Global Electric Vehicle Market — Global Industry Analysis and Forecast (2018–2026) — by Propulsion, Vehicle, charging infrastructure, and Geography
Global Electric Vehicle Market is expected to reach US$ 551.16 Bn by 2026 at a CAGR of 18.02% over the period 2018–2026.
The global auto market is changing rapidly. Once derided as toys, electric vehicle sales are on pace to reach over 1.6 million this year, up from just a few hundred thousand in 2014. There are several important factors driving the market forward. The global electric vehicle market is driven by government support in the form of subsidies, grants, and tax rebates. Improving charging infrastructure, increasing vehicle range, and reducing the cost of batteries have fuelled the demand for EVs across the globe. The major restraints considered in the study include the poor charging infrastructure, limited vehicle range, and the short lifespan of the EV battery, which restricts the sales of electric vehicles.
The Lithium-ion battery prices have tumbled by 80% in this decade. The prices are supposed to fall in the coming years too. Policy support is another boosting factor. Governments around the world have offered generous EV purchase incentives to help get the market rolling. At the same time, tightening fuel economy standards will require significant electrification of the vehicle fleet, and China’s ‘New Energy Vehicle’ quota is forcing automakers into EVs faster than most of them would like. Government funding, subsidies, and incentives; growing demand for electric vehicles; the increasing concern of environmental pollution, and huge investments by automakers in electric vehicles are driving the growth of the electric vehicles market. The share that EVs have of global auto sales is still small — under 2% in most regions — but some countries are jumping ahead, and the next 20 years will bring major changes. Still, there are challenges. Charging infrastructure remains a barrier in many countries and supply of raw materials like Cobalt could create some bumps in the road to cheaper batteries.
The FCEV segment (zero-emission vehicles) is set to register the highest growth rate in the electric vehicle market followed by BEVs and PHEVs, because of the availability of better subsidies and support from governments. Increasing vehicle range and improving charging infrastructure have fueled the demand for BEVs. Nissan Leaf and Tesla Model S were the most successful and highest selling BEV models in 2016. The growth of BEV sales is projected to continue during the forecast period because of decreasing battery prices, increasing environmental awareness among consumers, and decreasing charging time. It has been projected that the invention of super-fast chargers would enable EV to be fully charged in less than an hour.
In case of vehicle type, a Passenger vehicle is the largest segment in the global electric vehicle market. The growth can be attributed to the growing demand for fuel-efficient vehicles, increasing environmental awareness among consumers, and competitive pricing in comparison to the IC Engine passenger cars. The increasing support from governments in China, India, Japan, France, Norway, and the US, and the OEM’s efforts to improve the existing EV models would drive the sales of electric vehicle passenger cars during the forecast period. Major OEMs have also announced the launch of the EV variants of their most successful IC engine models.
The Asia Pacific is the largest market for automotive Electric Vehicles. China is the largest market because of the government support and the availability of strong charging infrastructure. In 2017, 21% of all global EV sales were in just 6 Chinese cities, all of which have significant restrictions on buying and using new internal combustion engine vehicles. The alarming pollution levels in these countries have forced their governments to announce various kinds of financial and nonfinancial benefits to promote the sales of EVs. In Europe, the spectre of potential bans is pushing both buyers and automakers away from diesel. Urban air quality concerns have quickly become central pillars of municipal policy and EVs sales are benefiting.
The global electric vehicle market is dominated by major players such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), Volkswagen (Germany). Daimler, Nissan, Volvo, and other global automakers have all made aggressive plans to electrify their vehicles over the next 10 years. Chinese automakers are going further, with companies like Chang’an committing to sell only electric vehicles after 2025.
The scope of the Global Electric Vehicle Market Report
Global Electric Vehicle Market, By Propulsion
• BEV • PHEV • FCEV
Global Electric Vehicle Market, By Vehicle Type
• Passenger Vehicle • Commercial Vehicle • Others
Global Electric Vehicle Market, By Charging Infrastructure Type
• Normal Charge • TYPE 2 AC • CCS • Chademo • Tesla Supercharger
Key Players in Global Electric Vehicle Market Report
- Tesla • Nissan Motor Corporation • BYD • BMW • Volkswagen • LG Chem. • Panasonic Corporation • Delphi Automotive • Samsung SDI • Automotive Energy Supply Corporation • Daimler • Nissan • Volvo
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Report Published by MAXIMIZE MARKET RESEARCH
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