The global electric vehicle (EV) market is growing at a CAGR of 21.40% for the forecast period of 2018-2026. The market is driven by growing emissions of CO2 and greenhouse gases, the availability of low cost of Li-ON batteries and various government initiatives that are encouraging the use of electric vehicles.
The global electric vehicles market is segmented on the basis of power source type, vehicle type and technology. The power source type includes stored electricity and onboard electricity generator. The vehicle type segment is further divided into commercial vehicles, passenger cars, two-wheelers and others. The technology segment of the market is further classified into battery electric vehicles, hybrid electric vehicle, and plug-in hybrid electric vehicles.
Region-wise, the global electric vehicle market is segmented into Asia-Pacific, Europe, North America and rest of world. The Asia-Pacific market occupied the biggest share in 2017 and is expected to continue its reign throughout the forecast period. The Asia-Pacific market growth is driven by the presence of numerous automobile giants headquartered in the region. Also, counties like China and Japan provide several incentives in order to promote the adoption of electric vehicles in the region.
Byd Company Ltd, Bayerische Motoren Werke Ag, Daimler Ag, Ford Motor Company, Fiat Chrysler Automobiles N.V, General Motors Company, Honda Motor Company, Groupe Psa, Hyundai Motor, Nissan Motor Co Ltd, Mitsubishi, Tesla Motors Inc, Volkswagen Ag, Toyota Industries Corporation, and Zhejiang Geely Holding Group are some of the eminent players in this market.