About Electric Vehicles (EV)
The global electric vehicles market is expected to grow at a significant rate during the forecast period, according to the AMA study. Rising costs of fossil fuels and growing environmental concerns regarding automotive carbon emissions are some of the major factors aiding into the growth of the electric vehicles market. Moreover, rising government initiatives towards stopping the sales of traditional fuel vehicles is another major factor supporting the growth of the electric vehicles market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The vendors in this market are majorly focusing on developing new and innovative vehicle products for the rapidly changing automotive industry to remain updated and competitive in the market. For instance, in 2019, Toyota Motor Corporation announced that it will be launching its electric cars in India. Moreover, in March 2018, Daimler and BYD Automotive Industry Co., Ltd. announced the launch of a new DENZA 500 battery electric vehicle for the Chinese automotive market. Analyst at AMA Research estimates that Turkey Vendors will contribute the maximum growth to Global Electric Vehicles (EV) market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BMW AG (Germany), Tesla (United States), Nissan (Japan), General Motors (United States), Volkswagen (Germany), Polestar (Canada), AUDI AG (Germany), Daimler AG (Germany), JAGUAR LAND ROVER LIMITED (United Kingdom), Ford Motor Company (United States), KIA MOTORS (South Korea), Hyundai Motor Company (South Korea) and Renault (France) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are AB Volvo (Sweden) and Toyota Motor Corporation (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Electric Vehicles (EV) market by Type (Battery Electric Vehicles, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles and Plug-In Hybrid Electric Vehicles), Application (Passenger Vehicles and Commercial Vehicles {LCV, MHCV}) and Region.
On the basis of geography, the market of Electric Vehicles (EV) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Electric Vehicles (EV) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Growing Adoption of Eco-Friendly Technologies in Automotive Industry and Declining Production of Fossil Fuels Per Year Leading to Huge Gap in Demand and Supply of Fuels Across Different Regions Which in Turn Shifting Consumer Preference Towards Electric Vehicles
Market Growth Drivers:
Rising Cost of Fossil Fuels is Generating the Demand for Commercial Electric Vehicles, Rising Concerns towards Environmental Carbon Emissions Caused by Automotive Vehicles, Introduction of Fuel Cell Electric Vehicles Covering Up the Challenge of Unavailability of Electric Vehicle Charging Stations and Propelling the Demand for Electric Vehicles and Government Initiations to Stop the Sales of Fossil Fuel Vehicles in Different Countries Propelling the Demand for Electric Vehicles Market Globally
Challenges:
High Cost of Vehicles and Lower Range to Charge Ratio
Restraints:
Lack of Charging Station Infrastructure in Many Regions
Opportunities:
Rising Consumer Shift Towards Electric Vehicles from Traditional Fuel Vehicles Across Different Regions and Growing Markets in the Emerging Economies in Asia Pacific Region Fuelled by the Countries Such as China, India, and Singapore
Market Leaders and their expansionary development strategies
In Sept., 2023 BMW Group, Ford Motor Company and American Honda Motor Co., Inc. today announced that they have entered into an agreement to create ChargeScape, LLC, a new equally-owned company that will create a single, cost-effective platform connecting electric utilities, automakers and interested electric vehicle customers.
In February 2020, Jaguar Land Rover unveiled an ambitious concept vehicle that is aimed to be launch on-road for trial in 2021 and named as Autonomy Ready electric car concept.
Different Governments planning to stop the sales of traditional fossil fuel vehicles across their countries. For instance, the U.K. government has already planned to end the sale of new diesel and petrol, or gasoline, cars by the year 2035.
Analyst View
Growing carbon and other harmful emissions from traditional fuel vehicles in the automotive industry is propelling the demand for Eco-friendly electric vehicles with less or zero emissions to maintain the environmental balance. Moreover, hiking oil & fuel prices due to shortage of fossil fuels is another major factor raising the demand for shift from traditional fuel vehicles to electric vehicles globally.
Key Target Audience
Electric Vehicle Manufacturers, OEMs & Aftermarket Vendors, Component Manufacturers, New Entrants/Investors, Analysts and Strategic Business Planners and Providers, Venture Capitalists and Private Equity Firms and Government Regulatory and Research Organizations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.