The electric vehicle market collectively accounted for 1043k units in 2016 and is projected to skew to 285188K units by 2030. Governments in various countries are highly focused on increasing EV sales to reduce the level of pollution and thus the global warming. With manufacturers launching new models and charging infrastructure speeding up. The market is anticipated to witness immense growth during the forecast period.
In the report “Electric Vehicle Market: By Types (BEV, HEV, PHEV); By Modules (Body & Chassis, Powertrain, Infotainment, Safety & Security); By Geography (Americas, Europe, Asia Pacific, RoW) – Forecast (2018) to 2023)”, published by IndustryARC, the market will be driven by development and advanced batteries in the coming decades.
Electrification is the most viable way to achieve clean and efficient transportation that is crucial for the sustainable development of the whole world. The current year split says electric vehicle technology, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and pure battery electric vehicles (BEVs), will dominate the clean vehicle market.
Asia-Pacific dominates with huge growth in electric vehicle market
Geographically, the electric vehicle market is present in regions of North America, Europe, Asia-Pacific and the rest of the world. New car demand has increased by 70% since 2016. In 2016, more than 550,000 vehicles were adopted worldwide, including both battery electric vehicles and plug-in hybrid vehicles. The research says China is expected to extend its industry leadership by making gains across all supply-side dimensions of electric vehicles, including projected current production of electric vehicles and their components. In general, Germany and the United States of America are also doing well in the industry, with a number of major changes in electric vehicle production. These countries saw a slight market decline, due to the production of electric motors due to the expansion of China.
Sales analysis performed on the full report:
Sales of higher capacity batteries have increased. It is noted that direct reuse is always cheaper than batteries in a similar productivity environment. The PHEV is projected for sale and is expected to present the best price offer. The pricing concept gives you an idea about the estimated price of the current market as the advancement in electric motor drive batteries is in full swing. The expansion and product launch will clarify the cost of establishment and electric cars to sustain for a longer period of time.
Type selected and application analysis performed on the full report:
Uptake of electric vehicles is the result of several factors, including strong technological progress, cost reductions, and policy support, including purchase incentives, driving and parking access advantages, and increased availability of charging infrastructure. public. BEVs dominated sales over hybrid cars in most countries until 2015. However, sales of plug-in vehicles (PHEVs) have grown rapidly in the last two years, and as of now, the PHEV market is almost equal to BEV sales worldwide. PHEVs have a considerable range of advantages due to continuous improvements in battery performance and the feasibility of cost reduction to achieve maximum market share.
Excerpts on Market Growth Factors
Following the California city’s diesel emissions scandal, Electrify America made a $44 million investment to bring hundreds of electric vehicles to the city. The project includes 260 electric vehicles. Vehicles can locate nearby cars with an app and drive them anywhere within a 13-square-mile radius. The vehicles will be available in early 2019.
ISRO announced the start of its major project on lithium-ion cell technology to achieve adoption on a non-exclusive basis for use in automobiles. This initiative will accelerate the development of the indigenous electric vehicle industry.
The growing adoption of electric cars is creating new opportunities for Volkswagen. He says that quantum computing technology could help build custom batteries, with a chemical model that will accelerate the development and production of batteries for electric vehicles. This will build a specialized and customized car battery for future green cars.
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Key Players of the Electric Vehicle Market
Today, progress is the key strategy driving the market, accounting for around 44% of all strategies adopted by key players. Major players outlined in this report include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Dailmer AG, and Energica Motor Company SPA. These are the major market players who are focused on expanding their business operations in emerging countries. . Among all the continents, APAC is the emerging region where investors focus the most to introduce innovative solutions. Some of the well established EV cars in the market today are Tesla Model S, Nissan Leaf, BMW i3, Mitsubishi iMiEV, Ford Focus EV; these are available BEV models. BMW i3 REX, BMW i8, Cadillac ELR, Ford Fusion Energi, Ford Cmax Energi, Toyota Prius Plugin and others are the available PHEV type models. Audi Q5 Hybris, Acura ILX hybrid, Cadillac escalade Hybris, BMW Active Hybrid 3 and others are available HEV type models.
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What can be expected from the report?
The Electric Vehicle Market Report is prepared with the main agenda to cover the following 20 points:
1. Market size by product category and application 11. Demand analysis (revenue and volume)
2. Market trends and relevant market data 12. Country-level analysis
3. Manufacturer Overview 13. Competitor Analysis
4. Distributor landscape 14. Market share analysis
5. Price analysis 15. Value chain analysis
6. Top 10 End User Analysis 16. Supply Chain Analysis
7. Product benchmarking 17. Strategic analysis
8. Product developments 18. Current and future analysis of the market landscape
9. Analysis of mergers and acquisitions 19. Analysis of opportunities
10. Patent analysis 20. Revenue and volume analysis
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