Electric Vehicles Market Will Garner US$ 596.56 Bn by 2030: PMR Reports
The global electric vehicles market is projected to grow at an impressive CAGR of 15.6% in terms of revenue generated over the forecast period from 2016 to 2030, primarily driven by the growth of eco-friendly alternatives considered for transportation.
There are some of the key factors that are clamping down the global expansion of the electric vehicles market. The electric led vehicles are losing their market relevance because of their performance. The market for electric vehicles is still at a nascent stage in some developing economies of the world. The apt infrastructure needed to back the growth of electric vehicles market in those regions is thin. This massive intercontinental gulf is further creating a stalemate condition in the market. The electric backed vehicles are mostly consumed for large scale commercial use and by deep-pocketed consumers. The high price tags are also limiting its market outreach and restricting the organic development of the global electric vehicles market.
The market is exploding with a slew of new technologies. The major manufacturers of this industry are experimenting with cutting-edge technologies to enhance the market expansion of the vehicles. The global electric vehicles market is fragmented into three major sects. The battery electric cars is steadily dominating one of the largest markets of the world, China, as the sale of the battery driven two wheelers are maximum in this country. The other two segments such as plug-in hybrid vehicles and hybrid electric powered cars are also expected to show promising results within the estimated period of growth. The plug-in hybrid vehicles fraction of the market will surge at an approximate CAGR of more than 16% by the end of 2030. The external and internal charging support available in this crop of vehicles will further pull up the market.
The electric vehicles market is also segmented by vehicle type. The surge of the electric vehicles market is massively impacted by the surge in the demand of the passenger vehicles. The passenger vehicles segment will occupy almost 54% of the market share by the end of 2016 and the CAGR will bloom within the period of study. Apart from the passenger car segment the two wheelers segment will also contribute significantly to the market share of the global electric vehicles market. This segment is projected to stretch at a CAGR of 11.7% by the end of 2030. The commercial vehicles segment will crawl up the ladder but the segment needs adequate time to meet the expectations of the market, according to the report.
The major shareholders of the global electric vehicles market are burning the midnight oil to come out with innovative measures to enhance the relevance of electric vehicles in the global market. The advanced technologies and smart measures are chipped in to get rid of some of the core issues which are stalling the expected expansion of the global electric vehicles market. The bigwigs of the market such as Toyota Motor Corporation, Bayerische Motoren Werke AG, Nissan Motor Corporation Ltd, Honda Motor Co., Ltd., Ford Motor Company are pumping in funds into the market to revamp the infrastructure of the Global Electric Vehicles Market.
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