The global on-road electric vehicles market is forecast to record 64.4 million units volume sales by 2019. In terms of revenue, it is expected to reach a value of USD 271.67 billion by 2019, growing at a CAGR of 19.2% from 2013 to 2019.
Albany, NY -- (SBWIRE) -- 09/07/2016 -- The global electric vehicles market is projected to expand at a 19.2% CAGR from 2013 to 2019. The global electric vehicles market stood at a valuation ofS$125.75 bn in 2015 and is likely to touch a valuation of US$271.67 bn by the end of 2019. On the basis of product type, the electric motorcycles and scooters segment is likely to emerge dominant and is expected to reach 9.2 million units in terms of volume in 2019. Owing to the low cost and easy operations of electric two-wheelers, they are being considered as potential solutions for congested traffic areas. Moreover, due to the advent of new players in the global electric vehicles market and the development of innovative products, the electric motorcycles and scooter segment is anticipated to witness strong growth until 2019.
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North America to Lead Global Electric Vehicles Market in terms of Consumption
Geographically, North America is projected to lead the global electric vehicles market with a share of 40.9% in 2019 owing to the robust sales of plug-in electric vehicles in the region. Governments of countries in the region are taking initiatives to lower the dependence of vehicles on fossil fuels as a part of their long term environmental and economic security strategies. High taxes on motor fuels and strong efficiency standards are factors that are further expected to aid the growth of the electric vehicles market in North America. Furthermore, energy companies and other industries in North America have set specific targets for sponsoring electric vehicles. Such initiatives are likely to bode well for the adoption of electric vehicles in the region.
Mounting Operating Costs of Traditional Vehicles to Drive Demand for Electric Vehicles
The cost of operation of conventional fossil fuel powered vehicles is comparatively high than electric vehicles due to the high cost of fuel and maintenance. According to a TMR analyst, "Owing to the hike in the price of fossil fuels, consumers are shifting their preference towards alternative inexpensive vehicles. Electric vehicles are economic in nature as they do not require fuels to operate." Moreover, electric vehicles also comprise just one moving part which requires very less maintenance. The relatively high cost of internal combustion engine vehicles is another factor driving the demand for electric vehicles. Growing initiatives by governments to support mass adoption of electric vehicles and rise in environmental concerns are further likely to boost their sales in the coming year.
Limited Driving Range and High Initial Cost to Hinder Adoption of Electric Vehicles
Though electric vehicles are economical in nature once purchased, their high initial cost is one factor that is expected to negatively affect their demand in future. Even after extensive government initiatives, the initial cost of electric vehicles is high due to the expensive batteries deployed in them. The cost of replacing those batteries every five years is also substantially high. Moreover, the limited driving range of electric vehicles and the considerable amount that the batteries take to charge are factors that are further anticipated to inhibit the growth of the global electric vehicles market.
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