New York City, 18 January 2019: The Report "Electric Vehicles (EV) Market, [By Product Type (Battery Electric
Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel
Cell Electric Vehicle); By Vehicle Type (Two-Wheelers, Passenger Cars,
Commercial Vehicles); By Power Source (Stored Electricity, On-Board
Electric Generator); By Regions]: Market size & forecast, 2018 –
2026" The
Global
Electric Vehicles Market is anticipated to reach USD 912 billion by 2026
according to a new study published by Polaris Market Research.
Electric
vehicles are one of the fastest growing mode of transport which have adopted
smart technologies. It constitutes of electric buses, cars, trucks, and
electric bikes. The market is maturing at a fast rate due to increasing demand,
initiatives to expand electric vehicle charging stations, and diverse vehicle
models. Large number of consumers have become more familiar with these technologies
and the trend is spreading fast across the world economies.
Government
initiatives to accelerate the shift of their nation’s vehicle fleet from
combustion to electric drive has led to rapid growth in the sale of the
electric vehicles. Some of the actions undertaken in 2018 by the federal and
state regulators in this regard include Evolve NY (an electric vehicle
expansion initiative in New York), funding opportunities for advanced electric
vehicle projects by the U.S. Department of Energy, and rebate programs for EV
charging stations in Ohio, U.S. Oil dependence benefits, climate change, and
clean air are the most crucial factors for different governments across the
world to promote the electric vehicles among consumers. Apart from these
factors, one another significant parameter includes economic benefits from manufacturing
of the future electric car industry. The automobile manufacturing hubs such as
the United States, Germany, and Japan will have much to lose if they do not
support the transition to electric vehicles.
Electric
vehicle sales & production has witnessed a tremendously rapid growth due to
numerous advanced technological developments. The manufacturing companies have
undertaken R&D concerning the design, range, and maintenance of these
vehicles. In 2017 ten big companies (Tesla, BAIC, BMW, Volkswagen, Toyota, and
five others) had more than 50,000 in annual sales as compared to five such
companies in 2016.
Asia
is the most popular region for the growth of electronic vehicles with China as
the most significant global player. Other Asian countries such as South Korea
and Japan along with China have been major battery providers. Increase demand
from India for the electric vehicles has also contributed towards the growth of
this regional market. However, the global industry is also subjected to some
restraints such as high product price. Electric vehicles are highly priced and
are not affordable by each consumer, especially in the countries with lower
economic growth. Moreover, the maintenance of the electric bikes is costly and
requires frequent charging and changing of batteries. Some battery related
issues also include lead emissions from few batteries and the energy storage
systems, are some of the factors restraining the market growth.
The
global electric vehicle industry constitutes of many international and
domestics players. Some of the key players include Volkswagen Group, Tesla,
BMW, Mercedes, Toyota, BAIC Corporation, General Motors, Ford, and
Nissan-Renault-Mitsubishi.
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