China is a potential market for electric vehicles, as it has the maximum number of electric vehicles manufacturing industries. According to Forbes, Chinese automakers churned out 680,000 all-electric cars, buses, and trucks in 2017, more than the rest of the world combined. China produced more than 200,000 all-electric commercial vehicles last year, amounting to nearly 5% of the total output of the world.
The global electric vehicle market size was valued at $118,870 million in 2017, and is projected to reach $568000 million by 2025, growing at a CAGR of 22+% from 2018 to 2025.
The electric vehicles are powered either by a collector system through electricity from charging station deployments or can be charged by self-charging devices such as regenerative braking systems, turbochargers, and others. According to the Norwegian Road Federation, a public road infrastructure administration in Norway, pure electric cars and hybrid cars in Norway accounted for 52% of all new car sales in 2017 as against 40% in 2016. Norway’s parliament has set a resolution goal that by 2025 all cars sold should be zero emissions.
The demand for electric vehicles is governed by increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several countries and growth of public charging infrastructure in China, France, Norway, and the other developed countries is fueling the market growth. However, high manufacturing cost of electric vehicles and low fuel economy & serviceability restrain the electric vehicle market growth. Moreover, technological advancements in electric vehicles and proactive government initiatives are expected to unfold various opportunities for the growth of the stakeholders of the electric vehicle market, such as system integrator, vehicle manufacturers, engine manufactures, and component providers, in future.
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Almost all the major manufacturers of automobile with a global reach have manufactured and supplied electric vehicles. Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla Motors, Inc., Ford Motor Company, Nissan Motor Corporation Ltd., Bayerische Motoren Werke AG are some of the prominent companies engaged in the manufacture of electric vehicles releasing hybrids, plug-in hybrids or pure battery electric vehicles variants.
Global Electric Vehicles Market analysis, by region
The use of electric vehicles is highly prevalent in North America, Europe and Asia Pacific regions. Well developed and extensive charging infrastructure along with the incentives provided by the governments of these regions are expediting the growth of the electric vehicles. In contrast, Latin America and Middle East & Africa regions show a slower adoption of electric vehicles owing to the availability of flexible fuel. Latin America is projected to create a total incremental $ opportunity of US$ 1,332.6 Mn between 2016 and 2030. The segment is expected to account for 0.3% share of the global market absolute $ incremental opportunity during the same period.
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Global Electric Vehicles Market analysis, by product type
Passenger cars, commercial vehicles, two wheelers, and others comprise the vehicle type segmentation. In terms of volume, two wheelers segment to dominate the market due to astonishing rise of sale in China. Passenger cars segment is predicted to expand at a CAGR of 15.5% within the forecast period. Battery powered electric vehicles do not follow the system architecture of parallel hybrid, series hybrid and combined hybrid, which make up the powertrain segment. Hence, this segment excludes market volume numbers of battery electric vehicles leaving the market value far less than the overall market value. Parallel hybrid powertrain is currently dominating the market and is also projected to grow faster than series and combined hybrids with a CAGR of 17%+ till 2030.