ELECTRIC VEHICLE MARKET Forecast 2018-2026
The global electric vehicle (EV) market is growing at a CAGR of 21.40% for the forecast period of 2018-2026. • The market is driven by growing emissions of CO2 and greenhouse gases, the availability of low cost of Li-ON batteries and various government initiatives that are encouraging the use of electric vehicles.
The global electric vehicles market is segmented on the basis of power source type, vehicle type and technology. The power source type includes stored electricity and onboard electricity generator. • The vehicle type segment is further divided into commercial vehicles, passenger cars, two-wheelers and others. The technology segment of the market is further classified into battery electric vehicles, hybrid electric vehicle, and plug-in hybrid electric vehicles.
“The Global electric vehicle (EV) market is growing at a CAGR of 21.40% for the forecast period of 2018-2026.
The United States dominates the North American electric vehicle market, closely followed by Canada. Factors like rising focus from automobile manufacturers such as Ford and Tesla, supportive norms & policies of the states and local governments & low operational cost which includes discounted charging tariffs, are positively impacting the growth of the Electric vehicle's market.
The Indian market is forecasted to prosper with the highest CAGR in the Asia-Pacific region. The market is mainly driven by the presence of key automobile manufacturers (specifically for two-wheeler) that are involved in the production of electric vehicles and also by the various initiatives undertaken by the Central Government towards the growth and adoption of the electric vehicles in the country.
The European market is segmented on the basis of technology, power source, and vehicle type. The leaf which, is an electric passenger car, was launched in Norway during 2016 is expected to be among the best-selling electric cars in Europe for 2016. The German market is expected to witness the highest CAGR growth over the forecast period. The government of Germany has set a target to achieve a xx% reduction in greenhouse gas emission by 2020.
Byd Company Ltd, BayerischeMotorenWerke Ag, Daimler Ag, Ford Motor Company, Fiat Chrysler Automobiles N.V, General Motors Company, Honda Motor Company, GroupePsa, Hyundai Motor, Nissan Motor Co Ltd, Mitsubishi, Tesla Motors Inc, Volkswagen Ag, Toyota Industries Corporation, and Zhejiang Geely Holding Group are some of the eminent players in this market.