Electric Vehicles Market is Likely to Witness a US$ 596.56 Bn by 2030

Electric Vehicles Market is Likely to Witness a US$ 596.56 Bn by 2030
The report tabled by Persistence Market Research titled “Electric Vehicles Market: Global
Industry Analysis and Forecast, 2016–2030”, talks about the global and regional market
behavior and also gauges the change in the eco-system of the global electric vehicles market
within the assessment period.
Electric powered cars are the future of the transport industry and it will change the face of
the global transport segment in the forthcoming years. The worth of the global electric
market is predicted to touch US$ 99.88 Bn by the end of 2016 and the market will grow
manifold within the stipulated period and will touch the estimated value of US$ 596.56 Bn
by the end of 2030. As per the report, the market will expand its periphery in terms of
CAGR of 15.6%. The global population is gasping for fresh air. The alarming rise in
pollution has challenged the entire socio-economic structure and even impacted the hike of
the global economy and healthcare.
The global transport and communication network is highly dependent on gasoline-powered
vehicles which not only pollutes the air, but these vehicles are a major cause of sound
pollution. The environmental safety is a major concern for government bodies. Several strict
policies have been framed in the past few years to arrest the blatant rise of sound and air
pollution. Revamped government policies targeted to encourage the manufacturing and use
of green and soundless electric vehicles is a major push to the global width of the electric
vehicles market. Some of the biggest and the most advanced economies of the world such as
China and US has implemented a plethora of steps to promote the use of electric driven
vehicles. US has issued special grants and to lure more customers in the electric vehicles
market China has offered free number plates to the owners of the electric vehicles. Steep rise
in the petrol prices has pushed the customers towards advanced electric vehicles.
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There are some of the key factors that are clamping down the global expansion of the
electric vehicles market. The electric led vehicles are losing their market relevance because
of their performance. The market for electric vehicles is still at a nascent stage in some
developing economies of the world. The apt infrastructure needed to back the growth of
electric vehicles market in those regions is thin. This massive intercontinental gulf is further
creating a stalemate condition in the market. The electric backed vehicles are mostly
consumed for large scale commercial use and by deep-pocketed consumers. The high price
tags are also limiting its market outreach and restricting the organic development of the
global electric vehicles market.
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The market is exploding with a slew of new technologies. The major manufacturers of this
industry are experimenting with cutting-edge technologies to enhance the market expansion
of the vehicles. The global electric vehicles market is fragmented into three major sects. The
battery electric cars is steadily dominating one of the largest markets of the world, China, as
the sale of the battery driven two wheelers are maximum in this country. The other two
segments such as plug-in hybrid vehicles and hybrid electric powered cars are also expected
to show promising results within the estimated period of growth. The plug-in hybrid
vehicles fraction of the market will surge at an approximate CAGR of more than 16% by the
end of 2030. The external and internal charging support available in this crop of vehicles
will further pull up the market.
The electric vehicles market is also segmented by vehicle type. The surge of the electric
vehicles market is massively impacted by the surge in the demand of the passenger vehicles.
The passenger vehicles segment will occupy almost 54% of the market share by the end of
2016 and the CAGR will bloom within the period of study. Apart from the passenger car
segment the two wheelers segment will also contribute significantly to the market share of
the global electric vehicles market. This segment is projected to stretch at a CAGR of 11.7%
by the end of 2030. The commercial vehicles segment will crawl up the ladder but the
segment needs adequate time to meet the expectations of the market, according to the report.
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The report tabled by Persistence Market Research titled “Electric Vehicles Market: Global Industry Analysis and Forecast, 2016–2030”,