With an increasing technological advancement, the demand for fuel-efficient, low-emission, and high-performance vehicles are increasing drastically in the global electric vehicle market, according to a market research report published by IndustryARC. The report evaluates the global electric vehicles market value at $17.23 billion in 2018. Additionally, proactive government initiatives for the reduction in vehicular emission is expected to increase growth opportunities. The global EV market is projected to grow at a compound annual growth rate (CAGR) of 8.26% during the forecast period of 2019 to 2025.
The IndustryARC’s latest business intelligence report is titled “Electric Vehicles (EV) Market: By Vehicle Type; By Battery Technology; By Component; By Wired Charging; By Wireless Charging; By Infotainment, By High Power Electronics; By Light Weighting Material; By HVAC, By Energy Harvesting; By Organic and Flexible Electronics; By New Business Models; By Geography (Americas, Europe, Asia Pacific, RoW) Forecast (2019 – 2025).” The report also states that the government of various countries are providing incentives to the companies to uplift the sale of electric vehicles. Also, increasing disposable income is also driving the growth of the EV Market.
Global Electric Vehicles Market: Leading Segments
APAC held the largest demand share of the global electric vehicles market due to the growing and tight government regulations. World’s fastest emerging economy, China, has the highest national and local subsidies for EV in the world, reducing the consumer-related concerns about high up-front cost. China now has the largest EV market, with solidifying EV sales, however, the domestic OEMs dominate the EV market. APAC has been growing in the automobile market for a few years. The regional market share was 9.56% in 2018.
Furthermore, the key application segment cited by IndustryARC’s analyst is SLA battery type. This segment is expected to dominate the battery type used for electric vehicles. They are the most used for storage in backup power supplies. This will lead to the growth of this segment in the EV market. The application segment is expanding with an impressive CAGR of 37.36% during the aforementioned forecast period.
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Global Electric Vehicles Market: Market Trends and Growth Drivers
· Native Flexible Electric Vehicles
In spite of huge up-front investments in new tooling native EV has proved to be the most advantageous in many ways. It is designed without the combustion-engine legacy elements which relate to more flexibility of the electric vehicle. They can even manage to accommodate a bigger battery pack, which will automatically enhance the range and power and faster charging.
· EV Powertrain Integration
With many parts of power electronics together moving closer and being integrated with the fewer modules, the designing of electric cables connecting the main EV powertrain features such as batteries, power electronics, e-motor, and thermal management module is a good indicator for influencing growth for the EV market.
· Advanced Driver-Assistance Systems
Vehicle safety is an important concern in which automotive companies are investing heavily. ADAS systems based on Automotive IoT Solution help the driver to avoid on-road collisions by intimating on the hazards while driving.
· Ban for Gasoline and Diesel Cars
Electric vehicles are the latest trend in the automotive industry. People prefer EVs more than fuel based cars or gasoline cars. There are countries that have already started electric buses on the road. Owing to the increasing demand for electric vehicles, the government is planning to ban gasoline and diesel cars in many major countries.
Global Electric Vehicles Market: Competitive landscape
Some of the key companies identified in the report that are currently holding majority shares in the global electric vehicles market are GOVECS Group, Ampere Vehicles Pvt. Ltd., Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company S.p.A., and BMW. Yadea Technology Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Yadea Technology, Hero Electric, Energica Motor Company S.p.A., BMW, and Mahindra GeneZe, Aima Technology Co. Ltd., Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., Amper Vehicles, and Vmoto Limited.
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A. Electric Vehicle Charging Services Market
B. Light Electrical Vehicle Market
What can you expect from the report?
The Electric Vehicle Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Electric Vehicle Market Size by Product Categories & Application
2. Electric Vehicle Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Electric Vehicle Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Electric Vehicle Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Electric Vehicle Market Strategic Analysis
18. Electric Vehicle Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Electric Vehicle Market Revenue and Volume Analysis
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.