Global Electric Vehicle Market Research Report
December 27, 2017 | PRNewswireEstimated reading time: 1 minute
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
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.
Catching Up With Chasom Electronics
04/16/2024 | Dan Beaulieu, D.B. Management GroupI recently met with Chasom Electronics’ founding director Anil Kumar. Chasom offers a unique menu of services for companies looking to extend their technology capabilities on a short- or long-term basis. Read on to learn about this very unique service company.
Cicor Records Solid Growth in Q1
04/16/2024 | CicorThe Cicor Group continued to grow in the first three months of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year (Q1/2023: CHF 96.0 million).