With automobile manufacturers embracing the technological shift towards the new ecosystem worldwide, the global electric vehicle market is expected to grow at a CAGR of more than 22% during 2013-2020.
Noida, UP -- (SBWIRE) -- 04/24/2014 -- The new report by RNCOS “Global Electric Vehicles Market Outlook 2020”, highlights the prospects of electric vehicle across the globe in the near future. Rising environmental concerns are prompting country governments to take active steps towards the growth of zero emission vehicles such as electric vehicles. Consequently, government incentives for electric vehicles have been established by several national and local governments around the world as a financial incentive for consumers to purchase plug-in electric vehicles.
To encourage sales of electric vehicles, governments across the world are taking initiatives to promote electric vehicles. Presently, electric vehicles are more expensive than conventional vehicles due to their high battery costs. Therefore, the annual cost of owning an electric vehicle, which accounts for fuel, insurance, interest, maintenance and other costs, is not competitive against the annual cost of owning a gasoline vehicle. Therefore, the country government is providing subsidies for owning electric vehicles.
Besides, the government is also providing incentives for electric vehicle charging infrastructure installation for which it is taking help of electric vehicle charging infrastructure powered by renewable energy, and it is enlisting with the help of the auto industry to make it a reality. For instance, Toyota, Nissan, Honda and Mitsubishi are collaborating to bring an additional 8,000 normal chargers and 4,000 quick chargers on the streets in Japan. The move is in recognition of the critical need to swiftly develop charging infrastructure facilities to promote use of electric-powered vehicles. The country has a national goal of plug-in vehicles sales at 15-20% of new car sales by 2020.
The report further covers an analysis of the global electric vehicles market, broken down into two major grounds viz. key markets and key competitors. It studies the electric vehicles’ markets of 12 major countries covering their current market scenarios, sales by type and major players, and provides their future outlook by players. This has helped our analysts to clearly identify and highlight the markets offering maximum opportunity for growth.
Furthermore, some of the auto manufacturers are making mergers to jointly develop new technologies and deriving efficiencies through economies of scale. This would in turn lead to a better consumer acceptance and adoption. Thus, the EVs market is anticipated to witness bright future in the coming years. Thus, the report would provide significant technological insight which would include both the presently used technologies and the forthcoming technologies to gain popularity in the market.
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