The global Electric Vehicle (EV) (EV) market has witnessed exponential growth over the years, and the market was valued at USD 106.5 Bn in 2016 and is expected to grow at a significant CAGR of 18.96 % and double its revenue to USD 356.5 Bn over the forecast period of 2015-2023, reveals a research report by Market Research Future (MRFR). The electronic vehicle's market appears to be promising, and a number of factors are helping to shape up the market growth. The growth in the Electric Vehicle (EV) market is primarily driven by a rise in fuel prices and a surge in demand for Electric Vehicle (EV) due to the increasing popularity of Electric Vehicle (EV). The increase in demand for passenger cars coupled with a rise in personal car ownership lays a favorable situation for market growth. The cost of operation of Electric Vehicle (EV) is much less compared to that of conventional vehicles. Additionally, auto-manufacturers worldwide are entering into new emerging markets to expand their product portfolio. Regulations pertaining to CO2 emission standards and anti-pollution movements are supporting the growth of the market. Rising government initiatives are playing a vital role in promoting the growth of the market. Governments across the globe are offering monetary and non-monetary subsidies such as 'Electric Vehicle (EV) only' parking, access to bus lanes, public bus electrification, free public charging and subsidies on the purchase of EVs to encourage the purchase of Electric Vehicle (EV). The adoption of EVs among corporate fleet owners also spurs the growth of the market. Furthermore, technological advancements and cost reduction across the Electric Vehicle (EV) value chain aid market growth. Declining battery prices of EVs also acts as a driver. The availability of charging infrastructures such as battery swapping, induction charging, and wired charging has catalyzed the growth of the market. Another potential threat to the growth of the market might be the availability of rare earth metals as a raw material for batteries. Depletion of such materials would place the market in a troublesome situation. Despite the positive outlook, the Electric Vehicle (EV) market faces potent economic development challenges. The high price of EVs and poor aftermarket services are constraints to the market. Lack of proper charging infrastructure for EVs is a potential threat to the growth of the market. Other restraining factors include limited electronic vehicle range, limited knowledge, and awareness of the benefits of Electric Vehicle (EV) and reluctance for adoption. Nevertheless, there are a lot of favorable factors which aid the growth of the market.

Segmentation

The global Electric Vehicle (EV) market has been segmented based on technology, and vehicle type. By technology, the market has been segmented into Battery Electric Vehicle (EV), Hybrid Electric Vehicle (EV), and Plug-In Hybrid Electric Vehicle (EV). The battery Electric Vehicle (EV) attained USD 54.7 Bn and accounted for 51.40% share of the market in 2016. The segment is expected to grow at a CAGR of 19.95% over the forecast period. By vehicle type, the market has been segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Passenger cars segment recorded market share of 68.20% in 2016 and attained USD 72.6 Bn. The passenger cars segment is foreseen to grow at a CAGR of 19.95% over the forecast period.

Regional Analysis

The key markets of the global Electric Vehicle (EV) market are North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific dominates the market owing to the massive sale of electric cars in the region, especially in China. The North America market is strong due to increasing commitment towards carbon emission reduction and environmental concerns. The Europe market is projected to consolidate over the forecast period as Europe will experience mass adoption of Electric Vehicle (EV) in future.

Competitive Analysis

The global Electric Vehicle (EV) market is highly competitive. Various leading automotive players are entering into the Electric Vehicle (EV) market to capitalize on the lucrative business opportunities that the market offers and expanding the business. The key players functioning in the market include Nissan Motor Company, Toyota Motor Corporation, Volkswagen, General Motors, Hyundai Motor Company, Tesla Inc, Ford Motor Company, BMW, Daimler AG, and Mitsubishi Motors Corporation among others.

Read More :

https://wwwmarketresearchfuturecom.prnews.io/182524-Piston-Market-Size-2020-Analysis.html

https://issuu.com/www.marketresearchfuture.com/docs/automotive_head-up_display__hud__market

https://www.mediafire.com/file/7scifverxhqici0/Global_Automotive_Radar_Applications_Market_.pdf/file

https://wwwmarketresearchfuturecom.prnews.io/182520-Automotive-Gearbox-Market-2020-Overview.html

https://wwwmarketresearchfuturecom.prnews.io/182559-Carbon-Fiber-Composites-Market-2020-Overview.html