electric vehicles (PHEV) could classify electric vehicle in the forecast period. Battery electric vehicles (BEV) sector accounted for the substantial market share of the electric vehicle and is estimated to lead the overall market in the years to come. The reason could be reducing charging time; BEV is zero-emission vehicles, and the high demand from consumers of China. The market may be categorized based on the applications like commercial, residential, and others that could be explored in an electric vehicle in the forecast period.
Globally, Asia Pacific accounted for the substantial market share of the electric vehicle and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the developing charging infrastructure, the rising demand for electric vehicles from consumers, government initiative by offering several nonfinancial and financial benefits, and the rising concern regarding the high pollution levels. Also, the growing population in the emerging countries and the rapid urbanization boost the overall market in this region. The developing countries like India and China are the major consumers of the electric vehicle in this region.
North America and Europe are also estimated to have a positive influence on future growth. North America is the second largest region with significant market share. The United States is a major consumer of electric vehicles in this region. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players profiled in the electric vehicle market report are Volkswagen, Tesla, BMW, Nissan Motor Corporation, BYD, and Mahindra. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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global-electric-vehicle-industry-size
electric-vehicle-market-share
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electric-vehicle-market-analysis
electric-vehicle-market-research
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