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(Transportation-News.com, January 23, 2018 ) Global Electric Vehicles Market Information Report, By Technology (Battery Electric Vehicles, Hybrid Electric Vehicles and Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers), and By Region - Forecast To 2023
Nissan Motor Company, Tesla Inc, Toyota Motor Corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor Company, Mitsubishi Motors Corporation and among others., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global electric vehicle market.
Market Highlights:
The global electric vehicle market is a very dynamic and is expected to witness significant growth over the forecast period. The growth of the electric vehicle market is majorly influenced by the surge in demand of electric vehicle worldwide, increasing fuel prices, and expansion of global auto-manufacturers into new emerging markets and government initiatives and among others. On the other hand, emerging economies seeks more opportunities for electric vehicles will create ample scope for market growth. However, high prices of electric vehicles and underdeveloped aftermarket services could hinder the market growth.
Global automakers are increasingly introducing the electric cars to tackle the vehicle emission problems and reduce pollution. This has resulted in electric cars being increasingly affordable and commercially competitive with the conventional gasoline cars. One of the major drawbacks of the electric cars is the complexity of its drive and power train systems. The manufacturing of the individual components of these systems is highly costly and requires more time to test and implement the technology.
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Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global electric vehicle market are that of new product development.
On September 2017, Nissan Motor Company has decided to commence its full production of new Nissan Leaf in Nissan's Vehicle Assembly Plant in Smyrna, Tennessee and Nissan Motor Manufacturing (UK) Ltd.in Sunderland, U.K by the end of 2017. The major reason behind this expansion is the continuous rising demand of Nissan Leaf in US and UK.
On August 2017, The Tesla Inc. has recently launched an electric big-rig truck in the global market with a working range of 200 to 300 miles. Company’s major reason behind this launch is to go beyond the luxury electric vehicles market.
On February 2016, Toyota Motor Corporation launched redesigned Prius PHV in Japan. Company is mainly focusing and working on enhancing itself in lining up on plug-in hybrid vehicles. With this launch, the company significantly advanced on the environmental performance which is distinctive feature of Prius lineup and along with this, the powerful and smooth drive which is an attribute of an electric vehicle. The company is targeting to sale 2,500 units a month in Japan from its Tsutsumi plant.
Market Research Analysis:
Geographically, Asia-Pacific is the leading market for electric vehicle which has consumed the market share of 53.2% in 2016. Presence of China, Japan and South Korea is one of the major factors that is driving the electric vehicles market. China is the largest market for electric car and electric two wheeler. Since 2015, the sales have been grown massively in China. However, it has created an ample scope for the automakers to cover the region. Moreover, the automakers such as Tesla, Tata Motors, Hyundai and other have decided to initiative the electric car production in India as well, which is quiet a profitable decision as the government has also taken various steps to make more investment in these countries.
As per MRFR analysis, China is the largest market for electric vehicles production and has produced around 40% of the total electric vehicle build globally in 2016. Overtaking the US, China is now the most attractive country for electric vehicles. China has stretched its industry leadership by making profits across all scopes of the supply side of electric vehicles containing current and projected production of electric vehicle and their components, such as electric motors and lithium-ion battery cells.
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Key Players:
The key players of the global electric vehicles market are Nissan Motor Company, Tesla Inc, Toyota Motor Corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor Company, Mitsubishi Motors Corporation and among others.
Scope of the Report:
This study provides an overview of the global electric vehicles market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric vehicles market by technology, by vehicle type and by regions.
By Technology
• Battery Electric Vehicles
• Hybrid Electric Vehicles
• Plug-In Hybrid Electric Vehicles
By Vehicle type
• Passenger Cars
• Commercial Vehicles
• Two Wheelers
By Regions
• North America
• Asia Pacific
• Europe
• Rest of the World
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Akash Anand
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