Global Electric Vehicle Market to witness a CAGR of 23.9% during 2018-2024
NEW YORK, Oct. 05, 2018 (GLOBE NEWSWIRE) -- The global electric vehicle market is expected to witness a CAGR of 23.9% and is projected to reach 51.5 million units by 2024. The growth of this market is propelled by shift towards a greener economy by nations across the globe, and due to government policies and incentives supporting EV adoption. Like, other countries, India imports major share of its crude oil, so in order to reduce the dependency on the crude, government of India is trying to move towards electric vehicles. According to the Paris Climate Agreement, India is trying to bring down its share of emissions by 2030.
The Electric Vehicles Initiative (EVI) forum has been an important platform in the growth of market in past few years. EVI members include ten major governments which share information and set targets for EVs deployment on a common platform. Furthermore, a supportive policy environment has enabled the growth of market by reducing risk for investors and encouraging manufacturers to start implementing large scale business streams.
BEV segment is expected to witness the highest growth rate over the forecast period
Battery EVs (BEV) market held the major share of the market in 2017 and is expected to continue to gain fast traction in the automotive industry over the forecast period. Lower price fluctuation for electricity than for petroleum fuels and CO2 taxes on fossil fuels are providing BEVs a competitive edge compared to combustion engine based vehicles. Additionally, incentives provided by governments and initiatives taken by countries have also propelled the market growth.
Electric vehicle Market – Regional Insight
Asia-Pacific (APAC) held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the huge existing market for automotive industry in this region. China dominates APAC region, having the most number of publically available fast EV charging stations and the largest electric car stock in the world. The government of China has a target of 7 million electric vehicles by 2025. Some of the domestic manufactures of China are SAIC Motor, Great wall Motor and Geely Automobile. In order to promote the industry, not only China, but other countries as well are investing in buyers and imposing quotas on manufacturers. Governments are bringing tougher emission rules and introducing quotas that will require manufactures to pay fines if they miss targets for producing zero or low-emission cars.
The global electric vehicle market is likely to reach 51.5 million units by 2024
BEV segment is expected to witness the highest CAGR over the forecast period owing to increase in sales of carbon emission free cars
Non-autonomous segment is likely to have the fastest CAGR during the forecast period. Asia-Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the huge market for automobile industry in this region
The key players of this market are Volkswagen; Tesla; BYD Company Ltd.; Mitsubishi Motors Corporation; LG Electronics; Panasonic Corporation; Nissan Motor Corporation; General Motors; ChargePoint Inc., and Efacec among others
By Propulsion
HEV
PHEV
BEV
FCEV
By Technology
Autonomous
Non-Autonomous
By Application
Private electric vehicles
Commercial electric vehicles
Industrial electric vehicles
Region
Asia –Pacific (APAC)
USA
Europe
Middle East & Africa
Central & South America
About Energias Market Research Pvt. Ltd. -
Energias Market Research launched with the objective to provide in-depth market analysis, business research solutions, and consultation that is tailored to our client’s specific needs based on our impeccable research methodology.
With a wide range of expertise from various industrial sectors and more than 50 industries that include energy, chemical and materials, information communication technology, semiconductor industries, healthcare and daily consumer goods, etc. We strive to provide our clients with a one-stop solution for all research and consulting needs.
Our comprehensive industry-specific knowledge enables us in creating high quality global research outputs. This wide-range capability differentiates us from our competitors.
