Global electric vehicle market projected to be worth $271.67 billion by 2019
The latest research report by Transparency Market Research (TMR), "Global Electric Vehicles Market," indicates electric vehicles (EVs) have a high growth potential. This is making the market extremely attractive, which is attracting the interest of several new players. The report discusses the various important strategies implemented by the leading players in the market to succeed. The business and financial overviews of these companies as well as their recent accomplishments are also discussed in the report. In addition, the degree of competition, the challenges faced by the companies, as well as information regarding mergers and acquisitions, partnerships, collaborations, and joint ventures are given. Names of the players studied in the report include: Nissan Motors, Tesla Motors, Renault, Mitsubishi Motors, Smith Electric Vehicles, General Motors, and Toyota Motors.
According to the research, the global electric vehicles market will be worth $271.67 billion by 2019. On the basis of geography, it is expected that North America will lead the market because of the many initiatives taken by government to curb greenhouse gases and control carbon emissions. The U.S. government is also facilitating the growth of the electric vehicle market by taking several initiatives regarding construction of electric vehicle charging facilities.
On the basis of product type, the global electric car market is segmented into cars, motorcycles, and scooters. Of these, it is anticipated that the electric car segment will lead in the market. This segment is predicted to lead only in terms of revenue, as the bicycle segment will lead in terms of volume.
A large factor in the growth of the global electric vehicle market is predicted to be the need to lower fuel expenditure. The various initiatives taken by government will play a primary role in driving the growth of this market. Governments are taking initiatives because of the growing environmental concerns. The availability of all-electric cars at affordable prices will also be a key factor in boosting the uptake of electric vehicles in the years to come. Other reasons behind the growth of this market include a surge in the price of fossil fuels and the adverse impact on the environment of petroleum-based transportation vehicles.
The growth of the market will experience challenges because of the high initial cost of vehicles. The limited performance in terms of driving range will be another restriction posed by electric vehicles which will act as an obstacle and limit the growth of the market. Apart from these factors, the limitations in terms of heavy-duty applications will also act as an obstacle for the complete growth of this market.
However, market players are working to overcome these challenges by investing extensively in research and development activities to improve electric vehicle batteries. Today, lithium-ion batteries are used in electric vehicles and have expanded the growth opportunities within the market. Lithium-ion batteries offer improved battery storage capacity as well as high energy transfer. Advancements such as those brought about by investments in research and development boost the performance of batteries while reducing the price of production. If batteries can be made available at low cost, the cost of electric vehicles will reduce further, which in turn will encourage more consumers to purchase electric vehicles.
This review is based on TMR's report titled, "Electric Vehicles Market (on-road) (hybrid, plug-in, and battery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 to 2019."
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