Portland, OR -- (SBWIRE) -- 07/13/2017 -- According to a new report published by Allied Market Research, titled, Electric Vehicle Market by Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global electric vehicle market was valued at $103,342 million in 2016, and is expected to reach $350,963 million by 2023, growing at a CAGR of 19.8% from 2017 to 2023. The passenger cars segment is anticipated to dominate the market throughout the analysis period. The Asia Pacific electric vehicle market accounted for approximately 52% share of the global market in 2016, and is anticipated to dominate during the forecast period.

The electric vehicle industry holds a great potential in the near future to change the global vehicular emissions scenario. Electric vehicles are witnessing wide adoption globally due to stringent vehicular emission norms to reduce carbon footprint and the changing vehicle architectures. The U.S. and European Union have issued standards, such as CAF standards, for automobile manufacturers to be mandatorily incorporated in their vehicles. Various commercial and government fleet managers rely on electric vehicles to secure their budgets from unfavorable fluctuations in the fuel costs and reduce emissions of their fleets. In addition, urbanization, rise in congestion, and increase in emissions have propelled the hybridization and electrification of vehicle powertrains. Moreover, volatile oil & gas prices and upcoming shortage in fossil fuel are expected to boost the adoption of fuel-efficient vehicles. The BRIC (Brazil, Russia, India, and China) countries have shown rise in the degree of interest in eco-friendly and sustainable technologies. Countries, such as China and India, hold a tremendous market potential; as, their governments have promoted substantial incentives for purchasing electric vehicles. Various companies intend to expand their market penetration in Asia-Pacific for the development of advanced electric vehicles.

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The type segment is categorized into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV).The hybrid electric vehicles segment accounted for the highest revenue in 2016, owing to its high adoption and availability of wide product portfolio from key market players. Moreover, the battery electric vehicle segment is anticipated to witness the highest CAGR of 20.5% during the forecast period. By vehicle type, the electric vehicle market is bifurcated into two-wheelers, passenger cars and commercial vehicles.

The passenger cars segment accounted for over 70% market share in 2016, and is anticipated to witness a double digit growth owing to the increase in sales of electric passenger cars globally and supportive government initiatives upon purchase of electric vehicles. The commercial vehicles segment is anticipated to witness the CAGR of 30.6% during the forecast period.

Asia-Pacific accounted for the highest revenue in 2016, constituting over 50% of the global electric vehicle market revenue. The electric vehicle market in the region is anticipated to witness prominent growth during the forecast period. This is attributed to rise in volumetric sales of electric vehicles in China and Japan, increase in buying power of consumers in emerging markets such as India, Malaysia, and China, and growth in electric vehicle charging infrastructure throughout the region. Moreover, North America is anticipated to witness the highest growth owing to the stringent rules and regulations enforced by government for vehicular emission control.

Key Findings of the Electric Vehicle Market

- In 2016, the passenger cars segment led the overall electric vehicle market, with around 74% market share

- The commercial vehicles segment market is anticipated to grow at the highest CAGR of 30.6% during the forecast period

- In 2016, the hybrid electric vehicle segment led the overall market, and is expected to maintain its dominance throughout the forecast period

- The battery electric vehicle segment is anticipated to witness the highest CAGR of 20.5% from 2017 - 2023

- Asia-Pacific dominated the market, with over 50% of the market share in 2016

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The key players profiled in the electric vehicle market include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.

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