Electrification has been an important section of evolution. Amalgamating electric or hybrid electric vehicles into the fleet range aids address sustainability and environmental goals. As environmental protocols will only become more obligatory over the years to come, many industries recognize that a staged procurement strategy will allow them to support efficient operations and business continuity.
As of 2019, the majority of the electric vehicle fleet was encompassed of light-duty cars and two-wheelers. In 2018, the global electric car sector exceeded 5 million, and global stock of electric two-wheelers was 260 million. In comparison, there were only 460,000 electric buses and 250,000 light-commercial vehicles on the roads. Thanks to progressions in battery chemistry, tightening emissions regulations, and more models coming online, it is expected that electrification will extend into heavier applications. The electric vehicle outperforms the conventional vehicle providing higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother drive, and reduced sound from engine.
Various aspects such as growing demand for fuel-efficient, high-profile, and low-emission vehicles along with stringent government guidelines and regulations towards vehicle emission complements the growth of the electric vehicle market. Moreover, heavy investments by manufacturers in electric vehicles, rising concerns regarding environmental pollution and major surge in electric vehicles model boosts the market growth. Besides, technological advancements and active government initiatives are likely to develop the electric vehicle market swiftly during the forecast period.
The study analyses Global Electric Vehicles market based on Vehicle Type, Vehicle Class, Propulsion and Geography.
By vehicle type, the market is categorized into passenger cars and commercial vehicles. The passenger vehicles segment is anticipated to dominate the market over the estimated timeframe. Nevertheless, the commercial vehicles segment is likely to grow at a fastest CAGR over the forecast period. The need for commercial vehicles is mounting, specifically in developing nations, together with the sustained infrastructure development. However, commercial vehicles tend to be heavy-duty vehicles and their emission discharge rates are higher than those of passenger vehicles.
Based on vehicle class, the market is sectioned into mid-priced vehicles and luxury vehicles. Luxury vehicles offer various features such as infotainment, instrument cluster and other expensive features. However, mid-prices vehicles is anticipated to dominate the market over the forecast period.
By propulsion, the market is classified into battery electric vehicle (BEV), hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). The BEV segment is likely to dominate the market over the forecast period. However, the PHEV segment is projected to be growing swiftly by the estimated time frame. The BEV segment is particularly expected to gain high traction in emerging economies owing to the fuel economy regulations.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific region is likely to hold majority share of the market as countries such as China, India, and South Korea, have been noticing an increased electric vehicles demand over the past few years linked with the rising preference for electric vehicles. However, the increased demand for fuel-efficient vehicles owing to the rising prices of petrol and taking environmental factor into consideration, the market for electric vehicles in Europe and North America is mounting swiftly. Furthermore, the constant development of electric cars is strengthening competition among market players to provide better and cost-effective solutions.
Tesla Motors, Nissan Motor, BYD, BMW, Volkswagen, Toyota, Ford, Volvo, Hyundai, Honda, General Motors among others are the major players active in the Electric Vehicles market.
The study analyses Global Electric Vehicles market based on IVA, Application and geography. By IVA, the market is categorized into Alexa, Google Assistant, Cortana, Siri etc. Siri-enabled Electric Vehicles is anticipated to notice a substantial growth over the forecast period. The Electric Vehicles can be used for personal, professional and commercial use. Electric Vehicles market in personal applications is likely to dominate the market due to the increasing usage of the devices in Electric Vehicles. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America is likely to hold a major share for the global Electric Vehicles market over the forecast period.