Technological advancement in electric vehicle batteries is accountable for the rising demand of electric passenger vehicles across the globe.
Increased electric vehicle range and cost reduction of batteries anticipated to drive the growth of global passenger vehicles market. Well flourished public charging station infrastructure and favorable monetary policies by various government in developing and developed countries such as Norway, U.S, Netherlands and others, further increase the demand for electric vehicles at a higher rate.
Global electric passenger vehicles market is segmented into technology types such as Hybrid vehicles, Plug-in Hybrid vehicles, Battery Electric Vehicles. Among these segments, battery electric vehicles dominate the technology type segment with major growth in its sales across the globe. In 2015, more than 2 million battery electric vehicles sold around the world. Further, hybrid vehicles market is expected to grow significantly in the regions where electric vehicles charging infrastructure is not developed such as Brazil, India, Russia and others.
China electric passenger vehicles market contributed a market share of more than 40% in 2016 and it is expected to maintain its dominance over the forecast period i.e. 2016-2024. The major reason behind the growing sales of electric passenger vehicles is the massive investments over charging infrastructure and financial incentives. China also exempts electric vehicles from several taxes, giving special lane access and other non-monetary benefits. These factors are propelling the demand for electric passenger vehicles in China.
Government Policies and Development of Charging Infrastructure: Major Boost
Major markets of electric vehicles such as U.S, China and Western Europe have invested more than USD 8 billion in the development of charging infrastructure. There were more than 1.4 million charging stations available for public use across the globe in 2015. Development of charging stations play significant role in adoption of electric vehicles. Monetary policies of countries such as China and Norway to provide financial incentives, relaxation of taxes on buying electric vehicles and providing other perks, are the major factors for the growth of electric passenger vehicles market. However, lack of infrastructure in developing nations and lack of effective policies for the adoption of electric vehicles are the major factors hindering the growth of electric passenger vehicles market.
“Global Electric Passenger vehicles Market Outlook 2024” contains detailed overview of the global electric passenger vehicles market in terms of market segmentation by technology, by vehicle types. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global electric passenger vehicles which includes profiling of companies of Tesla Motors, Nissan Motor, BMW Ag, General Motors, The Geely Group, Volkswagen, BYD Co. Ltd., Ford, Mitsubishi, Polaris, Ingersoll Rand, Mercedes-Benz etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global electric passenger vehicles market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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