Market Research Report
Electric Vehicle Market, By Type (Plugin Hybrid, Battery, Fuel Cell and Hybrid Electric Vehicle) and Geography (North America, Europe, Asia Pacific and Rest of the World) - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025
|Published by||AnalystView Market Insights||Product code||901896|
|Published||Content info||154 Pages
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|Electric Vehicle Market, By Type (Plugin Hybrid, Battery, Fuel Cell and Hybrid Electric Vehicle) and Geography (North America, Europe, Asia Pacific and Rest of the World) - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025|
|Published: July 1, 2019||Content info: 154 Pages||
The electric vehicle market was valued at USD 118.7 billion by 2017, growing with 18.6% CAGR during the forecast period, 2018-2025.
Past few years have been noteworthy as the sale of electric vehicles has increased considerably across the globe. Present trend suggests, these products are becoming a more commonplace in the transportation field in recent times. Unlike traditional internal combustion engine, battery charged vehicle runs entirely based on electric battery and motor. Factors such as technology advancements, positive change in customer perceptions coupled with greater involvement of private firms and governments for the development of this industry support the market growth. For instance, MG Motor planned to launch its first electric SUV named eZS in India by the end of December 2019.
Furthermore, growing focus on the reduction of carbon emissions could further strengthen the product demand. In terms of economy, electric vehicles accounted for less operating cost owing to its superior efficiency. As per the research, this product can save up to 70% where ICE vehicles have efficiencies in the range of 30% to 40%. Manufacturers are also anticipated to introduce battery electric vehicle (BEV) owing to its different advantages. According to a press release in July 2019, Turkish commercial vehicles manufacturer, Karsan unveiled a BEV edition of its shuttle "Atak". Likewise, in June 2019, Toyota planned to make a $2 billion investment in the development of battery drive vehicle in Indonesia. Launch of ultra-powerful electric drive units is foreseen to bode well for the global market.
On contrary, resistance to new technology adoption in developing regions will hamper the industry growth. For example, even after the potential benefits, the electric vehicles market share as a percentage of the worldwide automotive industry is not more than 1-2 percent.
In terms of types, the industry is divided into Plugin Hybrid (PHEV), Battery (BEV), Fuel Cell (FCEV) and Hybrid Electric Vehicle (HEV). BEV accounted for the highest share and is projected to grow with promising growth rate over the study period. This vehicle offers benefits such as elimination of oil and gas changes, convenience in charging, smooth acceleration, and low cost operations. As per the Colorado based collaborative state legislation, "Garfield Clean Energy", electric car saves 2 barrels of oil or 39.5 gallons of gasoline compared to an average car on every 1,000 miles driven. Nissan Leaf, Tesla Model S, Mitsubishi iMiEV and Ford Focus EV are some of the examples of commercially available BEV products. FCEV is growing with promising growth rate during the study period. As the name suggests, this type of vehicles uses fuel cells to produce electricity through chemical reactions.
Norway accounted for the significant share and is projected to grow with strong growth rate during the study period. One of the strongest catalysts for EV attractiveness in the country is the presence of monetary and non-monetary government subsidies. The latter can be observed with the measures such as free parking and nationwide access to bus lanes.
Companies namely BMW Group, Tesla Motors, Nissan Motor Corporation, Toyota Motor, General Motors, Volkswagen AG, Energica Motor Company, Daimler AG, Ford Motor Company and BYD Company Motors are actively operating in this industry. Key players are actively engaged in introducing low-cost products to attract large customers. For instance, battery prices that accounts up to 25% of EV's price, are anticipated to fall from USD 1,000 to USD 200 per kilowatt/hour in 2020. Tesla Motors and Panasonic's Gigafactory is a big production site for high-performance lithium ion batteries. This facility is aimed to drive down more than 50% cost of lithium-ion batteries.
Also, automotive players are experiencing prolong and profound challenges in terms of new players' entry and technology adoption, with the rise of electric vehicles. Giant companies such as Google and Tesla Motors entered in this industry with the introduction of innovative and fuel-efficiency electric vehicles that have stimulated the industry rivalry.