The automobile industry is one of the fastest-growing industries in the manufacturing sector. Intense global competition along with consumer preference driven innovation have been crucial factors driving the industry. However, the growing demand for and subsequent increase in the number of vehicles have contributed majorly to the depletion of non-renewable resources and deterioration of the earth’s atmosphere. A steep rise in the conventional fuel vehicle sales along with global population and urbanization has brought with it some serious concerns such as global warming and alarming pollution levels. There are innumerable issues that are plaguing the planet and the natural resources (especially fossil fuels) are declining at a rapid pace. This has consequently led the governments, environmental agencies, and automobile manufacturers to develop modes of transport that run on alternate means.
Electric vehicles are considered the most desirable option of all the alternative forms of vehicles. The support of the governments of various nations and revolutionary developments by the automakers can be credited for the growing prominence of Electric Vehicles in the automobile industry. Several countries have pledged to ban the sale of gasoline-powered vehicles within the next two decades, with many others to follow. The Electric Vehicle Initiative launched in 2010 by some of the major countries across the globe is one of the many initiatives undertaken that are accelerating the growth rate of the market for EVs on a global scale.
The global electric vehicles market has been fundamentally benefiting from the changing paradigms in governmental regulations and increasing environmental awareness among the consumers. BEVs held the highest market share in 2016 in terms of volume and is expected to grow at a higher growth rate as compared to PHEV. BEVs produce no pollution when being driven, as there is no gasoline interaction which means tailpipe pollution is zero. Factors such as improved charging infrastructure, governmental initiatives, and increased range are expected to propel the market growth for BEVs.
According to the latest market research report by BIS Research, titled ‘Global Electric Vehicles Market, A…ecast – 2017-2026’, the global electric vehicles market is estimated to reach 10,761.42 thousand units by 2026. The market is driven by a number of factors such as stringent governmental regulations in terms of emissions and fuel economy, growing demand for fuel-efficient vehicles, and governmental initiatives such as tax benefits and subsidies to promote the sales of electric vehicles. However, there are certain challenges which are inhibiting the overall growth of the global electric vehicles market such as high initial cost and time required to charge the electric vehicles.
Companies Mentioned in the Report:
- Automotive Energy Supply Corporation (AESC)
- BMW Group
- BYD Company Ltd.
- Continental AG
- Daimler AG
- FCA Group
- Ford Motor Company
- General Motors Company
- Honda Motors Co., Ltd.
- LG Chem Ltd.
- Mitsubishi Motors Corporation
- Nissan Motor Corporation Ltd.
- Panasonic Corporation
- Samsung SDI
- Toyota Motor Corporation
- Tesla Inc.
- Volkswagen Group
Key Questions Addressed in the Report:
- What is the global electric vehicles market size in terms of volume in the period 2017-2026?
- Which is the dominant propulsion type by volume for the global electric vehicles market?
- Which is the dominant vehicle by propulsion type in terms of volume in 2016?
- What is the revenue generated by the different components in the global electric vehicles market in the period 2017-2026?
- What is the revenue generated by the different components for different propulsion type in the global electric vehicles market in the period 2017-2026?
- Which vehicle type will lead by volume in the global electric vehicles market by the end of the forecast period?
- What are the different factors driving the market forward in the forecast period?
- What are the major factors challenging the growth of global electric vehicles market?
- Which types of new strategies are being adopted by the existing market players to make a mark in the industry?
- Which region will lead the global electric vehicles market by the end of the forecast period?
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