Cost Efficiency to Propel Global Electric Vehicle Market to US$271.6 bn by 2019

Electricity as an alternative to conventional transportation energy is becoming a near-term reality for several countries worldwide. Electric vehicles are expected to promote sustainable energy development at the same time addressing the climate and air quality changes. Rising prices of fossil fuels coupled with the environmental impact of the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles. However, challenges for widespread adoption of these electric vehicles include consumer acceptance for this new technology, high initial purchase cost and lack of charging infrastructure. Electric vehicles are propelled by one or more electric motor and powered with the help of rechargeable battery packs. Electric vehicles offer different benefits compared to ?internal combustion engine? (ICE) powered vehicles such as fuel economy, zero emission of pollutants including nitrogen oxide, carbon monoxide and hydrocarbons among others. They enhance performance and offer greater energy efficiency. Operating and maintenance cost associated with the electric vehicles is also low compared to conventional vehicles.

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According to the report, the global market for electric vehicle stood at US$83.5 bn in 2012. The high operational cost associated with traditional vehicles has prompted consumers to shift towards electric vehicles, which is far more cost-efficient. Apart from this, the eco-friendly nature of electric vehicles is also supporting their adoption among consumers. However, the huge purchasing price as well as limited movement range of electric vehicles is hampering the growth of this market to a certain extent.

The report further states that innovation and technical advancements are likely to propel this market over the forecast period. As of now, manufacturers are focusing on developing durable and highly efficient batteries in order to extend the driving range of these vehicles.

Electric cars, buses, motorcycles, scooters, trucks, and bicycles are the major products available in the global electric vehicles market. In 2012, the electric cars segment led the overall product market in terms of revenue and was closely followed by electric bicycles and trucks. The electric cars market is expected to remain the highest revenue generating segment over the forecast period. In terms of volume, the electric bicycles segment dominated the overall market in 2012 and is anticipated to maintain its position in the coming years, says the market study.

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Regionally, the global electric vehicles market is distributed among North America, Europe, Asia Pacific, and the Rest of the World. North America emerged as the market leader in 2012, with a share of 38.3% in the overall market. Various regulation to curb fuel consumption as well as initiatives to promote the adoption of electric vehicles by several North American governments have stimulated the demand for these vehicles extensively in this region, notes the market study.

The Asia Pacific electric vehicle market is expected to be fueled by the increasing regulatory as well as monetary support from governments for R&D activities in this field. Various subsidies and tax rebates offered by APAC governments on buying electric vehicles are also projected to trigger the demand among consumers. Additionally, various public education programs have also been launched in this region in order to spread awareness about the benefits provided by electric vehicles. All these factors are likely to boost the Asia Pacific market for electric vehicles during the forecast period.

Analysts at TMR predict that the initiatives taken by the governments in Europe supporting green technologies in the automotive sector will stimulate the Europe electric vehicle market significantly.

Tesla Motors Inc., General Motors Co., Nissan Motors Co., Mitsubishi Motors Corp., Renault S.A., Volkswagen, Smith Electric Vehicles, AND Daimler AG are some of the major players operating in the global electric vehicles market, states the report.

The global electric vehicles market is segmented into:

By Products

> Electric Cars
> Hybrid electric cars
> Plug-in hybrid electric cars
> Battery electric cars
> Electric motorcycles and scooters
> Hybrid electric motorcycles
> Plug-in hybrid electric motorcycles
> Battery electric motorcycles
> Electric Buses
> Hybrid electric buses
> Battery electric buses
> Fuel cells electric buses
> Others
> Electric bicycles
> Trucks

By Region

> North America
> Asia Pacific
> Europe
> Rest of the World (RoW)

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