Electric Vehicle Market Set to Grow From USD 118.4 Billion in 2016 at a CAGR of 14.3% by 2024

Posted on 2018-11-08 by Goldstein Research in Automotive // 0 Comments

New York, USA, 2018-Nov-08 — /EPR Network/ —According to Goldstein Research, global electric vehicle market size is projected to reach USD 346.3 billion by 2024 from an estimate of USD 118.4 billion in 2016, growing at a compounded annual growth rate of 14.3% during the forecast period 2016-2024. Electric two wheelers and trucks have been deployed in the market and it is certainly gaining traction. Various automotive companies have announced the launch of their electric cars such as Tesla and the government initiative towards the adoption of EVs is accelerating the growth of the global electric vehicle industry.

Global electric vehicle market segmentation has been carried out on the basis of technology type, vehicle type and geography. In 2016 the global electric vehicle stock had reached 2 million units. Though the market is in nascent stage but the government efforts are leading to rise in sales, such as in China where conventional scoter are banned by the government in order to promote electric scooter. Global EV market is largely driven by Asia Pacific with a revenue share of 35% in 2016, closely followed by the Europe region with +28% market share.

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Market Segmentation

On the basis of our in-depth analysis, Global Electric Vehicle Market can be segmented as follows:

By Technology Type

Hybrid cars
Plug-in Hybrid Cars
Battery Electric Vehicles

By Vehicle Type

Passenger Cars
Commercial Vehicles
Two Wheelers
Others (ATVs etc.)

By Region

North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

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“Global Electric Vehicle Market Outlook 2024”contains detailed overview of the global electric vehicle market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by technology type and vehicle type.

Further, for the in-depth analysis, Global Electric Vehicle Market Report encompasses the market growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such asNissan Motor Corporation Ltd., Pioneer Corporation, Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla Motors, Inc., Ford Motor Company, BayerischeMotorenWerke AG, General Motors, Daimler AG, Volkswagen AG, BYD Company Motors, Mitsubishi Motors Corporation, Geely Group, Polaris, Ingersoll Rand, GroupePsa, etc.

The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents the global electric vehicle market trends along with market forecast that will help market consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Key questions answered in this Global Electric Vehicle Report

What is the Global Electric Vehicle Market Size by 2024 and what would be the expected growth rate of the market?
What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
What are the electric vehicle market trends?
What are the factors which are driving this market?
What are the major barriers to electric vehicle market growth?
Who are the key vendors in this market space?
What are the market opportunities for the existing and entry level players?
What are the recent developments and business strategy of the key players?

Industry analysis on the basis of region

United States Electric Vehicle Market

Electric vehicle adoption is majorly linked with the government incentives that reduce the effective electric vehicle cost. In United States the major metropolitan areas with the highest electric vehicles sales are providing consumer incentives typically worth USD 2,000 to 5,000 which are likely to expand the growth of electric vehicles in coming years. United States electric vehicle market to expand at a CAGR of 40.7% during the forecast period 2016-2024. Further, the market is anticipated to reach USD 43.10 billion by the end of forecast period.

India Electric Vehicle Market

Government favourable policies and rising concerns for the environment is likely to impel the growth of electric vehicles market in India.” Growth in electric vehicle sales in India can support greatly in energy transition but the market poses intimidating infrastructure and financial challenges for Indian According to Goldstein Research, policy-makers and market. Indian electric vehicle market to grow at a CAGR of 100% during the period 2016-2024. Moreover, Indian electric vehicles sales reached to 22,000 thousand vehicles in 2016 with sales increased by 37.5% as compared to the 2015.

Norway Electric Vehicles Market

Norway has established the highest market share of electric vehicles of approximately 29%, which is the most successful deployment of electric cars across the globe. Norway Electric Vehicle market is likely to boom with the emergence of electric vehicles in coming years. Further, the market is anticipated to reach USD 24.8 billion by 2025 at a CAGR of 18.6% over the forecast period.

Global electric vehicle market is further bifurcated in various segments with separate market analysis mentioned below:

Electric Heavy Vehicles Market

While the global electric vehicles industry is still at nascent state, it is poised to revolutionize industries and communities across the globe. In mid of rapid growth of electric vehicle sales, electric vehicle’s battery manufacturers are developing cost-effective batteries that have put electric vehicles on track to pass conventional vehicles. Further, the electric heavy vehicles market is expected to expand at a CAGR of +40% over the forecast period as advancements in batteries and higher adoption rate will augment the growth of electric heavy vehicles sales.

Electric Commercial Vehicles Market

Electric commercial vehicles have the potential to significantly diminish greenhouse gas emissions and pollution and reduce per-mile operational and maintenance costs. In 2016, global stock of electric vehicles reached 2 million units after surpassing the threshold of 1 million units in 2015. Global electric commercial vehicles market is expected to expand at a CAGR of +45% over the forecast period.

Electric Passenger Vehicles Market

Global electric passenger vehicles market has witnessed major growth in the past few years on the back of rising emission and environmental pollution. Global electric passenger vehicles market accounted for the USD 92.3 billion in 2015 which is projected to reach USD 312.2 billion by 2024. Further, the market is anticipated to grow at a compound annual growth rate of 16.4% during forecast period between 2016 and 2024.

Electric Low Speed Vehicles Market

Rising need to curb air pollution and growing demand for fuel efficient vehicles are the major factors driving the growth of electric LSVs market.” According to World Health Organization (WHO) estimate more than 8.2 million deaths are directly associated to airborne pollution. Unfortunately, the death toll is still rising, which is pushing the global leaders to introduce stringent vehicle emission norms and hence, driving the low speed vehicles market. Global electric low speed vehicles market is accounted for roughly USD 2.3 billion in 2016 and expected to expand at compound annual growth rate of 15.7% over the forecast period i.e. 2016-2024. Further, the market is anticipated to surpass USD 7.4 billion by the end of 2024.

Electric Vehicle Charging Station Market

To support the growing sales of electric vehicles and to encourage more adoption of electric vehicles more charging points (especially in residential sector) will be needed in nearby future. Electric vehicle charging station market to grow at a CAGR of 25.7% during the period 2016-2024. Further the market is projected to reach USD 12.9 billion by the end of forecast period i.e.2016-2024.

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