Global Electric Vehicle Market - Industry Insights, Growth Factors, Opportunity, Analysis and Forecast 2018-2024

Electric vehicle (EV) is a vehicle which requires one or more electric motors and makes its own electricity for propulsion. The global electric vehicle market is growing at significant rate, due to mounting alarm about environmental pollution and promising government strategies and supports. Different propulsion type contributed to the electric vehicle market size. The market has witnessed high demand for battery electric vehicle in the coming years due to refining charging infrastructure, government assistance in the form of permits, supports, and tax rebates, decreasing charging time and zero emission of carbon.

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Development of electric taxi, battery swapping, light electric vehicle, robo-taxi and electric autonomous vehicles are the trends observed in the electric vehicle market.

Promising government strategies and supports, substantial investments from automakers in EVs, mounting price of gasoline, launch of novel technologies, expanding vehicle range and amplified vehicle variety per charge are the primary growth drivers for electric vehicle market.

Usage of vehicle-to-grid (V2G) EV charging stations, volumetric swell in the automotive sector, improving charging infrastructure, reducing cost of lithium ion batteries and EV charging stations motorized by solar panels are also facilitating the growth for the electric vehicle market.

Dearth of standardization, short lifespan of the EV battery, poor charging infrastructure, and stringent rules for installation of charging stations are the major challenges for the growth of electric vehicle market. In addition, limited vehicle range, high manufacturing price of EVs, and small distance traveled by EVs are also hindering the growth of the market.

Globally industry players are leveraging market growth through launching new products. Different players are investing in development of new battery technology to lower the cost of electric vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance performance of these vehicles leading to adoption by masses.

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Geographically, Asia-Pacific is the largest electric vehicle market and is observed to witness fastest growth in the market due to government assistance in the manner of permits, supports, and tax rebates.

In addition, China is the budding market for the EVs, as it has utmost number of EVs fabrication industries and largest fleet of EVs on the road.

Key players in the electric vehicle market are catering the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, BMW Group and Great Wall Motor signed an agreement to produce MINI electric vehicles. Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda and Daimler are the key players offering electric vehicle.

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