Global Electric Vehicles (On Road) Market is estimated to reach $168.3 Billion by 2024; growing at a CAGR of 8.4% from 2016 to 2024. An electric vehicle uses one or more electric motors or adhesive friction motors for impulsion. An electric vehicle might be powered through a collector system by electricity from off-vehicle sources, or may be independent with a battery, solar panels or a generator to convert fuel to electricity. Electric vehicles are self-propelling transportation machineries for passengers along with goods utilizing the power stored in the batteries through electric motors or with the help of both internal combustion engine and electric motors working in tandem. Materials handling and industrial vehicles have been not included in the report.
Global Electric Vehicles (On Road) Market Size and Forecast, 2015 - 2024 (US$ Billion)
The major aspects driving the global electric vehicles market are rising disposable income globally, ever growing production & sales of automobiles, and rise in fuel prices. Financial incentives by government on purchase of electric vehicles, and rapidly decreasing battery costs also supports the growth of the market. However, high price of these vehicles and scarcity of charging points within major cities are the major hurdles in the market growth. Furthermore, government initiatives taken in various countries to push the sale of electric vehicles, also free charging of these vehicles at several charging points is highly expected to present potential growth opportunities for the global electric vehicles market.
The global electric vehicles market is majorly classified on the basis of type, and geography. The classification by type includes electric cars, electric buses, electric bikes and scooters, and others.
Global Electric Vehicles (ON ROAD) market share by region, 2024 (value%)
Based on geography, global electric vehicles market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into China, Japan, India, South Korea, and others, while RoW is bifurcated into South America, Middle East, and Africa.
The key 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.
The key takeaways from the report
- The report will provide detailed analysis of Global Electric Vehicles (On Road) Market with respect to major segments such as type, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Electric Vehicles Market has been included in the report
- Profile of the key players in the Global Electric Vehicles Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Electric Vehicles (On Road) Market
- Electric Cars
- Electric Buses
- Electric Bikes and Scooters
- Other Types
- North America
- Asia Pacific
- South Korea
- South America
- Middle East