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 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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Availability of Government Grants
The limited amount of crude oil
Not suitable for underdeveloped countries
Use of advanced technology in the automotive sector
Limited charging infrastructure
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
Regulatory bodies, policy actors, and consumers.
Hybrid Electric Vehicles (HEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Battery Electric Vehicles (BEVs)
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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