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.
Global Electric Vehicles Market Report, published by Variant Market Research, forecast that the global market was valued at $88.4 Billion in 2016 and expected to reach $168.3 Billion by 2024; growing at a fastest CAGR of 8.4% from 2016 to 2024.
"Electric Vehicles (On Road) Market (By Type: Electric Buses, Electric Cars, Electric Scooters and Bikes, And Others; By Geography: North America, Europe, Asia-Pacific, RoW) Global Scenario Market Size, Outlook, Trend and Forecast, 2015 – 2024"
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Rising production and sales of electric vehicles to drive the Electric Vehicles Market
The growth of the global electric vehicles market Is majorly driven by rising production and sales of electric vehicles, growing fuel prices, reducing battery prices, and monetary inducements by government for buying electric vehicles, and increasing disposable income worldwide. Though, high cost and lack of appropriate charging infrastructure may hamper the market growth.
Furthermore, several government initiatives in several countries to increase the sale of electric vehicles, and free charging points would provide growth opportunities for the market during the forecast period 2016 - 2024.
The global electric vehicles market has been categorized into type, and geography. The market is bifurcated by type segment into electric buses, electric cars, electric scooters and bikes, and others.
By geography, the global electric vehicles market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World.
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Electric cars held the majority of market share in the type segment
In 2016, electric cars accounted for the largest market share, followed by others. The acceptance of electric cars in the outcome of increasing demand of advanced technologies, various policies supports like purchasing incentives, enhanced charging infrastructure, and increasing environmental problems.
North America is projected to be predominant in the global electric vehicles market
In 2016, North America is expected to be predominant with major market share of 38.6%, and fastest CAGR over the forecasted period, due to rising adoption of clean energy technology, and growing funds by government to encourage usage of eco-friendly mode of transport.
Various manufacturers are adopting several innovative technologies to gain consumer attraction and to grow their market presence. In 2017, Ford and General Motors declare serious investments in electric vehicles.
General Motors will launch two new fully electric models by 2018, and 18 more by 2023. Ford Motor Co. will grow its battery electric vehicle offerings beyond the 300-mile range crossover EV it plans to offer by 2020.
The major companies operating in the market are Ford Motor Company, Tesla Inc., Honda Motor Co., Ltd., Nissan Motor Corporation, Toyota Motor Corporation, Bayerische Motoren Werke AG, General Motors, Volkswagen, Daimler AG, and Groupe Renault, 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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