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.
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:
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.
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.
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.
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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Vehicle Charging Services Market
Light Electrical Vehicle Market
Wireless Electric Vehicle Charging (WEVC) Market
The electric vehicles market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories
& Application 11. Demand
Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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