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Published: Feb 26, 2019 Pages: 91
SKU-Code: EKS-29-2019 Region: Global

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Electric Vehicles are the most preferred vehicles due to its capability to boost efficiency, no requirement of the direct fuel combustion and rely on electricity. Over the last decade, the demand of the electric vehicles has increased with an increase in the number of electric vehicle charging stations, usage of electric vehicles with the rising consumer awareness and stringent environmental regulations.

Electric vehicle market is driven by the use of the Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV). Battery Electric Vehicle (BEV) contributes the largest market share in comparison to the Plug-In Hybrid Electric Vehicle (PHEV). The electric vehicles are classified as the two-three wheelers, passenger cars, and commercial vehicles on the basis of the vehicle type. Among those vehicles, two-three wheelers account for the highest market size in comparison to the commercial vehicles and passenger cars.

Global Electric Vehicle Market is expected to reach 15.471 million units in 2026 at a Compound Annual Growth Rate (CAGR) of 35.45 percent for the forecasted period of 2016-2026. China has the largest market share followed by the United States in 2017. On the other hand, France accounts for the lowest market share.

The government has taken the few initiatives for decreasing the dependency on the fossil fuels and promoting the usage of the electric vehicles by providing the tax exemption, exempting a vehicle purchase from sales taxes, and offering tax credits or rebates, exemptions from annual taxes and fees. Government is also encouraging the deployment of charging stations by providing the tax incentives for the installation of charging equipment, public funding, utility support, workplace charging.

Major players such as BYD Auto Co., Ltd, Tesla Motors, BMW Group, RenaultNissan, BAIC Group, Volkswagen AG, Greely Group, SAIC Motor Corporation, General Motors, Zotye Auto are involved in developing the new electric vehicle models with enhanced range and performance in comparison to the existing electric vehicle models. BMW is expected to launch more than 16 new electric models, Volkswagen Group is expected to launch more than 25 new electric vehicles, and General Motors is expected to launch more than 11 new electric vehicle models by 2026. Government and companies are focusing on developing the lower-cost and higher-range electric vehicles and the charging infrastructures. Several factors such as rising charging stations, the launch of new electric car models, government investments & policy, rising consumer awareness regarding electric vehicles and technological advancement are fueling the market growth.

An increase in the number of collaborations and agreements between companies and organizations, rising consumer awareness, technological advancement, enhanced range of electric vehicles will have a positive impact on the market during the forecasted period.

BYD Auto Co., Ltd, Tesla Motors, BMW Group, RenaultNissan, BAIC Group, and Volkswagen AG. Other prominent players Greely Group, SAIC Motor Corporation, General Motors, Zotye Auto are the leading market players worldwide.

Key Questions Answered:

  • Global Electric Vehicle market size; 2016-2026
  • Global Electric Vehicle Market by Propulsion Type; 2016-2026
  • Global Electric Vehicle Market by Vehicle Type; 2016-2026
  • Electric Vehicle market size in the United States, United Kingdom, Germany, France, Japan & China; 2016-2026
  • Electric Vehicle Market size by Propulsion Type in the United States, United Kingdom, Germany, France, Japan & China; 2016-2026
  • Electric Vehicle Market size by Vehicle Type in the United States, United Kingdom, Germany, France, Japan & China; 2016-2026
  • Detailed analysis of growth drivers, and challenges
  • SWOT (Strength, Weakness, Opportunities & Threat) Analysis of the global electric vehicle market
  • Detailed Company & their products profiles of Key Market Players: BYD Auto Co., Ltd, Tesla Motors, BMW Group, RenaultNissan, BAIC Group, and Volkswagen AG

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