The
global on-road electric vehicles market is forecast to record 64.4
million units volume sales by 2019. In terms of revenue, it is
expected to reach a value of USD 271.67 billion by 2019, growing at a
CAGR of 19.2% from 2013 to 2019. Increasing use of electric vehicles
is due to rise in gasoline prices, growing environmental concerns,
and government support/initiatives such as tax exemptions to promote
use of eco-friendly products and services. Worldwide, governments are
dedicatedly funding research and development centres to develop
efficient lithium-ion batteries which are used in electric vehicles.
These advanced batteries offer improved energy transfer and better
storage capacity at affordable cost. Regions such as Europe and North
America are the pioneers in developing and adopting such
technologies, with certain countries namely China, Japan, and South
Korea, in Asia-Pacific region too, fast catching the trend.
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The
global on-road electric vehicles market has been classified by
product types into four broad segments namely motorcycles and
scooters, cars, buses, and others (neighborhood electric vehicles,
bicycles, golf carts and trucks). In terms of revenue, electric cars
dominated the market in 2012 with 19.6% of global market revenue.
Others (neighborhood electric vehicles, bicycles, golf carts and
trucks) segment is the second largest market and contributed 28.5% of
market revenue share in 2012. By volume, electric bicycles covered
the largest market share and the segment is expected to continue its
dominance throughout the forecast period.
Geographically,
North America dominated the on-road electric vehicles market in 2012
and is expected to retain its dominant position during the forecast
period. This is due to several government initiatives for promoting
the adoption of electric vehicles in North America. For instance,
U.S. government is taking initiatives to reduce the dependency on
fossil fuels. Stronger efficiency standards and the higher taxes on
motor fuels are steps in this direction further supporting the growth
of electric vehicles in this region. Several national-level programs
and initiatives such as research and development support, tax
incentives, subsidies for electric vehicles purchasers, and public
education programs, across Asia-Pacific region, are spreading
awareness of electric vehicles. European government is also
supporting, green technologies in automotive sector so as to
encourage electric vehicle sales. For instance, Brussels (Germany)
has allotted EUR 5 billion for European Green Cars Initiative (EGCI),
announced in 2008. Similar investments are being made by other major
economies of the world, such as China with USD 15 billion and U.S.
with USD 2.4 billion for electric vehicles.
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Nissan
Motors, General Motors, Tesla Motors, Honda Motors Co. and Toyota
Motors are some of the leading players in this market. These players
collectively accounted for more than 50% of total market share in
2012. The electric vehicles market is expected to witness the
emergence of new models at local and global level. For example, BMW
i3, Cadillac ELR, Mitsubishi Outlander are few models that would be
launched in 2014.
Nissan
Motors, General Motors, Tesla Motors, Honda Motors Co. and Toyota
Motors are some of the leading players in this market. These players
collectively accounted for more than 50% of total market share in
2012. The electric vehicles market is expected to witness the
emergence of new models at local and global level. For example, BMW
i3, Cadillac ELR, Mitsubishi Outlander are few models that would be
launched in 2014.
This
report analyzes the electric vehicles (on-road) market in terms of
revenue (USD million) and volume (million units). The market has been
segmented as follows:
Electric
Vehicles (on-road) Industry Application Market, By Product types
Electric
Cars
- Hybrid electric cars
- Plug-in hybrid electric cars
- Battery electric cars
Electric
motorcycles and scooters
- Hybrid electric motorcycles
- Plug-in hybrid electric motorcycles
- Battery electric motorcycles
Electric
Buses
- Hybrid electric buses
- Battery electric buses
- Fuel cells electric buses
Electric
Vehicles (on-road) Industry Application Market, By Geography
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
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