Global Electric Vehicle Market Research Report

Reading time ( words)

The global electric vehicle market is expected to have a CAGR of 41% during the forecast period 2014-2023. Although electric vehicle market is still a niche market but poses a great potential as electric vehicle use electricity as a fuel utilizing power stored in batteries to propel electric motor thus is a clean fuel in comparison to diesel and petrol s they release CO2 upon combustion. Government policies aim at decreasing the CO2 emission, globally, by 28% by 2025. Government of different countries such as Germany, US, China, Japan etc. provide subsidy on electric vehicles to promote their usage which would propel huge growth in the electric vehicle market. Rise in disposable income also drives the electric vehicle market. The major factor restraining the growth of electric vehicle market are low performance of vehicle at high speed, low number of charging stations and high price of the vehicle.

Electric vehicle market can be segmented on the basis of technology, power source and vehicle. Power source can be further sub-segmented into stored electricity and on board electric generator. Vehicle is further segmented into passenger Cars, commercial vehicle, two wheelers and others of which the passenger cars segment has the highest market share driven by rise in disposable income and high sales and production of passenger cars.

Geographically, North America dominates the electric vehicle market owing to favorable government policies, presence of big market companies such as Tesla Motors (US), General Motors (US) and high disposable income of US and Canada. The federal government set the goal to have 1 million electric vehicles on road by 2015, for which federal government also pledged to give $2.4 billion in federal grants to promote next-gen electric vehicles and batteries. According to OECD the disposable income per capita of US and Canada in year 2015 was $ 46,509, $ 31,086 respectively which heavily influences the electric vehicle market.




Suggested Items

DARPA Program Aims to Extend Lifetime of Quantum Systems

01/19/2018 | DARPA
Whether it is excited electrons emitting photons in a lightbulb or the vibrational frequency of atoms in an atomic clock, quantum phenomena are simultaneously fundamental aspects of nature and the basis of current state-of-the-art and future technologies.

DARPA’s Drive to Keep the Microelectronics Revolution at Full Speed Builds Its Own Momentum

08/28/2017 | DARPA
To perpetuate the pace of innovation and progress in microelectronics technology over the past half-century, it will take an enormous village rife with innovators. This week, about 100 of those innovators throughout the broader technology ecosystem, including participants from the military, commercial, and academic sectors, gathered at DARPA headquarters at the kickoff meeting for the Agency’s new CHIPS program, known in long form as the Common Heterogeneous Integration and Intellectual Property (IP) Reuse Strategies program.

Beyond Scaling: An Electronics Resurgence Initiative

06/05/2017 | DARPA
The Department of Defense’s proposed FY 2018 budget includes a $75 million allocation for DARPA in support of a new, public-private “electronics resurgence” initiative. The initiative seeks to undergird a new era of electronics in which advances in performance will be catalyzed not just by continued component miniaturization but also by radically new microsystem materials, designs, and architectures.

Copyright © 2019 I-Connect007. All rights reserved.