Significant costs of electric vehicles, scarcity of charging points in major countries, alternative source of fuel and the risk of complete battery drainage are some of the loopholes hindering the growth of electric vehicles market.
New York City, NY -- (SBWIRE) -- 02/27/2017 -- Electric vehicles, self-propelling vehicles, are for goods as well as passenger transportation utilizing power stored in batteries with the help of electric motors, or, with the help of electric motors and IC (internal combustion) engine both working in tandem. Electric vehicles are estimated to be lucrative in future making conventional vehicles obsolete. The global electric vehicles market is estimated to grow at an outstanding 15.6% CAGR during the forecast period (2016 to 2030) in terms of revenue generation according to the report by Persistence Market Research (PMR).
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Factors Influencing the Growth of Global Electric Vehicles Market Include
Increasing sales and production of automobiles, growing disposable incomes around the world making vehicles an increasingly affordable commodity.
Government regulations on greenhouse gases amount reduction emitted by vehicles, rising fuel depletion rate and excessive fuel consumption adding to hike in fuel prices which further is estimated to increase percentage share of electric vehicles in automotive industry.
High fuel efficiency and soundless operation of electric vehicles.
Provision of attractive incentives by several governments across the globe for elevation of electric vehicle's sales.
Benefits offered to customers like reduced selling prices, provision of free charging for electric vehicles at several charging points and tax exemption.
Significant costs of electric vehicles, scarcity of charging points in major countries, alternative source of fuel and the risk of complete battery drainage are some of the loopholes hindering the growth of electric vehicles market. Electric vehicles offer excellent torque at low speeds, while it experiences performance drop at higher speeds as compared to conventional vehicles. This performance difference is another factor impeding the growth of global electric vehicles market.
Plug-In Hybrid Electric Vehicles Estimated to register Fastest Growth During 2016 to 2030
Based on technology, the market is categorized into battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles. Currently, plug-in hybrid electric vehicles account for minimum market share but this segment is estimated to witness fastest growth at 17.9% CAGR during the forecast period due to its high usage flexibility.
Two Wheeler Electric Vehicles to Dominate the Overall Market in Terms of Volume
Based on product type, the market is divided into two wheelers, commercial vehicles, passenger cars and others. Two wheelers segment is estimated to dominate the electric vehicles market, in terms of volume, due to significant uptick of sales in China. Passenger cars segment is anticipated to register growth at 15.1% CAGR during 2016 to 2030. Another segment of electric vehicles named powertrain includes combined hybrid, parallel hybrid and series hybrid electric vehicles. In addition battery electric vehicles don't follow the system architecture of this segment. Parallel hybrid powertrain currently dominates the global electric vehicles market and estimated to grow faster at 16.8% CAGR, as compared to combined hybrid and series hybrid segments, during the forecast period.
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Latin America to Create Incremental $ Opportunity Worth US $1,332.6 Million During 2016 to 2030
Region-wise, the market is categorized into Asia Pacific (APAC), Europe, North America, Latin America and Middle East & Africa (MEA). Increasing prevalence of electric vehicle's usage, well developed & extensive charging infrastructure and provision of incentives by governments are fuelling the growth of electric vehicles in Europe, Asia Pacific and North America. In contrast, Middle East & Africa and Latin America register sluggish adoption of electric vehicles due to flexible fuel availability. Latin America is estimated to create total incremental $ opportunity worth US $1,332.6 million during the forecast period.
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Leading Manufacturers Focus on Huge Investments to Revamp Global Electric Vehicles Market's Infrastructure
Focusing on innovative measure for enhancing global market relevance of electric vehicles, the major shareholders concentrate on chipping in smart measure and advanced technologies in a bid to get rid of root causes impeding the growth of global electric vehicles market. These leading market players include Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Toyota Motor Corporation, Nissan Motor Corporation Ltd. and Ford Motor Company. These players are focusing on investments in revamping the infrastructure of global electric vehicles market.
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