Electric Vehicles Market: Development Insight and Manufacturers Challenge Competitors

Transparency Market Research (TMR) has published a research report on the global electric vehicles market, determining the overall revenue generated in the market in 2012 at US$83.54 billion and estimating the development of this market at a CAGR of 19.2% between 2013 and 2019. The global electric vehicles market is projected to attain US$271.67 billion by 2019 in terms of revenue. In terms of volume sales, the market is predicted to trade 64.4 million units of electric vehicles by the end of the forecast period.

According to the report, titled “Electric Vehicles Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, the high operating cost of conventional vehicles has shifted consumers’ interest towards electric vehicles. Apart from this, electric vehicles are eco-friendly, as they do not pollute the air, unlike their conventional counterparts. These factors are driving the global electrical vehicles to a great extent.

On the other hand, electrical vehicles can be driven short distances only, as they require to be charged very often, which is severely affecting the market for electrical vehicles in the global arena. In addition to this, their high purchasing costs also hamper the growth of this market.Electric cars, electric buses, electric motorcycles and scooters, and other electric automobiles are described as the key product segments of the global electric vehicles market in this report. In 2012, electric cars generated the highest revenue in the overall electric vehicles product market.

The electric cars market is expected to maintain its dominance over the forecast period in terms of revenue.In terms of revenue, the market for other electric vehicles such as electric bicycles and trucks stood at the second position in 2012. The same year, the market for electric bicycles led the overall electric vehicles product market in terms of volume. The segment is likely to produce the highest number of units during the forecast period.

The government of the U.S., in particular, is taking significant initiatives such as constructing charging facilities for electric vehicles to enable them to cover long distances.In Asia Pacific, several programs and initiatives such as government support for research and development, subsidies for electric vehicle buyers, tax incentives, and public education programs to spread awareness regarding the benefits of electric vehicles. On account of these efforts, the electric vehicles market in Asia pacific is expected to report significant growth over the forecast period.

Additionally, the initiatives taken by European governments supporting green technologies in the automotive industry is expected to fuel the electric vehicles market in this region, as per the report.Tesla Motors, General Motors, Nissan Motors, Mitsubishi Motors, Renault, Volkswagen, Smith Electric Vehicles, Toyota Motors, and Daimler are some of the key players in the global electric vehicles market profiled in this report and according to it, General Motors, Nissan, Honda, Tesla, and Toyota collectively held a majority share of the overall market in 2012.

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.