According to Goldstein Research, “Growing global concerns to curb vehicle emissions and related regulations has spurred the market growth of electric vehicles across the globe." Further, research, development and deployment (RD&D) and mass production projections are also leading the rapid battery cost decline with increasing energy density which is helping in overcoming the major challenge related to the battery cost.
“Global Electric Vehicles Market Outlook 2024”
The global electric vehicles market is segmented based on technology and by vehicle type. Technology segment is further bifurcated into, hybrid cars, plug-in hybrid cars and battery electric vehicles. In 2014, battery electric vehicles dominated the sales over plug-in hybrid electric vehicles in most regions. But, in past two years sales of plug-in hybrid vehicles have grown rapidly and sales in 2016 were nearly equal to the sales of battery electric vehicles worldwide.
The global electric vehicles market is projected to expand at a CAGR of 14.3% over the forecast period i.e. 2016-2024 owing to strong technological progress, cost reductions and monetary & non-monetary policy support across the globe. Further, the market is expected to reach USD 346.3 billion by the end of 2024.
The new electric cars registration hit a new record in 2016, with more than 75,000 electric sales around the world. Also, the global electric vehicles stock surpassed 2 million vehicles in 2016 after surpassing the threshold of 1 million vehicles in 2015. Until 2015, United States accounted for the largest market share of the global electric vehicles market, but in 2016 China became the largest market with the largest car stock in the world, which is about a third of the global electric car market. China also accounts for the 200 million electric two-wheelers and 3 to 4 million low-speed electric vehicles. China is also the global leader in the electrification of commercial transport modes with more than 300 thousand electric buses in the country.
Strong Policies and Technological Advancements: Major Breakthrough
Strong policies and ongoing technological advancements in order to reduce the overall cost of batteries have significantly enabled the growth of electric vehicles. Electric vehicle sales have grown rapidly in past few years reaching nearly 800,000 across the globe in 2016, with around half of sales in China. Electric vehicle sales and market share is variable across different geographies and markets. Plug-in hybrid electric vehicles (PHEVs) are provided with much smaller battery packs as compared to battery electric vehicles (BEV), since the PHEVs also have IC engines operating on liquid fuels. Sales of BEVs are majorly affecting by the low driving range of the vehicles, which is going to be diminish in nearby future as result of constant R&D by the automotive OEMs. For instance, Tesla Model S1 and BYD E6 have more than 300 km range. Also Chevrolet has introduced its new electric car model "Bolt" with a claimed 400 km driving range.
“Global Electric Vehicles Market Outlook 2024” contains detailed overview of the global electric vehicles market in terms of market segmentation by technology type and by vehicles type.
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.
Global Electric Vehicles Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla Motors, Inc., Ford Motor Company, Bayerische Motoren Werke AG, General Motors, Daimler AG, Volkswagen AG, 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 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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