Global Electric Vehicles Market – Size, Industry Analysis & Forecast Report 2017-2024

Global Electric Vehicles Market is estimated to reach $168.3 Billion by 2024; growing at a CAGR of 8.4% from 2016 to 2024. Electric vehicles utilize one or more electric motors for propulsion, that are powered by rechargeable batteries. These batteries can be recharged using dedicated charging unit or grid electricity. These vehicles are more energy efficient than conventional gasoline or diesel engines. Moreover, they are capable of significantly reducing environmental pollution and are capable of recovering braking energy as electricity that can be restored to the battery or sent back to grid. Materials handling and industrial vehicles have been not covered in the report.

Declining price of batteries, increasing production and sales of automobiles, rising government support by providing incentives on purchase of electric cars, and growing fuel prices are the key factors supporting the growth of the global electric vehicles market. Though, non-availability of adequate charging points, and high cost of these vehicles could hinder the market growth. Additionally, government initiatives pushing the sales of electric vehicles, and supporting infrastructure would create growth opportunities in years to come.

The bifurcations of global electric vehicles market are type, and geography. By type, the segment includes electric buses, electric bikes and scooters, electric cars, and others. Based on geography, the global electric vehicles market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).  North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into China, Japan, India, South Korea, and others, while RoW is bifurcated into South America, Middle East, and Africa.

The key players competing in the market are Ford Motor Company, Tesla Inc., Toyota Motor Corporation, Nissan Motor Corporation, Volkswagen, Bayerische Motoren Werke AG, General Motors, Honda Motor Co., Ltd., Groupe Renault, and Daimler AG, among others.

The key takeaways from the report
– The report will provide detailed analysis of Global Electric Vehicles (On Road) Market with respect to major segments such as type, and geography
– The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
– Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
– An exhaustive regional analysis of Global Electric Vehicles (On Road) Market has been included in the report
– Profile of the key players in the Global Electric Vehicles (On Road) Market will be provided, which include key financials, product & services, new developments and business strategies

Scope of Global Electric Vehicles (On Road) Market

Type Segments
– Electric Buses
– Electric Bikes and Scooters
– Electric Cars
– Other Types

Geographical Segments

North America
– U.S.
– Canada
– Mexico

Europe
– UK
– Germany
– France
– Italy
– Others

Asia Pacific
– China
– Japan
– India
– South Korea
– Others

RoW
– South America
– Middle East
– Africa

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Bharat Book is the leading market research information provider for market research reports, company profiles, industry study, country reports, business reports, newsletters and online databases Bharat Book Bureau provides over a million reports from more than 400 publishers around the globe. We cover sectors starting from Aeronautics to Zoology.

Global Electric vehicles Market to experience substantial growth by 2020

Electric Vehicles Market

With increase in demand of enhanced fuel economy and rising fuel prices in vehicle are anticipated to drive vehicle electrification Industry growth globally. Stringent government policies on harmful emissions from Carbon dioxide and rise in pollution are driving the electrification industry from past few years. This market is likely to experience high growth due to rising requirement for electric systems in tax exemptions, vehicles and subsidies by the government with increase in diesel and petrol prices. Major Products in Electric Vehicles Market are Electric power steering, electric water pump, thermoelectric generator, electric oil pump, electric vacuum pump, electric mobile phone charger and liquid heater PTC.

 

Key players for Electric Vehicles market are JTEKT Corporation, Visteon Corporation, NSK ltd, Denso Corporation, Friedrichshafen AG, BorgWarner Inc and Nexteer Automotive Group Ltd

Largest Electric Power steering is expected to contribute for the major market share due to potential of ensuring the safe and secure driving in vehicles from hydraulic power steering. This segment is further estimated to provide low energy consumption, better handling and reduced weight in vehicles which ultimately gives a strong place to market of Electric Power Systems. North America is likely to witness major market share due to its growth in vehicle market, rigorous norms for emissions, and government subsidize provided for electric vehicles. Classification of Electric Vehicle Industry can be done on degree of hybridization into Internal Combustion Engine & micro hybrid vehicle, Battery electric vehicle, Fuel cell electric vehicle, plug in hybrid electric vehicle and hybrid Electric vehicle. Asia Pacific is expected to hold the significant growth with rising expansion of automotive industry in the area. Increasing number of vehicles manufactured companies owing to its cheap cost production facilities may propel industry growth in upcoming years. Hybrid Electric vehicle is likely to experience significant growth owing to its capability in combining two dissimilar power sources like petrol/diesel and electric power.

Susan Hill is a Digital Marketer by professional and she has a great experience in blogging, content writing and SEO.