Electric Vehicles Market to Rise at 19.2% CAGR from 2013 to 2019

2024-11-06 07:14:25 News & Society

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The emergence of electric vehicles as an alternative to conventional on-road vehicles has proven its worth in a world wracked by global warming, depletion of energy sources, mounting crude oil prices, and rising levels of greenhouse gas emissions.

The global on-road electric vehicles market has developed owing to growing ecological concerns and constant efforts by governments and private bodies to curb environmental degradation. Manufacturers have been focussing their attention on developing vehicles that are not only cost-effective but also technologically advanced, to compete with the conventional vehicles plying on the roads.

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Favourable Government Initiatives make North America Leading Regional Market

Of the four major regional markets for on-road electric vehicles - North America, Europe, Asia Pacific, and Rest of the World ? North America dominated the global market in 2012 thanks to supportive government policies and initiatives encouraging the use of electric vehicles. In 2012, this region accounted for a 38.3% share of the overall market and is projected to maintain its leading position till the end of 2019. Programs such as the Corporate Average Fuel Economy make it mandatory for manufacturers to maintain the level of fuel efficiency across the entire fleet. Initiatives taken to minimize the dependency on fossil fuels, stronger and stricter efficiency standards, and increased taxes on motor fuels are some of the steps undertaken by North America to boost the market for electric vehicles.

Market in China Providing Stiff Competition to Global Counterparts

The Asia Pacific market for on-road electric vehicles has witnessed impressive growth mainly due to the thriving market in China. Across the APAC region, there have been numerous country- and state-level programs and initiatives to encourage the adoption of electric vehicles. Efforts such as tax incentives, aggressive short-term and long-term goals, research and development activities, subsidies for purchase of electric vehicles, and public and consumer education have already begun bearing fruit in countries such as Japan, Korea, and China. China is presently the largest electric vehicles market in Asia Pacific and has presented stiff competition to players from across the globe. Analysts believe that this country has the potential to become one of the largest consumer markets for electric vehicles. The need to reduce dependency on imported oil and mitigate greenhouse gas emissions has helped put the China electric vehicles market on the map.

Electric Cars Generate Maximum Revenue in 2012

The on-road electric vehicles market is segmented on the basis of product type into electric motorcycles and scooters, electric cars, electric buses, and others such as electric trucks, golf carts, and bicycles. Each of these segments is further divided into hybrid vehicles, plug-in vehicles, battery vehicles, and fuel cell vehicles.

By revenue, the segment of electric cars was the largest market in 2012, accounting for 19.6% of the total revenue generated. The others segment accounted for 28.5% of the electric vehicles revenue that same year, making it the second largest segment market. In terms of volume, electric bicycles held the largest share of the on-road electric vehicles market and this segment is forecast to retain its lead through 2019.

Emergence of New Models to Impact Playing Field

Given the incredible growth potential presented by the on-road electric vehicles market and the underlying latent demand, the competitive landscape of the global market has changed in recent years and the emergence of new players has strengthened the playing field. Presently, the on-road electric vehicles market is dominated by General Motors Company, Nissan Motors Company, Honda Motors Co., Tesla Motors, and Toyota Motors, who together held over 50% of the market in 2012. Other key players who have made a difference in the on-road electric vehicles market are Volkswagen, Smith Electric Vehicles, Daimler AG, Mitsubishi Motors Corporation, and Renault S.A.

With new and innovative vehicle models emerging at local as well as global levels, this market is estimated to achieve immense growth in the coming years. Some of the popular electric vehicles operating around the world are Nissan Leaf, BMW i3, Volkswagen e-Up!, Mitsubishi i MiEV, BMW ActiveE, Porsche Panamera S E-Hybrid, Mitsubishi Outlander P-HEV, Volvo C30 Electric, Renault Fluence Z.E., Tesla Roadster, Chevrolet Volt, and Ford Focus Electric.