Market Synopsis of Electric Vehicle Market:
Globally, the market for Electric Vehicle market is growing at a CAGR of 18.96% during forecasted period (2017-2023). The Electric Vehicle market includes electric motors for the propulsion. The electric vehicle is driven by electricity from off-vehicle sources such as battery, solar panels or electric generator. There are various types of electric vehicle used by the consumers which includes battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Different types of batteries are used in order to power the electric vehicles.
Asia Pacific accounted for the largest market share of 53.20% in 2016 and is projected to grow at a CAGR of 20.35% during the forecast period. In China, there is increased in the production of electric vehicles with an approximate production of 40% in 2016. China is now the most attractive country for electric vehicles. 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.China has stretched its industry leadership by making profits across all scopes of the supply side of electric vehicles containing current and projected production of electric vehicle and their components, such as electric motors and lithium-ion battery cells. The factors that are responsible for the growth of electric vehicle market are surge in demand of electric vehicle worldwide, increasing fuel prices will boost demand of electric vehicles, government initiatives, and expansion of global auto-manufacturers into new emerging markets. 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.
The key players in market includes Nissan Motor Company (Japan), Tesla Inc (U.S.), Toyota Motor Corporation (Japan), Ford Motor Company (Detroit), Volkswagen (Europe), BMW (Germany), General Motors (U.S.), Daimler AG (Germany), Hyundai Motor Company (South Korea), Mitsubishi Motors Corporation (Japan).
- The global electric vehicle market is expected to reach USD 356.5 billion by 2023
- Regionally, Asia Pacific has the largest market of USD 205.9 billion by 2023
- China accounted for the largest market share of 61.40% in 2016, with a market value of USD 34.8 billion and is projected to grow at the highest CAGR of 20.85% during the forecast period. Japan was the second-largest market in 2016, valued at USD 9.7 billion in 2016; it is projected to grow at a CAGR of 19.75%.
- On the basis of technology, Battery Electric Vehicles accounted for the largest market share of 51.40% in 2016.
- On basis of vehicle type segment, Passenger Cars accounted for the largest market share of 68.20% in 2016
The report covers brief analysis of geographical region includes
- Rest of Europe
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Study Objectives of Electric Vehicle Market
- To study detail of electric vehicle market by technology, vehicle type, and by region in forecasted period 2022.
- To identify the market dynamics of electric vehicle market dynamics by drivers, restrains, opportunities and challenges.
- To analyze various factors like value chain analysis and porters five forces model.
- To provide historical and forecast revenue of market segment with respect to North America, Europe, APAC and RoW.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track mergers and acquisitions, strategic alliances, new product development of specified company.
- Manufacturers and distributors of electric vehicle market.
- Suppliers and traders of electric vehicle market.
- Government, associations and industrial bodies.
- Investors and Trade experts.
- Consulting in automotive experts.
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