Electrical Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, Forecast Upto 2024

Electric Vehicles are power-driven by electric motors and self-contained battery or generator. In an electric vehicle, the traditional diesel engine or gasoline and fuel tank is replaced with controllers, a battery pack and an electric motor. Electric vehicles help in reducing dependency on fuel, have less operating cost and do not produce any tailpipe emissions. These vehicles are smoother and quieter than conventional vehicles, making city healthier and air cleaner. In recent years, electric vehicles have attracted the attention of government as well as consumers. Government organizations are taking several initiatives in order to endorse the electric vehicles awareness and adoption, so as to accomplish their environmental and economic goals.

Due to substantial increase in the prices of fossil fuels such as oil, gasoline, diesel and petrol coupled with the ecological impact of the petroleum based vehicles, there is a growing need for electric vehicles among consumers. Growing adoption of the electric powered vehicles have adverse impact on several areas such as distribution and after sale service and energy supply, because all the stakeholders or companies operating in the field of automotive aftermarket sale services are negatively affected by this change.

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The major drivers for the growth of electric vehicle market includes government regulations and subsidies, eco-friendly, reducing maintenance and energy dependence, reducing noise-pollution, infrastructure funding and concessions provided by the government on usage of electric vehicles such as incentives and free parking as they reduce global CO2 emissions and vehicle attributed pollution. Also, degrading environmental conditions and decreasing oil and gas resources are another factor that led to the growth of the market for electric powered vehicles. The global electric vehicles market is anticipated to grow as consumers across the world are seeking to reduce their fuel expenses.

In coming years, plug-in hybrid electric vehicle is expected to experience high growth rate because plug-in hybrids use both fossil fuels and electricity as power sources and its price range is almost equivalent to fossil fuel powered electric vehicles. Plug-in hybrid electric vehicles offer improved emission and fuel savings as compared to other hybrid vehicles available today. Plug-in hybrid electric vehicles primarily use grid supplied electricity for charging throughout the week.

The major challenges for the electric vehicle market includes limited performance in terms of heavy duty applications and driving range, high purchasing cost, reliability and safety issue with electric vehicles, limited experience and awareness of these vehicles, lack of charging stations and long recharging time.

Electrical vehicle market can be segmented on the basis of technology and product. On the basis of technology the electric vehicle market is segmented into battery electric vehicles, plug-in electric vehicles and hybrid electric vehicles. Further, the product type segmentation includes buses, cars, scooters and motorcycles and others. Others include vehicle such as bicycles, electric vehicles, trucks and golf carts.

The major players in the global electrical vehicle market includes companies such as Volkswagen, GEELY, BMW, BYD Company Limited, Tesla Motors, Inc., Toyota Motor Corporation, General Motors, Mitsubishi Motors Corporation, NISSAN Motors Company, Renault S.A., Smith Electric Vehicle and Daimler A.G.

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