Global Market Study on Electric Vehicles

Global Market for Electric Vehicles Expected to Cross US$ 596 Bn by 2030 End.
According to a recent study conducted by Persistence Market Research, the global market for
electric vehicles market is anticipated to reach US$ 596.56 Billion by 2030, expanding at over
15% CAGR between 2016 and 2030. As per PMR analysis, by the end of 2016, the market is
projected to stand at US$ 99.88 billion.
Higher emphasis on eco-friendly alternatives for transportation is a primary factor expected to
drive the market growth of electronic vehicles during the forecast period. They are believed to
be the future of global transportation systems. The world’s continuous struggle against rising
levels of air pollution and environmental degradation are compelling the common masses to
opt for greener transport solutions.
Currently, most transport and communication systems are heavily dependent on fossil fuel
energy that causes severe depletion of air quality and further damages the structure of the ecosystem. Moreover, the natural crude oil reservoirs across the globe are likely to get exhausted
within the next couple of decades. Hence, electric powered vehicles are considered as the best
possible solution for the aforementioned crisis. Due to growing concerns over dissipation of
greenhouse gases and global warming government authorities in various countries are taking
strict measures to control carbon emissions. Authorities are reevaluation the transportation
networks and are introducing low emission transport systems. Thus, such conditions are
expected to encourage the use of low decibel electric vehicles. Some of the strongest
economies of the world such as the US and China have launched several eco-friendly projects to
promote the use of electronic vehicles. Attractive grants such as free number plate registrations
for electric vehicles are permitted to encourage the use of such vehicles.
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Some of the major restraining factors expected to pose challenges to the growth of the global
market for electric vehicles include performance limitations, the low adoption rate of electric
vehicles, especially in developing countries and lack of infrastructure to support the market
growth in developing regions. Thus, the aforementioned factors are creating stalemate
conditions in the global market. Moreover, electric backed or hybrid vehicles are relatively
more expensive than gasoline-based vehicles and are mostly designed for large commercial use.
By technology, the plug-in hybrid electric vehicles segment is set to witness a robust demand in
the coming years. Currently, plug-in hybrid electric vehicles are the least popular segment of
the market, however, it is expected to witness the highest growth, expanding at over 17% CAGR
over the assessment period due to higher flexibility in usage.
On the basis of product type, demand for two-wheelers is expected to gain traction in the near
future due to their robust sales in China. Whereas, passenger cars segment is set to witness a
CAGR of over 15% during the forecast period.
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On the basis of regional prospects, the markets in Europe, Asia Pacific and Europe are expected
to witness a healthy growth over the next couple of years. This is primarily due to the
advancement of recharging infrastructure and increasing government initiatives to promote the
use of electric vehicles in these regions.
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Some of the bigwigs of the market include Ford Motor, Nissan Motor Corporation Ltd, Toyota
Motor Corporation, Honda Motor Co., Ltd., and Bayerische Motoren Werke AG. Key players
operating in the global market are articulating market strategies that involve further
advancement in technology to stamp out core limitations that are stalling the overall market
growth. Over the years, investments in electric car manufacturing have grown manifold
primarily to overcome the technological barriers associated with performance issues.
Summary: Latin America and Middle East & Africa to witness a sluggish growth of the electric
vehicle market during the forecast period.

Electric vehicles are self-propelling transportation machines for passengers as well as goods utilizing the power stored in the batteries via electric motors or with the help of both internal combustion engine and electric motors working in tandem. Electric vehicles are considered to be the vehicles of the future and are highly likely to make conventional vehicles obsolete.