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Electric vehicle market to reach US$ 321.1 billion by 2023

Automotive and Transportation Market Research

The Global Electric Vehicle market is further estimated to grow at a CAGR of 18.59% from 2018 to reach USD 321.1 Billion by the year 2023.

GLOBAL ELECTRIC VEHICLE MARKET Make an Inquiry about this news was valued at USD 97.4 Billion in the year 2017. 

Asia Pacific region holds the highest market share in 2016 and European market is considered as the fastest growing market in the forecasted period. At a country level, developed markets like China, Norway with highest population base holds the notable market share in 2016 and it is projected to grow strongly in the coming years.

Tesla Motors, Inc. (US), Daimler AG (Germany), BMW Group (Germany), Groupe Renault (France) are some of the key players in the Electric Vehicle market with Tesla Motors holding the substantial market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

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Drivers:

             Availability of Government Grants

             The limited amount of crude oil

Restraints:

             Not suitable for underdeveloped countries

Opportunities:

             Use of advanced technology in the automotive sector

Challenges:

             Limited charging infrastructure

             Battery Issues

Between Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Battery Electric Vehicle types, Battery Electric Vehicles segment because of the growing popularity and availability is expected to hold the highest market share during the forecast period.

On the other hand, Plug-in Hybrid Electric Vehicles type for this market is expected to grow at the highest CAGR of XXX during the year 2018-2023.

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Key Benefits for Stakeholders

Electric Vehicle Manufacturers, Distributors and Retailers

Research and Consulting organization

Technology Standards Organizations, Forums, Alliances and Associations

End-use industries

Regulatory bodies, policy actors, and consumers.

By Type

Hybrid Electric Vehicles (HEVs)

Plug-in Hybrid Electric Vehicles (PHEVs)

Battery Electric Vehicles (BEVs)

By Vehicle

Passenger Car

Two Wheeler

Commercial Vehicles

By Region

North America

Europe

Asia-Pacific

LAMEA

Key Market Players

1 Tesla Motors, Inc. (US)

2 Daimler AG (Germany)

3 BMW Group (Germany)

4 Ford Motor Company (US)

5 Groupe Renault (France)

6 Toyota Motor Corporation (Japan)

7 Volkswagen AG (Germany)

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News From

Genesis Market InsightsGenesis Market Insights
Category: Market Research Publishers and RetailersCompany about: Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across the globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in-house data validation tools, ...
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