According to the report published by IndustryARC 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 (2018 - 2023)” the market is estimated to reach $4.57m by 2023.
Browse 87 Market Tables, and 35 Figures spread through 188 Pages and go through an in-depth TOC on “Electric Vehicle Market”
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According to a recent study from IndustryARC, the Electric Vehicle market is forecast to grow at a CAGR of 40% by 2025. The growth of electric vehicle totally depends on battery and charging technologies. In addition, fuel cell vehicles will certainly increase the market competitiveness.
The growth of electric vehicles is attributed to the ever-increasing production and sales of automobiles. Vehicles are becoming an increasingly affordable product owing to the growth of disposable income across the world. The electric vehicles completely rely on electricity as a substitute for fuel since it does not produces any tail-pipe emissions. These vehicles typically offer a range of 100 miles per liter in the present day market. The types of electric vehicles include Battery EVs, Hybrid EVs, Plug-in Hybrid EVs, On and off-road EVs, Airborne EVs, Seaborne EVs, Rail borne EVs, and more. Today, most of the fuel vehicles have rapidly switched to electric vehicles from fuel vehicles because of their favorable economics. The decline in battery cost and an increase in the battery capacity has led to high purchase of an electric vehicle which can match an internal combustion engine.
Asia Pacific will dominate 50% of the market in the period 2019-2023. It is estimated to reach a CAGR of more than 41.9% during the mentioned forecast period. These vehicles are widely used in this region and it will be a key factor for the growth of the Electric Vehicle Market
The Major Players in this Market Include
- General Motors
Electric Vehicle manufacturers have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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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.