With an increasing technological
advancement, the demand for fuel-efficient, low-emission, and high-performance
vehicles are increasing drastically in the global electric vehicle market, according to a market research report published by IndustryARC. The report evaluates the
global electric vehicles market value at $17.23 billion in 2018. Additionally, proactive
government initiatives for the reduction in vehicular emission is expected to
increase growth opportunities. The global EV market is projected to grow at a
compound annual growth rate (CAGR) of 8.26% during the forecast period of 2019
to 2025.
The
IndustryARC’s latest business intelligence report is titled “Electric Vehicles
(EV) Market: By Vehicle Type; By Battery Technology; By Component; By Wired
Charging; By Wireless Charging; By Infotainment, By High Power Electronics; By
Light Weighting Material; By HVAC, By Energy Harvesting; By Organic and
Flexible Electronics; By New Business Models; By Geography (Americas, Europe,
Asia Pacific, RoW) Forecast (2019 - 2025).” The report also states that the
government of various countries are providing incentives to the companies to
uplift the sale of electric vehicles. Also, increasing disposable income
is also driving the growth of the EV Market.
Global Electric Vehicles Market:
Leading Segments
APAC held the largest demand share of the global electric vehicles market due to the growing and tight government regulations.
World’s fastest emerging economy, China, has the highest national and local
subsidies for EV in the world, reducing the consumer-related concerns about
high up-front cost. China now has the largest EV market, with solidifying EV
sales, however, the domestic OEMs dominate the EV market. APAC has been growing
in the automobile market for a few years. The regional market share was 9.56%
in 2018.
Furthermore, the key application segment
cited by IndustryARC’s analyst is SLA battery type. This segment is expected to
dominate the battery type used for electric vehicles. They are the most used
for storage in backup power supplies. This will lead to the growth of this
segment in the EV market. The application segment is expanding with an
impressive CAGR of 37.36% during the aforementioned forecast period.
Global
Electric Vehicles Market: Market Trends and Growth Drivers
·
Native Flexible
Electric Vehicles
In spite of huge up-front investments in
new tooling native EV has proved to be the most advantageous in many ways. It
is designed without the combustion-engine legacy elements which relate to more
flexibility of the electric vehicle. They can even manage to accommodate a
bigger battery pack, which will automatically enhance the range and power and
faster charging.
·
EV Powertrain
Integration
With many parts of power electronics
together moving closer and being integrated with the fewer modules, the designing
of electric cables connecting the main EV powertrain features such as
batteries, power electronics, e-motor, and thermal management module is a good
indicator for influencing growth for the EV market.
·
Advanced Driver-Assistance
Systems
Vehicle safety is an important concern
in which automotive companies are investing heavily. ADAS systems based on Automotive
IoT Solution help the driver to avoid on-road collisions by intimating on the hazards
while driving.
·
Ban for Gasoline
and Diesel Cars
Electric vehicles are the latest trend
in the automotive industry. People prefer EVs more than fuel based cars or
gasoline cars. There are countries that have already started electric buses on
the road. Owing to the increasing demand for electric vehicles, the government
is planning to ban gasoline and diesel cars in many major countries.
Global
Electric Vehicles Market: Competitive landscape
Some of the
key companies identified in the report that are currently holding majority
shares in the global electric vehicles market are GOVECS Group, Ampere Vehicles
Pvt. Ltd., Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor
Company S.p.A., and BMW. Yadea Technology Group Co. Ltd., Zhejiang Luyuan
Electric Vehicle Co. Ltd., Yadea Technology, Hero Electric,
Energica Motor Company S.p.A., BMW, and Mahindra GeneZe, Aima Technology
Co. Ltd., Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., Amper
Vehicles, and Vmoto Limited.
Talk to one of our sales representatives
about the full report by providing your details in the link below:
https://www.industryarc.com/support.php?id=19
Related Reports:
Electric
Vehicle Charging Services Market
https://www.industryarc.com/Report/16306/electric-vehicle-charging-services-market.html
Light
Electrical Vehicle Market
https://www.industryarc.com/Report/15431/light-electric-vehicle-market.html
Wireless
Electric Vehicle Charging (WEVC) Market
https://www.industryarc.com/Report/18529/wireless-electric-vehicle-charging-market.html
The electric
vehicles market is prepared with the main agenda to cover the following 20
points:
1. Market Size by Product Categories
& Application 11. Demand
Analysis (Revenue & Volume)
2. Market trends & Relevant Market
Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing 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 & Future Market
Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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IndustryARC is a Research and Consulting Firm that publishes more than 500
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