Global Electric Vehicle Market Estimated to Grow From USD 118.4 Billion in 2016 at a CAGR of 14.3% over the Forecast Period 2016-2024According to Goldstein Research, the global electric vehicle market is projected to reach a market size of USD 346.3 billion by 2024 from an estimate of USD 118.4 billion in 2016, growing at a compounded annual growth rate of 14.3% during the forecast period 2016-2024. Electric two-wheelers and trucks have been deployed in the market and it is certainly gaining traction. Various automotive companies have announced the launch of their electric cars such as Tesla and the government initiative towards the adoption of EVs is accelerating the growth of the global electric vehicle industry.
Global electric vehicle market segmentation has been carried out on the basis of technology type, vehicle type, and geography. In 2016 the global electric vehicle stock had reached 2 million units. Though the market is in the nascent stage the government efforts are leading to rising in sales, such as in China where conventional scoter are banned by the government in order to promote electric scooter. EV market is largely driven by the Asia Pacific with a revenue share of 35% in 2016, closely followed by the Europe region with +28% market share. The FAME scheme of Indian Government has led to spurring India electric vehicle market, by offering subsidies on the purchase of electric vehicles ranging from USD 165 to USD 2,010.
Market Segmentation
On the basis of our in-depth analysis, the Global Electric Vehicle Market can be segmented as follows:
- By Technology Type
- Hybrid cars Market
- Plug-in Hybrid Cars Market
- Battery Electric Vehicles Market
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- Others (ATVs etc.)
- By Region
- North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
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“Electric Vehicle Industry Analysis” contains a detailed overview of the global electric vehicle market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by technology type and vehicle type.
Further, for the in-depth analysis, Global EV Market Report encompasses the market growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Nissan Motor Corporation Ltd., Pioneer Corporation, Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla Motors, Inc., Ford Motor Company, Bayerische Motoren Werke AG, General Motors, Daimler AG, Volkswagen AG, BYD Company Motors, Mitsubishi Motors Corporation, Geely Group, Polaris, Ingersoll Rand, Groupe Psa, etc.
The electric vehicle market growth by company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments. Overall, the report represents the global electric vehicle market trends along with a market forecast that will help market consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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