Global Electric Vehicles (On Road) Market is estimated to reach $168.3 Billion by 2024; growing at a CAGR of 8.4% from 2016 to 2024. An electric vehicle uses one or more electric motors or adhesive friction motors for impulsion.
Global Electric Vehicles Market Report, published by Variant Market Research, forecast that the global market is expected to reach $168.3 Billion by 2024 from $88.4 Billion in 2016, growing at a CAGR of 8.4% from 2016 to 2024.
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Major drivers of the global electric vehicles market are reducing battery costs, increasing production and sales of electric vehicles, rising fuel prices, and government supporting the sales of electric cars. However, increasing cost and lack of proper charging infrastructure may hamper the market growth.
Besides, several government incentives, and free charging points would encourage future adoption of these vehicles, thereby create potential growth opportunities.
Type, and geography are the key bifurcations of the global electric vehicles market. Type segment comprises electric cars, electric buses, electric bikes and scooters, and other types.
Electric cars held the majority of the market share in 2016, followed by others. The uptake of electric cars in the result of adoption of advanced technologies, several policies supports such as purchasing incentives, improved charging infrastructure, and rising environmental concerns.
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Based on geography, the global electric vehicles market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is anticipated to dominate with largest market share of 38.6% in 2016, and highest CAGR during the forecasted period, driven by increasing investments by government to encourage use of eco-friendly mode of transport and increasing demand for clean energy technology.
The major players competing in the market are Tesla Inc., Honda Motor Co., Ltd., Nissan Motor Corporation, Ford Motor Company, Toyota Motor Corporation, Bayerische Motoren Werke AG, General Motors, Volkswagen, Groupe Renault, and Daimler AG, among others.
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Scope of Electric Vehicles (On Road) Market
- Electric Cars
- Electric Buses
- Electric Bikes and Scooters
- Other Types
- North America
- Asia Pacific
- South Korea
- South America
- Middle East
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