The electric vehicle market collectively accounted for 1,043,000 units in 2016 and is expected to grow to 285,188,000 units by 2030. Governments of various countries are very focused on increasing EV sales to reduce pollution levels and thus global warming. With manufacturers launching new models and charging infrastructure picking up speed. The market is expected to witness tremendous growth during the forecast period.
In the report, Electric Vehicle Market: By Type (BEV, HEV, PHEV); By modules (Body and chassis, drive, Infotainment, safety and security); By Geography (Americas, Europe, Asia Pacific, RoW) – Forecast (2018 to 2023) published by IndustryARC, the market will be driven by the development and advanced batteries in the coming decades.
Electrification is the most viable way to achieve clean and efficient transport, which is crucial for the sustainable development of the whole world. The current year’s breakdown says electric vehicle technology, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and clean battery electric vehicles (BEVs), will dominate the clean vehicle market .
The Asia-Pacific region is dominating the electric vehicle market with significant growth
Geographically, the electric vehicle market is present in regions of North America, Europe, Asia Pacific and Rest of the World. New car application increased by 70% compared to 2016. In 2016, more than 550,000 vehicles were accepted worldwide, which includes both battery electric vehicles and plug-in hybrid vehicles. Studies show that China is expected to extend its industry lead by achieving gains in all dimensions of EV supply, including current forecast production of EVs and their components. Overall, Germany and the United States of America are also performing well in the industry with a number of major changes in EV production. These countries saw a slight decline in the market due to the production of electric motors due to China’s expansion.
Sales analysis made in a full report:
Sales of higher capacity batteries increased. It is noted that direct reuse is always cheaper than batteries in a similar productive environment. The PHEV is headed for sale and is expected to command the best price. The pricing concept gives you an idea of the approximate price in the current market, as the advancements in batteries for electric motor transmissions are under serious development. The expansion and rollout of the product will clarify the costs of establishment and electric cars to maintain for a longer period of time.
Selected type and application analysis performed in the full report:
The uptake of EVs is the result of several factors, including strong technological advances, cost reductions, and policy support, including purchase incentives, driving benefits and access to parking, and increased availability of public charging infrastructure. BEVs dominated sales over hybrid cars in most countries until 2015. But sales of plug-in vehicles (PHEVs) have grown rapidly in the past two years, and currently the PHEV market is almost equal to BEV sales globally. PHEVs have a significant set of advantages due to continuous improvements in battery performance and make it possible to reduce costs to achieve maximum market share.
Samples of market growth factors
After the diesel emissions scandal, the California city saw a $44 million investment from Electrify America to bring hundreds of electric vehicles to the city. The project includes 260 electric vehicles. The vehicles can locate nearby cars with an app and drive them anywhere within a 13-square-mile radius. The cars will be available in early 2019.
ISRO has announced that it is launching its major project on lithium-ion cell technology to lead to its adoption on a non-exclusive basis for automotive use. This initiative will accelerate the development of the domestic electric vehicle industry.
The growing adoption of electric cars creates new opportunities for Volkswagen. It says quantum computing technology can help build customized batteries with a chemical blueprint that will speed up the development and production of batteries for electric vehicles. This will create a specialized and customized car battery for future green cars.
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Key players in the electric vehicle market
Advancement is currently the key strategy driving the market, accounting for about 44% of the total strategies adopted by key players. The key players profiled in this report include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Dailmer AG and Energica Motor Company SPA. These are the leading market players who are focusing on expanding their business operations in developing countries. Among all the continents, APAC is the emerging region where investors are focusing more on introducing innovative solutions. Some of the well-maintained EVs in the current market are Tesla Model S, Nissan Leaf, BMW i3, Mitsubishi iMiEV, Ford Focus EV; these are available BEV models. BMW i3 REX, BMW i8, Cadillac ELR, Ford Fusion Energi, Ford Cmax Energi, Toyota Prius Plugin and others are the available PHEV models. Audi Q5 Hybris, Acura ILX hybrid, Cadillac Escalade Hybris, BMW Active Hybrid 3 and others are HEV models available.
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What can you expect from the report?
The Electric Vehicle Market report is prepared with a core program that covers the following 20 points:
1. Market Size by Product Category and Application 11. Demand Analysis (Revenue and Volume)
2. Market trends and relevant market data 12. Country level analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Share Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End User Analysis 16. Supply Chain Analysis
7. Product benchmarking 17. Strategic analysis
8. Product development 18. Analysis of the current and future market landscape
9. Analysis of mergers and acquisitions 19. Analysis of opportunities
10. Patent Analysis 20. Revenue and Volume Analysis
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