The global business intelligence (BI) market is anticipated to grow at a CAGR of 9.51% during the forecast years of 2018-2026.
The entire public transport on the road depends heavily upon a source of energy that is non-renewable and is depleting fast. With the increased amount of disposable income in the hands of the commoners, and affordable vehicles made available to every individual, the roads have only witnessed an increase in the number of vehicles, thereby, stating the strenuous effect on the natural resource of plague.
The need was unavoidable to find another way of operating through this sticky situation; for example, developing a friendlier way to preserve the naturally limited sources of energy and thus, people devised electronic vehicles. Electric vehicles or also known as electric cars have various capabilities to size up or adjust to the different needs of its drivers.
Types of Electric Vehicles
- All-Electric Vehicles (AEVs)
- Battery Electric Vehicles (BEVs)
- Fuel Cell Electric Vehicles (FCEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
AEVs run wholly on electricity while PHEVs can toggle over after the battery has been exhausted, to a gasoline-run combustion engine which is internally located. Thus, PHEVs allows its users to cut back on fuel consumption by simultaneously alternating between the electrically charged battery and gasoline operated engine, giving it an advantage over AEVs.
Though presently, PHEVs contribute least to the global electric vehicles market, it is predicted to grow at a faster rate of 17.9% CAGR in the years to come due to the flexibility in usage terms.
Global Market Size
The future of the Electronic Vehicle (EV), as has been forecasted is slotted to register a 15.6% CAGR impressive growth rate from 2016 to 2030.
Geographically, electric vehicles market is dominated by North America, followed by Europe and Asia-Pacific regions. These advanced economies have an advantage of having the extensive infrastructure for charging as well as government incentives that intend to push the market ahead.
Contrastingly, the Middle East, Africa and Latin America have recorded a slower acceptance of the electric vehicles due to the abundance of flexible fuels in these regions.
Among the leading continents, Asia-Pacific will surely be catching up owing to the rapid growth of the Chinese market and the region is expected to grow at 56.1% CAGR by 2030.
Depending on the different types of vehicles including commercial, passenger, two-wheelers and other kinds, the two-wheelers take up the largest volume share owing to a surprisingly amazing expanding market in China.
The growth of the Electric vehicle market can be credited to the increasing sales and production of the vehicle, increasing affordability of good quality vehicles, rising fuel prices. governmental regulations to decrease the number of greenhouse gases emitted; this puts direct pressure on the normal vehicles and many people shift to the more eco-friendly electric vehicles.
On the contrary, the unfaltering growth of the electric vehicle market is due to the high cost of production of electric vehicles, the poor performance of electric vehicles at higher speeds, and unavailability of an adequate number of charging points.
With manufacturing giants, like, Tesla, Honda Motor, Nissan, Ford, and Toyota continuing their investments toward improving their existing model of electronic cars, it can be assumed that the existing impediments can be easily forgotten in the years to come. With governmental support through subsidies and adequate infrastructure (charging points) development, these electronic cars might someday help not only in securing a healthy environment and ecological existence, but also furnish as the perfect substitute to cars depending on the depleting natural resources of petroleum oil.
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