Global Electric Vehicles Market Report, published by Variant Market Research, forecast that the global market is expected to reach $168.3 Billion by 2024 from $88.4 Billion in 2016, growing at a CAGR of 8.4% from 2016 to 2024. Some of the drivers propelling the growth of the global market include increasing production and sales of electric vehicles, rising fuel prices, reducing battery costs, and government supporting the sales of electric cars. Though, increased cost and lack of proper charging infrastructure would pose challenge for the market growth. Besides, several government incentives, and free charging points could encourage future adoption of these vehicles, thereby create potential growth opportunities.
"Electric Vehicles (On Road) Market (By Type: Electric Cars, Electric Buses, Electric Bikes and Scooters, And Others; By Geography: North America, Europe, Asia-Pacific, RoW) Global Scenario Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Type, and geography are the key bifurcations considered in the global electric vehicles market. Type segment includes electric cars, electric buses, electric bikes and scooters, and others. Based on geography, the global electric vehicles market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Electric cars accounted the largest market share in the type segment
Electric cars held the majority of the market share in 2016, followed by others. The uptake of electric cars in the result of adoption of advanced technologies, several policies supports such as purchasing incentives, improved charging infrastructure, and rising environmental concerns.
North America is expected to dominate the global electric vehicles market
North America is anticipated to dominate with largest market share of 38.6% in 2016, and highest CAGR during the forecasted period, driven by increasing investments by government to encourage use of eco-friendly mode of transport and increasing demand for clean energy technology.
Various manufacturers are applying numerous innovative technologies to gain consumer attraction and increase their market presence. General motors have introduced CT6 Plug-in luxury sedan with driving range of more than 400miles. This system is designed to maximize fuel efficiency with blended power and battery at higher speeds and higher loads. The major players competing in the market are Tesla Inc., Honda Motor Co., Ltd., Nissan Motor Corporation, Ford Motor Company, Toyota Motor Corporation, Bayerische Motoren Werke AG, General Motors, Volkswagen, Groupe Renault, and Daimler AG, among others.