What is Electric Vehicles?
Electric Vehicle is an electric automobile which uses one or more electric motor or traction motor and powered through a collector system. EV first came into existence in the mid-19th century and since then it has seen a resurgence due to technological advancement and increased focus towards renewable energy. The benefit of an electric vehicle over a conventional car is it consumes less fuel and are eco-friendly (no emission). This allows buyers to save the expenditure on fuel and thus, electric vehicles have gained popularity. The demand for the electric vehicle is expected to grow in the forecasted period with the rise in demand for the automobile and government initiation in emerging countries.
The market study is broken down, by Application (Passenger Car and Commercial Vehicles) and major geographies with country level break-up. According to AMA, the Global Electric Vehicles market is expected to see growth rate of 32.52% and may see market size of USD10.78 Million by 2026.
Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Electric Vehicles market throughout the predicted 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.
Volkswagen (Germany), BMW (Germany), Tesla (United States), Panasonic Corporation (Japan), Nissan Motor Corporation (Japan), Delphi Automotive (United Kingdom), Mahindra (India), Samsung SDI (South Korea), Tata (India), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Toyota Motor Corporation (Japan), Ford Motor Company (United States), Daimler AG (Germany), Hyundai Motor Company (South Korea), Honda Motor Company (Japan), Continental AG (Germany) and ZF Friedrichshafen AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are BYD (China) and Schaeffler Group (Germany).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Electric Vehicles market by Type, Application and Region.
On the basis of geography, the market of Electric Vehicles 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 Charging Infrastructure Type, the sub-segment i.e. Normal Charge will boost the Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Installation Type, the sub-segment i.e. Commercial will boost the Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Motor Type, the sub-segment i.e. AC Motor will boost the Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Charging Stations Type, the sub-segment i.e. Normal Charging will boost the Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Future Technology, the sub-segment i.e. Battery Cost will boost the Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Output Type, the sub-segment i.e. Level 1 will boost the Electric Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In February 2019, Tesla an American Automotive and Energy Company acquired Maxwell an electric vehicle battery manufacturer for USD 2018 Million.
The Chinese government has announced several programs to promote the development of EV in China. Some of the major initiatives covered include development plan for fuel-efficient and new energy vehicles (2011-2020), ten cities, one thousand vehicles program and research and development support policies.
Market Trend
- Advancement In Electric Car Range By Providing Dynamo And Other Recharging Components
- Government Initiatives to Support the Development of Market for Electric Vehicles by Focusing on Technological Development, Demand Creation, and Changing Infrastructure
Market Drivers
- Increasing Production And Sales Of Automobiles
- Soundless Operation of The Electric Vehicles Are Reducing Noise Pollution
- Government Regulations to Reduce The Greenhouse Gases Emitted By Vehicles
- Increased Electric Vehicle Range Per Charge
Opportunities
- Rapid Depletion of Non-Renewable Sources of Energy like Petrol and Diesel Shifting the Focus towards Hybrid Vehicles
- Cloud-Based Maintenance Monitoring System For Electric Vehicles
- Adoption Of Vehicle-To-Grid (V2g) Ev Charging Stations For Electric Vehicles
- Solar Panels Installed On Vehicles Supporting Vehicles For Increasing The Range Of Running Distance
Restraints
- Inadequacy of Standardization
- High Initial Cost of Vehicle
- Stringent Government And Energy Association Rules For Installation Of Charging Stations
Challenges
- High Making Cost of Electric Vehicles In Comparison With Internal Combustion Engine Vehicles
- Range of Distance Covered By Electric Vehicles Is Less And Bounded With Battery Capacity
Key Target Audience
Electric Vehicle Manufacturers, Electric Vehicle Component Manufacturers, Electric Vehicle Battery Manufacturers, Raw Material Suppliers, Research And Development Associations and Electric Vehicle Infrastructure Providers (Charging Station Manufacturers)
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 the 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 purpose to understand companys positioning regarding 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 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.