Global Electric Vehicle Market
Global Electric Vehicle Market Report Description:
Global electric vehicle market report gives comprehensive outlook on electric vehicle across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global electric vehicle market gives historical, current, and future market sizes (US$ Mn) on the basis of component, charging station, type, vehicle type and region. This report studies global electric vehicle market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global electric vehicle market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global electric vehicle market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global electric vehicle market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global electric vehicle products.
Global Electric Vehicle Market:
The global electric vehicle market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. Rising concerns over environment protection, huge investments made by automakers in electric vehicles and surging demand for high performance, fuel efficiency vehicles are some of the key factors propelling the market growth. However, huge manufacturing costs involved in manufacturing electric vehicles is hindering the market growth.
Technological Advancements is Fuelling the Market Growth
The EV technology was growing and innovations were happening especially in electric propulsion (EP) and energy storage systems (ESS), which are the core technology areas in EV engineering. Batteries have been the major energy source for EV, different battery technologies have been invented and adopted. Lithium-ion batteries are the most popular one now and are definitely going to stay. Lithium-air provides an exciting new frontier because this battery promises to store far more energy than is possible with current lithium-ion technologies. Companies like Tesla have continued to invest heavily in this technology due to the high recharge capacity of these batteries.
High Cost of Battery is Hindering the Market
The major challenge is costs. Battery technology is expensive, and because batteries in electric cars need to be able to hold massive amounts of charge to make the cars practical for most drivers, they have to be built using expensive materials, most of which are tough to procure. Because electric cars cost a lot to build, they also cost more than comparable gasoline cars to buy. That makes consumers reluctant to adopt them.
Asia Pacific Accounts for Larger Market Revenue Share in Global Electric Vehicle Market
Asia Pacific accounted for larger revenue share in global electric vehicle market with considerable CAGR due to strong growth in this region. Factors such as rising demand for highly advanced charging stations, strict emission standards imposed on commercial vehicles which are forcing customers to adopt EV’s are driving the market growth in this region.
Key player’s profiles in the global electric vehicle market include:
- Tesla Motors
- Nissan Motor
Global electric vehicle market is surging owing to frequent acquisitions and launchings by the market players. For instance in 2019, BYD announced the launch of the K12A at the company’s headquarters in Shenzhen, the world’s first 27-m electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.
Key Findings of the Report:
- Global electric vehicle market expanding at significant CAGR over 2019 to 2025 owing to growing demand for fuel efficiency vehicles
- Based on vehicle type, commercial vehicles (CV) segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global electric vehicle market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- Battery Cells & Packs
- On-Board Charger
- Infotainment System
By Charging Station
- Normal Charging
- Super Charging
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
- Hybrid Electric Vehicle (HEV)
By Vehicle Type
- Commercial Vehicles (CV)
- Passenger Car (Pc)
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA