Globally, the new registrations of electric cars increased by 70% from 2014 to 2015. In 2015, over 550,000 vehicles were sold globally which includes both battery electric vehicle and plug-in hybrid electric vehicle.
Global Electric Vehicle Market was valued at $103,342 million in 2016, and is projected to reach $350,963 million by 2023, growing at a CAGR of 19.8% from 2017 to 2023. Electric vehicles use one or more than one electric motors or traction motors for propulsion.
The electric vehicles are powered either by a collector system through electricity from charging station deployments or can be charged by self-charging devices such as regenerative braking systems, turbochargers,. Norway had the highest market penetration per capita globally with four plug-in electric vehicles per 1,000 inhabitants in 2013.
In March 2014, Norway became the first country featuring 1 in every 100 passenger cars in the plug-in electric type on the road.
It had the world's largest plug-in electric vehicle segment market share of total new car sales, accounting for 13.8% in 2014 as compared to 5.6% in 2013. In June 2016, Andorra became the second country having largest electric vehicles, with 6% market share of battery electric vehicles and plug-in hybrid electric vehicle due to strong public policy providing multiple benefits.
By May 2015, there were 58,989 electric vehicles registered in Norway, which comprises of 54,160 battery electric vehicles and 4,829 plug-in hybrid electric vehicle.
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China surpassed the U.S. as the largest market for electric cars in 2015, with over 200,000 new registrations. Both these markets accounted for more than half of the global new electric car registrations in 2015.
China is a potential market for electric vehicles, as it has the maximum number of electric vehicles globally. As per the Global EV Outlook 2015, China has a population of 230 million electric bikes, 83,000 electric cars, and 36,500 electric buses.
Toyota Motor Corporation and Tesla Motors, Inc. are prominent players regularly manufacturing electric vehicles.
For instance, Tesla Motors, Inc. added Model S, the fastest electric car to the global automotive fleet.
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The demand for electric vehicles is governed by increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several countries and growth of public charging infrastructure in China, France, Norway, and the other developed countries.
However, high manufacturing cost of electric vehicles and low fuel economy & serviceability restrain the market growth. Moreover, technological advancements in electric vehicles and proactive government initiatives are expected to unfold various opportunities for the growth of the stakeholders of this market, such as system integrators, vehicle manufacturers, engine manufactures, and component providers, in the near future.
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