Global Electric Vehicles Market Set for Massive Expansion

Global Electric Vehicles Market Set for Massive Expansion

Provided by BIS Research

The concept for electric vehicles was conceived in the 19th century, but it took quite a long time to make it into a reality. As of now, one can spot electric vehicles on the road, though not in a large numbers. The push that was needed to expedite the launch of electric vehicles was provided by rapidly changing climatic conditions. Climate change is a reality accepted by scientists worldwide, and to slow down the deterioration of the climate, several important and necessary steps have been taken by nations and their Governments. Metropolitan cities like Beijing in China and New Delhi in India have been struggling with smog and the condition is not expected to improve unless drastic measures are taken.

Natural resources, especially fossil fuels are declining at a fast rate and emissions from vehicles has plagued the planet for some time. Thus, Governments, environmental agencies and automobile manufacturers have invested to develop modes of transport that run on alternate means - of these alternatives, electric vehicles are considered the most desirable option. There has been a meteoric rise in sales over the last five years, with over 2 million electric vehicles on the road at present, as compared to a few thousand back in 2012. This rising number is the result of the important steps taken by various Governments and revolutionary developments by automakers.

The Electric Vehicle Initiative of 2010 has been a major contributor to the growth of electric vehicles and their market across the globe. Automakers all over the world are striving to develop better technology that can transform the future of the automobile industry. A significant contribution towards electric vehicles has been made by the U.S-based automobile manufacturer Tesla Inc., which is the global leader in terms of vehicle sales. Tesla has impressively managed to commercialize the electric vehicle market for the common masses by developing battery operated luxury vehicles, SUVs and roadsters. Other original equipment manufacturers (OEMs) such as Volkswagen and Toyota are also working towards increasing their product portfolio in the electric vehicle segment which will provide healthy competition in the market.

Electric vehicles already comprise of a major share of the automobile market in China, and with a large number of ongoing development and initiatives, it won't be long before EVs occupy a significant share of the global automotive market. According to the Global Electric Vehicles Market, Analysis & Forecast – 2017-2026 market research report by BIS Research, the global electric vehicles market is estimated to reach 10.8 million units by 2026, driven by factors such as stringent governmental regulations in terms of emissions and fuel economy, growing demand for fuel-efficient vehicles, and governmental initiatives such as tax benefits and subsidies to promote the sales of electric vehicles.

The market is majorly comprised of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV). Among these two types of vehicle, BEVs held the largest market share in 2016, in terms of volume, and this segment is expected to grow at a higher rate than PHEVs. Benefits such as zero emission from BEVs, improved charging infrastructure, governmental initiatives and increased range are expected to propel the market growth for BEVs. Among components, the battery segment held the highest market share and accounted for a 68.8% share in 2016. While battery serves as the primary source of power in Battery Electric Vehicles (BEVs), it works in tandem with a combustion engine in PHEVs and other conventional hybrids.

The market players in the electric vehicles market are targeting an increased number of product launches and collaborations to expand their operations. Some of the key players in the electric vehicles market are Tesla Inc. (U.S.), BYD Company Limited (China), Volkswagen AG (Germany), Nissan Motor Corporation (Japan), and Mitsubishi Motors Corporation (Japan). EV components manufacturers such as Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Panasonic Corporation (Japan), and Continental AG (Germany).

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